TSX-V-listed Calibre Mining has agreed to buy project partner Centerra Gold’s 51% interest in the Siuna gold/silver/copper property in north-eastern Nicaragua, giving it full ownership of the Cerro Aeropuerto gold/silver deposit, the past producing La Luz mine and numerous exploration targets.
Calibre will purchase Centerra’s interest in the 253 km2 Siuna for two-million common shares and a 2% net smelter return royalty on production from the property.
Upon closing of the transaction, the major shareholders of Calibre will include B2Gold (11.9%), management and directors (11.1%), Lukas Lundin (8.4%) and Centerra (4.5%).
The Cerro Aeropuerto deposit has an inferred mineral resource containing 707 750 oz of gold and 3.1-million ounces of silver in 6.05-million tonnes, grading 3.64 g/t gold at a cut-off of 0.6 g/t.
The La Luz mine is 1 km north of Cerro Aeropuerto. The openpit and underground mine produced more than 2.3-million ounces of gold. It operated between 1912 and 1968, processing 17.1-million tonnes of ore, grading 4.14 g/t gold.
“The potential of the Property is highlighted by the past producing La Luz gold mine and the existing Cerro Aeropuerto gold/silver deposit. Recent work on the northern portion of the property confirms the district potential for the discovery of gold/silver skarns and gold/silver porphyry mineralisation. The northern portion of the Siuna property is contiguous to the currently producing Bonanza gold mine, which hosts epithermal gold/silver vein deposits,” said president and CEO Greg Smith.