NEWS RELEASE

COLIBRI REPORTS 3rd BATCH OF DRILL RESULTS FROM ONGOING DRILL PROGRAM AT THE PILAR GOLD AND SILVER PROJECT IN SONORA

June 6, 2024

NEWS RELEASE - Dieppe, NB. June 6th, 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 announced the results from six holes drilled in the ongoing Phase 4, RC drill program. Colibri owns a 49% interest of the Pilar Gold & Silver Project.


Highlights from Tocvan Pilar News Release – June 6th, 2024:


  • Infill Drilling on Main Zone Trend Hits Several Zones Expanding Resource Potential
  • JES-24-73, 16.8 meters of 0.8 g/t Au and 19 g/t Ag
  • Including Polymetallic Zone of 4.6 meters of 2.2 g/t Au, 49 g/t Ag, 0.46% Cu and 1.48% Zn
  • Also, 3.1 meters of 0.9 g/t Au, 10 g/t Ag and 3.2% Zn
  • Also, 10.7 meters of 0.8 g/t Au and 2 g/t Ag
  • And, 3.0 meters of 3.8 g/t Au and 4.7 g/t Ag
  • Within 152.5-meter anomalous zone from surface averaging 0.3 g/t Au and 3 g/t Ag
  • JES-24-84, 10.7 meters of 0.6 g/t Au and 3 g/t Ag
  • Including 1.5 meters of 3.3 g/t Au, 14 g/t Ag and 0.67% Cu
  • Within 97.6-meter anomalous zone from 48.8-meter depth of 0.1 g/t Au and 1 g/t Ag
  • Large Step-out Exploration Drilling Hits Best Results to Date in Southeast Targets, Expands 4-T Trend 400m SE
  • JES-24-87, Including 0.6 g/t Au and 7 g/t Ag and 0.6 g/t Au and 15 g/t Ag both over 1.5 meters
  • Within 53.4 meters of 0.1 g/t Au and 2 g/t Ag
  • Six Holes Released, All Six Intersect Mineralization
  • Additional Results Pending. Over 2,700 meters Drilled to Date in 23 Holes

 

For full details please see the Tocvan Ventures news release dated June 6th, 2024 below:

 

 Calgary, Alberta – June 6, 2024 – Tocvan Ventures Corp. (the “Company”) (CSE: TOC; OTCQB: TCVNF; FSE: TV3), is pleased to announce drill results from its 2024 Reverse Circulation (RC) drill program at its road accessible Pilar Gold-Silver project in mine-friendly Sonora, Mexico.


Results today highlight four infill holes along the Main Zone Trend, three of which are located on the northwest extent of the trend. Two exploration holes along the far southeast extent of the 4-T trend are also included in today’s results. Infill holes are highlighted by drillhole JES-24-73 which returned four distinct zones of mineralization that include two zones of high copper and zinc values, including 4.6 meters of 2.2 g/t Au, 49 g/t Ag, 0.46% Cu and 1.48% Zn (results are summarized in Table 1) Anomalous mineralization extends from surface to 152.5 meters vertical depth averaging 0.3 g/t Au and 3 g/t Ag across all four mineralized sections. Infill hole JES-24-84 returned 10.7 meters of 0.6 g/t Au and 3 g/t Ag within a broad anomalous zone of 97.6 meters of 0.1 g/t Au starting from 48.8 meters vertical depth. It is important to note both holes represent the extension of the Main Zone along the edges, the continuation of mineralization is a positive sign for further resource advancement. As for exploration drilling, two holes 400 meters southeast along the 4-T Trend have returned values indicating mineralization continues along this corridor. This is highlighted by JES-24-87 which returned 53.4 meters of 0.1 g/t Au and 2 g/t Ag, the broadest zone of gold-silver mineralization recorded in exploration drilling to date and over 700 meters from the Main Zone.


Over 2,700 meters have been drilled to date for the 2024 program. Results for eight drill holes are currently pending analysis (green squares on Figure 1). Drilling is ongoing at Pilar.



“The results today give us numerous reasons to be excited about the potential of Pilar.” commented Brodie Sutherland, CEO. “Not only are we continuing to increase the resource potential on the outer edges of the Main Zone but have successfully hit significant mineralization in two exploration holes 700 meters away. With all good exploration, it takes time to focus in on key targets, the latest results are providing us with the evidence needed to further evaluate the southeast extent of the several known trends. The polymetallic results returned at the Main Zone are likely related to breccia phases encountered in previous core drilling (JES-22-61) 40m to the northwest, where elevated gold, silver and zinc were recorded. The presence of multiple breccia and vein phases at Pilar is what makes it an attractive target, it is a complex and robust system that we feel is just starting to take shape. In addition, the interest from a major producer in the greater expansion area potential is a clear sign we are taking the right steps to advance the area further and getting the attention we feel the project deserves.”



