Colibri Resource Corporation acquires the Colibri, Ramard and Leon projects, and completes ground magnetometer survey of Leon Project
The Leon Project consists of 6,600 hectares of mineral claims that cover a belt of historic lead-zinc-silver mines and a district of artisanal molybdenum-copper workings, both believed to be part of a large porphyry system. Prior drilling intersected 72m of 0.195% Mo (news releases of June 11, 2008). Along with recent acquisition of the Evelyn claim (500 hectares located 10km north of the Noche Buena gold deposit; controlled by Industrias Penoles SA de CV and Newmont Mining Corp.), Colibri is now 100% owner of 4 exploration projects in the state of Sonora, Mexico.
Magnetic Survey
Colibri has received the results of a ground magnetic survey conducted by SJ Geophysics LTD., covering 4,000 hectares of the Leon Project claim package. The magnetic survey results correlate well with known geologic features, geochemical anomalies and prior drill results. Also displayed are strong magnetic anomalies in areas of little or no outcrop along strike with historical mines and prospects. Maps that superimpose magnetic intensity with known geology and Mo or Cu surface geochemistry (rock chips and soils) illuminate several features of interest for exploration - refer to illustrations at http://www.colibriresource.com/s/Leon.asp.
- The NW-SE trending Leon Detachment fault is clearly demarcated by a sharp boundary between low magnetic intensity values in hanging wall quartzite and medium magnetic intensity values in Mo-Cu mineralized footwall rocks.
- Compositionally uniform granodiorite of the Late Cretaceous San Geronimo batholith, exposed over the north-central third of the study area, exhibits multiple ENE-trending magnetic anomalies with alternating low and medium magnetic intensity values. Several elongate belts with medium magnetic intensity, typically 100-250 m wide, correlate directly with major ENE-striking high-angle structures defined by dense networks of mineralized quartz veins and silica breccias within intensely altered granodiorite. These structures contain abundant pyrite variably altered to iron oxide or limonite, while rock-chip and soil assays commonly record anomalous lead, zinc, silver, copper and or molybdenum. Adjacent magnetic low anomalies generally correspond to zones of less altered granodiorite which may contain more widely-spaced quartz veins. Diamond drill holes LEDH 15, 16, 17, 18 and 19 in the Azul and Fortuna zones each cut mineralization on medium-intensity magnetic anomalies, up to 72m of 0.195% Mo. More than 20 km of similar-appearing structures remain untested.
- In the southeast part of the study area, the geology is highly variable at a small scale - Precambrian gneiss host rocks are intruded by dikes and stocks of granite, porphyry and diorite. Correspondence between mineralized samples and medium intensity magnetic anomalies is not as profound, but a general ENE grain persists in the magnetic signature, suggesting a structural control. Near La Tinaja, subtle magnetic low anomalies correlate with broad zones of strongly anomalous molybdenum-in-soil and with outcrops of intensely sericitized, stockwork quartz-veined, rhyolite porphyry intrusive.
- A strong NW-trending magnetic-low anomaly crosscuts the unmapped area south of the Amarillas Zone. This narrow anomaly is approximately on strike with a mapped normal fault at Las Amarillas that separates Precambrian granite from Cretaceous granodiorite, and appears to continue more subtly to the Bellota prospects in the south. Given its transverse orientation relative to most of the other magnetic features, this anomaly may demarcate an important NW-striking fault, perhaps antithetic to the Leon Detachment fault.
- The two strongest magnetic-high anomalies occur in unmapped areas near the northeast and southwest corners of the Leon claim block. Both anomalies are close to ENE-trending gold-bearing vein systems. These anomalies are separated by a map distance of 5.5 km; equivalent to the total amount of middle Tertiary extension proposed to have been accommodated by the post-mineral Leon Detachment fault and associated normal faults. In this perspective, the two magnetic-high anomalies represent structurally displaced hanging wall and footwall portions of the same zone of mineralized crust.
Exploration was conducted under the supervision of J.J. Irwin, B.Sc., Ph.D., the qualified person under National Instrument 43-101 on this project.
