Thursday, May 31, 2018

Colibri Resource Corporation Announces Second Batch Results from Drilling at Pilar Gold Project

DIEPPE, N.B., May 31st, 2018 (CBI: TSX-V) – Colibri Resource Corporation (“Colibri” or the “Company”) wishes to announce assay results from 16 more holes completed on its Phase 1 reverse circulation (RC) drilling program on its 100% owned Pilar Gold Project in Sonora, Mexico.  Results include an intersection of 5.37 grams per tonne (g/t) Au over an intersection length of 3.0 meters (m) in hole JES-18-19 which was part of a longer intersection of 40.5m of 0.73 g/t.

All holes drilled in the 2018 campaign to date at Pilar have intersected gold mineralization ranging from anomalous to high grade. Hole JES-18-3, previously released (see Colibri NR dated May 8, 2018) intersected 8.16 g/t Au over an intersection length of 9 m.  Significant intersection results for the last 16 holes drilled at Pilar are presented in table 1 below and indicated on the hole locations are presented on the attached map.  In addition to the relatively long intersection in hole JES-18-19, similar intersections in hole JES-18-6 (0.31 g/t Au over an intersection length of 22.5 m including 0.73 g/t Au over 6 m) and hole JES-18-14 (0.20 g/t Au over an intersection length of 52.5 m including 0.51 g/t Au over an intersection length of 12m) confirm the previously interpreted 0.20 g/t Au mineral envelope comprising the Main Zone. 

The objectives of the Phase 1 drill program at Pilar are to test for continuity within previously interpreted zones of mineralization, test for extensions to the known mineralization, and explore locally for new zones of gold mineralization.  In addition, the Company has recently completed a soil geochemistry survey of the eastern half of the Pilar property. To date, 2,117 metres (20 holes) of the planned 3,000 m Phase 1 RC drill program have been completed.  The Company is reviewing the recent drilling and exploration results and is now drilling the final 900 m of the Phase 1 drill program.

Table 1
Select Intercepts from Pilar Phase 1 Drill Program (Holes 5-20)

Hole ID From To Length Au (gpt) Ag (gpt)
JES-18-5 6.00 16.50 10.50 0.28 5.82
incl 7.50 9.00 1.50 1.43 28.40
JES-18-5 31.50 34.50 3.00 0.41 8.65
JES-18-5 49.50 51.00 1.50 0.21 5.50
JES-18-5 121.50 126.00 4.50 0.28 0.33
JES-18-6 49.50 72.00 22.50 0.31 4.84
incl 66.00 72.00 6.00 0.73 15.45
JES-18-7 0.00 12.00 12.00 0.52 0.84
incl 0.00 3.00 3.00 1.74 2.30
JES-18-8 21.00 22.50 1.50 0.39 0.70
JES-18-8 85.50 87.00 1.50 0.23 8.90
JES-18-8 93.00 94.50 1.50 0.23 2.50
JES-18-9 6.00 12.00 6.00 0.79 7.50
JES-18-9 51.00 52.50 1.50 0.47 75.70
JES-18-10 no significant assays
JES-18-11 no significant assays
JES-18-12 15.00 16.50 1.50 0.34 13.50
JES-18-12 93.00 94.50 1.50 0.28 0.25
JES-18-13 no significant assays
JES-18-14 30.00 31.50 1.50 0.48 10.30
JES-18-14 91.50 144.00 52.50 0.20 0.84
incl 117.00 129.00 12.00 0.51 0.69
JES-18-15 no significant assays
JES-18-16 73.50 93.00 19.50 0.27 1.01
incl 73.50 75.00 1.50 2.19 1.60
incl 79.50 81.00 1.50 0.52 2.70
JES-18-17 25.50 28.50 3.00 0.28 40.90
JES-18-17 37.50 48.00 10.50 0.33 21.67
incl 37.50 42.00 4.50 0.34 24.17
incl 45.00 48.00 3.00 0.59 32.75
JES-18-18 60.00 61.50 1.50 0.47 24.30
JES-18-19 33.00 73.50 40.50 0.73 1.98
incl 45.00 48.00 3.00 5.37 3.20
JES-18-19 87.00 88.50 1.50 0.39 0.25
JES-18-19 96.00 106.50 10.50 0.20 0.25
JES-18-19 136.50 138.00 1.50 0.20 0.50
JES-18-20 88.50 94.50 6.00 0.24 1.21
incl 90.00 91.50 1.50 0.62 2.40

Note: Reported intervals are not true width. At this time, there is insufficient data with
respect to the shape of the mineralized system to calculate true orientations in space. They represent drill intersection lengths from holes drilled with dips ranging from vertical to 45 degrees.

Qualified Person and QA/QC

Assays for the Pilar Phase 1 drilling program have been completed at ALS Chemex laboratories (ALS) with sample preparation completed in Hermosillo, Sonora, Mexico and Atomic Absorption and Fire Assay analyses completed in Vancouver, Canada.  Colibri employs industry standard QAQC protocol including the use of control samples to verify assay results.  Jackie E. Stephens, P. Geo supervises the Pilar drilling program including sampling, chain of custody, and delivery of sample to ALS.  Jackie E. Stephens, P. Geo for Colibri is a Qualified Person as defined in NI 43-101 and has reviewed and approved the technical information in this press release.

About the Pilar Gold Project

The Pilar Gold Project is strategically located in the historic Sonora gold district which has produced the majority of gold mined in Mexico. The Pilar Gold Project consists of low-sulfidation epithermal mineralization in a highly fractured, altered, and highly oxidized volcanic host rock.  Two zones of mineralization have been interpreted based on surface exposure, trenching, and historical drilling and include the Main Zone and North Zone.  A third target area, referred to as the 4 trench target, has been prioritized for drill testing.  Metallurgical testing (bottle roll) has shown an average recovery of 92%. The Project is currently drilling the first phase (3,000m) of a planned two-phase program for 2018 which will include drilling of up to a total of 10,000m. The program is designed to confirm and expand known mineralization at Pilar and use this information to complete an initial, NI 43-101 compliant, resource estimate.

About Colibri Resource Corporation:

Colibri is a Canadian mineral exploration company listed on the TSX-V (CBI) focused on acquiring and exploring properties in Mexico.

For Further Information Please Contact:
Ronald J. Goguen, President, Chairperson and Director
Tel: (506) 383-4274
rongoguen@colibriresource.com
www.colibriresource.com

The TSX Venture Exchange has neither approved nor disapproved the contents of this news release.
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. The statements made in this news release may contain forward-looking statements that may involve a number of risks and uncertainties.  Actual events or results could differ materially from the Company’s expectations and projections. 

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