Discussion of Results


JES-24-73


The drillhole targeted near surface mineralization next to and down-dip of past core drillhole JES-22-62, which returned 108.6 meters of 0.8 g/t Au and 3 g/t Ag. Important to note that JES-22-62 was a significant 125-meter step out southeast of the Main Zone at the time representing a significant increase in resource size. JES-24-73 returned anomalous mineralization from surface to a vertical depth of 152.5 meters, with four distinct higher-grade intervals. Two of which returned intervals with elevated copper and zinc with gold and silver, represented by 4.6 meters of 2.2 g/t Au, 49 g/t Ag, 0.46% Cu, 1.48% Zn from 54.9 meters depth and 3.1 meters of 0.9 g/t Au, 10 g/t Ag and 3.2% Zn from 77.8 meters depth. These zones look to correlate with a silicified magnetite rich breccia encountered in past drillhole JES-22-61 (63.4m of 0.6 g/t Au and 11 g/t Ag) 40 meters to the northwest. The Company is encouraged by these results and further infill drilling to the north has been completed with results pending.


North Extent of Main Zone Trend


JES-24-83, 84 and 85


Three drillholes targeted gaps in the database along the northern extent of the Main Zone Trend. All three holes returned anomalous mineralization. JES-24-83 returned 102.2 meters of 0.1 g/t Au from 10.7 meters vertical depth, this includes near surface gold values up to 3.5 g/t Au over 1.5 meters from 10.7 meters. Copper values up to 0.69% Cu over 1.5 meters were returned along with gold and silver (0.2 g/t Au, 14 g/t Ag). Elevated copper values are common on the north end of the Main Zone and North Hill Trends. JES-24-84 returned 97.6 meters of 0.1 g/t Au from 48.8 meters vertical depth, including 10.7 meters of 0.6 g/t Au, 3 g/t Ag and 0.17% Cu from 108.3 meters vertical depth. JES-24-85 was drilled off the same pad as JES-24-84, westward at a 45-degree angle. Four weaker zones of mineralization were recorded to a downhole depth of 123.5 meters. 

 

Exploration Drill Results


4-T Trend South Extensions

Drillholes JES-24-86 and 87 tested the far southern extension (400m southeast) of the 4-T Trend where limited data exists. The two holes were drilled from the same pad in opposite directions (315 and 135 azimuths). Both returned anomalous mineralization with JES-24-87 returning the best result thus far, 53.4 meters of 0.1 g/t Au and 2 g/t Ag from 45.8 meters downhole depth, including two, 1.5-meter zones of 0.6 g/t Au. The Company views these early exploration results as extremely positive as they greatly expand the mineralization potential along the southern extent of these corridors.


Table 1. Summary of Drill Results Released Today from Pilar Project.

All interval lengths are drilled widths. 10,000 ppm = 1%

Hole ID From (m) To (m) Width (m) Au (g/t) Ag (g/t) Cu (ppm) Pb (ppm) Zn (ppm)
JES-24-73 0 152.5 152.5 0.26 3 293 63 1,818
including 0 21.35 21.35 0.11 0.55 81 15 96
also 32.05 61 28.96 0.46 12.32 937 43 4,783
including 44.23 61 16.78 0.76 18.7 1,532 56 8,006
including 54.9 59.48 4.58 2.23 48.68 4,643 140 14,806
also 77.78 80.83 3.05 0.89 9.65 649 93 32,100
also 103.7 129.63 25.93 0.35 0.96 374 32 270
including 112.85 123.53 10.68 0.75 1.91 794 23 254
also 149.5 152.5 3 3.83 4.67 238 1,558 1,569
JES-24-83 10.68 112.85 102.18 0.1 1.34 534 23 124
including 10.68 12.2 1.53 3.53 0.25 117 12 118
also 36.6 38.13 1.53 0.09 9.43 93 27 173
also 53.38 64.05 10.68 0.2 2.68 1,131 26 135
including 53.38 54.9 1.53 0.56 2.5 2,200 19 194
and 62.53 64.05 1.53 0.62 1.5 107 18 101
also 77.78 79.3 1.52 0.24 1 29 19 80
also 99.13 112.85 13.73 0.06 3.8 1,957 43 157
JES-24-84 48.8 146.4 97.6 0.11 0.99 394 20 164
including 48.8 53.38 4.58 0.22 1.2 300 11 138
and 67.1 68.63 1.53 0.03 7.42 95 25 446
and 86.93 88.45 1.53 0.21 0.25 98 19 255
and 100.65 102.18 1.52 0.17 0.5 397 18 114
and 108.28 118.95 10.68 0.62 3.4 1,772 19 177
including 108.28 109.8 1.52 3.34 14.15 6,790 32 200
also 144.88 146.4 1.53 0.15 0.25 13 19 134
JES-24-85 42.7 45.75 3.05 0.11 0.73 266 25 4,375
and 82.35 88.45 6.1 0.1 0.39 157 26 89
and 99.13 105.23 6.1 0.19 1.29 36 20 156
including 99.13 100.65 1.53 0.51 1.8 13 25 151