For further information
Visit our website at www.colibriresourcecorp.com or call Lance Geselbracht, P.E., and (250) 755-7871
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents herein.
Colibri Resource Corporation (CBI) provides update on corporate activities and exploration plans
Colibri has signed several confidentiality agreements with companies who have expressed interest in optioning/joint venture arrangements to explore the Colibri Project, 6,000 hectares of claims in the highly prospective Megashear Belt to the northwest of Caborca, Sonora, Mexico. Colibri has not yet committed to sharing exploration and mining rights on this project with any other companies, but is evaluating potentially advantageous arrangements with corporations that have greater capital and technical resources.
The mineral rights have officially been awarded to Colibri Resource Corporation through its subsidiary Minera Halcones SA de CV for the Evelyn II claim, a 500 hectare claim block approximately 10 km to the north-northwest of the Colibri Project claims and less than 10 km east of the Noche Buena deposit, a historical resource of approximately 1 million ounces of gold currently under development by Fresnillo PLC. The Evelyn claim encompasses artisanal hard rock and placer gold mine workings and manifests the extremely sheared rock formations common to the operating and historical mines of this type located on the same large scale geological structure (La Herradura, La Choya, El Chanate, San Francisco, Cerro Colorado and others).
"We are fortunate to have several mineral claim sites that have drawn the interest of larger, well capitalized companies that can advance our interests. Any deal that is consummated with another party will allow CBI to continue exploration work at our other sites. Although most people are focused on gold, we feel our Leon site provides excellent opportunity to become a large, porphyry mining camp, said Lance Geselbracht, President of Colibri Resource."
Exploration was conducted under the supervision of J.J. Irwin, B.Sc., Ph.D., the qualified person under National Instrument 43-101 on this project.
For further information
Visit our website at www.colibriresourcecorp.com or call Lance Geselbracht, P.E., and (250) 755-7871
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents herein.
Colibri Resource Corporation names Ronald Goguen Sr. to the Board of Directors and provides update on activities
Since leaving Major Drilling in 2000, Ron has served as the President of Royal Oaks Real Estates Inc. and Royal Oaks Golf & Country Club. He has been a member of the Board of Directors of Northeast Bank since 1990. During 2006 Ron was appointed Chairman of the Board for Beaver Brook Antimony Mine Inc., and he remained so until bringing this operation into production during early 2008. Beaver Brook is the largest antimony mine outside of China. Now that this company is operating, management has been put in place to carry on its operation and Ron remains one of its Directors. During 1995 Ron was named Atlantic Canada's Entrepreneur of the year as presented by Governor General of Canada.
Colibri continues to advance its core exploration projects, located in the State of Sonora, Mexico, with field mapping, chip sampling and administrative matters. Ongoing mapping on the Colibri claim, an oxide gold project, (6564 hectares of claims) in the prolific Herradura --El Chanate Megashear belt, has expanded the area of known mineralization and extent of large scale low angle fault structures typical of this class of ore deposit. The project now presents greater than 20 kilometers of length of low angle fault structures in two belts trending southeast-northwest across the entire area. Recent exploration has focused on the Naranja Zone in the south and the Tortuga-Diente zones in the north (see updated map posted at www.colibriresourcecorp.com ) Within these zones, 415 rock chip samples collected over a 6.5 square kilometer area have returned values up to 35 grams/tonne Au. 340 of these samples returned assays of greater than 10 ppb Au. The aggregate average of the 340 anomalous rock chip samples is 0.87 grams/tonne Au.
On the Leon Project, geological mapping has identified the same rock types and style of mineralization within the company claim package (6600 hectares) that are described within the El Creston ore body on the adjacent Creston Moly Corporation claim (www.crestonmoly.com). The Main Zone within the Creston claim contains 249,948,000 pounds of molybdenum in a NI 43-101 compliant proven and probable mineral reserve.
