CBI.V · 2023-12-19 12:00:00

12/19/23, 8:32 AM Colibri Discovers New Zone of Gold Mineralization on the EP Property in Sonora, Mexico

Drill Results

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Colibri Discovers New Zone of Gold

Mineralization on the EP Property in

Sonora, Mexico

Dieppe, New Brunswick--(Newsfile Corp. - December 19, 2023) - Colibri Resource Corporation (TSXV: CBI) (OTC Pink:

CRUCF) ("Colibri" or the "Company") is very pleased to announce that its recently completed drilling program has resulted

in the discovery of a promising new zone of gold mineralization on the Evelyn property at the EP gold project located in

the Caborca Gold Belt, NW Sonora. The new area of mineralization has been named West Sahuaro. Drilling highlights of

the West Sahuaro includes:

Gold mineralization was intersected in all 6 holes that tested the target

Longer intercepts of continuous mineralization include:

23 m intersection length at an average grade of 0.350 g/t Au in hole EVE23-196

66 m intersection length at an average grade of 0.273 g/t Au in hole EVE23-198

Higher grade intercepts included in the longer zones of mineralization include:

5 m intersection length at an average grade of 0.770 g/t Au in hole EVE23-196

6 m intersection length at an average grade of 0.753 g/t Au in hole EVE23-198

Of a total of 570 assays completed on 1 m samples, only 7 samples returned Au less than detection limit

The longer intercepts are apparently continuous in three shallowly east dipping zones with a footprint of

approximately 200 metres x 300 metres

The mineralization is open in all directions and at depth

Four of the six holes drilled ended in mineralization.

The deepest intercept is at a vertical depth of approximately 125 m

Ian McGavney, President & CEO of Colibri commented: "Our new discovery at the West Sahuaro Zone is the thickest,

most continuous, and highest grade gold mineralization intersected to date on the Evelyn property. We are extremely

pleased with these results. The grade of mineralization discovered is approaching the reported production and

resource grades at mines and development stage projects in the Caborca Gold Belt. The longer intercepts calculated at

a 0.1 g/t Au cuto grade and the occurrence of pervasively anomalous Au indicates that we have moved into a

favourable litho-structural setting on the property. Geophysical and surface mapping indicates that the northwesterly

structure that West Sahuaro sits on extends at least 2.5 km in length. We will begin building on this success with further

exploration drilling in the West Sahuaro area and by leveraging our exhaustive exploration data set to further target

areas along this and other identified mineralized structures."

Recently Completed Drilling Program

Seventeen reverse circulation ("RC") drill holes totaling 2,200 metres were completed in two target areas; the West

Sahuaro ("WS") target located in the northeastern part of the Evelyn property immediately west of the El Sahuaro target

and the Main Zone area located in the central part of the property (Figure 1).

12/19/23, 8:32 AM Colibri Discovers New Zone of Gold Mineralization on the EP Property in Sonora, Mexico

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(https://images.newsfilecorp.com/files/4269/191575_9e4320aaa433cb2d_001full.jpg)

Figure 1: Phase 3 Drill Map on Resistivity

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(https://images.newsfilecorp.com/files/4269/191575_9e4320aaa433cb2d_001full.jpg)

West Sahuaro - (New Discovery Area)

Six holes (764 m) were drilled on 2-3 hole, E-W, sections spaced at approximately 150 m. All holes intersected significant

mineralization consisting of longer intersection lengths calculated at a 0.1 g/t Au cuto grade and which include higher

grade intervals (see table of significant intercepts). Utilizing the 0.1 g/t cuto grade intervals, the ESW mineralization is

consistently interpreted as 3 shallowly east dipping lenses (Figures 2a and 2b below) with a projected to surface extent of

approximately 200 m x 300 m. Intersected mineralization is open in all directions, up and down dip and along strike. Four

of the six holes ended in mineralization > 0.1 g/t Au. Au assays have been completed on 600 samples and only 7 of these

samples returned assays below detection limit.