Table 2. Drillhole locations released today.

Hole ID Azimuth Dip Depth (m) Easting Northing Elevation (m)
JES-24-73 0 -90 201.3 617507 3144450 444
JES-24-83 0 -90 122 617368 3144801 400
JES-24-84 0 -90 179.95 617453 3144713 393
JES-24-85 90 -45 128.1 617456 3144713 393
JES-24-86 315 -45 120.48 618113 3144285 412
JES-24-87 135 -45 131.15 618117 3144277 412

Table 3. Exploration Drill Results and Pathfinder Geochemistry

Hole ID From (m) To (m) Width (m) Au (g/t) Ag (g/t) Cu (ppm) Pb (ppm) Zn As Mo Sb
(ppm) (ppm) (ppm) (ppm)
JES-24-86 24.4 35.075 10.68 0.2 1.2 27 242 512 663 NSV 9
including 24.4 25.925 1.53 0.82 3.2 21 1035 503 4310 NSV 12
JES-24-87 28.975 30.5 1.53 0.17 1.1 14 674 755 32 NSV NSV
and 45.75 99.125 53.38 0.09 2.15 60 522 922 214 NSV 8
including 45.75 50.325 4.58 0.35 2.85 144 968 1947 59 NSV 10
including 45.75 47.275 1.53 0.63 6.5 253 2210 3860 80 NSV 10
also 70.15 71.675 1.52 0.24 7.5 166 4530 6290 53 NSV 6
also 80.825 82.35 1.52 0.34 13.8 69 598 785 207 NSV 23
also 97.6 99.125 1.53 0.63 14.5 36 278 243 5090 NSV 29

The Pilar Gold-Silver property has returned some of the regions best drill results. Coupled with encouraging gold and silver recovery results from metallurgical test work, Pilar is primed to be a potential near-term producer. Pilar is interpreted as a structurally controlled low-sulphidation epithermal system hosted in andesite rocks. Initially three primary zones of mineralization were identified on the original property from historic surface work and drilling and are referred to as the Main Zone, North Hill and 4-T. Each trend remains open to the southeast and north and new parallel zones have been discovered. Structural features and zones of mineralization within the structures follow an overall NW-SE trend of mineralization.


Mineralization extends along a 1.2-km trend, only half of that trend has been drill tested so far.

 

Pilar Drill Highlights:

·      2022 Phase III Diamond Drilling Highlights include (all lengths are drilled thicknesses):

o  116.9m @ 1.2 g/t Au, including 10.2m @ 12 g/t Au and 23 g/t Ag

o  108.9m @ 0.8 g/t Au, including 9.4m @ 7.6 g/t Au and 5 g/t Ag

o  63.4m @ 0.6 g/t Au and 11 g/t Ag, including 29.9m @ 0.9 g/t Au and 18 g/t Ag

·      2021 Phase II RC Drilling Highlights include (all lengths are drilled thicknesses):

o  39.7m @ 1.0 g/t Au, including 1.5m @ 14.6 g/t Au

o  47.7m @ 0.7 g/t Au including 3m @ 5.6 g/t Au and 22 g/t Ag

o  29m @ 0.7 g/t Au

o  35.1m @ 0.7 g/t Au

·      2020 Phase I RC Drilling Highlights include (all lengths are drilled thicknesses):

o  94.6m @ 1.6 g/t Au, including 9.2m @ 10.8 g/t Au and 38 g/t Ag;

o  41.2m @ 1.1 g/t Au, including 3.1m @ 6.0 g/t Au and 12 g/t Ag ;

o  24.4m @ 2.5 g/t Au and 73 g/t Ag, including 1.5m @ 33.4 g/t Au and 1,090 g/t Ag

·      15,000m of Historic Core & RC drilling. Highlights include:

