NEWS RELEASE

COLIBRI PARTNER REPORTS PLANS FOR FURTHER DRILLING AND A POTENTIAL ON-SITE TEST MINE AT THE PILAR MAIN ZONE

August 13, 2024

NEWS RELEASE - Dieppe, NB. August 13th, 2024 - Colibri Resource Corporation (CBI-TSXV) ("Colibri" or the "Company") is pleased to report that the co-owner of its Pilar Gold & Silver Project in Sonora, Mexico, Tocvan Ventures (51% interest) has released an update regarding the plans for the next phase(s) of resource definition drilling and outlines a permitting and operations strategy for a pilot facility at the jointly held Pilar Main Zone.


Tocvan Pilar News Release – August 13th, 2024: (Partnership Relevant Excerpts)


Highlights:

  • Upcoming Core Drill Program at Pilar Main Zone Scheduled for September Start
  • Outlines Plans for Resource Drilling with Core and RC

 

CALGARY, AB / ACCESSWIRE / August 13, 2024 / Tocvan Ventures Corp. (the "Company") is pleased to provide an update from its gold-silver projects in mine-friendly Sonora, Mexico. The Company will refer to the consolidated area that includes the Pilar Main Zone and the adjacent 22 km2 as Gran Pilar. This signifies the broader scale project size the Company is focusing on as it advances to a maiden resource at the Pilar Main Zone as well as defining large-scale targets beyond.

 

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).

 

Also, preparations are being made for the next phases of core and RC drilling that will focus on resource definition. Between 1,200 to 2,000 meters of core drilling are being considered along with 1,700 to 2,500 meters of RC drilling before the end of the year. Core drilling will focus on building a robust geological model across Pilar with emphasis on the Main Zone. RC drilling will concentrate on additional infill and step-out targeting across the Main Zone, North Hill and 4-T trends. Upon completion of drilling the Company anticipates a maiden resource estimate will be finalized for the initial Pilar Main Zone and adjacent trends providing an initial step of showcasing the full potential of the project area.

 

Brodie Sutherland Tocvan CEO states: "We are also preparing for the next phases of drilling which will include important core drilling through our Main Zone and other prospective trends. The last core program we completed in 2022 was a huge success, giving us a better understanding of the host rocks and the pervasive alteration and brecciation one would expect from a robust mineralized system. Drilling completed before the end of the year will go into a maiden resource estimate for Pilar, a starting point for establishing initial resources for development. Along with these preparations the Company is evaluating a pilot mine facility to process material at site. A logical step-forward as we showcase the accessibility of gold and silver whilst taking advantage of current market prices for the commodities. The Company anticipates necessary equipment setup and permitting can be completed by early 2025, with the objective of processing up to 50,000 tonnes of material directly from Pilar. A key differentiator for the Company and project. Our core objective is to unlock the potential of the greater project area while advancing mine development.” “The Company maintains a positive outlook on the future of mining in Mexico and looks forward to advancing its initiatives of transitioning to producer. Taking full advantage of the excellent infrastructure and talented work force Sonora provides."


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) 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, 2) 49% Ownership of the Pilar Gold & Silver Project which is believed to hold the potential to be a near term producing mine, 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.

 

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:

This news release contains "forward-looking statements". Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that the plans, expectations, and intentions contained in this press release are reasonable, there can be no assurance that they will prove to be accurate.

 

For information contact:

Ian McGavney, President, CEO and Director, Tel: (506) 383-4274, ianmcgavney@colibriresource.com


Share This.

Related news releases.

Colibri Resource Corporation Announces Results of Annual General Meeting

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:

Colibri Announces Effective Date of Share Consolidation

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.

Colibri Resource Corporation Consolidates Ownership of Diamante Project, Prepares for Growth with Strategic Asset Realignment and Share 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