Colibri Clarifies Previous Reporting and Retains Terrane Geoscience to Complete Structural Geology Interpretation at Pilar
Colibri Clarifies Previous Reporting and
Retains Terrane Geoscience to Complete
Structural Geology Interpretation at Pilar
DIEPPE, NB
,
Sept. 21, 2018
/CNW/ - (CBI: TSX-V) – Colibri Resource Corporation ("Colibri" or the
"Company") wishes to clarify certain information regarding exploration potential on its Pilar Project in
Sonora State,
Mexico
. In news releases issued on
January 4
,
February 7
and
March 20, 2018
and
in its corporate presentation located on its website, the Company stated that it has defined an in-
house resource calculation on the Main Zone deposit of 700,000 tonnes grading 1.9 g/t Au. The
estimation reported incorporated historical drill holes reported by a previous operator and for which
the Company can not verify location and assay data consistent with the requirements for NI 43-101
compliance. The resource calculation is therefore not NI 43-101 compliant and should not be relied
upon.
The Pilar Project is an exploration stage project and the potential tonnage and grade reported were
estimates for evaluation and planning purposes. The potential tonnage ranges from 550,000 tons at
an average grade of 2.1 g/t Au to 850,000 tons at an average grade of 1.8 g/t Au. The potential
tonnages and grades are conceptual in nature and there has been insufficient exploration to date to
define a mineral resource and it is uncertain if further exploration will result in the target being
delineated as a mineral resource.
The potential tonnage and grade ranges estimated were based on sampling surface exposures in
trenches and road cuts and reverse circulation (RC) drilling. The RC database used to define and
limit the potential tonnage and grade contains 38 holes, 18 of which are historical. A conventional
approach of geological and grade interpretation followed by block model grade estimation was used
to estimate the potential tonnage and grade ranges. The geological interpretation and block model
grade estimation was completed using commercially available, industry standard, software.
Structural Geology Interpretation – Pilar Project
The Company also announces that its has retained the services of Terrane Geoscience Inc. to
complete a structural geological interpretation of the Pilar Project. The comprehensive study will
integrate all data generated on the project to date and provide guidance for future exploration and
drilling programs. The deliverables will be as follows:
1. Desktop study – Compilation, review, and interpretation of all project data, technical reports and
applicable regional data sets and publications. All geospatial data will be compiled and interpreted in
a 2D GIS software and applicable data sets will be evaluated using 3D geological modelling
software.
2. Site visit and geological mapping – Property examination including geological (structural)
mapping. In addition, the company will be determining the locations of historical drill holes to the
extent possible, to evaluate and collect data on surface outcrops and selected historical drill holes.
3. Reporting and Target Generation and – Results of the desktop study and site visit will be
integrated and used to design and plan continued exploration on the Pilar Property. At this stage,
the Company anticipates future exploration to include both surface exploration initiatives and reverse
circulation drilling to continue to evaluate known zones of mineralization and to test new targets.
Upon the completion of this report Colibri expects to proceed with its Phase 2 Pilar drilling and,
subsequently, the Company intends to complete and release a maiden, NI-43-101 compliant, mineral
resource estimate.
About the Pilar Gold Project:
The Pilar Gold Project is strategically located in the historic
Sonora
gold district which has produced
the majority of gold mined in
Mexico
. The Pilar Gold Project consists of low-sulfidation epithermal
mineralization in a highly fractured, altered, and highly oxidized volcanic host rock. In
June 2018
the
Company completed drilling the first phase (
3,000m
) of a planned two-phase program which
includes drilling of up to a total of
10,000m
. Two zones of mineralization have been interpreted
based on surface exposure, trenching, and historical drilling and include the Main Zone and North
Zone. A third target area, referred to as the 4 trench target, has been drill tested with encouraging
results. Metallurgical testing (bottle roll) has shown an average recovery of 92%. The Company
anticipates planning and executing its second phase drill program based on the results of the current
data interpretation and geological mapping program.
Qualified person and National Instrument 43-101 disclosure
Jackie Stephens
P Geo, the qualified person for Colibri on the Pilar Gold Project, as defined in NI
43-101, has reviewed and approved the technical information in this press release.
About Colibri Resource Corporation:
Colibri is a Canadian mineral exploration company listed on the TSX-V (CBI) focused on acquiring
and exploring properties in
Mexico
.
The TSX Venture Exchange has neither approved nor disapproved the contents of this news
release.
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.
The statements made in this news release may contain forward-looking
statements that may involve a number of risks and uncertainties. Actual events or results could
differ materially from the Company's expectations and projections.
SOURCE
Colibri Resource Corporation
View original content:
http://www.newswire.ca/en/releases/archive/September2018/21/c3619.html
%SEDAR: 00021936E
For further information:
Ronald J. Goguen, President, Chairperson and Director, Tel: (506) 383-
4274, [email protected]
CO: Colibri Resource Corporation
CNW 12:59e 21-SEP-18