Colibri Announces Definitive Agreement to Sell Remaining 49% Interest in Pilar for C$3.6 Million While Retaining 1% NSR
Colibri Announces Definitive Agreement to
Sell Remaining 49% Interest in Pilar for C$3.6
Million While Retaining 1% NSR
Dieppe, New Brunswick--(Newsfile Corp. - July 9, 2026) - Colibri Resource Corporation (TSXV: CBI)
("Colibri" or the "Company") is pleased to announce that it has entered into a definitive Arm's Length
purchase and sale agreement, dated July 8
th
, 2026 with Tocvan Ventures Corp. (CSE: TOC) ("Tocvan"),
pursuant to which Tocvan has agreed to acquire Colibri's remaining 49% interest in the Pilar Gold &
Silver Project ("Pilar") located in Sonora, Mexico.
The transaction is expected to significantly strengthen Colibri's financial position while allowing
shareholders to retain long-term exposure to the Pilar Project through the retained 1% Net Smelter
Return ("NSR") royalty. The proceeds are expected to provide the Company with increased financial
flexibility to advance its wholly owned EP Gold Project and broader exploration portfolio in Sonora, while
continuing to evaluate additional exploration and development opportunities to enhance shareholder
value.
Under the terms of the agreement, Colibri will receive total cash consideration of C$3.6 million
comprised of:
C$2.0 million payable upon closing; and
C$1.6 million payable twelve (12) months following closing.
In addition, Colibri will retain a 1.0% Net Smelter Return ("NSR") royalty on the Pilar Project. Tocvan will
retain the right to repurchase the NSR for a one-time cash payment of C$1.0 million.
Closing of the transaction remains subject to customary closing conditions, including completion of the
required Mexican transfer documentation and TSX Venture Exchange approval. The parties currently
anticipate closing the transaction shortly following satisfaction of the closing conditions.
No finder's fees are payable in connection with the transaction.
Ian McGavney, President, CEO and Director of Colibri, stated:
"We believe this transaction represents a compelling outcome for Colibri shareholders. The
agreement unlocks significant value from our minority interest in Pilar, substantially
strengthens the Company's financial position without shareholder dilution, while allowing
Colibri shareholders to maintain long-term exposure to Pilar through the retained royalty
interest.
Most importantly, the transaction allows Colibri to focus its financial and technical resources on
advancing its wholly owned EP Gold Project and broader exploration portfolio in Sonora while
maintaining long-term exposure to Pilar through the retained royalty. We believe this creates a
strong foundation for the Company's next phase of growth."
About the EP Gold Project
Colibri's wholly owned EP Gold Project hosts multiple high-priority target areas across a broader district
scale land package, several of which have already returned encouraging drill results supporting the
Company's belief that the project has the potential host one or more significant gold zones, while
numerous additional targets remain.
Recent drilling previously reported by the Company at the Plomo Claims within the EP Gold Project
returned several notable near-surface gold intercepts including:
7.5 metres grading 2.92 g/t gold from 6 metres, including 1.5 metres grading 9.95 g/t gold;
30.0 metres grading 0.73 g/t gold from 3 metres, including 1.5 metres grading 7.51 g/t gold;
30.0 metres grading 0.45 g/t gold from surface, including 6.0 metres grading 1.16 g/t gold; and
19.5 metres grading 0.44 g/t gold from 3 metres, including 4.5 metres grading 1.29 g/t gold.
The Company recently reported gold mineralization intersected in 18 of 22 holes completed during its
Phase 1 drill program across the San Perfecto and Banco de Oro target areas at EP, supporting the
interpretation of a broad mineralized structural corridor extending across the property. For more details,
please refer to the Company's news release dated
March 13, 2026
.
The EP Gold Project is strategically situated within the Caborca Gold Belt of Sonora, Mexico and lies
within and adjacent to extensive regional concession holdings of Fresnillo plc. The EP Gold Project is
located approximately 25 kilometres east of Fresnillo's La Herradura Mine, 8 kilometres from the Noche
Buena Mine and approximately 17 kilometres north of Fresnillo's Tajitos gold deposit. Regional
information is provided for context only and there can be no assurance that mineralization, geological
characteristics or economic results observed on nearby properties are indicative of mineralization on the
EP Gold Project.
The technical information contained in this news release has been reviewed and approved by Jamie
Lavigne, P.Geo., an independent Qualified Person as defined by National Instrument 43-101. The
locations of Fresnillo's Caborca Belt gold assets are based on information available on Fresnillo plc's
website.
ABOUT COLIBRI RESOURCE CORPORATION
Colibri Resource Corporation is a Canadian-based mineral exploration company focused on acquiring
and advancing prospective gold and silver projects in Mexico. The Company's portfolio includes the
wholly owned EP Gold Project located in the Caborca Gold Belt of Sonora, Mexico.
For more information about the Company, please visit:
www.colibriresource.com
On behalf of the Board of Directors
Ian McGavney
President, CEO and Director
Colibri Resource Corporation
Email:
Telephone: 506-383-4274
Neither TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the
adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information within the
meaning of applicable securities legislation. Forward-looking statements include, but are not limited to,
statements regarding completion of the transaction, timing of closing, anticipated benefits of the
transaction, future exploration plans, advancement of the Company's projects and evaluation of future
opportunities. Forward-looking statements are based on assumptions, estimates, expectations and
opinions considered reasonable by management at the time they were made. Actual results may differ
materially from those anticipated in such statements. Readers should not place undue reliance on
forward-looking statements. The Company undertakes no obligation to update forward-looking
statements except as required by applicable securities laws.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/304673