Colibri Option Partner Samples up to 8.3 g/t Au in Trenches in Areas Outlined for Bulk Sample at the Pilar Gold & Silver Project in Sonora
Colibri Option Partner Samples up to 8.3 g/t Au
in Trenches in Areas Outlined for Bulk Sample
at the Pilar Gold & Silver Project in Sonora
Dieppe, New Brunswick--(Newsfile Corp. - February 23, 2023) - Colibri Resource Corporation (TSXV:
CBI) ("Colibri" or the "Company") is pleased to report that its option partner Tocvan Ventures (CSE:
TOC) has announced a series of high grade gold assays retrieved in trenches as part of its preparations
to complete the forthcoming bulk sample at the Pilar Gold & Silver Project in Sonora, Mexico.
"Our option partners have again demonstrated widespread, consistent, and well above average
grades of gold in oxidized material at Pilar. A baseline has been set for the near term bulk
sample test at Pilar and we look forward to reviewing the results over the coming months," said
Ron Goguen, Chairperson & CEO of Colibri.
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 24th, 2019
.
Tocvan News Release:
(February 23, 2023 - Select excerpts)
Highlights
Gold values averaging 1.4 g/t, reported up to 8.3 g/t Au
Silver values averaging 11 g/t, reported up to 65 g/t Ag
Results will guide Bulk Sampling to produce a representative blend of material from
surface at Pilar
Calgary, Alberta
-
February 23, 2023
Tocvan Ventures Corp. (CSE: TOC) (OTCQB: TCVNF) (FSE:
TV3) (the "Company"), is pleased to announce the results from surface channel sampling across areas
being prepared for the excavation of material for a Bulk Sample at its Pilar Gold-Silver Project in
Sonora, Mexico. Channel sampling was completed every 5-meters perpendicular to exposed
mineralization and alteration at surface along the Main Zone and 4-T trends. Eight locations were
sampled to test varying levels of exposed mineralization, all eight trench locations returned anomalous
gold and silver values. At the Main Zone, trench TR-2023-01, seven samples over a
35-meter trend
returned an
average grade of 2.2 g/t Au and 14.2 g/t Ag, ranging from 8.3 g/t to 0.1 g/t Au
(see
Table 1 and Figure 1). Along trench TR-2023-02, five samples over a
20-meter trend
returned an
average grade of 2.8 g/t Au and 9.5 g/t Ag, ranging from 7.1 to 0.7 g/t Au
. Trench TR-2023-07
consisted of five samples along a
25-meter trend
which returned an
average grade of 2.2 g/t Au and
30.5 g/t Ag, ranging from 7.3 g/t to 0.1 g/t Au
. Along the Main Zone south trend anomalous values of
gold and silver were returned at surface where mineralization is known to be more pronounced at depth
confirmed by drill hole JES-22-62, which returned 108.6m of 0.8 g/t Au. In total, 37 channel samples
were collected across the property; 22 samples returned values above 0.15 g/t Au, including 12 samples
above 1.0 g/t Au (
see Figure 1 and Table 1 for full results
).
"The results from channel sampling at Pilar are extremely encouraging, exceeding our expectations
and showcasing the potential for consistent high-grade gold with silver values for our bulk
sampling"
stated Brodie Sutherland, CEO
. "As we get set for our first bulk sample at Pilar this provides
us with confidence in extracting significant grade over the already exposed portions of the
mineralization not only at our established Main Zone but also along the 4-T trend."
Up to 1,000 tonnes of oxide-gold material will be extracted from select areas exposed at surface across
the project area, focusing on the Main Zone and 4-T Trends where preliminary column leach studies have
returned promising head-grade and recovery results. Bulk Sample material will be extracted and
prepared for processing by heap-leach method at a private mining operation less than 25 kilometers to
the west of Pilar. Information from the sample will aim to provide a more detailed account of expected
head-grade and recovery percentage of gold along with providing key information to optimize future
production facilities. In coordination with the Bulk Sample, additional metallurgical sampling will be
completed to identify gold characteristics to further improve gold extraction techniques. The process will
be managed by an independent qualified professional specializing in the metallurgy of oxide-gold
deposits. Total duration of the processing and analysis of the bulk sample is expected to span three to
four months depending on the rate of precious metals actively recovered through the heap-leach
process. The information provided from the sample will be used for planning in coordination for
permitting of full-scale mine and process facilities on-site at Pilar.
