Colibri Provides Diamante Exploration Update: New Showings Discovered; 3.52 gpt Au and 197 gpt Ag Sampled
Colibri Provides Diamante Exploration Update:
New Showings Discovered; 3.52 gpt Au and
197 gpt Ag Sampled
Dieppe, New Brunswick--(Newsfile Corp. - November 21, 2023) -
Colibri Resource Corporation (TSXV:
CBI) (OTC PINK: CRUCF) ("Colibri" or the "Company") along with its joint venture partner Silver Spruce
Resources Inc. ("Silver Spruce") (TSXV: SSE) is pleased to report the discovery of new Gold-Silver
showings on the Diamante property which include assays of
3.52 g/t Au and 197 g/t Ag
from outcrop
grab samples in previously untested areas.
Recent exploration at Diamante has been focused on Diamante II and includes property wide geological
mapping, evaluation and sampling of historical showings, collection and analyses of 49 steam sediment
samples, and assay of 60 outcrop samples. Highlights of the 2023 work to date is the discovery of new
mineralized showings in the southern and northern parts of the concession.
Assays of 3.52 g/t Au and
121 g/t Ag from one showing and assays of 0.122 g/t Au and 197 g/t Ag from a second showing are on
the southern part of the property in the area of Calton and Southern target areas which incudes a past
sample of 39.8 /t Au and 109 g/t Ag (Figure 1).
In the northern part of the Diamante II concession,
samples returning assays of 0.818 g/t Au (5.07 g/t Ag) and 0.749 g/t Au (2.13 g/t Ag) are located
approximately 250 metres northwest of the historical Mezquite-Raizudo showing which includes a
sample which returned an assay of 5.64 g/t Au.
A component of the field work completed to date has
been geological mapping and evaluation of historical showings.
Confirmation of the historical showings
includes a sample which returned an assay of 3.34 g/t Au and 20 g/t Ag from the Calton target area.
Ian McGavney, President & CEO of Colibri commented:
We are very pleased with these new results
which significantly expands the footprint of known mineralization on the Diamante II
concession.
We will be continuing this early stage exploration approach and anticipate that
further geological mapping, prospecting, and continued evaluation of historical showings will
provide the structural and alteration framework in which to interpret the extensive epithermal
mineralization system evident on the property.
We are also modeling, evaluating, and
interpreting work previously completed, including the 2022 drilling, with the objective of
prioritizing drill targets for a second drill program planned for early 2024.
The Diamante property is comprised of the Diamante I and Diamante II concessions which contain
numerous historical artisanal and small scale mining sites (Figure 1).
Sporadic surface exploration since
2011 has resulted in several surface showings comprised of epithermal precious and base metal
mineralization (Au-Ag+/-Cu, Pb, Zn). Colibri and Silver Spruce commenced exploration on the Diamante
property during 2021 and during 2022, Colibri (operator) and Silver Spruce completed the first-ever drill
program on the Diamante property at the prioritized El Pillado and La Prieta targets located on
Diamante I.
Highlighted results included 2.48 grams per tonne ("g/t") Au and 56.7 g/t Ag over an
intersection length of 9.0 metres ("m") from La Prieta and 0.26 g/t Au and 184.5 g/t Ag over an
intersection length of 6.0 m from El Pillado. In addition, both target areas exhibited highly anomalous
levels of base metals in highlighted drill assay intervals.
Figure 1 - Samples Map and Target Areas on Diamante II
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4269/188220_5d301ff254a1190c_001full.jpg
About the Diamante Property
The Diamante property is located within a belt of Epithermal Au-Ag mineralization hosted by the Sierra
Madre Occidental Volcanic Complex (Figure 2).
Major gold mining operations in the area of the
Diamante property include Alamos Golds' Los Mulatos Mine as wells as Agnico Eagles' El India and
Pinos Altos Mines.
The Diamante project is located approximately 12km km northeast of Minera
Alamos' Santana Au development project (Figure 3) which is anticipated to commence commercial
production within the next quarter. The Property is located approximately 170 km southeast of Sonora
state capital Hermosillo and approximately 10 km northwest of the town of Tepoca.
The property is
accessed directly from Sonora state Highway 16.
The 1,057-hectare Diamante property is located adjacent to the Company's Mezquite and Jackie
properties (Figure 3) which cover 180 and 1113 hectares respectively providing the company with a total
of 2,351 hectares of exploration ground.
The Diamante property hosts a number of historical showings
(Figure 1 and 4) and combined with mineralization on the Mezquite and Jackie properties exhibit the
geological characteristics of epithermal low to intermediate sulfidation Ag-Au (Pb-Zn), high sulfidation
Au-Cu, and potential transition zones within and peripheral to porphyry style Au-Cu mineralization.
Figure 2 - Regional Map of Sierra Madre Mines/Deposits
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4269/188220_5d301ff254a1190c_002full.jpg
Figure 3 - Colibri's Sierra Madre Projects
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4269/188220_5d301ff254a1190c_003full.jpg
Figure 4 - Diamante I: Samples Map and Target Areas
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4269/188220_5d301ff254a1190c_004full.jpg
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 holds six high
potential precious metal projects, 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.
Au equivalents presented in this news release were calculated using metal prices of US$1660 per
ounce Au, US$18.65 per ounce Ag, US$1.32 per pound Zn, and US$0.83 per pound Pb.
No recovery
factors were used.
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/188220