CBI.V · 2024-06-06 12:00:00

Colibri Reports 3rd Batch of Drill Results from Ongoing Drill Program at the Pilar Gold and Silver Project in Sonora

Drill Results

Colibri Reports 3rd Batch of Drill Results from

Ongoing Drill Program at the Pilar Gold and

Silver Project in Sonora

Dieppe, New Brunswick--(Newsfile Corp. - June 6, 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 announced the results from six holes drilled in the

ongoing Phase 4, RC drill program. Colibri owns a 49% interest of the Pilar Gold & Silver Project.

Highlights from Tocvan Pilar News Release - June 6

, 2024

Infill Drilling on Main Zone Trend Hits Several Zones Expanding Resource Potential

JES-24-73, 16.8 meters of 0.8 g/t Au and 19 g/t Ag

Including Polymetallic Zone of 4.6 meters of 2.2 g/t Au, 49 g/t Ag, 0.46% Cu and

1.48% Zn

Also, 3.1 meters of 0.9 g/t Au, 10 g/t Ag and 3.2% Zn

Also, 10.7 meters of 0.8 g/t Au and 2 g/t Ag

And, 3.0 meters of 3.8 g/t Au and 4.7 g/t Ag

Within 152.5-meter anomalous zone from surface averaging 0.3 g/t Au and 3 g/t

JES-24-84, 10.7 meters of 0.6 g/t Au and 3 g/t Ag

Including 1.5 meters of 3.3 g/t Au, 14 g/t Ag and 0.67% Cu

Within 97.6-meter anomalous zone from 48.8-meter depth of 0.1 g/t Au and 1 g/t

Large Step-out Exploration Drilling Hits Best Results to Date in Southeast Targets,

Expands 4-T Trend 400m SE

JES-24-87, Including 0.6 g/t Au and 7 g/t Ag and 0.6 g/t Au and 15 g/t Ag both over 1.5

meters

Within 53.4 meters of 0.1 g/t Au and 2 g/t Ag

Six Holes Released, All Six Intersect Mineralization

Additional Results Pending. Over 2,700 meters Drilled to Date in 23 Holes

For full details please see the Tocvan Ventures news release dated June 6

, 2024 below:

Calgary, Alberta

June 6, 2024 -

Tocvan Ventures Corp. (CSE: TOC) (OTCQB: TCVNF) (FSE: TV3)

(the "

Company

"), is pleased to announce drill results from its 2024 Reverse Circulation (RC) drill

program at its road accessible Pilar Gold-Silver project in mine-friendly Sonora, Mexico.

Results today highlight four infill holes along the Main Zone Trend, three of which are located on the

northwest extent of the trend. Two exploration holes along the far southeast extent of the 4-T trend are

also included in today's results. Infill holes are highlighted by drillhole JES-24-73 which returned four

distinct zones of mineralization that include two zones of high copper and zinc values,

including 4.6

meters of 2.2 g/t Au, 49 g/t Ag, 0.46% Cu and 1.48% Zn

(results are summarized in

Table 1

)

Anomalous mineralization extends

from surface to 152.5 meters vertical depth averaging 0.3 g/t Au

and 3 g/t

across all four mineralized sections. Infill hole JES-24-84 returned

10.7 meters of 0.6 g/t

Au and 3 g/t Ag

within a broad anomalous zone of

97.6 meters of 0.1 g/t Au starting from 48.8

meters vertical depth

. It is important to note both holes represent the extension of the Main Zone along

the edges, the continuation of mineralization is a positive sign for further resource advancement. As for

exploration drilling, two holes 400 meters southeast along the 4-T Trend have returned values indicating

mineralization continues along this corridor. This is highlighted by JES-24-87 which returned

53.4

meters of 0.1 g/t Au and 2 g/t Ag

, the broadest zone of gold-silver mineralization recorded in

exploration drilling to date and

over 700 meters from the Main Zone

Over 2,700 meters have been drilled to date for the 2024 program. Results for eight drill holes are

currently pending analysis (green squares on Figure 1). Drilling is ongoing at Pilar.

"The results today give us numerous reasons to be excited about the potential of Pilar,"

commented Brodie Sutherland, CEO. "Not only are we continuing to increase the resource

potential on the outer edges of the Main Zone but have successfully hit significant

mineralization in two exploration holes 700 meters away. With all good exploration, it takes time

to focus in on key targets, the latest results are providing us with the evidence needed to further

evaluate the southeast extent of the several known trends. The polymetallic results returned at

the Main Zone are likely related to breccia phases encountered in previous core drilling (JES-22-

61) 40m to the northwest, where elevated gold, silver and zinc were recorded. The presence of

multiple breccia and vein phases at Pilar is what makes it an attractive target, it is a complex and

robust system that we feel is just starting to take shape. In addition, the interest from a major

producer in the greater expansion area potential is a clear sign we are taking the right steps to

advance the area further and getting the attention we feel the project deserves."

