Calibre Mining (CXB.V) and Centerra Gold (CG.TO) are moving ahead with their joint venture on the Siuna gold project in Northeast Nicaragua, as the companies have started a 1,800 meter drill program (which very likely has been completed by now) to test the new high-priority drill target, whilst CXB and CG simultaneously completed a mapping, sampling and trenching program along 3.8 kilometers of the Cerro Coyol – El Tiburon trend.
We are looking forward to see the assay results from the drill program, as CEO Greg Smith sounds quite upbeat about the potential to make new discoveries at these high priority drill targets as those were defined by previous sampling and trenching results.
As a reminder, Centerra Gold can earn a 70% stake in the 25,300 hectare Siuna project by spending at least C$9M before the end of 2020, and we expect the company to easily meet this minimum requirement.
In other news, B2Gold seems to be giving up on the Primavera copper-gold porphyry project in Nicaragua and has agreed to sell its 51% stake to Calibre for a consideration of 23.45 million shares and a 1.5% NSR (and this seems to be an NSR on the future production of the entire property, and not just B2Gold’s 51% stake). As B2Gold already owned a stake in Calibre, it will now own 18.5% of Calibre’s share capital.
Go to Calibre’s website
The author has no position in Calibre Mining, but does own a long position in Centerra Gold. Please read the disclaimer
