CBI.V · 2023-07-05 12:00:00

Colibri Option Partner Announces Completion of Leach Process on Bulk Sample Material at Pilar

Metallurgy & Processing

Colibri Option Partner Announces Completion

of Leach Process on Bulk Sample Material at

Pilar

Dieppe, New Brunswick--(Newsfile Corp. - July 5, 2023) - Colibri Resource Corporation (TSXV: CBI)

("Colibri" or the "Company") is pleased to report that its option partner Tocvan Ventures (CSE: TOC)

has released that it has concluded the leaching process of bulk sample material at the Pilar Gold and

Silver Project at the Pilar Project in Sonora, Mexico.

Tocvan is in year 4 of a 5-year agreement to earn an initial 51% of Colibri's Pilar Gold & Silver Project.

For full details of Colibri's agreement with Tocvan please see the Company's news release dated

September 24

, 2019

Tocvan News Release:

(July 4, 2023) - Brodie A. Sutherland, P.Geo. reports:

Highlights -

More Positive Results as Final Recovery Pending

Leaching Process Concluded, Preliminary Results Confirm Process Actively Recovering

Gold and Silver

44 days of Active Leaching were Completed for the Test

Two Certified Labs Confirm Grade

Final Results for Recovery are Pending

Company Prepares for Next Steps

Recovery of Gold and Silver from Bulk Sample

Gravity Recovery and Agitated Leach Tests

NEW Agitated Bottle Roll Test Returns:

81% Recovery of Gold and 99% Recovery of Silver after 72-hour Retention

Time

Channel Sampling of Trenches

Drill Program Preparation (Permitted for 83 Drill Pads)

Tocvan Ventures Corp. (the "

Company

"), is pleased to provide an update and sampling results from a

Bulk Sample being completed at its Pilar gold-silver project in Sonora, Mexico. The leaching process

has concluded, and the Company's technicians are now washing and prepping the leach pad for final

sampling, decommissioning and precious metal recovery. The leaching process was active for 44 days,

extracting gold and silver from over 800 tonnes of bulk sample material.

Sampling of the Bulk Sample

material was completed in May, results from ALS (Hermosillo) provided an

average grade of

1.9 g/t Au

and 12.7 g/t Ag

. An onsite laboratory was used to sample the pregnant solution during the program with

weekly duplicate samples sent to certified labs LTM (Hermosillo) and SGS (Durango). LTM (Hermosillo)

will provide an official calculated head grade and recovery of gold and silver based on their final analysis

of the data. The Company is pleased with the progress of data capture throughout the process and

encouraged by the early indications of successful gold and silver recovery.

Agitated Leach Update

As previously announced, an additional 350 tonnes of crushed material and 250 tonnes of raw-bulk

sample are available for gravity recovery and later agitated leach testing. Samples collected from the

fine fraction of screened material not included in the heap leach pile

averaged 2.1 g/t Au and 14.8 g/t

. The fine fraction along with additional bulk sample material will be used in testing gravity recovery

methods with later agitated leach, as suggested by the leaching study completed by LTM, showing

potential for the high recovery of both gold and silver. A

new agitated cyanide bottle roll test

by LTM

of 20 Mesh material has

returned 81% recovery of Gold and 99% recovery of Silver

after a

72-

hour retention time

. Over the retention time, a moderate low sodium cyanide consumption of 0.47 kg/t

and moderate CaO consumption of 1.72 kg/t were recorded. LTM recommends bottle roll studies be

completed for three different grind sizes (100 Mesh, 140 Mesh and 200 Mesh) to evaluate the impact to

extraction.

"We are extremely excited to have successfully completed this important step and await the final

results imminently,"

stated Brodie Sutherland, CEO.

"The data we have received so far has all

been very encouraging and suggests heap leach recovery at Pilar will match or exceed the

recoveries recorded at neighboring open pit mines. In addition, continued studies of the gravity

and agitated leach recovery methods look to prove an even stronger case for high gold and

silver recovery at Pilar through advanced techniques."

Diagnostic Leach Study Summary

Full results from the Diagnostic Leach Study are available on the Company's website and in the March

news release. A summary is provided below.

Table 1.

Summary of Results from the Precious Metals Diagnostic Leach Study completed by LTM.