(https://images.newsfilecorp.com/files/4269/191575_9e4320aaa433cb2d_002full.jpg)

Figure 2a: Cross Section 1 - gold mineralization at West Sahuaro (Holes EVE23-196 to 198)

12/19/23, 8:32 AM Colibri Discovers New Zone of Gold Mineralization on the EP Property in Sonora, Mexico

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To view an enhanced version of this graphic, please visit:

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(https://images.newsfilecorp.com/files/4269/191575_9e4320aaa433cb2d_002full.jpg)

(https://images.newsfilecorp.com/files/4269/191575_9e4320aaa433cb2d_003full.jpg)

Figure 2b: Cross Section 2 - gold mineralization at West Sahuaro (Holes EVE23-199 to 201)

To view an enhanced version of this graphic, please visit:

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(https://images.newsfilecorp.com/files/4269/191575_9e4320aaa433cb2d_003full.jpg)

Table 1: West El Sahuaro Significant Drill Assays

Hole ID From To Length Au g/t

EVE23-196 25 26 1 0.902

EVE23-196 34 58 24 0.148

includes 34 35 1 0.307

includes 54 58 4 0.354

EVE23-196 88 114 26 0.323

includes 91 96 5 0.770

includes 111 114 3 0.572

EVE23-196 123 150 27 0.252

includes 131 136 5 0.485

EVE23-197 48 77 29 0.160

includes 62 66 4 0.331

EVE23-197 86 124 38 0.184

includes 86 92 6 0.505

EVE23-198 7 10 3 0.168

EVE23-198 21 46 25 0.226

includes 23 24 1 1.225

includes 30 36 6 0.356

which includes 32 35 3 0.496

EVE23-198 58 124 66 0.273

includes 77 83 6 0.752

includes 102 109 6 0.544

EVE23-199 33 34 1 0.882

EVE23-199 38 75 37 0.195

includes 58 60 2 0.372

12/19/23, 8:32 AM Colibri Discovers New Zone of Gold Mineralization on the EP Property in Sonora, Mexico

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includes 63 66 3 0.340

includes 71 75 4 0.639

EVE23-199 81 85 4 1.175

includes 83 85 2 2.270

EVE23-200 4 13 9 0.187

includes 7 9 2 0.479

EVE23-200 20 30 10 0.183

includes 27 30 3 0.324

EVE23-200 53 54 1 0.420

EVE23-200 63 66 3 0.483

EVE23-200 94 95 1 0.376

EVE23-200 97 105 8 0.133

includes 98 99 1 0.417

EVE23-200 113 125 12 0.153

includes 113 116 3 0.242

includes 123 125 2 0.247

EVE23-201 6 9 3 0.402

includes 7 8 1 0.952

EVE23-201 28 30 2 0.173

EVE23-201 57 107 50 0.180

includes 97 110 13 0.240

EVE23-201 123 134 11 0.238

includes 127 131 4 0.476

The West Sahuaro drill target was prioritized based on a coherent Au in soil anomaly that trends north northwesterly over

approximately 500 m length. The Au soil anomaly is spatially associated with a similarly oriented north northwesterly

structure that has been derived from geological mapping as well as IP resistivity interpretation. The interpretation of said

steep resistivity gradient extends through the IP data sets to the southeast of Evelyn and onto the Plomo property over a

total distance of approximately 2.5 km (Figure 3). The trend of the resistivity gradient, when projected approximately 1 km

further to the southeast, intersects Banco de Oro, a historical small scale Au mine which is a prioritized target for the

Company. The Company is evaluating the significance of the north-northwest trending structure and West Sahuaro

mineralization spatial association and anticipates further testing of this setting across the Evelyn and Plomo properties.

