Colibri Resource Corporation - Intersects 61 metres with an average grade of 0.75 g/t Au - Including 1.5 meters of 17.3 g/t Au
Colibri Resource Corporation - Intersects 61
metres with an average grade of 0.75 g/t Au -
Including 1.5 meters of 17.3 g/t Au
DIEPPE, NB
,
July 16, 2018
/CNW/ - (CBI: TSX-V) – Colibri Resource Corporation ("Colibri" or the
"Company") wishes to announce assay results from the last seven holes and two hole extensions
completed on its Phase 1 reverse circulation (RC) drilling program on its 100% owned Pilar Gold
Project in
Sonora, Mexico
. Highlights include an intersection of 61 meters (m) of 0.75 grams per
tonne (g/t) gold (Au) which includes 17.3 g/t over Au over an intersection of
1.5 m
in hole JES-18-24.
(all assays in program are
1.5 m
in length)
The objectives of the Phase 1 drill program at Pilar have been to confirm continuity within previously
interpreted zones of mineralization, discover extensions to the known mineralization, and explore
locally for new zones of gold mineralization. Hole JES-18-25 which was drilled approximately
60m
southeast of the previous announced JES 18-03 confirms expanded mineralization in the Main Zone
and returned results of 5.4 g/t over
3m
.
Our model for the Main Zone has been proving to hold true. The results released today, as well as
those already released in Phase 1, have extended the Main Zone's mineralized envelope to the
northwest as well as the southeast by upwards of a total of
145 m
. This represents an increase of
52% in the length of the Main Zone and potential remains open to both the northwest and southeast.
On trend, approximately
170 m
to the south east of JES-18-25, is a shallow historic mine shaft
which has surface sampled 2.48 g/t Au and 1.23 g/t Au. Gold bearing mineralization from this shaft
is very similar to the structural mineralization to the north west which would indicate that it may be
part of the same system.
The results of the 4 trench exploration hole JES-18-27 (
375 m
east of Main Zone) have also been
encouraging. It encountered a total of
19.5 m
of mineralization averaging 0.656 g/t Au from three
separate zones/shears. (See Table 1 below)
A map showing the locations of the holes can be viewed on our website:
www.colibriresource.com/projects/pilar
.
Table 1
Summarized Intercepts
Hole-ID
From (m)
To (m)
Length (m)
Au (gpt)
Ag (gpt)
JES-18-04 EXT
No
Significant
Results
JES-18-05 EXT
127.5
136.5
9.0
0.21
JES-18-21
3.0
4.5
1.5
0.46
8.80
JES-18-22
13.5
19.5
6.0
0.68
52.70
JES-18-23
7.5
9.0
1.5
2.31
4.30
JES 18-23
22.5
25.5
3.0
0.21
0.70
JES 18-23
64.5
66.0
1.5
0.28
4.30
JES-18-24
0
1.5
1.5
0.33
4.90
JES-18-24
21.0
82.5
61.5
0.75
1.67
Incl.
21.0
25.5
4.5
0.72
1.67
Incl.
57.0
58.5
1.5
17.30
0.90
JES-18-24
118.5
120.0
1.5
0.45
1.00
JES-18-25
63.0
64.5
1.5
0.28
3.70
JES-18-25
72.0
75.0
3.0
5.40
2.95
JES-18-26
45.0
46.5
1.5
0.25
0.50
JES-18-26
81.0
115.5
34.5
0.32
1.13
JES-18-26
130.5
132.0
1.5
0.22
0.25
JES-18-27
6.0
12.0
6.0
0.79
30.33
JES-18-27
24.0
33.0
9.0
0.63
1.03
JES-18-27
106.5
111.0
4.5
0.53
0.33
Note: Reported intervals are not true width. At this time, there is insufficient data with
respect to the shape of the mineralized system to calculate true orientations. They represent drill
intersection lengths from holes drilled at a dip of -45 to -90 degrees.