Sample ID

Location

Head Screen

Assay

Gravity Concentrate

Assay

Total Recoverable by Gravity and

Agitated Cyanide Leach

(g/t)

Au (g/t)

Ag (g/t)

Au (%)

Ag (%)

494741

Main Zone

(Surface)

6.2

76.2

237

494743

Main Zone

(Surface)

8.2

117.0

1152

494745

Main Zone

(Surface)

2.7

35.6

494747

4-T (Surface)

20.4

290.3

568

494749

Main Zone (Drill

Core)

24.9

231.1

About the Pilar Property

The Pilar Gold-Silver property has recently returned some of the regions best drill results. Coupled with

encouraging gold and silver recovery results from metallurgical test work, Pilar is primed to be a

potential near-term producer. Pilar is interpreted as a structurally controlled low-sulphidation epithermal

system hosted in andesite rocks. Three primary zones of mineralization have been identified in the north-

west part of the property from historic surface work and drilling and are referred to as the Main Zone,

North Hill and 4-T. The Main Zone and 4-T trends are open to the southeast and new parallel zones have

been recently discovered. Structural features and zones of mineralization within the structures follow an

overall NW-SE trend of mineralization. Mineralization extends along a 1.2-km trend, only half of that trend

has been drill tested so far. To date, over 23,000 m of drilling has been completed.

2022 Phase III Diamond Drilling Highlights include (

all lengths are drilled thicknesses

116.9m @ 1.2 g/t Au, including 10.2m @ 12 g/t Au and 23 g/t Ag

108.9m @ 0.8 g/t Au, including 9.4m @ 7.6 g/t Au and 5 g/t Ag

63.4m @ 0.6 g/t Au and 11 g/t Ag, including 29.9m @ 0.9 g/t Au and 18 g/t Ag

2021 Phase II RC Drilling Highlights include (

all lengths are drilled thicknesses

39.7m @ 1.0 g/t Au, including 1.5m @ 14.6 g/t Au

47.7m @ 0.7 g/t Au including 3m @ 5.6 g/t Au and 22 g/t Ag

29m @ 0.7 g/t Au

35.1m @ 0.7 g/t Au

2020 Phase I RC Drilling Highlights include (

all lengths are drilled thicknesses

94.6m @ 1.6 g/t Au, including 9.2m @ 10.8 g/t Au and 38 g/t Ag;

41.2m @ 1.1 g/t Au, including 3.1m @ 6.0 g/t Au and 12 g/t Ag ;

24.4m @ 2.5 g/t Au and 73 g/t Ag, including 1.5m @ 33.4 g/t Au and 1,090 g/t Ag

15,000m of Historic Core RC drilling. Highlights include:

61.0m @ 0.8 g/t Au

16.5m @ 53.5 g/t Au and 53 g/t Ag

13.0m @ 9.6 g/t Au

9.0m @ 10.2 g/t Au and 46 g/t Ag

Quality Assurance / Quality Control

Samples were shipped for sample preparation to ALS Limited in Hermosillo, Sonora, Mexico and for

analysis at the ALS laboratory in North Vancouver. The ALS Hermosillo and North Vancouver facilities

are ISO 9001 and ISO/IEC 17025 certified. Gold was analyzed using 50-gram nominal weight fire assay

with atomic absorption spectroscopy finish. Silver and other elements were analyzed using a four-acid

digestion with an ICP finish. Control samples comprising certified reference samples and blank samples

were systematically inserted into the sample stream and analyzed as part of the Company's robust

quality assurance / quality control protocol. Duplicate samples of cyanide solutions are submitted to LTM

(Laboratorio Tecnológico de Metalurgia), in Hermosillo, Sonora. LTM facilities are an ISO 17025 and

ISO 9001:2015 certified lab. A second duplicate of cyanide solutions are submitted to SGS in Durango.

Gold and silver are analyzed using 30 g nominal weight fire assay with AA finish for Au and gravimetric

determination for Ag. Other elements are analyzed using aqua regia digestion with an ICP finish.

Brodie A. Sutherland, P.Geo., CEO for Tocvan Ventures Corp. and a qualified person ("QP") as

defined by Canadian National Instrument 43-101, has reviewed and approved the technical

information contained in this 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 holds six highly

prospective precious metal properties, all of which have planned exploration programs for calendar

2023.

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,

[email protected]

To view the source version of this press release, please visit

https://www.newsfilecorp.com/release/172375

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