12/19/23, 8:32 AM Colibri Discovers New Zone of Gold Mineralization on the EP Property in Sonora, Mexico

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(https://images.newsfilecorp.com/files/4269/191575_9e4320aaa433cb2d_004full.jpg)

Figure 3: Evelyn and Plomo apparent resistivity maps (with observed & assumed fault and target area locations)

To view an enhanced version of this graphic, please visit:

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(https://images.newsfilecorp.com/files/4269/191575_9e4320aaa433cb2d_004full.jpg)

12/19/23, 8:32 AM Colibri Discovers New Zone of Gold Mineralization on the EP Property in Sonora, Mexico

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(https://images.newsfilecorp.com/files/4269/191575_9e4320aaa433cb2d_005full.jpg)

Figure 4: Main Zone Drilling on SGH anomaly and conductivity background at -100 metres

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Main Zone Area Drilling

A total of 1,436 m was drilled at the Main Zone. Three separate targets were tested (see figure 4):

1) The northern extension of interpreted east dipping mineralization lenses:

Three holes were drilled in a westerly trending drill fence to test the northern projection of moderately easterly dipping

lenses of Main Zone mineralization. Hole EVE23-190 and 191 collared to the east and planned to test the deeper extension

of mineralization were both terminated due to ground conditions above target depth. Both holes intersected anomalous

to low grade mineralization above target depth and both holes ended in mineralization. Hole EVE23-192 successfully

intersected 3 zones of mineralization consistent with the up-dip projection of previously interpreted mineralization.

Intersected mineralization is reported in table 2.

2) The intersection of interpreted (under alluvium cover) structures coincident with a geochemical anomaly derived from a

previously reported short-hole drill program:

Holes EVE23-193, 194, and 195 were drilled to test this target which is located 100 m north of the Main Zone drilling. All

holes intersected numerous narrow 1 to 2 m zones of Au > 0.1 g/t Au but failed to intersect the thicker zone characterizing

the Main Zone.

3) The SGH anomaly south of the Main Zone:

12/19/23, 8:32 AM Colibri Discovers New Zone of Gold Mineralization on the EP Property in Sonora, Mexico

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Drill hole EVE23-186 was collared adjacent (footwall) to the Main Zone vein and planned for 300 m length to test the

interpreted SGH anomaly and related structure at depth. The hole was terminated well above the target due to ground

conditions at 137 m. EVE23-186 intersected consistently anomalous Au values from surface to a drill depth of 101 m.

Assays and intercepts > 0.1 g/t Au are reported in table 2. Hole EVE23-202 was drilled to the south to intersect the SGH

anomaly coincident with the previously interpreted (projected) structure. EVE23-202 intersected a zone containing vein

quartz with disseminated pyrite over a 5 m interval from 173 m to 178 m all of which contained anomalous gold values

including a high of 0.967 g/t Au over 1 m.

