Colibri Retains 49% Interest in Pilar and Will Enter into a JV
Colibri Retains 49% Interest in Pilar and Will
Enter into a JV
Dieppe, New Brunswick--(Newsfile Corp. - March 21, 2024) - Colibri Resource Corporation (TSXV: CBI)
(OTC Pink: CRUCF) ("Colibri" or the "Company") announces that Tocvan Ventures Corp. ("Tocvan") has
elected not to exercise its Right of First Refusal to purchase 49% ownership in the Pilar Gold and Silver
Project ("Pilar") held by Colibri.
As per the original agreement, the two companies will now form a joint
venture ("JV") on a 51% Tocvan / 49% Colibri basis to advance the project.
"
The Pilar Gold and Silver Project has advanced significantly since we entered into the option
and joint venture agreement in September 2019. We believe that the Tocvan team has done an
excellent job in creating substantial project value and has positioned Pilar to potentially become
a low cost gold producer in the near term. The head grade of the bulk sample reported in May
2022 of 1.9 g/t Au is very encouraging as are the recovery factors for gold and silver attained
from various metallurgical tests. Further potential expansion of known mineralization is
indicated by mineralized trends that are open to the southeast and by detailed interpretation of
geophysical surveys completed in 2020 which indicate the potential continuity of controlling
structures at depth. We are extremely excited about the potential opportunities that Colibri now
has on the table for its 49% ownership at Pilar,
"
said Ian McGavney, President/CEO of Colibri.
About the Pilar Project Agreement and JV
The Pilar Gold & Silver Project is an advanced exploration project located near the town of Suaqui
Grande in central Sonora, Mexico. In September 2018, the two Companies entered into a 5 year option
work one agreement whereby Colibri granted Tocvan the right to earn 51% ownership of Pilar by:
i)
issuing a total of 5 million shares of Tocvan to Colibri,
ii)
completing a total of $2 million of exploration expenses,
iii)
making cash payments totalling $400,000.
The agreement also granted Tocvan, upon earning its 51% interest in Pilar, a six month exclusivity
period to purchase the remaining 49% owned Colibri by paying CAD$2 million and granting Colibri a
2% net smelter royalty ("NSR"). Tocvan successfully completed its Earn-In of 51% ownership of Pilar on
September 18
th
, 2023, triggering the exclusivity clause which expired at the end of business on March
18
th
, 2024.
As a result, 49% ownership of Pilar remains with Colibri and the Companies will now form a
JV to advance the project towards production.
About the Pilar Gold and Silver Project
Pilar is interpreted as a structurally controlled, low sulphidation, gold-silver system similar in many
respects to current and past producing deposits in the Sierra Madre epithermal district.
Prior to Tocvan
ownership, the Pilar property had been the target of 3 main exploration initiatives.
During the period
1995 to 1998 Santa Catalina Mining Corp, a wholly owned subsidiary of Lundin Mining Corporation,
completed extensive trenching, channel sampling and 2 phases of reverse circulation drilling in 29 holes.
The results of the drilling included the intersection of wide zones of mineralization including locally very
high grades and defined the core footprint of the Main Zone of mineralization. During the period 2010 to
2013, Minera Bestep S.A. de C.V. ("Bestep") completed geological mapping and rock sampling, re-
opened the trenches created by Santa Catalina and collected 590 rock chip samples over approximately
5 metre lengths, and completed an Induced Polarization ("IP") and magnetic survey.
During this period,
Bestep drilled a total of 7,192 metres in 61 holes (10 core holes and 51 RC holes) and commissioned
preliminary metallurgical testwork.
Collectively, the trenching, sampling, and drilling completed by Santa
Catalina and Bestep defined the Main Zone, North Hill, and 4-trench zones of mineralization. In May
2017, Colibri purchased Bestep and the Pilar project and completed further geological mapping,
sampling, and a comprehensive GIS compilation of historical exploration data.
During the period March -
May 2018, Colibri completed 2,965.5 metres of RC drilling in 27 holes.
The drilling by Colibri
demonstrated continuity in Main Zone and expanded the footprint of mineralization to the southeast.
Highlights of drilling over the 3 historical campaigns are illustrated in Table 1.
Tocvan has completed 3 phases of drilling which include both RC and diamond programs. The drilling is
consistent with historical drilling and provide both step out expansion and in-fill confirmation. Significant
intercepts reported by Tocvan are contained in Table 2.
Tocvan has completed programs of geological
mapping and sampling, trenching, and geophysical surveys including magnetic and CSMAT surveys.
To
support advancing the project towards gold production, Tocvan has completed a 1,400 tonne bulk
sample, a diagnostic leach study, and other metallurgical testwork.
Results of bulk sample and additional
metallurgical studies include:
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.
(Source:
www.tocvan.com
)
Table 1.
