Colibri Receives TSX Venture Exchange Approval for its Acquisition of Yaque Minerales - Files Updated with NI 43-101 Complaint Property Report on El Mezquite
Colibri Receives TSX Venture Exchange
Approval for its Acquisition of Yaque
Minerales - Files Updated with NI 43-101
Complaint Property Report on El Mezquite
DIEPPE, NB
,
Nov. 6, 2019
/CNW/ - (CBI: TSX-V) – Colibri Resource Corporation ("Colibri" or the
"Company") wishes to announce that the TSX Venture Exchange has accepted for filing its
acquisition of Yaque Minerales S.A de C.V. ("Yaque"). The agreement was first announced on
October 30
th
, 2018. Yaque is a private gold exploration company owned by a non-arms length
company called OnTop Capital. The
$1 million
CAD purchase is being made by way of a five-year
convertible debenture bearing 2.5% annual interest and carries a
$0.20
per share conversion
privilege.
There are two projects in Yaque: "El Mezquite" and "Jackie". Both are located in the prolific High
Sierra Madre in
Sonora, Mexico
and are less than 10km north east of the Nicho deposit held by
Minera Alamos
(TSX Venture: MAI – market cap of approximately
$75 million CDN
) in its Santana
project. The Nicho is reportedly expected to be advanced to production in 2020 with initial production
rates of between 25,000 to 30,000 ounces of gold per year.
A.
El Mezquite
Colibri has filed a newly updated NI 43-101 complaint property report on its
El Mezquite
project, a
copy of which can be found on
www.sedar.com
and on the Company's website,
www.colibriresource.com
. An updated report was required in order to complete the acquisition of
Yaque Minerales as a previous report had become stale dated during the review process. The
updated report includes more recently released samples and observations made by company
geologists in 2019 (See Colibri news release dated
March 29
th
, 2019). The report also includes
recommended work to be done in order to advance the property.
The first steps of this recommended work program are expected to be completed over the next
three months. Should the results of this work satisfy the expectations of Colibri geologists and
management a drill permit will be applied for and tenders for drilling contracts will be solicited.
Exploration work on
El Mezquite
prior to 2018 included the collection of 321 grab samples of which
13% contained anomalous to higher Au grades (0.10 g/t Au to 3.41 g/t Au), mapping of alteration
which delineated a zone of Au potential at least
600m
by
300m
on the northeastern part of the
property and a Three-Dimensional Induced Polarization Survey (3D-IP Survey) which resulted in the
identification of chargeability and resistivity anomalies underlying the surface area of potential. See
news release dated
October 30
th
, 2018.
Surface exploration on the
El Mezquite
property by Colibri geologists in calendar 2019 has included
additional detailed mapping and verification sampling which was aimed at confirming north-easterly
grade trends within the currently defined area of potential as well as to a lesser extent mapping and
sampling away from the known main target.
The above described
600m
by
300m
area is contained in a broader alteration zone that extends for
approximately 2 km in north/south direction, by 1 km east/west width. Within the broad alteration
zone are at least four colourful (after oxidized 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.
The property also includes 2 known historical mining workings that have not yet been evaluated by
the Company. These workings will be more thoroughly examined in upcoming programs.
Colibri is targeting a deposit(s) of 1 million ounces of gold or greater which would be expected to
be near surface and amenable to open pit heap leach production
.
El Mezquite
has never been
drilled.
B. Jackie
The
Jackie
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 but grass roots
prospecting is slated for 2020. The project is 100% owned and is not subject to any royalties.
Jackie directly borders the "Santana" project, which is being advanced and developed by
Minera
Alamos
(TSXV-MAI), to its east.
Minera Alamos
has successfully completed a pre-commercial bulk
sample/heap leach test on the "Nicho" deposit and in
October 2018
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 in holes
nearby this deposit. A construction decision at Nicho is anticipated to occur in early 2020 and current
corporate guidance predicts annualized production of 30,000 to 50,000 ounces of gold per year with
a mine life of greater than 6 years.
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/November2019/06/c0661.html
%SEDAR: 00021936E
For further information:
Ronald J. Goguen, President, Chairperson and Director, Tel:(506) 383-
4274, [email protected]
CO: Colibri Resource Corporation
CNW 09:07e 06-NOV-19