| June 01, 2009 Colibri expands surface sampling on the Colibri gold project and begins exploration of recently acquired Evelyn claim | |
| Colibri Resource Corporation is pleased to announce new surface exploration results from its 6564 hectare Colibri gold property in Sonora, Mexico. Soil gridding, geological mapping and rock sampling carried out during winter and spring of 2009 has expanded the extent of known disseminated gold mineralization corresponding to the three zones described below. To date, Colibri has collected 393 rock chip samples from these three zones, 131 of which returned assays between 0.25 g/ton and 34.8 g/ton Au. This set-up work has delineated multiple prospective drill targets. Meanwhile, preliminary mapping and rock chip sampling on the newly acquired 506 hectare Evelyn claim, located ~20 km northwest of the Colibri property within the Sonora gold belt, has identified a high-grade gold-bearing structure associated with old mine workings. Updated maps and assay tables may be viewed at www.colibriresource.com. Tortuga and Diente Zones Two zones referred to as "La Tortuga" and "El Diente" present areas of extensive surface gold mineralization associated with pervasive hematite-sericite-silica alteration and gold-in-soil anomalies. The predominant host rock is Jurassic rhyolite porphyry that forms a northwest-elongate block sandwiched between two NE-dipping Laramide thrust faults. 113 samples taken from representative outcrops of altered rock and vein quartz have returned assays between 0.25 to 35 g/ton Au. Gold concentrations in soils are strongly anomalous over an area covering more than 2 square kilometres in the upper plate of the westernmost thrust. Host rocks include high level felsic intrusives cut by multiple generations of fine-grained silica veinlets and quartz veins. Mapping and rock sampling identified a series of NE and NW trending, steeply dipping fault structures associated with iron oxide and sericite alteration. Rock chip samples from hematized quartz veins returned multiple assays in excess of 1 g/ton Au, while broad zones of sericitized wall rocks and cut by very fine quartz veinlets and hematite and/or limonite fractures generally returned assays greater than 100 ppb Au. The most promising drill targets identified so far occur at or near the intersection of low-angle and high-angle structures. One such target is an area of particularly intense silicification and brecciation that coincides with the biggest identified soil anomaly: a triangular 200 m x 200 m region with gold-in-soil values >75 ppb Au and locally exceeding 200 ppb Au. Strongly anomalous concentrations of silver, copper, lead and zinc occur in soils developed on the andesite hanging wall of the eastern boundary thrust, thought to represent deeper crustal levels associated with porphyry-style mineralization. The thrust zone contains numerous sheared quartz veins associated with limonite and hematite alteration. Several small prospect pits exploit this thrust; representative rock chip samples returned assays between 0.31 and 2.60 g/ton Au. Naranja Zone Soil sampling is also expanded to include the southeast extension of the Naranja zone, where gold concentrations in excess of 5 g/ton were previously reported from grab samples and old mine workings in this area (see February 5, 2009 news release). Strongly anomalous gold-in-soils occur in a northwesterly belt more than one hundred meters wide and approximately 1 km long that follows the projected surface trace of a combined thrust/detachment fault system. Colibri is strongly encouraged by these results considering the correlation between gold in soils and follow-up rock sampling in the Tortuga-Diente zones. The most anomalous soils containing greater than 100 ppb gold occur within a zone of very little outcrop and no surface expression of mineralization directly along strike and adjacent to artesanal mine workings that returned multiple grams/ton gold in grab and chip samples. Ten rock samples to date have assayed greater than 1.5 g/ton Au. Evelyn Claim Colibri Resource Corporation is now the 100% owner of a new property (the Evelyn III claim), acquired in a Mexican government "sorteo" (claim lottery). This 506.3 hectare claim is located 29 km east of La Herradura (Mexico's largest gold mine, operated jointly by Fresnillo and Newmont Mining Corporation) and 10 km north of the Noche Buena property (currently owned by Fresnillo). The Evelyn claim encompasses old hard rock and placer mine workings developed in sheared and fractured Jurassic volcanic and sedimentary rocks. Preliminary geologic mapping and rock chip sampling has identified a northeast-trending structure, exploited by an old mine working, that corresponds to a sheared quartz-rich sandstone layer. Thirteen samples of sheared quartz veins and hematized sandstone wall rock collected along a strike length of 110 m returned assays between 0.13 g/ton Au and 26.06 g/ton Au. The composite average of these 13 samples is 9.18 g/ton Au. Exploration will be aimed at locating extensions of this high-grade zone in poorly exposed areas to the south and north. Corporate Update Colibri has continued to make progress on important business issues for the company. The Board of Directors has authorized the execution and completion of the three claim option agreements between Colibri's Mexican subsidiary, Minera Halcones, and the three private Mexican companies from which those claims were optioned. It is estimated that less than $100,000 will be required to finalize the agreements and allow Minera Halcones to hold the mining rights to the individual claim blocks that comprise the three claim sites known as "Colibri", "Ramard", and "Leon". Colibri currently has approximately $1.3 million in cash and is in the process of trying to recover IVA taxes from the Mexican government. The Company did not conduct any drilling this past winter in an effort to conserve cash, but there was some important field work completed as discussed above. Colibri is well positioned to participate in the ongoing rebound of metal prices and the availability of capital for exploration. Colibri has decided not to continue making option payments for the Juarez and San Francisco claims contained within the Colibri claim. The relatively small size of these claims (36 hectares each, an insignificant fraction of the 6,500 hectare project) did not warrant the cost of finalizing the option agreements. Title to the Evelyn III claim has been received, (see description above). The title was initially issued in the name of an agent working for Colibri. The legal procedure required to reissue title in the name of Minera Halcones (the Mexican subsidiary of Colibri) has been completed and the necessary documentation forwarded to the Direccion de Minas in Mexico City. Transfer of title is a legal formality. Rock chip and soil samples were prepared at Inspectorate Lab in Hermosillo. Analyses were performed by Inspectorate Lab in Reno, Nevada. Gold contents were measured by fire assay with AA finish. Over limit values for gold were determined by fire assay with gravimetric finish. Exploration was conducted under the supervision of J.J. Irwin, B.Sc., Ph.D., P.Geo., the qualified person under National Instrument 43-101 on this project. The Colibri Project is held by an option agreement between the Mexican subsidiary of Colibri, Minera Halcones SA de CV and a private Mexican company to acquire 100% ownership of 6,564 hectares of mineral concessions. For further information Visit our website at www.colibriresource.com or call Lance Geselbracht, P.E., (250) 755-7871 The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents herein. | |
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