Summary of Drilling and Assay Results
JES-18-04 EXT. – An additional
30 m
was drilled as an extension into the vertical JES-18-04 hole
which results were announced on
May 8
th
, 2018. No significant results are reportable for this hole.
JES-18-05 EXT. – An additional
25m
was drilled as an extension into the original
125 m
hole JES-
18-05. Starting at
127.5 m
the drill encountered a mineralized
9 m
section which sampled an
average grade of 0.21 g/t Au.
JES-18-21 – Drilled to a depth of
126 m
, this hole was drilled to test eastern limits the Main zone to
the southeast east. This hole encountered
1.5 m
of 0.46 g/t near surface but did not identify any
additional significant intersections.
JES-18-22 – This hole was designed to test for extension of the Main Zone to the south east.
Although results were encouraging, the hole was only drilled to a depth of
33 m
before being lost
due to mechanical reasons. The hole encountered a section mineralization of
6 m
of 0.68 g/t Au from
13.5 m
to
19.5 m
.
JES-18-23 – This hole was designed to test the eastern limits of the known Main Zone mineralization
to the south west of known mineralization. Although the hole encountered a
1.5 m
intersection of
2.31 g/t Au near surface the rest of the
150 m
hole did not encounter any additional anticipated
economic grade materials.
JES-18-24 – This hole was drilled to the north west into the known Main Zone. This hole
encountered significant mineralization over a width of
61.5 m
at 0.75 g/t Au and is understood to be
the longest intersection of ore grade materialization encountered on the property to date. Included in
the intersection is
1.5 m
of 17.3 g/t Au
JES-18-25 – This hole was drilled to the southeast of JES-18-03 and intersected 5.40 g/t Au over a
3 m
intersection length indicating that mineralization from the Main Zone continues to the southeast.
JES-18-26 – This
165 m
hole was drilled as infill in the Main Zone. A fairly wide intersection of
34.5
m
grading 0.32 g/t Au was encountered.
JES-18-27 –
138 m
exploration hole drilled into the 4 trench Zone. This hole encountered three
zones of mineralization (see table 1) consistent with previous interpretation of the 4 trench target.
Qualified Person and QA/QC
Assays for the Pilar Phase 1 drilling program have been completed at ALS Chemex laboratories
(ALS) with sample preparation completed in
Hermosillo, Sonora, Mexico
and Atomic Absorption and
Fire Assay analyses completed in
Vancouver
, Canada. Colibri employs industry standard QAQC
protocol including the use of control samples to verify assay results.
Jackie E. Stephens
, P. Geo
supervises the Pilar drilling program including sampling, chain of custody, and delivery of sample to
ALS.
Jackie E. Stephens
, P. Geo 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 the Pilar Gold Project
The Pilar Gold Project is strategically located in the historic
Sonora
gold district which has produced
the majority of gold mined in
Mexico
. The Pilar Gold Project consists of low-sulfidation epithermal
mineralization in a highly fractured, altered, and highly oxidized volcanic host rock. The Company
has recently completed drilling the first phase (
3,000m
) of a planned two-phase program for 2018
which will include drilling of up to a total of
10,000m
. The program is designed to confirm and expand
known mineralization at Pilar and use this information to complete an initial, NI 43-101 compliant,
resource estimate. Two zones of mineralization have been interpreted based on surface exposure,
trenching, and historical drilling and include the Main Zone and North Zone. A third target area,
referred to as the 4 trench target, has been drill tested with encouraging results. Metallurgical
testing (bottle roll) has shown an average recovery of 92%.
About Colibri Resource Corporation:
Colibri is a Canadian mineral exploration company listed on the TSX-V (CBI) focused on acquiring
and exploring 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/July2018/16/c7743.html
%SEDAR: 00021936E
For further information:
Ronald J. Goguen, President, Chairperson and Director, Tel: (506) 383-
4274, [email protected]
CO: Colibri Resource Corporation
CNW 10:32e 16-JUL-18