Dieppe, New Brunswick – (Newsfile Corp. – May 20, 2021) – Colibri Resource Corporation (TSXV: CBI) (âColibriâ or the âCompanyâ) is pleased to announce that its joint venture partner, Silver Spruce Resources Inc. (âSilver Spruceâ) has announced the discovery of an area of ââinterest of Significant exploration at Colibri’s Jackie Gold and Silver Project located near the town of Tepoca in the western Sierra Madre region of Sonora, Mexico. Additionally, Colibri’s optional partner Tocvan Ventures provided updates of interest to the Pilar Gold and Silver project near Suaqui Grande.
NEW DISCOVERY AT THE JACKIE GOLD & SILVER PROJECT
The newly discovered area includes an exposure of intense oxidation and argillic weathering (see Figure 2). Samples taken in this area returned a high value of 9.65 g / t Au and 515 g / t Ag and several samples with> 0.1 g / t Au and base metal and research element values from abnormal to very abnormal pathways. Completed by mapping and results of hyperspectral analyzes, the results describe a larger zone of silicification and geochemically zoned alteration.
âWe are delighted to announce the discovery of this promising target at the Jackie Gold & Silver project. The Discovery Team entered the field with no exploration history to draw from. This area of ââinterest, which contains high grade gold and silver, is Phase 2 exploration focused on this anomaly is expected to begin very soon, âsaid Ian McGavney, COO of Colibri.
Figure 1 – Table of sample highlights published by Silver Spruce Resources
The reader is invited to consult the press release from Silver Spruce Resources dated May 20.e, 2021 for more details on the Jackie property and exploration plan.
Silver Spruce is currently in the first year of a two-year program to earn 50% of the Jackie Gold & Silver Project.
Location and access to the Jackie property
The Jackie project is located in the western part of the western volcanic complex of the Sierra Madre and in the important northwest trending “Sonoran Gold Belt” of northern Mexico. The property is located approximately six kilometers northwest of the Nicho deposit under development by Minera Alamos. Major gold mining operations in the Sonoran Gold Belt on the Jackie property area include the Los Mulatos mine by Alamos Golds and the El India and Pinos Altos mines by Agnico Eagles.
The 1130 hectare Jackie property is located approximately two kilometers (âkmâ) southwest of the town of Tepoca. Tepoca is accessible by highway 16 about 175 km east of Hermosillo and the property is accessible from highway 16, south of Tepoca, with vehicles and group crews on non-roads and trails. cobblestones. The property is located approximately 2 km south of Colibri’s El Mezquite property which is also the subject of an option agreement with Silver Spruce.
PILAR GOLD & SILVER PROJECT UPDATE
Permits for new drilling platforms and trenches
Colibri is also pleased to announce that its option partner, Tocvan Ventures, has announced that it has received permits for 44 drilling platforms and seven (7) additional trenches at the Pilar Gold-Silver project in Sonora, Mexico. The permitting was initiated as a proactive measure to ensure the rapid and consistent advancement of Pilar. The additional drilling rigs will be used both during the current drilling program and during a Phase III program slated for fall 2021. The licensed trenches will be used later in the year to transport the sample through. the key mineralized sections of the property and to submit bulk material sample for metallurgical column leach analysis. The seven trenches will provide up to 3,500 tonnes of material for metallurgical testing and sampling work, ultimately leading to a larger bulk sample.
Progress of the Pilar drilling program
To date, fifteen (15) drill holes have been completed for a total of 2360 meters (see Figure 3). Samples for the first seven holes were submitted to ALS Labs in Hermosillo. Initial drilling focused on extending the main zone by testing extensions of down-dip mineralization and progressing along strike. Drilling has now moved to testing new targets in the 4 trench extension and triple vein zones.
âThe rate at which Colibri and its partners are advancing Colibri’s Sonora Mexico gold and silver projects is accelerating. We are very happy to see Tocvan’s significant progress and planning at Pilar as well as the new discovery of Project Jackie. In addition, we expect drilling to begin shortly at El Mezquite and the 3D induced polarization survey is progressing as planned on our flagship Evelyn gold project. Colibri is fully funded for its exploration efforts planned for 2021. âsaid Ron Goguen, President and CEO of Colibri.
Tocvan Ventures is in the second year of a five-year option agreement with Colibri to acquire an initial 51% stake in the Pilar Gold-Silver project. For more details on the deal, see Colibri’s press release dated September 24, 2019.
About the Pilar Gold & Silver project
The Pilar Gold-Silver property is interpreted as a structurally controlled low sulfidation epithermal project embedded in andesitic rocks. Three zones of mineralization have been identified in the northwest portion of the property from surface work and historic drilling and are referred to as the Main Zone, North Hill and 4-Trench. The structural features and zones of mineralization within the structures follow a general NW-SE trend of mineralization. More than 19,200 m of drilling have been completed to date. The significant results are highlighted below:
- Highlights of RC 2020 Phase I drilling include (all lengths are drilled thicknesses):
- 94.6 m @ 1.6 g / t Au, including 1.5 m @ 9.2 m @ 10.8 g / t Au and 38 g / t Ag;
- 41.2 m at 1.1 g / t Au, including 3.1 m at 6.0 g / t Au and 12 g / t Ag;
- 24.4 m @ 2.5 g / t Au and 73 g / t Ag, including 1.5 m @ 33.4 g / t Au and 1090 g / t Ag
- 17,700 m of historic Core & RC drilling. Strengths include:
- 61.0 m at 0.8 g / t Au
- 16.5 m at 53.5 g / t Au and 53 g / t Ag
- 13.0 m at 9.6 g / t Au
- 9.0 m at 10.2 g / t Au and 46 g / t Ag
About Colibri Resource Corporation:
Colibri is a Canadian mining exploration company listed on the TSX-V (CBI) and focuses on the acquisition and exploration of potential gold and silver properties in Mexico. The Company has six exploration projects, five of which currently have exploration programs underway or in planning. The flagship Evelyn Gold Project is 100% owned and explored by Colibri. The company has four additional projects, Pilar Gold & Silver Project (optional for Tocvan Ventures- (CSE: TOC)), El Mezquite Gold and Silver Project , Jackie Gold & Silver Project and the Diamante Gold & Silver Project (consolidation agreements with Silver Spruce Resources – (TSX.V-SSE)) are also under development.
For more information on all of the company’s projects, please visit: www.colibriresource.com.
Neither the 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 press release contains “forward-looking statements”. Statements in this press release that are not purely historical are forward-looking statements and include all statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in forward-looking statements due to many factors. These forward-looking statements are made as of the date of this press release, and the company assumes no obligation to update any forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements. . While the company believes the plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that they will prove to be correct.