NEWS RELEASE

Colibri & Partner Drill 83.5 metres at 1.3 grams per tonne Gold (including 10.3 grams per tonne Gold over 9.7 metres) at El Pilar Gold & Silver Project in Sonora Mexico

March 11, 2025

NEWS RELEASE - Dieppe, NB., February 12, 2025 - Colibri Resource Corporation (TSX.V:CBI) (OTC:CRUCF) ("Colibri" or the "Company") is pleased to share the assay results from the first two holes drilled in its recent 10 hole diamond drilling program (1,167.5 metres) at the El Pilar Gold & Silver Project in Sonora Mexico. Colibri holds 49% interest of the El Pilar along side its partner Tocvan Ventures, which holds a 51% ownership in this advanced stage exploration project. Tocvan is the operator of the El Pilar.

 

“We are very pleased with the results from these first two drill holes. The near surface nature of this additional higher-grade mineralization only strengthens our belief that the El Pilar could become a profitable near-term gold and silver production asset for Colibri. The work programs planned for Pilar this year, which includes an up to 50,000 tonne bulk sample/test mine and a maiden resource estimate, should further demonstrate this theory. We look forward to releasing the results from the additional 8 holes of this program in due course as data is received from the operator.” commented, Colibri President & CEO Ian McGavney

Figure 1: Planview of Main Zone Area – today’s results highlighted in red. Intervals reported are drilled lengths, the Company will update on estimated true thickness once all new drill data has been processed.
Photo 1: High-grade core from hole JES-25-104 (1.6m of 60.6 g/t Au + 13 g/t Ag – from 87.8m). Local faulting and associated intense hematite and silica alteration have replaced the original andesite. This style of mineralization has been recorded across the Main Zone at surface and in drill core.

Tocvan - News Release – March 11th, 2025


Highlights:

  • Highest Gold Grade Result Since Prospect Discovery in 1996
  • 10.3 g/t Au Over 9.7m, including 1.6m of 60.6 g/t Au (Hole JES-25-104)
  • Only surpassed by Historic Drill Hole S-10, 16.5 meters of 53 g/t Au (1996 Discovery) *
  • Anomalous Mineralization from 14.1 to 97.6 meters averaging 1.3 g/t Au
  • Next to Trench Opened in 2023 for Bulk Sample Material
  • Surface Channels Averaged, 1.9 g/t Au and 9 g/t Ag over 14m (TR-2023-03)
  • Northwestern Hole JES-25-103, returns 3.7 meters of 0.4 g/t Au, 39 g/t Ag and 2.6% Cu
  • Anomalous Mineralization from 19.7 to 54.4 meters averaging 0.1 g/t Au, 8 g/t Ag and 0.54% Cu


Tocvan Ventures Corp. (the “Company”) (CSE: TOC; OTCQB: TCVNF; WKN: TV3/A2PE64), is pleased to announce results from the first two core holes recently drilled at the Gran Pilar Gold Silver Project in mine-friendly Sonora, Mexico. Ten core drillholes totalling 1,167.5 meters were completed earlier this year within the majority owned (51%) Main Zone held in partnership with Colibri Resource Corp. Results are highlighted by 10.3 g/t Au over 9.7m, including 60.6 g/t Au over 1.6 meters starting at 87.8 meters vertical depth (JES-25-104). The high-grade mineralization correlates with at surface mineralization and lies within a broader anomalous zone drilled that averages 1.3 g/t Au over 83.5 meters from 14.1 meters below surface. In 2023, a trench exposed material adjacent to the drill hole that averaged 1.9 g/t Au and 9 g/t Ag over 14m. Material from the trench was used in the 2023 Bulk Sample completed by Tocvan. JES-25-104 is also on the same section as RC hole, JES-20-36 (24.4m 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) and later core hole JES-22-58 (21.7m of 0.9 g/t Au, including 4.0m of 4.2 g/t Au). The highest-grade mineralization intersected is related to a fault structure known to host high grade gold and silver. The result is the highest gold value recorded since initial discovery drilling was completed in 1996 by Lundin controlled company, Santa Catalina Mining Corp., where historic hole S-10 returned 53 g/t Au over 16.5 meters (*as reported July 30, 1996 by Santa Catalina Ming Corp.). Further to the northwest, 145 meters, core hole JES-25-103, returned anomalous gold, silver and copper averaging 0.1 g/t Au, 8 g/t Ag and 0.54% Cu over 34.7 meters starting from 19.7 meters downhole. A higher grade zone averages 3.7 meters of 0.4 g/t Au, 39 g/t Ag and 2.6% Cu. Elevated copper values are consistent with results recorded in the North Hill area and seen in trench exposures that may be related to granitoid intrusive rocks first recorded in recent RC drilling further north. 


