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Last updated on April 18, 2014 at 12:48 EDT

Calico Reports Positive Results from 2012 Drilling at Grassy Mountain

January 14, 2013

VANCOUVER, Jan. 14, 2013 /PRNewswire/ – Calico Resources Corp. (TSX-V: CKB)
(the “Company” or “Calico”) is pleased to report the following drill
results on its Grassy Mountain Project located in southeast Oregon.
This hole, CAL 12R17 successfully tested the continuity of
mineralization of the grade/geologic model within the higher-grade
“boiling horizon” on the western flank of the deposit. The results also
expanded the “mineralized envelope” further to the west than previously
recognized.

Highlights:

        --  5.67 grams (0.166 opt) gold over 65.5 meters (215 feet),
            starting at 525 Feet.

Significant Intercepts:

     ______________________________________________________________
    |Hole ID | From |To (feet)|Length|Au oz/ton| Length |Au g/tonne|
    |        |(feet)|         |(feet)|         |(meters)|          |
    |________|______|_________|______|_________|________|__________|
    |CAL12R17|65    |845      |780   |0.061    |237.7   |2.008     |
    |________|______|_________|______|_________|________|__________|
    |     "  |525   |740      |215   |0.166    |65.5    |5.672     |
    |________|______|_________|______|_________|________|__________|
    |     "  |525   |620      |95    |0.216    |28.96   |7.402     |
    |________|______|_________|______|_________|________|__________|
    |     "  |620   |680      |60    |0.051    |18.29   |1.734     |
    |________|______|_________|______|_________|________|__________|
    |     "  |680   |725      |45    |0.235    |13.72   |8.033     |
    |________|______|_________|______|_________|________|__________|

Drill composites were calculated using a cut-off of 0.30 g/t. The
composite 65 to 845 feet contains 65 total feet of internal waste
(<0.30 g/t exceeding any one10 foot interval). All other composites are
devoid of internal waste.

CAL 12R17 was drilled North 80 degrees East at an angle of -60 degrees
and was also designed to cut mineralization previously identified in
older vertical holes drilled in the 1980′s.  The results from CAL 12R17
strongly confirm the continuity of the gold mineralization between the
older vertical holes, as well as expands higher-grade mineralization to
the west.  Consistency of mineralization between these vertical holes
shows there is not a bias in the drilling orientation (i.e. vertical
holes vs. northwest or northeast angle holes).  Detailed logging of the
holes indicates that the higher-grade gold mineralization in this area
of the deposit is more stratigraphically controlled and associated with
multiple pulses of geothermal activity rather than with structure.

The continuity and consistency of the gold mineralization is shown by
the following comparison of hole CAL 12R17 with the two adjacent
vertical holes, 26-056 and 26-106.  The intercepts are shown with
elevations given for the tops and bottoms of the higher-grade gold
mineralization.

     _____________________________________________________________
    | Hole ID |Top elev.|Bottom elev. (feet)| Grade  |   Grade    |
    |         | (feet)  |                   |(opt Au)|(g/tonne Au)|
    |_________|_________|___________________|________|____________|
    |CAL 12R17|   3440  |           3240    |  0.166 |     5.672  |
    |_________|_________|___________________|________|____________|
    |26-056   |   3460  |           3230    |  0.132 |      4.52  |
    |_________|_________|___________________|________|____________|
    |26-106   |   3425  |           3240    |  0.140 |      4.78  |
    |_________|_________|___________________|________|____________|

Vance Thornsberry, Vice President of Exploration for Calico Resources,
stated, “We are extremely pleased with the results of this drilling
which continues to confirm our geologic model for the High Grade
Underground Deposit.  These results will be incorporated into the
resource model as well as be used to guide future drill planning. 
Further drilling would be designed to investigate the Bonanza Zone
(boiling zone) within the core of the deposit where numerous
multi-ounce gold intercepts have been encountered and to look at a
possible “feeder structure” beneath the boiling zone.”

About Grassy Mountain

Calico has commenced the permitting process for an underground mine and
mill facility at Grassy Mountain.  The State of Oregon has accepted
Calico’s Notice of Intent to develop the project, held several Public
Hearings and deemed the Company’s Draft Environmental Baseline Study
Work Plans sufficient for official review. A Preliminary Economic
Assessment is currently being prepared under NI 43-101 standards.

Qualified Person

Michael F. McGinnis, CPG 10914, Calico Resources Project Manager, is the
Company’s designated Qualified Person for this news release within the
meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101″) and has reviewed and validated that the information
contained in the release accurate.

On behalf of the Board,

Arden (Buck) Morrow
President and CEO

“Drill intersections are reported as drilled thicknesses. All samples
were assayed by ALS Chemex (ISO9001:2008) in Reno, Nevada for gold by
Fire Assay of a 30 gram (1 assay ton) charge with an AA finish, or if
over 5.0 g/t were re-assayed and completed with a gravimetric finish.
For these samples, the gravimetric data were utilized in calculating
gold intersections. QA/QC included the insertion and continual
monitoring of numerous standards and blanks into the sample stream, and
the collection of duplicate samples at random intervals within each
batch.”

Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.

SOURCE Calico Resources Corporation


Source: PR Newswire