Historical drill intercepts from the Pilar Gold and Silver Project*
Year
Operator
Hole ID
From
To
Length
Au (g/t)
Ag (g/t)
1996
SC
S - 10
52.50
69.00
16.50
53.47
53.40
1996
SC
Q - 8b
18.80
31.50
13.60
9.64
7.20
1996
SC
P-10b
76.50
102.00
25.50
0.92
3.20
1996
SC
O-9b
66.00
73.50
7.50
3.33
54.80
1996
SC
P - 8
10.50
25.50
15.00
1.06
6.60
1996
SC
P - 8
34.50
42.00
7.50
1.24
5.10
1996
SC
P - 8
60.00
67.50
7.50
0.53
0.80
1996
SC
J - 16
10.50
19.50
9.00
0.52
NR
1996
SC
N - 9
6.00
13.50
7.50
1.08
35.20
1996
SC
O-8b
66.00
73.50
7.50
3.33
54.80
1997
SC
P-9-B
57.00
66.00
9.00
10.16
37.80
1997
SC
P-9-B
66.00
85.50
19.50
0.33
14.10
1997
SC
P-7
34.50
72.00
37.50
0.45
1.00
1997
SC
P-7-B
45.00
66.00
21.00
0.54
1.80
1997
SC
P-8-B
13.50
57.00
43.50
0.65
1.40
1997
SC
P-9
25.50
42.00
16.50
0.58
4.90
1997
SC
P-9
51.00
69.00
18.00
0.56
4.10
1997
SC
R-8
19.50
25.50
6.00
2.19
14.80
1997
SC
R-8
46.50
60.00
13.50
3.06
29.40
1997
SC
K-16
1.50
9.00
7.50
3.30
31.30
1997
SC
PP-8
9.00
16.50
7.50
1.07
1.50
1998
SC
LL-8-B
1.50
9.00
7.50
0.54
15.80
1998
SC
PP-8-C
1.50
25.50
24.00
0.68
0.50
1998
SC
PP-8-C
7.50
21.00
13.50
1.05
0.90
1998
SC
PP-8-C
34.50
46.50
12.00
2.15
2.10
1998
SC
PP-8-C
69.00
75.00
6.00
1.24
0.20
1998
SC
R-8-C
1.50
10.50
9.00
2.36
3.10
2010
Bestep
JESP-10
0.00
59.06
59.1
0.58
NR
2010
Bestep
includes
1.52
3.05
1.5
2.33
NR
2010
Bestep
includes
38.10
39.62
1.5
2.65
NR
2010
Bestep
JESP-12
0.00
41.01
41.0
1.32
NR
2010
Bestep
includes
0.00
27.89
27.9
1.89
NR
2012
Bestep
JESP-12-3
57.91
92.96
35.1
0.32
NR
2012
Bestep
JESP-12-4
15.24
36.58
21.3
0.84
NR
2012
Bestep
includes
25.91
35.05
9.1
1.65
NR
2013
Bestep
JESP-13-07
58.5
108.0
49.5
0.30
NR
2013
Bestep
includes
58.5
66.0
7.5
0.83
NR
2013
Bestep
includes
70.5
76.5
6.0
0.55
NR
2013
Bestep
JESP-13-08
52.5
139.5
87.0
0.26
NR
2013
Bestep
includes
52.5
72.0
19.5
0.52
NR
2013
Bestep
includes
81.0
85.5
4.5
0.20
NR
2013
Bestep
includes
93.0
99.0
6.0
0.71
NR
2013
Bestep
JESP-13-09
54.0
93.0
39.0
0.44
NR
2013
Bestep
includes
54.0
76.5
22.5
0.65
NR
2013
Bestep
includes
61.5
73.5
12.0
0.96
NR
2013
Bestep
JESP-13-11
12.0
22.5
10.5
0.32
NR
2013
Bestep
includes
12.0
16.5
4.5
0.47
NR
2013
Bestep
JESP-13-12
0.0
9.0
9.0
0.31
NR
2013
Bestep
JESP-13-12
24.0
49.5
25.5
0.29
NR
2013
Bestep
JESP-13-12
73.5
81.0
7.5
0.32
NR
2013
Bestep
JESP-13-13
13.5
22.5
9.0
0.20
NR
2013
Bestep
JESP-13-15
39
105
66
0.94
NR
2013
Bestep
includes
39
76.5
37.5
1.18
NR
2013
Bestep
includes
40.5
46.5
6
5.24
NR
2018
Colibri
JES-18-2
19.5
52.5
33
0.15
NR
2018
Colibri
includes
24
28.5
4.5
0.65
NR
2018
Colibri
JES-18-2
72
78
6
0.58
NR
2018
Colibri
JES-18-3
117
130.5
13.5
5.64
NR
2018
Colibri
includes
117
126
9
8.16
NR
2018
Colibri
includes
117
118.5
1.5
33.4
NR
2018
Colibri
JES-18-3
139.5
147
7.5
0.21
NR
2018
Colibri
JES-18-4
0
15
15
0.27
NR
2018
Colibri
includes
0
7.5
7.5
0.39
NR
2018
Colibri
JES-18-4
34.5
63
28.5
0.57
NR
2018
Colibri
includes
49.5
52.5
3
4.24
NR
2018
Colibri
JES-18-5
6
16.5
10.5
0.28
5.82
2018
Colibri