Within the Leon claim occur Precambrian granites (the Creston granite) and associated Early Tertiary porphyries that are believed to be the same units described as hosts of the Creston ore body, located approximately 2 km to the east of the contiguous claim boundary. Two generations of normal faults separate the Creston ore body from the Leon claim package: an earlier generation of shallow, northeast-dipping low angle detachment faults, the Gemini and Creston faults, both of which are cut by the "Puerto Creston" high angle fault and a related family of southwest-dipping faults. Reconstruction of fault movements using a Precambrian quartzite marker unit places the Creston ore body above similar mineralized rock formations on the Leon Project at the time of mineralization (~54 Ma; see Barra et al., 2005). Prior drilling on the Leon Project (see August 25, 2008 and June 11, 2008 news releases) revealed intercepts of molybdenum of substantially higher grades and nearer to the surface than the Creston Moly ore body. Highlights include 72 meters of 0.195 % Mo between 22m and 94 meters depth in LEDH18, plus 72 meters of 0.120 % Mo between 0 and 72m depth in LEDH17.
The company has received from INDABBIN (the Mexican National Instituto de Adminastracion y Evaluo de Bienes Nacionales) an official government evaluation of the land owned by a rancher that covers a large part of the Ramard Project. Current rental valuation is 192.81 pesos per hectare per year, approximately Cdn $15.6 dollars per hectare per year. This is the price the company would be expected to pay this rancher for access to the ranch for mineral exploration and exploitation purposes as dictated by Mexican laws. This valuation is an important administrative step in the legal process to obtain long term access to ranchland.
"After attending the recent Roundup in Vancouver and speaking with many professionals associated with our industry, I am very optimistic that now is the time to move ahead with our projects because of the ability to finance exploration work" said Lance Geselbracht, P.E., President of Colibri. We announced almost a year ago that we would conserve cash while completing field work on our properties, but no drilling. This has left us in a position to consider various scenarios including partnering options and drilling/exploration programs. "I am excited that Ron Goguen has decided to join our Board, his incredible breadth of experience with mineral exploration and corporate management will prove very valuable as we move forward."
Colibri advises that 450,000 incentives stock options have been granted to directors and officers of the company. The options are exercisable at 8 cents per share for a period of five years, subject to regulatory approval, and will expire on January 31, 2015.
Exploration was conducted under the supervision of J.J. Irwin, B.Sc., Ph.D., the qualified person under National Instrument 43-101 on this project.
For further information
Visit our website at www.colibriresourcecorp.com or call Lance Geselbracht, P.E., and (250) 755-7871
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents herein.
Colibri expands surface sampling on the Colibri gold project and begins exploration of recently acquired Evelyn claim
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.
Attention Business Editors: Colibri delineates two prospective new gold targets on the Colibri Project, Sonora, Mexico
VANCOUVER, Feb. 5 /CNW/ - Colibri Resource Corporation is pleased to announce results of geological mapping, rock chip sampling and soil sampling from its flagship Colibri Property in Sonora, Mexico. This work from previously unexplored areas delineates two prospective new gold targets. Details of the mapping, sample locations and assays may be viewed at www.colibriresource.com.
Tortuga Zone:
The newly recognized Tortuga Zone encompasses a 1500m x 1200m area of fractured and altered Jurassic rhyolite porphyry and high level felsic intrusives situated in the hanging wall of a regional thrust. Throughout the zone are numerous northwest-elongate belts of intense hematite-silica alteration characterized by 5cm to 80 cm quartz veins in silica-flooded and quartz stockwork veined rhyolite and fine-grained intrusive rock. Alteration appears to be best developed where steeply northeast-dipping veins are intersected by shallow north-dipping veins. Directly north of the Colibri property boundary, a cluster of old mine workings exploit a group of sheeted quartz veins that strike south into the Tortuga zone.
Rock-chip samples were systematically collected from outcrops of vein quartz and altered rhyolite country rock. The composite average of all 75 samples is 1295 ppb (1.30 g/mt) Au. The average of the 33 quartz veins sampled is 2258 ppb (2.26 g/mt) Au, with nine assays exceeding 1 g/mt Au, and one vein assaying 33.8 g/mt Au. Forty two samples taken from silicified and hematized rhyolite averaged 538 ppb (0.54 g/mt) Au. Details of sample descriptions and locations are tabulated at www.colibriresource.com.
