CBI.V · 2024-05-23 12:00:00

Colibri Reports Drill Results of 42.7 Metres of 1.0 g/t Gold - Including 3.1 Metres of 10.9 g/t Gold at North Hill Target on the Pilar Gold and Silver Project in Sonora

Drill Results

Colibri Reports Drill Results of 42.7 Metres of

1.0 g/t Gold - Including 3.1 Metres of 10.9 g/t

Gold at North Hill Target on the Pilar Gold and

Silver Project in Sonora

Dieppe, New Brunswick--(Newsfile Corp. - May 23, 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 five holes drilled in the

ongoing Phase 4, RC drill program. Hole JES-24-79 was drilled in the North Hill Trend area and is

reported to be the second-best gold intersection to date outside of the Main Zone. Colibri owns a 49%

interest in the Pilar Gold & Silver Project.

Highlights from Tocvan Pilar News Release - May 23

, 2024

Drilling Intersects 42.7 meters of 1.0 g/t Au, 22.9 meters from Surface in Drillhole JES-24-

Including 3.1 meters of 10.9 g/t Au, 38.1 meters from surface

Second Best Intersect Outside of Main Zone to Date, 300 meters Northeast of Main Zone

300 meters west-northwest of Previously Released JES-24-77, 56.4m of 1.0 g/t Au

and 1 g/t Ag

Continues to Build Resource Potential Along North Hill Corridor

Anomalous Exploration Results Provide Key Indications to Trend Extensions

Additional Results Pending

For full details please see the Tocvan Ventures news release dated May 23

, 2024 below:

Calgary, Alberta

May 23, 2024 -

Tocvan Ventures Corp. (the "

Company

") (CSE: TOC; OTCQB:

TCVNF; FSE: TV3), 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 are highlighted by drillhole JES-24-79 which returned

42.7 meters of 1.0 g/t Au from

22.9 meters vertical depth, including 3.1 meters of 10.9 g/t Au

. Anomalous gold values averaging

50.3 meters of 0.8 g/t Au

was encountered in the hole. A high-grade center to the mineralized zone

returned

10.9 g/t Au and 2 g/t Ag over 3.1 meters

including 1.5 meters of 21.4 g/t Au

. Like the

Main Zone, the North Hill trend is exposed at surface along a rounded ridge top, allowing the potential for

a low strip ratio during early development. The hole tested near-surface mineralization and was stopped

at 125.1 meters, mineralization at North Hill remains open along trend and to the east. In addition, four

exploration holes on the northeastern flanks of known mineralization (JES-24-78, 80, 81 and 82) are also

included in this release.

Results for six drill holes are currently pending analysis. Drilling is ongoing at Pilar.

"The results today support the significant resource potential beyond the Main Zone."

commented Brodie Sutherland, CEO. "Today's results hit one of the best holes ever off the

North Hill Trend providing added confidence in identifying additional high-grade mineralization.

Much of the trend has yet to be tested and remains open for expansion. The proximity to

parallel trends bodes well for tying together a large bulk tonnage target. Early exploration

results are showing great indications a larger robust mineralized system is present. With each

phase we are get closer to identifying new mineralization close to surface that can be added to

our maiden resource estimate. As drilling continues we look forward to updating our

shareholders on additional results."

Figure 1. Summary map of today's drill highlight and surrounding surface results. JES-24-79 returned

42.7m of 1.0 g/t Au, 300m northeast of the Main Zone trend.

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

https://images.newsfilecorp.com/files/4269/210231_73e8e8d7745c094e_001full.jpg

Discussion of Results

JES-24-79

The drillhole targeted near surface mineralization vertically below a previous drillhole completed by

Tocvan in 2021, JES-21-53, which returned

15.3 meters of 1.1 g/t Au

. JES-24-79 returned

42.7

meters of 1.0 g/t Au from 22.9 meters depth

including high-grade mineralization up to

21.4 g/t Au

over 1.5 meters

. The hole is located

300 meters to the west-northwest

of the previously announced

JES-24-77 (

56.4 meters of 1.0 g/t Au

) and

300 meters northeast

of the Main Zone centered around

drillhole JES-22-59 (

116.9 meters of 1.2 g/t Au and 7 g/t Ag

). The trend remains open to the

northwest, southeast and east. The North Hill corridor is a 500-meter-long trend that extends from

surface mineralization to the north, southward towards past drillhole JES-22-72 which returned

10.7

meters of 0.6 g/t Au and 40 g/t Ag from 27.5 meters downhole depth.

Today's result greatly

increases the near surface resource potential along this trend.

Exploration Drill Results

4-T Trend North Extensions

Drillholes JES-24-78, 81 & 82 all tested the northern extension of the 4-T Trend where little data exists.

The Company is encouraged by the early results of ideal host lithologies, alteration and elevated

pathfinder elements. The upper part of hole JES-24-78 hosted elevated silver, arsenic and antimony, all

key pathfinder elements for close proximity to epithermal mineralization. JES-24-81 returned a zone from

surface down to 42.7 meters of elevated gold, silver, arsenic and antimony all great indications of

continued mineralization to the north. Hole JES-24-82 returned a 10.7-meter zone of elevated gold, silver

and arsenic further verifying the continuation of mineralization along trend.

North Hill Extension

Drillhole JES-24-80 tested the northeastern edge of the North Hill Trend. Elevated values of silver,

copper, zinc, molybdenum, and antimony were reported. A 13.7-meter zone of elevated silver, copper,

arsenic, molybdenum and antimony was reported from 80.8 meters vertical depth. An excellent indicator

to close proximity to mineralization and elevated copper as seen at surface and across other drillholes at

North Hill.

Table 1. Summary of Drill Results Released Today from Pilar Project Drill Hole JES-24-79.

All interval lengths are drilled widths.

Hole ID

From (m)

To (m)

Width (m)

Au (g/t)

Ag (g/t)

JES-24-79

22.88

73.20

50.32

0.82

0.55

including

22.88

65.58

42.70

0.96

0.60

including

38.13

41.18

3.05

10.9

1.60

including

38.13

39.65

1.52

21.4

2.60

Table 2. Drillhole locations released today.

Hole ID

Azimuth

Dip

Depth (m)

Easting

Northing

Elevation (m)

JES-24-78

100.65

617750

3144746

431

JES-24-79

125.05

617611

3144765

435

JES-24-80

143.35

617475

3144837

429

JES-24-81

70.15

617735

3144853

404

JES-24-82

270

82.35

617732

3144852

404

Table 3. Exploration Drill Results and Pathfinder Geochemistry

Hole ID

From (m)

To (m)

Width (m)

Au (g/t)

Ag (g/t)

Cu (ppm)

Pb (ppm)

(ppm)

JES-24-78

0.00

10.68

0.01

1.81

153

176

JES-24-80

7.63

9.15

1.53

0.07

22.0

489

262

JES-24-80

80.83

94.55

13.7

0.04

1.60

891

189

JES-24-81

0.00

42.7

0.05

1.29

139

265

NSV

JES-24-82

19.83

30.50

10.70

0.07

1.76

169

1019

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. The Company has now expanded its interest in the area by consolidating 22 square-

kilometers of highly prospective ground where it has already made significant surface discoveries.

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.

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/210231

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