NEWS RELEASE - Dieppe, NB., March 26th, 2025 - Colibri Resource Corporation (TSX.V:CBI) (OTC:CRUCF) ("Colibri" or the "Company") is pleased to share the assay results from the last three holes drilled in its recent 10-hole diamond drilling program (1,167.5 metres) at the advanced exploration stage project El Pilar Gold & Silver Project in Sonora Mexico. Colibri holds a 49% interest in the El Pilar along side its 51% partner Tocvan Ventures, which was the operator of this recent drill program. Colibri is relying on the accuracy of Tocvan’s news release dated April 16th, 2025.
“We are pleased with overall results from this recent diamond drilling program. The footprint of the gold & silver mineralization at Pilar has been expanded and opens the doors for potential future drilling along the Main Zone trend as well as the less understood 4T and North Hill trends. Our attention will now be focussed on working with our partner to advance a maiden estimate as well as finalizing plans and permitting for our upcoming up to 50,000 tonne test mine/bulk sample.” commented, Colibri President & CEO Ian McGavney
Tocvan - News Release – April 16th, 2025
Highlights:
- Step-out Drilling 70 meters South, Extends Main Zone
- High-Grade Vein Returns 2.6 meters of 7.2 g/t Au and 80 g/t Ag
- Duplicate Sample Analysis of High-Grade Vein returns 18 g/t Au over 1.1 meters
- Within Broader zone averaging 0.5 g/t Au over 46.9 meters, starting from 54.5 meters depth
- Remains Open and Untested to the South
April 16, 2025 / Tocvan Ventures Corp. (the "Company"), is pleased to announce the remaining results from core drilling at the Gran Pilar Gold Silver Project in mine-friendly Sonora, Mexico. Ten core drillholes totaling 1,167.5 meters were completed earlier this year within the majority owned (51%) Main Zone held in partnership with Colibri Resource Corp. Today's results are highlighted by 7.2 g/t Au and 80 g/t Ag over 2.6 meters, within a mineralized zone that averages 0.5 g/t Au over 46.9 meters starting from 54.5 meters downhole (drillhole JES-25-112). Drill hole JES-25-112 is located 70 meters south of past drill hole JES-22-62, which returned 108.9 meters of 0.8 g/t Au (see April 26, 2022 News Release). Mineralization is hosted in a stockwork of quartz veining, with high grade zones associated with shear zones with quartz and iron oxides filling fractures. JES-25-112 marks the southern most successful hit of significant mineralization to date, the trend remains open to the south. A core duplicate sample through the high-grade zone returned 18 g/t Au over 1.1 meters, the original sample returned 4.4 g/t Au. The variance has been noted as a product of coarse gold in the system. The Company is evaluating additional studies to determine the impact of high-grade variance on resource estimation. Hole JES-25-111, located 450 meters northeast of the Main Zone, within the 4-T Trend returned an anomalous zone of gold and silver that included 0.7 meters of 0.8 g/t Au and 24 g/t Ag. Hole JES-25-110 located 300 meters from the Main Zone, within the North Hill Trend returned an anomalous zone that includes 7.8 meters of 0.1 g/t Au. Intervals reported are drilled widths, true estimated widths are not known at this time.
"Step-out drilling south of the Main Zone has extended the high-grade corridor where we previously thought mineralization stopped." commented, CEO Brodie Sutherland. "This has opened up the opportunity to further extend mineralization to the south adding near surface resource potential. We have been very pleased with the success rate of the core program, adding key geological information for resource modelling whilst enhancing our understanding of high-grade zones and the true size potential of mineralization..."
Note: Please refer to the following news releases for detailed information on each hole.
