Pitaya Project

The Pitaya Project is located within a district of northern Sonora that includes 14 significant gold deposits, most notably La Herradura, Noche Buena and El Chanate. As shown on the “Project Summary” map (previous page), all of these deposits occur along northwest-trending Mojave-Sonora megashear, a major Late Jurassic continental-scale transform fault analogous to the modern-day San Andreas fault. Pitaya geologists believe that the megashear was responsible for structural preparation of ground that continues to yield significant gold results from properties that include the 6564 hectare Pitaya Project.

Agnico-Eagle Mines Ltd.

On May 27, 2011, the Company finalized an Earn-In and Shareholders Agreement with Agnico-Eagle Mines Ltd. (AEM) regarding the Company’s Pitaya property. Pursuant to the Agreement, AEM may acquire up to a 75% interest in the Pitaya gold project and form a joint venture with the Company by making qualified exploration expenditures and payments to Colibri Resource Corp. To earn a 75% interest in the Pitaya Project, AEM is required to spend, over the next three years, a minimum of US$3.0 million in exploration expenditures as well as complete a positive feasibility study within five years. As required under the Agreement, the Company incorporated a Mexican wholly-owned subsidiary of a B.C. company and transferred all rights, title and interest in the Pitaya Project to the Mexican subsidiary.

Pursuant to the above Agreement, AEM will be required to make option payments to Colibri Resource Corp totalling US$1,452,000 over a seven year period. After completion of the feasibility study and earning a 75% interest in the Pitaya Project, AEM and Colibri may form a joint venture to develop the Project. Pursuant to the Agreement, AEM also made an equity investment in Colibri Resource Corp. by purchasing 3 million units at $0.20 per unit for gross proceeds of $600,000. Each unit is comprised of one common share and one share purchase warrant. Each warrant is exercisable into one common share at an exercise price of $0.35 per common share until May 26, 2013.

Regional Area

La Herradura is the largest operating gold mine in Mexico. It is jointly owned by Newmont Mining and Industriales Peñoles. La Herradura presently contains over 10 million ounces of gold reserves, and during 2004, produced 150,000 ounces of gold at a cost of less than $145 per ounce. The same ownership group now owns the Noche Buena deposit, located 12 miles northwest of the Pitaya Project area, and is currently constructing a mine. In 2006, Peñoles drilled a fence of nine reverse-circulation holes along the eastern edge of the Pitaya Property. AuRico Gold’s El Chanate mine, located 20 miles to the southeast, started production in August, 2007.

Past Exploration Activities

Exploration on the Pitaya Project targeted down-dip projections of high grade quartz veins and associated hematite-silica breccia zones that cut Jurassic volcanic and sedimentary rocks (see drill core photos below). Scores of underground mine workings and prospect pits dating back to the Spanish occupation are focused on these veins. Geological mapping (see illustrations below) reveals that the veins were originally emplaced along steep NW and NE-trending fractures associated with the Late Jurassic megashear. Gold appears to have been mobilized and concentrated later during Laramide compression, when the veins were rotated and sheared along moderately-dipping reverse faults. A younger generation of Tertiary low-angle normal faults (detachment faults) intersects the reverse faults, resulting in dissemination of gold along shallow, undulating breccia zones. Two of these detachment faults were apparently imaged by an electrical geophysical survey (see illustrations below).

Reverse-circulation drill holes totaling 5600 m targeted gold-bearing quartz veins and associated reverse faults on the Pitaya Project during 1994, 1998, and 2005. Four areas were drilled: San Francisco mine, Juarez mine, Nopal Zone, and Panteon Zone, with significant gold assays reported in Table 1 below. This work was followed up by 2152 m of diamond core drilling during 2006-07. Diamond drilling confirmed gold mineralization at San Francisco mine, and intersected a resistivity-chargeability anomaly within the Naranja Zone that corresponds to disseminated gold occurrence along a mapped detachment fault. Colibri’s August 13, 2007 News Release, keyed to the maps and tables presented below, summarizes the history of drilling and pertinent gold results on the Pitaya Project.

Gold Results from Recent Drilling and Surface Sampling on the Pitaya Property: (click to enlarge illustrations)

Updated Geologic Map of the Pitaya Property, Showing Gold Assays from Rock Chip Samples Collected Through 2009

Legend for Geologic Map

Contour map of gold in soils superimposed on the Tortuga Zone rock-chip sample map

Contour map of gold-in-soils superimposed on the SE Extension Zone rock-chip sample map

Geologic and structural map of the Pitaya mineral concession

Map showing locations and gold assays (in grams/metric ton) of rock-chip samples from the SE Extension Zone

Map showing locations and gold assays (in grams/metric ton) of rock-chip samples from the Tortuga Zone

Pitaya 2017 Drill Program Drill Hole Location Map

Pitaya Project 2017 Drilling Summary & Significant Intervals provided by Agnico Eagle Mines Ltd.

Gold assays of rock-chip samples from La Tortuga and El Diente Zones

Gold assays of rock-chip samples from the southeast Naranja Zone

2008 RC and Percussion Drilling Assays

Table1: History of Drilling on the Pitaya Property, with Significant Gold Assays

Table 2: Gold Assay Results from the 2006-07 Diamond Drill Program

Map of Cross-section NAPD14/NAPD25

Map of Drill Targets in Central Pitaya Property, Showing Locations of all Holes Drilled to Date

Map of Drill Targets in Nopal Zone, Showing Locations of all Holes Drilled to Date<

Report on 1998 Reverse-Circulation Drill

Maps & Photos
(Click to enlarge)

Geologic map showing structural controls for gold mineralization near the San Francisco and Juarez claims. Refer to Figure 7 below for cross sections.

Geologic cross sections showing recent drill targets on the Pitaya property. Mineralized quartz veins (red streaks) are affected by Laramide reverse faults and younger Miocene(?) detachment faults.”

Recent Induced Polarity (IP)-Resistivity survey results depicted in map view.  3-D inversion by S. J. Geophysics, Ltd.

Profile view of the IP-Resistivity model, showing subsurface interpretation of important low-angle structures relative to geophysical anomalies.  Low-resistivity values omitted for clarity.

Profile view of the IP-Resistivity model, showing subsurface interpretation of important low-angle structures. Includes low-resistivity values in blue colors.

Pitaya Regional Geology

Pitaya Panorama Landscape

Pitaya Claim Map

Juarez Mine head frame

Juarez Mill Site and Tailings

Juarez Mill Site and Tailings Pile

Pitaya Property:

#394 Geologists look for visible gold in tailings dump of one of the San Francisco mine workings