Colibri Resource Corporation Provides a Review of its 2018 Business/Exploration Activities
Colibri Resource Corporation Provides a
Review of its 2018 Business/Exploration
Activities
DIEPPE, NB
,
Dec. 19, 2018
/CNW/ - (CBI: TSX-V) – Colibri Resource Corporation ("Colibri" or
the "Company") wishes to provide share holders with a review of its business activities over the last
year.
In
February 2018
, the Company announced a private placement financing of up to
$1 million
at
$0.10
per unit with proceeds being allocated to a drilling program at the Pilar Project. A unit consisted of
one common share of Colibri and one common share purchase warrant which allows the unit holder
to purchase an additional common share at
$0.15
for a five-year period. The placement was
oversubscribed by 20%.
The 27 hole drilling program at Pilar which was completed in July totaled
2,900m
and extended the
length of the known mineralized gold deposit by 52% and also confirmed many of the reported
drilling results completed by Santa Catalina Mining (a previous operator for which Colibri had no drill
log data or samples) who drilled the project in the mid 1990's. The deposit remains open to the
south east along strike.
Subsequent to the Pilar drilling program, Colibri was able to locate and retain on a consulting basis
Dr.
David Plaza
who was the original founder of the Pilar project and also the geologist utilized by
Santa Catalina Mining at Pilar in the 1990's. This relationship is already proving to be very helpful as
Dr. Plaza was able to provide the Company with much more detail about the project including: the
total number of holes that they drilled, their locations, directions and azimuths, several drill logs, as
well as their interpretation of structures. His assertion is that historical results reported by Santa
Catalina Mining at the time are reliable.
Santa Catalina Mining historical reported drilling highlights included:
Hole:
S-10
16.5m of 53.05 g/t Au
Q-8b
13.5m of 8.92 g/t Au
O-8b
7.5m of 3.33 g/t Au
P-8
15.0m of 1.06 g/t Au
R-8
6.0m of 2.19 g/t Au and 13.5m of 3.06 g/t Au
P-9b
9.0m of 10.16 g/t Au
R-8
6.0m of 2.19 g/t Au and 13.5m of 3.06 g/t Au
Unfortunately, the data gathered from
David Plaza
cannot be used in a NI 43-101 compliant
calculation as most drill logs, lab verifications and drill samples are no longer available but this
information will prove very valuable to Colibri when planning future drilling sites and completing
"inhouse" resource models.
Drilling highlights from the 2018 campaign included:
Hole:
JES 18-03
9.0m of 8.16 g/t Au – including 1.5m of 33.4 g/t Au
JES 18-04
28.5m of 0.57 g/t Au – including 3.0m of 4.24 g/t Au
JES 18-19
40.5m of 0.73 g/t Au – including 3.0m of 5.37 g/t Au
JES 18-24
61.5m of 0.75 g/t Au – including 1.5m of 17.30 g/t Au
In October, Colibri added to its portfolio of highly prospective gold exploration projects in
Sonora
Mexico
by announcing its intention to purchase a private gold exploration company called Yaque
Minerales from a non-arms length company called OnTop Capital for
$1 million CDN
. The purchase
will be 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 Minerales which are both
located on trend in the prolific High Sierra Madre in eastern
Sonora, Mexico
. Both projects are less
than 10km north east of the Nicho gold deposit held by
Minera Alamos
(TSX Venture: MAI – market
cap of approximately
$30 million CDN
) in its Santana project. Nicho is rapidly advancing toward a
construction decision in Q1 2019 for an open pit heap leach operation. Initial indications are that the
project would produce on the order of 25,000 – 30,000 oz/Au per year (
Doug Ramshaw
- Precious
Metals Summit –
Zurich
2018).
The projects are also approximately 50km south east of the La India Mine (Agnico Eagle) and the El
Chante Mine (Alamos Gold).
The first project in Yaque Minerales is the
El Mezquite
. This project has an identified mineralized
zone at surface which is at least
600m
by
300m
and has chip sampled from nil to 3.41 g/t Au. The
north eastern portion of the claims have been geophysical surveyed by 3DIP as well as magnetics
and has several areas of interest for a drilling program as indicated by resistivity, chargeability
anomalies, and surface sampling. Exploration activity for 2019 is being planned and will be
announced upon completion.
The second property owned by Yaque Minerales is called Jackie. This is a grass roots project and
will be the subject of a prospecting program in 2019 which will consist of mapping, stream sampling,
chip sampling, and possibly a soil sample grid.
The newly acquired projects as well as the Pilar and Evelyn properties have been subject of review
by several companies for potential joint venture opportunities including two major producers over the
last 45 days. Colibri is currently open to various methods of financing its projects while markets for
junior gold exploration companies remains challenged. No agreements have been made at this time
as reviews remain ongoing.
On
December 5
th
, Colibri announced its intention to dispose its 24.45% working interest in the Pitaya
project which is a joint venture with Agnico Eagle Mines Limited ("Agnico Eagle"). As such, the
Company has agreed to allow Agnico Eagle to exclusively explore opportunities to dispose of
Colibri's working interest for a period of one year.
Agnico Eagle may initiate the sales and manage the sales process as well as negotiate, agree to
and complete a sale transaction on behalf of Colibri.
It is Colibri's expectation that the Pitaya working interest will be successfully sold within the 12-
month exclusivity period. The sale will allow Colibri to dispose of a non-core asset and utilize the
proceeds for exploration of its other high potential projects as well as for working capital.
About Colibri Resource Corporation:
Colibri is a Canadian-based mineral exploration company listed on the TSX-V (CBI) focused on
acquiring and exploring properties in
Mexico
. The Company currently has five active exploration
properties at various stages of exploration.
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/December2018/19/c6201.html
%SEDAR: 00021936E
For further information:
Please Contact: Ronald J. Goguen, President, Chairperson and Director,
Tel: (506) 383-4274, [email protected]
CO: Colibri Resource Corporation
CNW 09:26e 19-DEC-18