“These near-surface high-grade results showcase the rapid development potential of Pilar.”  commented, CEO Brodie Sutherland. “Core drilling has again yielded some of the best results ever from the property. Results are in line with our initial observations of key styles of significant mineralization. The very high-grade interval in JES-25-104 coincides with a fault and adjacent intense, texture destructive hematite and silica alteration. Understanding these high-grade structures is essential for upgrading resource potential and identifying areas of focus for initial mining. Further to the north, hole JES-25-103 has yielded some of the best results to date on the northwestern edge of the Main Zone where surface mapping has outlined key controlling structures with elevated copper and silver. We look forward to sharing the remaining drill results as they become available.”

Table 1: Summary of Drill Results in this release
Table 2. Summary of drill collar locations and orientations. Coordinates are in UTM NAD 27, Zone 12N

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.

Share This.

Related news releases.

June 17, 2025
NEWS RELEASE - DIEPPE, N.B., June 17, 2025 -- Colibri Resource Corporation (“Colibri” or the “Company”) (CBI: TSX-V) is pleased to announce the results of its Annual General Meeting (“AGM”) of shareholders held on June 13, 2025. A total of 9,451,871 common shares were represented in person or by proxy at the meeting, representing approximately 8.19% of the Company’s issued and outstanding shares as of the record date. Shareholders voted in strong support of all resolutions, each of which was approved with 99.88% of the votes cast. Election of Directors The following individuals were elected as directors of the Company until the next annual general meeting or until their successors are duly elected or appointed:
June 11, 2025
NEWS RELEASE - DIEPPE, N.B., June 11, 2025 -- Colibri Resource Corporation (“Colibri” or the “Company”) (CBI: TSX-V) announces that, further to the Company’s press release on May 14, 2025, Colibril has received approval of the TSX Venture Exchange (the “TSXV”) for the consolidation of its issued and outstanding common shares (each, a “Share”) on the basis of five (5) pre-consolidation Shares for each one (1) post-consolidation Share (the “Consolidation”). The Consolidation is being effected pursuant to a resolution of the board of directors of the Company dated May 5, 2025. No shareholder approval is required for the Consolidation to come into effect. The Company has obtained a new CUSIP (194168407) and ISIN (CA194168407) in connection with the Consolidation. There will be no name change or trading symbol change in conjunction with the Consolidation. Effective at the opening of trading on Friday, June 13, 2025 (the “Effective Date”), the Shares will commence trading on the TSXV on a consolidated basis. As at the date hereof, there are a total of 115,417,625 Shares issued and outstanding. Assuming no other change to the issued and outstanding Shares, a total of 23,083,525 Shares, subject to adjustments for rounding, will be issued and outstanding on the Effective Date. No fractional post-Consolidation Shares will be issued as a result of the Consolidation. Fractional Shares will be rounded up to the next nearest whole number of Shares if the fraction is at least half of a Share and rounded down to the nearest whole number of Shares if the fraction is less than half a Share. The exercise or conversion price, and the number of Shares issuable under any of the Company’s outstanding convertible securities, if any, will be proportionately adjusted upon the Effective Date. A letter of transmittal from the Company’s transfer agent, Computershare Investor Services Inc., will be mailed to registered shareholders providing instructions on how to exchange their physical Share certificates representing pre-Consolidation Shares for new certificates representing post-Consolidation Shares. Shareholders who hold their Shares in DRS/Book or in brokerage accounts are not required to take action to effect an exchange of their pre-Consolidation Shares for post-Consolidation Shares. Until surrendered, each Share certificate representing pre-Consolidation Shares will represent the number of whole post-Consolidation Shares to which the holder is entitled as a result of the Consolidation.
May 14, 2025
NEWS RELEASE - Dieppe, NB., May 14th, 2025 - Colibri Resource Corporation (TSX.V:CBI) (OTC:CRUCF) ("Colibri" or the "Company") iwishes to announce a series of strategic corporate developments aimed at strengthening its asset base and capital structure. These include: Increasing its effective ownership of the Diamante Gold-Silver Project in Sonora, Mexico to 60%; Entering an agreement to acquire its joint venture partner's remaining interest in the project; Monetizing a non-core asset through the sale of its 50% interest in the Jackie Project; and Implementing a share consolidation to position the Company for improved capital markets access and long-term growth. These actions align with Colibri’s sharpened focus on advancing its two most advanced exploration assets. The Company is collaborating with Tocvan Ventures on the potential future development of the Pilar Gold & Silver Project, where drilling, bulk sampling and trenching suggest near-term production potential. In parallel, Colibri is preparing for further advanced exploration activity at its 100%-owned EP Gold Project, located in a multi-million-ounce gold corridor called the Caborca Gold Belt that hosts Mexico’s largest producing gold mine owned by Fresnillo Plc called La Herradura (25km west of EP). The La Herradura, which has been operating since 1994, produced 367,000 ounces of gold in 2024 and has 7.4 milllion ounces of gold remaining in reserves at the end of 2024 (source: Fresnillo Plc - 2024 Annual Report). Colibri geologists believe that EP shares key geological characteristics with nearby gold deposits, including structure, lithology, and geochemistry—underscoring its discovery potential.
ALL NEWS RELEASES