Figure 1. Summary map of drill highlights and surrounding surface results.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/4269/211913_b63a636594511b56_001full.jpg

Discussion of Results

JES-24-73

The drillhole targeted near surface mineralization next to and down-dip of past core drillhole JES-22-62,

which returned

108.6 meters of 0.8 g/t Au and 3 g/t Ag

. Important to note that JES-22-62 was a

significant 125-meter step out southeast of the Main Zone at the time representing a significant increase

in resource size. JES-24-73 returned anomalous mineralization from surface to a vertical depth of 152.5

meters, with four distinct higher-grade intervals. Two of which returned intervals with elevated copper and

zinc with gold and silver, represented by

4.6 meters of 2.2 g/t Au, 49 g/t Ag, 0.46% Cu, 1.48% Zn

from 54.9 meters depth and 3.1 meters of 0.9 g/t Au, 10 g/t Ag and 3.2% Zn from 77.8 meters

depth.

These zones look to correlate with a silicified magnetite rich breccia encountered in past drillhole

JES-22-61

(63.4m of 0.6 g/t Au and 11 g/t Ag)

40 meters to the northwest. The Company is

encouraged by these results and further infill drilling to the north has been completed with results

pending.

North Extent of Main Zone Trend

JES-24-83, 84 and 85

Three drillholes targeted gaps in the database along the northern extent of the Main Zone Trend. All three

holes returned anomalous mineralization. JES-24-83 returned

102.2 meters of 0.1 g/t Au from 10.7

meters

vertical depth, this includes near surface gold values up to

3.5 g/t Au over 1.5 meters from

10.7 meters

. Copper values up to 0.69% Cu over 1.5 meters were returned along with gold and silver

(0.2 g/t Au, 14 g/t Ag). Elevated copper values are common on the north end of the Main Zone and North

Hill Trends. JES-24-84

returned 97.6 meters of 0.1 g/t Au from 48.8 meters

vertical depth, including

10.7 meters of 0.6 g/t Au, 3 g/t Ag and 0.17% Cu

from 108.3 meters vertical depth. JES-24-85 was

drilled off the same pad as JES-24-84, westward at a 45-degree angle. Four weaker zones of

mineralization were recorded to a downhole depth of 123.5 meters.

Exploration Drill Results

4-T Trend South Extensions

Drillholes JES-24-86 and 87 tested the far southern extension (400m southeast) of the 4-T Trend where

limited data exists. The two holes were drilled from the same pad in opposite directions (315 and 135

azimuths). Both returned anomalous mineralization with JES-24-87 returning the best result thus far,

53.4

meters of 0.1 g/t Au and 2 g/t Ag from 45.8 meters downhole depth

, including two, 1.5-meter zones

of 0.6 g/t Au. The Company views these early exploration results as extremely positive as they greatly

expand the mineralization potential along the southern extent of these corridors.

Table 1. Summary of Drill Results Released Today from Pilar Project.

All interval lengths are drilled widths. 10,000 ppm = 1%

Hole ID

From (m)

To (m)

Width (m)

Au (g/t)

Ag (g/t)

Cu (ppm)

Pb (ppm)

Zn (ppm)

