NEWS RELEASE - Dieppe, NB., February 12, 2025 - Colibri Resource Corporation (TSX.V:CBI) (OTC:CRUCF) ("Colibri" or the "Company") is pleased to share that a total of 1,122 meters has been drilled in 10 diamond drill holes at its 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.
Highlights:
- 1,122 metres drilled in 10 diamond holes a Pilar Gold & Silver Project
- Samples for first three drill holes have been sent to laboratory for analysis
- Initial review of drill core indicates key structures and favourable rock characterization have been encountered
- Advancing plans for up to 50,000 tonne bulk sample/pilot facility
The core program was designed and managed by Tocvan with the aim to infill and step out on known mineralization corridors. The information collected will assist in building a robust geological model set to go into a maiden resource estimate and ultimately a Preliminary Economic Assessment for Pilar’s Main Zone. Samples for the first three drillholes (JES-25-103 to JES-25-105) have been delivered to the local ALS Prep Laboratory in Hermosillo, Sonora.
In a news release dated February 12, 2025, Brodie Sutherland, the President & CEO of Tocvan Ventures reported the following:
“…The majority of past drilling has been RC, core drilling provides us with key information on the complex structural nature hosting mineralization that will drive future resource expansion. It is clear the host rock has undergone substantial multi-phase preparation making it an excellent target. We look forward to the results.”
Tocvan has also reported that core reviewed from this drill program displays indications of key lithologies and structures known to host and control gold & silver mineralization at Pilar. A summary of these mineralization types is summarized below in Plate 1. The Company cautions these are visual indications; assay results are pending to verify the grade of mineralization and width.
Pilar Pilot Mine Facility / Large Tonnage Bulk Sample
Based on management's strong belief in the project's potential to be a near term mine, the JV companies are presently outlining a permitting and operations strategy to build a pilot facility at Pilar. The facility will support a robust test mine scenario with an aim to process up to 50,000 tonnes of material. Timelines and budgets are being prepared with the goal of moving forward on its development in very near term to potentially take advantage of the historically high gold prices.
In 2023, Tocvan completed a smaller offsite bulk sample at Pilar which showcased the potential to recover both gold and silver through a variety of methods including heap leach, gravity and agitated leach. Datasets recovered from 2023 program will serve as a guide for this upcoming one.
About the Pilar Property
The Pilar gold-silver property has returned some of the region's 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. The project is interpreted as a structurally controlled low-sulphidation epithermal system hosted in andesite rock. 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 northwest-southeast trend of mineralization. Mineralization extends along a 1.2-kilometre trend. Only half of that trend has been drill tested so far.
Pilar Drill Highlights:
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.
Technical information expressed in this news release is the view of Brodie A. Sutherland, chief executive officer for Tocvan, a qualified person 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 the 4,766 hectare 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 information” which may include, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future. Forward-looking information in this news release includes statements regarding the use of proceeds from the offering. Such forward-looking information is often, but not always, identified by the use of words and phrases such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.
These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business. Management believes that these assumptions are reasonable. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, risks related to the speculative nature of the Company’s business, the Company’s formative stage of development and the Company’s financial position. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws.
There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.
For information contact:
Ian McGavney
President
CEO and Director
Tel: (506) 383-4274
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