Table 2: Significant Assays from Main Zone Drilling

Target Hole ID From To Length Au g/t

Main Zone Ext. North EVE23-190 8 9 1 0.27

Main Zone Ext. North EVE23-190 86 88 2 0.152

Main Zone Ext. North EVE23-191 16 24 8 0.122

Main Zone Ext. North EVE23-191 33 39 6 0.186

Main Zone Ext. North EVE23-192 4 14 10 0.242

Main Zone Ext. North EVE23-192 34 55 21 0.152

Main Zone Ext. North includes 45 47 2 0.383

Main Zone Ext. North EVE23-192 86 88 2 0.144

Geochem. Anomaly N EVE23-193 55 56 1 0.111

Geochem. Anomaly N EVE23-193 69 71 2 0.186

Geochem. Anomaly N EVE23-193 75 76 1 0.151

Geochem. Anomaly N EVE23-193 94 95 1 0.194

Geochem. Anomaly N EVE23-193 110 112 2 0.12

Geochem. Anomaly N EVE23-194 43 44 1 0.119

Geochem. Anomaly N EVE23-194 53 54 1 0.12

Geochem. Anomaly N EVE23-194 56 57 1 0.121

Geochem. Anomaly N EVE23-194 107 108 1 0.351

Geochem. Anomaly N EVE23-195 3 4 1 0.119

Geochem. Anomaly N EVE23-195 85 86 1 0.137

Geochem. Anomaly N EVE23-195 103 104 1 0.13

SGH EVE23-186 1 3 2 0.174

SGH EVE23-186 35 37 2 0.116

SGH EVE23-186 78 80 2 0.346

SGH EVE23-187 NSA

SGH EVE23-188 NSA

SGH EVE23-189 NSA

SGH EVE23-202 173 174 1 0.967

About Main Zone

The Main Zone is the most advanced target on the Evelyn property. It is interpreted as a series of north-northeasterly

striking and moderately east dipping lenses occurring over an approximate strike length of 250 m and previously drilled to

a vertical depth of approximately 120 m. Mineralization exposed on surface and in historical mine workings consists of a

north-northeast striking and moderately easterly dipping quartz vein that is discontinuously exposed over a strike length

of approximately 120 m. The quartz vein pinches and swells along the strike length on surface reaching a maximum

exposed thickness of approximately 1.5 m. Grab samples from surface exposures of the vein have returned assay values of

43.9 g/t Au and 40.1 g/t Au. Previous drilling has intersected similarly high-grade mineralization and includes 12.19 g/t Au

12/19/23, 8:32 AM Colibri Discovers New Zone of Gold Mineralization on the EP Property in Sonora, Mexico

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over an intersection length of 3 m. Mineralization in both the hangingwall and footwall of the Main Zone vein includes

multiple quartz vein intersections and low to locally moderate grade Au assay values in chlorite-carbonate-pyrite altered

host rocks. Longer mineralized intercepts of veined and altered host rock comprising the easterly dipping lenses at the

Main Zone include:

87 m at an average grade of 0.13 g/t Au including an interval of 8 m at 0.34 g/t Au

86 m at an average grade of 0.17 g/t Au including an interval of 10 m at 0.55 g/t Au

34.7 m at an average grade of 0.28 g/t Au including 5.65 m at 1.0 g/t Au

29.0 m at an average grade of 0.47 g/t Au including 6.0 m at 0.97 g/t Au

South of the exposed Main Zone vein, the north-northeast trending structure is interpreted to extend under colluvium

cover. To explore the southern extension of the Main Zone, the Company completed a Soil Gas Hydrocarbon ("SGH")

survey which resulted in a well-defined anomaly.

About the EP Project and Next Steps

The EP Gold Project is located within the Caborca Gold Belt ("CGB") of northwestern Sonora and is comprised of the

Evelyn and the Plomo properties covering a total of 4,766 hectares ("Ha"). The northwest trending CGB is approximately

500 km in length and is characterized by a number of orogenic-type gold deposits, prospects, and occurrences including

the > 15 million ounce La Herradura Mine, located 25 km west of EP, the > 2-million-ounce Noche Buena Mine located

approximately 8 km southwest of EP, and the past producing Soledad-Dipolos Mine (> 3 Moz Au) located approximately 32

km to the northwest of EP (see figure 5).

(https://images.newsfilecorp.com/files/4269/191575_9e4320aaa433cb2d_006full.jpg)

Figure 5: EP Project location within the Caborca Gold Belt

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(https://images.newsfilecorp.com/files/4269/191575_9e4320aaa433cb2d_006full.jpg)

The Evelyn property was acquired by the Company in 2012 and the acquisition of the Plomo property was completed in

March of 2023. On the Evelyn property, Colibri has completed comprehensive surface exploration including soil sampling,

geological mapping and outcrop sampling, an airborne magnetic survey, and a property wide induced polarization survey.

Since February 2020, Colibri has drilled a total of 12,333 metres (total of reverse circulation and core drilling) and is

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