A soil sample grid reveals several anomalies of greater than 200m breadth where gold in soil assays exceed 50 ppb. These anomalies are centered on locations where multiple rock-chip samples yield assays greater than 500 ppb (0.5 g/mt) Au, and generally correspond to broader areas rich in quartz-hematite float. The northernmost soil anomaly is on projection with the old mine workings described above. Several prospective drill targets are presented where intersecting high-angle and low-angle quartz vein structures coincide with intensely altered or stockworked rhyolite country rock and gold in soil anomalies. Soil and rock sampling are ongoing.
Company geologists are strongly encouraged by this style of surface mineralization. Gold is associated with fine, dense quartz stockworks and silica flooding in volcanic and intrusive hosts, similar to several other bulk tonnage mines in operation in the state of Sonora.
Southeast Extension of Naranja Zone:
The Southeast Extension Zone encompasses a poorly exposed 400m x 350m area on strike with the mineralized Naranja Zone drilled by Colibri during Spring of 2008 (see November 12, 2008 News Release). Three areas of outcrop were mapped that apparently represent the southeastern projection of the Naranja detachment fault and its displaced hanging wall. A total of 18 rock-chip samples collected from these areas yielded assays with a composite average of 3205 ppb (3.21 g/mt) Au (see www.colibriresource.com).
The detachment fault is best exposed along the east side of a small arroyo, where a 100m x 5m outcrop of hematized volcanic breccia contains mineralized quartz vein fragments. This breccia zone was exploited in the past by several prospect pits, two of which exceed 3 m depth. Two chip samples of breccia containing hematized andesite and scattered quartz fragments assayed 2.82 g/mt Au and 11.86 g/mt Au. A third sample consisting entirely of quartz breccia fragments, assayed 3.20 g/mt Au. The breccia zone displays caliche-filled faults with gentle east dips and steep west dips.
250m to the east, a network of northwest and north-striking quartz veins with widths of 30cm to 2m crops out in the inferred hanging wall of the breccia zone. These veins are cut by low-angle fault surfaces that dip both east and west. One sample collected from quartz vein outcrop assayed 8.05 g/mt Au. Another sample taken from a prospect dump in the center of the vein outcroppings assayed 21.07 g/mt Au. Five additional samples collected from this zone of quartz veins and oxidized country rock yielded assays exceeding 100 ppb (0.1 g/mt) Au.
Two hundred meters north of the main breccia zone, a shallow prospect pit exposes silicified and hematized diorite cut by shallow-dipping caliche-filled shear planes. Two samples collected from an adjacent prospect dump assayed 6.64 g/ mt Au and 1.50 g/mt Au, respectively. A 1 m chip sample taken across the outcrop zone of caliche faults yielded an assay of 165 ppb (0.17 g/mt) Au.
Extensive areas of oxidized subcrop surrounding the three areas described above have yet to be sampled.
Corporate Update
Colibri has continued to complete field investigation work at its Colibri claim site during the past four months including geological mapping, chip and soil grid sampling. We have made the decision to suspend all diamond core and reverse circulation drilling at any of our three claim sites in an effort to conserve cash during these difficult economic times for Junior, TSX-Venture companies. Although our recent stock price doesn't even reflect the amount of cash in the company, over 1.5 million dollars, we have budgeted our operations to ensure we have enough cash to be a going concern until such time additional funds can be secured in the market place. A claim to recover IVA taxes from the Mexican government has been submitted for over $200,000. When these funds are recovered, we have identified drill targets on the Colibri property for our low cost percussion rig. Some field work with soil/chip sampling may take place on our other two claim sites. We invite readers of this press release to return to our website and reacquaint themselves with the results of past investigative efforts at our three sites and the significant discoveries Colibri has made to date.
Summary
Colibri Resource Corporation is encouraged by the sample results from these two new prospect areas. Follow-up soil sampling and geological mapping is ongoing, with the intent of defining specific drill targets.
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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., 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.
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%SEDAR: 00021936E
/For further information: visit our website at www.colibriresource.com or call Lance Geselbracht, P.E., (250) 755-7871/
(CBI.)
CO: Colibri Resource Corporation
CNW 09:00e 05-FEB-09