Colibri Begins Phase 1 Drilling Program at Flagship Evelyn GOLD Project
Suite 700-105 Englehart Street
Dieppe, New Brunswick E1A 8K2
Phone: 506-383-4274
Email: [email protected]
NEWS RELEASE
COLIBRI BEGINS PHASE 1 DRILLING PROGRAM AT FLAGSHIP EVELYN GOLD PROJECT
NEWS RELEASE - Dieppe, NB., November 9th, 2021 - Colibri Resource Corporation (CBI-TSXV) ("Colibri" or the
"Company") is pleased to report that it has started drilling at the Evelyn Gold Project , located in the Caborca
Orogenic Gold Belt of northwest Sonora, Mexico. The Drilling rig and equipment arrived on Sunday November 7th
and began the first hole yesterday, November the 8 th. This marks the beginning of a fully funded two-phase
program for up to up to 10,000 metres of drilling at the Evelyn Gold Project and will test a series of targets
generated in three separate areas of the property. Phase 1 will consist of up to 5,000 metres of drilling and will
take approximately two months to complete.
Ron Goguen, President & CEO of Colibri commented , “We are very pleased to begin drilling at Evelyn . The
Company has worked very diligently for over the last 18 months or so to get to this stage at the Evelyn Gold
Project and we look forward to seeing these test results. We will report results to the market after the Company
receives data and it has been interpreted by our team.”
Figure 1 – Drill Rig and crew at Hole CRW21-001
Drill Plan
Based largely on the distribution of anomalous and higher-grade assay results from surface and trench exposures
coincident with magnetic gradients and lineaments and with structures identified through geological mapping,
the Company interprets the El Sahua ro and Cerro Rojo as the priority target areas on the property and, as
previously reported both are characterized by anomalous to high grade surface sampling coincident with
chargeability and resistivity anomalies. The first phase of the drill program will be based largely on surface
mapping and sampling with down -dip projection being supported by inversion modelling of both the magnetic
and IP datasets.
Evelyn Exploration Model
The exploration model being developed by the Comp any relates the mineralization consisting of higher-grade
veins and veinlets hosted by altered and sulphide bearing lower grade volcanic rocks, to north-northeast trending
stratigraphy and layer-parallel fault zones and southeast striking, moderately southwest dipping fault zones.
Evelyn Geology
The Evelyn Gold Project is an Orogenic -type gold target located in the Caborca Gold Belt of northwestern
Sonora. The property is located approximately 25 kilometres (“km”) east of La Herradura, Mexico's largest open
pit orogenic gold mine, which produced 425,288 ounces of gold in 2020 at an average grade of 0.77 grams per
tonnes (“g/t”) Au and is also approximately 9 km northeast of the Noche Buena mine which produced 87, 988
ounces Au at an average grade of 0.52 g/t Au in 2020. The setting and style of mineralization at Evelyn is similar
to that reported from La Herradura and Noche Buena. Higher grade mineralization on the Evelyn property consists
of quartz veins and veinlets, ranging from 2 – 3 centimeters up to 1.5 m hosted by fault and fracture zones with
minor oxidized pyrite, iron oxide, copper bearing oxide and carbonate minerals, and locally minor to trace
amounts of galena, chalcopyrite, and sphalerite. Alteration of the host rocks inc ludes iron bearing carbonate
minerals, quartz, sericite, and chlorite. Lower grade mineralization is associated with altered volcanic rocks
containing minor amounts of oxidized sulfide. Mineralization is hosted dominantly by Jurassic volcanic rocks
consisting of andesite and rhyolite.
Qualified Person
Jamie Lavigne, P. Geo and a Director for Colibri is a Qualified Person as defined in NI 43-101 and has reviewed
and approved the technical information in this press release.
ABOUT COLIBRI RESOURCE CORPORATION:
Colibri is a Canadian-based mineral exploration company listed on the TSX-V (CBI) and is focused on acquiring and
exploring prospective gold & silver properties in Mexico. The Company has six exploration projects of which five
currently have exploration programs being executed 2021 and 2022. The flagship Evelyn Gold Project is 100%
owned and explored by Colibri. The Company has four additional projects: (1) The Pilar Gold & Silver Project which
is under option to Tocvan Ventures (CSE:TOC), the (2) El Mezquite Gold & Silver Project , (3) Jackie Gold & Silver
Project, and (4) Diamante Gold & Silver Project are also currently being actively advanced by partner Silver Spruce
Resources (TSX.V-SSE) who is earning 50% in each of the three projects. Upon SSE earning 50% ownership, SSE
and CBI will continue to advance these projects as JV partners.
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: Ronald J. Goguen, President, Chairperson and Director, Tel: (506) 383 -4274,