Colibri Partner Reports Plans for Further Drilling and a Potential On-Site Test Mine at the Pilar Main Zone
Colibri Partner Reports Plans for Further
Drilling and a Potential On-Site Test Mine at
the Pilar Main Zone
Dieppe, New Brunswick--(Newsfile Corp. - August 13, 2024) - Colibri Resource Corporation (TSXV:
CBI) ("Colibri" or the "Company") is pleased to report that the co-owner of its Pilar Gold & Silver Project
in Sonora, Mexico, Tocvan Ventures (51% interest) has released an update regarding the plans for the
next phase(s) of resource definition drilling and outlines a permitting and operations strategy for a pilot
facility at the jointly held Pilar Main Zone.
Tocvan Pilar News Release - August 13
th
, 2024
: (Partnership Relevant Excerpts)
Highlights:
Upcoming Core Drill Program at Pilar Main Zone Scheduled for September Start
Outlines Plans for Resource Drilling with Core and RC
Calgary, Alberta - August 13, 2024 - Tocvan Ventures Corp. (the "Company") is pleased to provide an
update from its gold-silver projects in mine-friendly Sonora, Mexico. The Company will refer to the
consolidated area that includes the Pilar Main Zone and the adjacent 22 km
2
as Gran Pilar. This
signifies the broader scale project size the Company is focusing on as it advances to a maiden resource
at the Pilar Main Zone as well as defining large-scale targets beyond.
Based on management's strong belief in the project's potential, the Company is outlining a permitting
and operations strategy for a pilot facility at Pilar. The facility would underpin a robust test mine scenario
with aims to process up to 50,000 tonnes of material. Timelines and budget are being prepared with the
aim of moving forward with the development early in 2025. With gold prices hitting all-time highs, the
Company believes the onsite test mine will provide key economic parameters and showcase the mineral
potential of the area. In 2023, the Company completed an offsite bulk sample that produced important
data showcasing the potential to recover both gold and silver through a variety of methods including
heap leach, gravity and agitated leach (see August 22, 2023 news release for more details).
Also, preparations are being made for the next phases of core and RC drilling that will focus on resource
definition. Between 1,200 to 2,000 meters of core drilling are being considered along with 1,700 to
2,500 meters of RC drilling before the end of the year. Core drilling will focus on building a robust
geological model across Pilar with emphasis on the Main Zone. RC drilling will concentrate on additional
infill and step-out targeting across the Main Zone, North Hill and 4-T trends. Upon completion of drilling
the Company anticipates a maiden resource estimate will be finalized for the initial Pilar Main Zone and
adjacent trends providing an initial step of showcasing the full potential of the project area.
Brodie Sutherland Tocvan CEO states: "We are also preparing for the next phases of drilling which will
include important core drilling through our Main Zone and other prospective trends. The last core
program we completed in 2022 was a huge success, giving us a better understanding of the host rocks
and the pervasive alteration and brecciation one would expect from a robust mineralized system.
Drilling completed before the end of the year will go into a maiden resource estimate for Pilar, a
starting point for establishing initial resources for development. Along with these preparations the
Company is evaluating a pilot mine facility to process material at site. A logical step-forward as we
showcase the accessibility of gold and silver whilst taking advantage of current market prices for the
commodities. The Company anticipates necessary equipment setup and permitting can be
completed by early 2025, with the objective of processing up to 50,000 tonnes of material directly from
Pilar. A key differentiator for the Company and project. Our core objective is to unlock the potential of
the greater project area while advancing mine development." "The Company maintains a positive
outlook on the future of mining in Mexico and looks forward to advancing its initiatives of transitioning
to producer. Taking full advantage of the excellent infrastructure and talented work force Sonora
provides."
Brodie A. Sutherland, 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, exploring, and developing prospective gold & silver properties in Mexico. The Company holds
four high potential precious metal projects: 1) 100% of EP Gold Project in the significant Caborca Gold
Belt which has delivered highly encouraging exploration results and is surround by Mexico's second
largest major producer of gold on four sides, 2) 49% Ownership of the Pilar Gold & Silver Project which
is believed to hold the potential to be a near term producing mine, and 3) two highly prospective interests
in the Sierra Madre (Diamante Gold & Silver Project and Jackie Gold & Silver Project.
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: Ian McGavney, President, CEO and Director, Tel: (506) 383-4274,
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/219786