Figure 1. Map of Channel Sampling Results from Bulk Sample Program at Pilar Project
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4269/155960_76f44449b4058a8b_001full.jpg
Table 1. Channel Sampling Results from Bulk Sample Program at Pilar Project
TARGET
TRENCH ID
SAMPLE ID
Easting
Northing
Elevation (m)
Weight
(kg)
Au (g/t)
Ag (g/t)
MAIN ZONE
TR-2023-01
494701
617429
3144559
415
3.85
8.30
37.9
TR-2023-01
494702
617431
3144553
407
6.70
6.62
45.5
TR-2023-01
494703
617432
3144549
403
6.64
0.16
5.0
TR-2023-01
494704
617435
3144547
401
5.40
0.18
5.3
TR-2023-01
494705
617437
3144541
404
6.29
0.23
3.9
TR-2023-01
494706
617434
3144536
408
6.70
0.04
1.3
TR-2023-01
494707
617435
3144530
404
5.02
0.07
0.8
TR-2023-02
494708
617426
3144564
399
6.38
0.69
5.5
TR-2023-02
494709
617426
3144569
398
7.00
7.06
8.7
TR-2023-02
494710
617422
3144574
398
4.93
1.67
14.0
TR-2023-02
494711
617422
3144579
399
5.72
2.36
13.8
TR-2023-02
494712
617418
3144565
397
7.73
2.30
5.3
TR-2023-03
494738
617394
3144631
395
5.56
4.39
7.9
TR-2023-03
494739
617404
3144679
400
6.62
0.52
1.5
TR-2023-03
494740
617411
3144629
400
6.66
0.02
0.3
TR-2023-04
494713
617405
3144592
396
6.69
0.04
1.3
TR-2023-04
494714
617401
3144596
396
5.98
0.03
2.5
TR-2023-04
494715
617399
3144601
396
6.54
0.03
1.7
4-T
TR-2023-05
494735
617763
3144650
430
5.57
2.47
23.0
TR-2023-05
494736
617762
3144658
431
5.70
1.14
33.0
TR-2023-05
494737
617751
3144674
425
6.23
0.28
8.2
TR-2023-06
494734
617794
3144639
426
6.09
0.41
3.4
TR-2023-07
494729
617912
3144648
445
7.38
0.06
1.4
TR-2023-07
494730
617905
3144653
446
7.70
7.27
64.5
TR-2023-07
494731
617903
3144658
445
5.19
1.83
20.9
TR-2023-07
494732
617897
3144660
445
7.63
0.97
6.1
TR-2023-07
494733
617893
3144660
445
6.54
0.89
59.8
MAIN ZONE
SOUTH
TR-2023-08
494719
617578
3144454
491
7.26
0.61
10.9
TR-2023-08
494720
617507
3144450
491
6.73
0.03
11.2
TR-2023-08
494721
617508
3144461
491
5.76
0.04
2.1
TR-2023-08
494722
617508
3144467
494
5.52
0.07
3.6
TR-2023-08
494723
617510
3144472
448
6.27
0.10
2.7
TR-2023-08
494724
617514
3144478
447
5.88
0.02
2.1
TR-2023-08
494725
617509
3144487
441
6.59
0.17
3.2
TR-2023-08
494726
617501
3144494
439
5.48
0.01
2.0
TR-2023-08
494727
617501
3144494
440
5.14
0.01
4.4
TR-2023-08
494728
617505
3144497
436
5.57
0.05
0.7
Channel samples were taken approximately 5-meters apart, perpendicular to the trend of trench locations.
Coordinates are in UTM NAD 27.
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
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 projects of which five 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,
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/155960