JES-24-73

0.00

152.50

0.26

3.00

293

1,818

including

0.00

21.35

0.11

0.55

also

32.05

61.00

28.96

0.46

12.32

937

4,783

including

44.23

61.00

16.78

0.76

18.70

1,532

8,006

including

54.90

59.48

4.58

2.23

48.68

4,643

140

14,806

also

77.78

80.83

3.05

0.89

9.65

649

32,100

also

103.70

129.63

25.93

0.35

0.96

374

270

including

112.85

123.53

10.68

0.75

1.91

794

254

also

149.50

152.50

3.00

3.83

4.67

238

1,558

1,569

JES-24-83

10.68

112.85

102.18

0.10

1.34

534

124

including

10.68

12.20

1.53

3.53

0.25

117

118

also

36.60

38.13

1.53

0.09

9.43

173

also

53.38

64.05

10.68

0.20

2.68

1,131

135

including

53.38

54.90

1.53

0.56

2.50

2,200

194

and

62.53

64.05

1.53

0.62

1.50

107

101

also

77.78

79.30

1.52

0.24

1.00

also

99.13

112.85

13.73

0.06

3.80

1,957

157

JES-24-84

48.80

146.40

97.60

0.11

0.99

394

164

including

48.80

53.38

4.58

0.22

1.20

300

138

and

67.10

68.63

1.53

0.03

7.42

446

and

86.93

88.45

1.53

0.21

0.25

255

and

100.65

102.18

1.52

0.17

0.50

397

114

and

108.28

118.95

10.68

0.62

3.40

1,772

177

including

108.28

109.80

1.52

3.34

14.15

6,790

200

also

144.88

146.40

1.53

0.15

0.25

134

JES-24-85

42.70

45.75

3.05

0.11

0.73

266

4,375

and

82.35

88.45

6.10

0.10

0.39

157

and

99.13

105.23

6.10

0.19

1.29

156

including

99.13

100.65

1.53

0.51

1.80

151

also

122.00

123.53

1.53

0.20

0.25

207

Table 2. Drillhole locations released today.

Hole ID

Azimuth

Dip

Depth (m)

Easting

Northing

Elevation (m)

JES-24-73

-90

201.30

617507

3144450

444

JES-24-83

-90

122.00

617368

3144801

400

JES-24-84

-90

179.95

617453

3144713

393

JES-24-85

-45

128.10

617456

3144713

393

JES-24-86

315

-45

120.48

618113

3144285

412

JES-24-87

135

-45

131.15

618117

3144277

412

Table 3. Exploration Drill Results and Pathfinder Geochemistry

Hole ID

From (m)

To (m)

Width (m)

(g/t)

(ppm)

JES-24-86

24.4

35.075

10.68

0.20

1.20

242

512

663

NSV

including

24.4

25.925

1.53

0.82

3.20

1035

503

4310

NSV

JES-24-87

28.975

30.5

1.53

0.17

1.10

674

755

NSV

and

45.75

99.125

53.38

0.09

2.15

522

922

214

NSV

including

45.75

50.325

4.58

0.35

2.85

144

968

1947

NSV

including

45.75

47.275

1.53

0.63

6.50

253

2210

3860

NSV

also

70.15

71.675

1.52

0.24

7.50

166

4530

6290

NSV

also

80.825

82.35

1.52

0.34

13.80

598

785

207

NSV

also

97.6

99.125

1.53

0.63

14.50

278

243

5090

NSV

About the Pilar Property

The Pilar Gold-Silver property has 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. Initially three primary zones of mineralization were identified on the

original property from historic surface work and drilling and are referred to as the Main Zone, North Hill

and 4-T. Each trend remains open to the southeast and north and new parallel zones have been

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.

Pilar Drill Highlights:

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

21.0m @ 38.3 g/t Au and 38 g/t Ag

13.0m @ 9.6 g/t Au

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

Pilar Bulk Sample Summary:

62% Recovery of Gold Achieved Over 46-day Leaching Period

Head Grade Calculated at

1.9 g/t Au and 7 g/t Ag;

Extracted Grade Calculated at

1.2 g/t Au and

3 g/t Ag

Bulk Sample

Only Included Coarse Fraction

of Material (+3/4" to +1/8")

Fine Fraction (-1/8") Indicates Rapid Recovery with Agitated Leach

Agitated Bottle Roll Test Returned Rapid and High Recovery Results:

80% Recovery of

Gold and 94% Recovery of Silver after Rapid 24-hour Retention Time

Additional Metallurgical Studies:

Gravity Recovery with Agitated Leach Results of Five Composite Samples Returned

95 to 99% Recovery of Gold

73 to 97% Recovery of Silver

Includes the Recovery of

99% Au and 73% Ag from Drill Core Composite at 120-meter

depth.

Quality Assurance / Quality Control

RC 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. Over limits for gold (>10 g/t), were analyzed using fire assay

with a gravimetric finish. Silver and other elements were analyzed using a four-acid digestion with an ICP

finish. Over limit analyses for silver (>100 g/t) were re-assayed using an ore-grade four-acid digestion

with ICP-AES 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.

Brodie A. Sutherland, CEO for Tocvan Ventures Corp. and a qualified person ("

") 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

five 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) three highly prospective

interests in the Sierra Madre (Diamante Gold & Silver Project, Jackie Gold & Silver Project, and

Mezquite 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,

[email protected]

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

https://www.newsfilecorp.com/release/211913

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