  • 61.0m @ 0.8 g/t Au

o  21.0m @ 38.3 g/t Au and 38 g/t Ag

o  13.0m @ 9.6 g/t Au

o  9.0m @ 10.2 g/t Au and 46 g/t Ag

 

Pilar Bulk Sample Summary:

·      62% Recovery of Gold Achieved Over 46-day Leaching Period

·      Head Grade Calculated at 1.9 g/t Au and 7 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 (+3/4” to +1/8”)

·      Fine Fraction (-1/8”) Indicates Rapid Recovery with Agitated Leach

o  Agitated Bottle Roll Test Returned Rapid and High Recovery Results: 80% Recovery of Gold and 94% Recovery of Silver after Rapid 24-hour Retention Time

 

Additional Metallurgical Studies:

·      Gravity Recovery with Agitated Leach Results of Five Composite Samples Returned

o  95 to 99% Recovery of Gold

o  73 to 97% Recovery of Silver

o  Includes the Recovery of 99% Au and 73% Ag from Drill Core Composite at 120-meter depth. 

 

 

Quality Assurance / Quality Control

RC 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 five 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) three highly prospective interests in the Sierra Madre (Diamante Gold & Silver Project, Jackie Gold & Silver Project, and Mezquite 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


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Reasoning for the Proposed Amendments Strategic Timing to Advance Pilar and Drive Shareholder Value The Company is taking proactive steps to strengthen its balance sheet and align capital with its most compelling near-term growth opportunity, the advancement of the Pilar Gold & Silver Project. The Company’s proposed restructuring of the Debentures comes at a pivotal time, as Pilar progresses toward bulk sampling, supported by strong recent and historical exploration results. Momentum Toward Test Mining Colibri’s joint venture partner, Tocvan Ventures, announced on June 18, 2025, that engineering and design for a 50,000-tonne pilot leach facility is now complete, with the permitting process well underway. Tocvan has indicated it does not foresee delays in approvals and intends to commence construction following final permit acceptance. If successful, a pilot test mine run of Pilar materials could generate a relatively meaningful amount of cash flow over a short period, helping to reduce Colibri’s near-term capital requirements and further de-risking its 49% interest in the project. Pilar Drill & Bulk Sample Results Highlight Gold-Silver Potential Over multiple exploration phases, drilling at Pilar has consistently returned broad zones of oxidized near-surface gold mineralization, along with high-grade intercepts—critical for the economics of the upcoming test mine. Highlights include: 2025 (Diamond Drilling – JES-25 Series): 83.5 @ 1.3 g/t Au from surface, including 10.3 g/t over 9.7m 64.9 m @ 1.2 g/t Au, including 3.0 m @ 21.6 g/t Au and 209 g/t Ag—marking the first high-grade intercept along the North Hill trend (JES-25-108) 2023 Bulk Sample: A 1,200-tonne surface sample yielded an average head grade of 1.9 g/t Au with a calculated recovery rate of approximately 62%, confirming the presence of near-surface mineralization amenable to heap leach or vat leach processing. Historical Drilling (2020–2022): 116.9 m @ 1.2 g/t Au, including 10.2 m @ 12.0 g/t Au and 23 g/t Ag (Phase III) 94.6 m @ 1.6 g/t Au, including 9.2 m @ 10.8 g/t Au (Phase I) 47.7 m @ 0.7 g/t Au, including 3.0 m @ 5.6 g/t Au and 22 g/t Ag (Phase II) (Above technical information cited in Tocvan Ventures Corp. news release dated June 18th, 2025 which was reviewed and approved by Brodie A. Sutherland, qualified person for Tocvan Ventures Corp.) Together, these results demonstrate the continuity, scale, and metallurgical potential of gold mineralization at Pilar, while outlining multiple high-grade near-surface zones that could meaningfully contribute to the upcoming bulk test mine. What This Means for Shareholders The pilot plant is nearing approval, and Colibri’s 49% stake positions it to potentially benefit directly from the Pilar’s bulk sample / test phase’s outcome. The restructuring of the Debentures will reduce immediate financial obligations, freeing up capital to support the Pilar bulk sample / test mine program and broader exploration. With gold prices trading near historic highs, the ability to advance a high-grade, near-surface gold system into production under a low-capex pilot structure presents a compelling opportunity to unlock value for shareholders. By aligning its financial position with Pilar’s development timeline, Colibri is taking a disciplined, shareholder-first approach to unlocking value from one of the most advanced gold projects in Sonora. For Debenture holders, they will now have the opportunity to participate significantly in the potential upside in the Pilar Gold & Silver Project.
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