JES-25-103 & 104, March 11, 2025
JES-25-105 - 106, March 19, 2025
JES-25-107 - 109, March 26, 2025
JES-25-110 - 112, April 16, 2025
Pilar Drill Highlights:
2024 RC Drilling Highlights include (all lengths are drilled thicknesses):
- 42.7m @ 1.0 g/t Au, including 3.1m @ 10.9 g/t Au
- 56.4m @ 1.0 g/t Au, including 3.1m @ 14.7 g/t Au
- 16.8m @ 0.8 g/t Au and 19 g/t Ag
2022 phase 3 diamond drilling highlights include (all lengths are drilled thicknesses):
- 116.9 metres of 1.2 grams per tonne gold, including 10.2 m of 12 g/t Au and 23 g/t Ag;
- 108.9 m of 0.8 g/t Au, including 9.4 m of 7.6 g/t Au and 5 g/t Ag;
- 63.4 m of 0.6 g/t Au and 11 g/t Ag, including 29.9 m of 0.9 g/t Au and 18 g/t Ag;
2021 phase 2 RC drilling highlights include (all lengths are drilled thicknesses):
- 39.7 m of 1.0 g/t Au, including 1.5 m of 14.6 g/t Au;
- 47.7 m of 0.7 g/t Au, including three m of 5.6 g/t Au and 22 g/t Ag;
- 29 m of 0.7 g/t Au;
- 35.1 m of 0.7 g/t Au;
2020 phase 1 RC drilling highlights include (all lengths are drilled thicknesses):
- 94.6 m of 1.6 g/t Au, including 9.2 m of 10.8 g/t Au and 38 g/t Ag;
- 41.2 m of 1.1 g/t Au, including 3.1 m of 6.0 g/t Au and 12 g/t Ag;
- 24.4 m of 2.5 g/t Au and 73 g/t Ag, including 1.5 m of 33.4 g/t Au and 1,090 g/t Ag;
15,000 m of historic core and RC drilling; highlights include:
- 61.0 m of 0.8 g/t Au;
- 21.0 m of 38.3 g/t Au and 38 g/t Ag;
- 13.0 m of 9.6 g/t Au;
- 9.0 m of 10.2 g/t Au and 46 g/t Ag.
Pilar Bulk Sample Summary:
62-per-cent recovery of gold achieved over 46-day leaching period;
Head grade calculated at 1.9 g/t Au and seven g/t Ag; extracted grade calculated at 1.2 g/t Au and 3 g/t Ag;
Bulk sample only included coarse fraction of material;
Fine fraction indicates rapid recovery with agitated leach:
Agitated bottle roll test returned rapid and high recovery results: 80-per-cent recovery of gold and 94-per-cent recovery of silver after rapid 24-hour retention time.
Additional Metallurgical Studies:
Gravity recovery with agitated leach results of five composite samples returned:
95- to 99-per-cent recovery of gold;
73- to 97-per-cent recovery of silver;
Includes the recovery of 99 per cent Au and 73 per cent Ag from drill core composite at 120-metre depth.
Based on management’s strong belief in the project’s potential, the Company is outlining a permitting and operations strategy for a pilot facility at Pilar. The facility would underpin a robust test mine scenario with aims to process up to 50,000 tonnes of material. Timelines and budget are being prepared with the aim of moving forward with the development early in 2025. With gold prices hitting all-time highs, the Company believes the onsite test mine will provide key economic parameters and showcase the mineral potential of the area. In 2023, the Company completed an offsite bulk sample that produced important data showcasing the potential to recover both gold and silver through a variety of methods including heap leach, gravity and agitated leach (see August 22, 2023, news release for more details).
Quality Assurance / Quality Control
Rock and Drill samples were shipped for sample preparation to ALS Limited in Hermosillo, Sonora, Mexico and for analysis at the ALS laboratory in North Vancouver. The ALS Hermosillo and North Vancouver facilities are ISO 9001 and ISO/IEC 17025 certified. Gold was analyzed using 50-gram nominal weight fire assay with atomic absorption spectroscopy finish. Over limits for gold (>10 g/t), were analyzed using fire assay with a gravimetric finish. Silver and other elements were analyzed using a four-acid digestion with an ICP finish. Over limit analyses for silver (>100 g/t) were re-assayed using an ore-grade four-acid digestion with ICP-AES finish. Control samples comprising certified reference samples and blank samples were systematically inserted into the sample stream and analyzed as part of the Company's robust quality assurance / quality control protocol.
Brodie A. Sutherland, CEO for Tocvan Ventures Corp. and a qualified person ("QP") as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this release.
About Colibri Resource Corporation:
Colibri is a Canadian-based mineral exploration company listed on the TSX-V (CBI) and is focused on acquiring, exploring, and developing prospective gold & silver properties in Mexico. The Company holds four high potential precious metal projects: 1) 49% Ownership of the Pilar Gold & Silver Project which is believed to hold the potential to be a near term producing mine, 2) 100% of EP Gold Project in the significant Caborca Gold Belt which has delivered highly encouraging exploration results and is surround by Mexico’s second largest major producer of gold on four sides, and 3) two highly prospective interests in the Sierra Madre (Diamante Gold & Silver Project and Jackie Gold & Silver Project.
For more information about all Company projects please visit: www.colibriresource.com.
For information contact:
Ian McGavney
President
CEO and Director
Tel: (506) 383-4274
Email: ianmcgavney@colibriresource.com
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.
Notice Regarding Forward-Looking Statements:
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release includes certain “forward-looking statements”. These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management’s expectations. Forward- looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, project development, reclamation and capital costs of the Company's mineral properties, and the Company’s financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully, and readers should not place undue reliance on the Company’s forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.
