CBI.V · 2024-05-14 12:00:00

Colibri Reports Drill Results of 56.4 Metres of 1.0 g/t Gold - Including 9.2 Meters of 5.3 g/t Gold at 4-T Target on the Pilar Gold and Silver Project in Sonora

Drill Results

Colibri Reports Drill Results of 56.4 Metres of

1.0 g/t Gold - Including 9.2 Meters of 5.3 g/t

Gold at 4-T Target on the Pilar Gold and Silver

Project in Sonora

Dieppe, New Brunswick--(Newsfile Corp. - May 14, 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 the initial four of fifteen

holes drilled to date in the ongoing Phase 4 RC drill program. Hole JES-24-77 was drilled in the 4-T

Trend area and is reported to be the longest and highest-grade 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 14

, 2024

Best Intersection to date from 4-T Trend (400 meters East of Main Zone) in Drillhole

JES-

24-77

Drilling Intersects

56.4 meters of 1.0 g/t Au

, 18.3 meters from Surface in Drillhole

JES-24-

Including 9.2 meters of 5.3 g/t Au, 27.5 meters from surface

Top 5 Drill Result from Tocvan Programs to Date

JES-20-32,

94.6m of 1.6 g/t Au and 9 g/t Ag (RC)

JES-22-59,

116.9m of 1.2 g/t Au and 7 g/t Ag (Core)

JES-22-62,

108.6m of 0.8 g/t Au and 3 g/t Ag (Core)

JES-20-36,

24.2m of 2.5 g/t Au and 73 g/t Ag (RC)

NEW

- JES-24-77,

56.4m of 1.0 g/t Au and 1 g/t Ag (RC)

Result of JES-24-77 Opens Up Resource Potential Along Eastern Corridor

Additional Results Pending

For full details please see the Tocvan Ventures news release dated May 14

, 2024 below:

Calgary, Alberta

–

May 14, 2024

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

(the "

Company

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

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

1,825.4 meters has been drilled to date in 15 drillholes.

Results today are highlighted by drillhole JES-24-77 which returned

56.4 meters of 1.0 g/t Au from

18.3 meters vertical depth, including 9.2 meters of 5.3 g/t Au

. The entire length of the hole returned

anomalous gold values averaging

76.3 meters of 0.8 g/t Au

. A high-grade center to the mineralized

zone returned

5.3 g/t Au and 3 g/t Ag over 9.2 meters

including 1.5 meters of 26.7 g/t Au

. Like the

Main Zone, the 4-T 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

76.3 meters, mineralization at 4-T remains open at depth. Results for eleven drill holes are currently

pending analysis, including holes further northwest, along the 4-T trend.

"We are extremely excited with the results today highlighting the additional resource potential

that exists along the several parallel trends to the Main Zone which we believe can be tied

together into a sizable area," commented Brodie Sutherland, CEO. "Today's results are the best

from the 4-T Trend to date and rank as a top five drill intersect in Tocvan's history of drilling at

Pilar. Gold mineralization intersected in hole JES-24-77 is close to surface, projecting to

workings exposed along a low rolling ridgeline much like the Main Zone. This allows for low-

strip ratio potential in future mine development, reducing costs for extraction. We are confident

the 4-T Trend will continue to develop into another key resource area for Pilar, being just 400

meters from the heart of our Main Zone. Part of our bulk sample was extracted from 4-T adding

to that confidence of resource viability. More results from the trend are pending. As for our

exploration drill targets, it is still early in testing these areas and the data available suggests

more work is needed to fully evaluate and target mineralization. Surface mapping and

geochemistry strongly suggests the known trends extend to the southeast and northwest,

while new trends have yet to be tested. Recent sampling across the expansion area supports

this thesis, indicating much more is to be uncovered."

Figure 1. Summary map of today's drill highlight and surrounding surface results. JES-24-77 returned

56.4m of 1.0 g/t Au, 400m east of the Main Zone trend.

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

https://images.newsfilecorp.com/files/4269/209115_a13c5e88140d3b29_001full.jpg

In addition, three exploration holes on the southeastern flanks of known mineralization (JES-24-74, 75

and 76) are also included in this release, testing known areas of significant surface mineralization.

Although anomalous intervals were encountered, no significant mineralization has been recorded yet.

Discussion of Results

JES-24-77

The drillhole targeted near surface mineralization vertically below the Four Trench (4-T) prospect. The

Prospect gets its name from four trenches completed historically across a known area of artisanal

underground workings. The prospect was first drilled in 1996 by Santa Catalina, a Lundin Company

evaluating Pilar. First drilling hit 7.5 meters of 3.3 g/t Au and 31 g/t Ag in drillhole K-16 (hole was

stopped at 7.5m). Follow-up drilling over 15 years later by a private operator returned 30.5 meters of 0.7

g/t Au (JESP-18). In 2021, Tocvan drilled 15.3 meters of 1.1 g/t Au along the same ridgeline 300 meters

to the northwest. The result released today from JES-24-77 is the most significant result along the 4-T

trend drilled to date and ranks as the fifth best drill result ever from the over 60 drillholes Tocvan has

completed thus far at Pilar. JES-24-77 was a vertical drillhole testing the down-dip projection of surface

mineralization, successfully intersecting several zones of low-grade gold and silver and one high-grade

zone. Follow-up work is to be completed along this developing trend.

Exploration Drill Results

Drillholes JES-24-74 and 75 tested an area southeast of the Main Zone where local surface

mineralization hosted along structures and veins had returned

5.1 g/t Au and 24 g/t Ag

. Although no

significant mineralization was recorded in these holes, anomalous values of silver warrant further

investigation. Drillhole JES-24-76 tested the southernmost flank of the 4-T trend, alteration and veining

was recorded in logging although no significant mineralization was recorded.

Figure 2. Pilar Project Planview map showing the southern block made up of the Pilar Main Zone and

the newly discovered placer source with additional gold-silver mineralization extending to the south.

Within the northern block, a large alteration zone that spans 3.3 km by 1.5 km (North Alteration Zone)

has returned high-grade gold and silver values in the first few sampling programs across the newly

acquired area.

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

https://images.newsfilecorp.com/files/4269/209115_a13c5e88140d3b29_002full.jpg

Table 1. Summary of Drill Results Released Today from Pilar Project Drill Hole JES-24-77.

All interval lengths are drilled widths.

Hole ID

From (m)

To (m)

Width (m)

Au (g/t)

Ag (g/t)

JES-24-77

0.00

76.25

0.75

0.91

including

18.30

74.73

56.43

1.00

1.10

including

27.45

36.60

9.15

5.25

2.51

including

35.08

36.60

1.52

26.79

4.92

Table 2. Drillhole locations released today.

Hole ID

Azimuth

Dip

Depth (m)

Easting

Northing

Elevation (m)

JES-24-74

243

125.05

617666

3144245

421

JES-24-75

060

128.10

617670

3144243

421

JES-24-76

000

91.50

617927

3144475

437

JES-24-77

000

76.25

617897

3144687

447

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.

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/209115

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