Colibri Continues Phase 1 Drilling Program at Flagship Evelyn Gold Project
Colibri Continues Phase 1 Drilling Program at
Flagship Evelyn Gold Project
Dieppe, New Brunswick--(Newsfile Corp. - January 27, 2022) - Colibri Resource Corporation (TSXV:
CBI) ("Colibri" or the "Company") is pleased to report the re-start of drilling at the Evelyn Gold Project
located in the Caborca Gold Belt, northern Sonora.
On November 8, 2021, the Company commenced a 10,000 metre, fully funded Reverse Circulation
("RC") drill program on the property and completed 3,122 metres in 22 holes before pausing for the
holiday season on December 18.
The Company is planning on completing the 10,000 metres of RC
drilling on the Evelyn property in two phases.
Phase 1 which is now resuming is aimed at evaluating
areas of anomalous and higher-grade Au assay results from surface and trench exposures coincident
with magnetic gradients and lineaments and with structures identified through geological mapping.
Phase 2 drilling will be planned to follow up positive results from Phase 1 as well as test numerous
targets including chargeability anomalies derived from the Induced Polarization ("IP") survey completed
in 2021, targets derived from interpretation of the drone-borne magnetic survey completed in 2020, and
targets derived from the on-going property wide geological/structural interpretation.
Ron Goguen, President & CEO of Colibri commented, "
We are very pleased to have our team
returning to the Evelyn Project and continuing to execute our drill plan.
We will also be
completing geological mapping in specific areas on the property to support our ongoing property
wide interpretation and targeting for Phase 2 drilling.
We are now receiving the assay results
from the 3,122 metres of Phase 1 completed before the holidays and are compiling the data."
Figure 1 - Colibri Drill Rig and crew
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Evelyn Geology and Exploration Model
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,
one of Mexico's largest open pit gold mines, 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 includes 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.
The exploration model developed by the Company to-date 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.
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 (TSXV: 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,
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