Colibri Holds Annual Special Meeting - Approves Acquisition of Yaques Minerales S.A de C.V which holds Projects in Sonora Mexico's Sierra Madre Region
Colibri Holds Annual Special Meeting -
Approves Acquisition of Yaques Minerales S.A
de C.V which holds Projects in Sonora
Mexico's Sierra Madre Region
DIEPPE, NB
,
May 29, 2019
/CNW/ - (CBI-TSX Venture) Colibri Resource Corporation ("Colibri" or
the "Company") wishes to announce the results of its Annual Special Meeting of shareholders which
was held on
May 16, 2019
at its offices in
Dieppe New Brunswick
.
The total number of votes cast at the meeting was 14,178,621 representing approximately 23.93%
of the 59,242,986 issued and outstanding Common Shares of the Corporation.
Results
:
The following persons were elected to serve as directors of the Corporation and to hold office until
the next annual meeting or until their successors are otherwise elected or appointed:
Ronald Goguen
Sr.
,
Roger Doucet
,
Paul Bartos
,
Jacques Monette
,
William MacDonald
and
Brian Crawford
.
Shareholders approved the re-appointment of MNP LLP, Chartered Accountants to serve as
auditors of the Corporation, to hold office until the next annual meeting of Shareholders of the
Corporation with their remuneration to be fixed by the Board of Directors.
Shareholders also approved the Company's Stock Option Plan, by a vote of 96.37% For, 3.63%
against.
Finally, minority shareholders overwhelmingly approved the non arm's length acquisition of Yaque
Minerales S.A. de C.V. with over 96% voting in favour.
Further details on these matters are contained in the Corporation's information circular dated
April
16, 2019
which may be found on
www.sedar.com
.
About Yaque Minerales S.A. de C.V
The assets of Yaque consists of two mineral exploration properties located within the major "Sonora
Gold Belt" of northern
Mexico
. The projects are located between the La Colorada Gold, La India,
and Mulatos Gold Mines.
The first mineral exploration property named the El Mezquite Gold Project is considered to be highly
prospective and is 180 hectares in size. It is being acquired for its potential to be a low grade / large
tonnage gold project. The second property is the 1130 hectare "Jackie" project which is
approximately 2 km south of the
El Mezquite
. Both projects are un-drilled but have showings of old
workings. Yaque owns 65% of the Mezquite property with an option to acquire the remaining 35%
for
US$265,000
with payment commencing in 2020 and payable in equal instalments over 5 years. If
Yaque does not exercise this option, its interest will remain at 65%. The Mezquite property is
subject to a 1% Net Smelter Royalty from production in favour of the original vendors which can be
purchased at any time for
$500,000 USD
.
The second property is the 1130 hectare "Jackie" project which is approximately 2 km south of the
El Mezquite
. The project borders to the east of
Minera Alamos'
(TSX Venture – MAI) "open-pit
heap-leach development project" called "Santana".
(TSXV-MAI: News release: Oct.25, 2018).
Yaque owns the Jackie project 100%, with no underlying royalties.
El Mezquite Gold Project
The El Mezquite Project is located within the west-central portion of the Sierra Madre Volcanic
Complex in eastern
Sonora
. The entrance of the concession is easily accessible from the paved
Mexican Highway #16 and contains 1 km southerly trending dirt road which runs through the middle
of the known gold mineralization. Exploration work on the property to date has consisted of chip
sampling and a Magnetic / 3D IP survey on the eastern portion of the property. There is no evidence
of historic drilling on the project.
Assay results from 321 rock chip samples taken from the property indicate that 42 of the samples
report values of gold >0.1 ppm, averaging 0.74 ppm of Au and 25.7 ppm Ag. These 42 samples are
distributed along an area that extends for
600 m
in north-south direction by
300 m
east-west. The
highest values reported are 3.41 ppm Au and 198 ppm Ag.
El Mezquite
contains a broad alteration zone that extends for about 2 km in north/south direction, by
1 km east/west width. Within the broad alteration zone are at least four colourful (after oxidizied
sulfides) hydrothermally altered contact zones about a silicified feldspar porphyry. The distinct gold
and silver values and geophysical anomalies reported in the
El Mezquite
area are mostly associated
with these zones of sulphide alteration.
There is evidence of previous mine workings on the property. There are 4 shallow workings on the
WNW side of the El Mezquite Concession which require follow up exploration work and there is also
a 2 meter X 2.1 meter adit drifting 35 meters westerly from the main dry river. The adit first drifts 29
meters to the west at 270ᵒ and then bends to 240ᵒ heading for another 6 meters. It is open and in
fair shape.
"Jackie" Gold Project
The project is 1130 Ha in size and is located approximately 2 km south of the
El Mezquite
. Very little
work has been done in the way of exploration on this property at this point. This project is 100%
owned by Yaque and is not subject to any royalties.
The project borders the "Santana" project actively being explored by
Minera Alamos
(TSXV-MAI) to
the east.
Minera Alamos
has announced that it has successfully completed a pre-commercial bulk
sample/heap leach test on this project and in
October 2018
has announced additional exploration
drilling results of:
95.7m
@ 1.57 g/t AuEq,
80.4m
@1.05 g/t Au, and
95.5m
@0.65 g/t Au
respectively from its Phase 1 program.
Qualified Person
Jackie E. Stephens
, P. Geo for Colibri is a Qualified Person as defined in NI 43-101 and has
reviewed and approved the technical information in this press release.
For more information about all of our projects please visit:
www.colibriresource.com
.
We seek safe harbour.
About Colibri Resource Corporation
:
Colibri is a Canadian mineral exploration company listed on the TSX-V(CBI) focused on acquiring
and exploring gold 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/May2019/29/c5391.html
%SEDAR: 00021936E
For further information:
Ronald J. Goguen, President, Chairperson and Director, Tel: (506) 383-
4274, [email protected]
CO: Colibri Resource Corporation
CNW 10:15e 29-MAY-19