includes
7.5
9
1.5
1.43
28.4
2018
Colibri
JES-18-6
49.5
72
22.5
0.31
4.84
2018
Colibri
includes
66
72
6
0.73
15.45
2018
Colibri
JES-18-7
0
12
12
0.52
0.84
2018
Colibri
JES-18-9
6
12
6
0.79
7.5
2018
Colibri
JES-18-14
91.5
144
52.5
0.2
0.84
2018
Colibri
includes
117
129
12
0.51
0.69
2018
Colibri
JES-18-16
73.5
93
19.5
0.27
1.01
2018
Colibri
JES-18-17
37.5
48
10.5
0.33
21.67
2018
Colibri
JES-18-19
33
73.5
40.5
0.73
1.98
2018
Colibri
includes
45
48
3
5.37
3.2
2018
Colibri
JES-18-19
96
106.5
10.5
0.2
0.25
2018
Colibri
JES-18-20
88.5
94.5
6
0.24
1.21
2018
Colibri
JES-18-22
13.5
19.5
6
0.68
52.7
2018
Colibri
JES-18-24
21
82.5
61.5
0.75
1.67
2018
Colibri
includes
57
58.5
1.5
17.3
0.9
2018
Colibri
JES-18-26
81
115.5
34.5
0.32
1.13
2018
Colibri
JES-18-27
6
12
6
0.79
30.33
2018
Colibri
JES-18-27
24
33
9
0.63
1.03
* intercepts from historical reporting where reported intersection length is > 5 m
Sources of information: 1) NI 43-101 Technical Report on the Pilar Gold Project, November 9, 2016 and 2) Colibri Resource Corp press releases,
2018
Table 2. Significant drill intercepts in Tocvan drilling from drill campaigns in 2021 and 2022.
Year
Operator
Hole ID
From
To
Length
Au (g/t)
Ag (g/t)
2021
Tocvan
JES-20-29
39.60
54.90
15.30
0.16
1.00
2021
Tocvan
JES-20-29
64.00
77.70
13.70
0.24
2.00
2021
Tocvan
JES-20-31
25.90
41.20
15.30
0.37
11.00
2021
Tocvan
JES-20-32
57.90
152.50
94.60
1.63
9.00
2021
Tocvan
including
57.90
74.70
16.80
6.29
25.00
2021
Tocvan
including
57.90
67.10
9.20
10.80
38.00
2021
Tocvan
including
59.50
65.60
6.10
14.73
51.00
2021
Tocvan
JES-20-33
57.90
99.10
41.20
1.14
4.00
2021
Tocvan
including
61.00
76.30
15.30
2.45
10.00
2021
Tocvan
including
71.60
74.70
3.10
5.97
12.00
2021
Tocvan
JES-20-36
96.10
120.50
24.40
2.47
73.00
2021
Tocvan
including
96.10
105.20
9.20
6.31
192.00
2021
Tocvan
including
96.10
97.60
1.50
33.40
1090.00
2021
Tocvan
JES-21-37
59.48
65.58
6.10
0.48
4.00
2021
Tocvan
JES-21-38
0.00
28.98
28.98
0.71
2.00
2021
Tocvan
including
0.00
3.05
3.05
2.59
2.00
2021
Tocvan
including
22.88
28.98
6.10
1.87
0.00
2021
Tocvan
JES-21-38
79.30
88.45
9.15
1.27
14.00
2021
Tocvan
JES-21-40
1.52
59.48
57.96
0.19
1.00
2021
Tocvan
JES-21-40
199.78
211.97
12.19
0.19
4.00
2021
Tocvan
JES-21-43
97.60
132.68
35.08
0.66
6.00
2021
Tocvan
including
118.95
132.68
13.73
1.65
3.00
2021
Tocvan
including
118.95
122.00
3.05
6.79
7.00
2021
Tocvan
JES-21-52
7.63
44.23
36.60
0.18
7.00
2021
Tocvan
JES-21-53
36.60
51.85
15.25
1.09
2.00
2021
Tocvan
including
41.17
45.75
4.58
2.42
3.00
2021
Tocvan
including
42.70
44.23
1.53
4.57
3.00
2021
Tocvan
JES-21-55
10.68
21.35
10.67
0.43
4.00
2022
Tocvan
JES-21-57
4.58
13.73
9.15
0.40
7.62
2022
Tocvan
including
6.10
12.20
6.10
0.51
7.68
2022
Tocvan
JES-22-58
85.60
118.85
33.25
0.63
1.92
2022
Tocvan
including
85.60
107.30
21.70
0.94
2.69
2022
Tocvan
including
90.15
94.15
4.00
5.08
14.28
2022
Tocvan
JES-22-59
20.20
137.05
116.85
1.19
6.57
2022
Tocvan
including
55.70
103.75
48.05
2.81
9.03
2022
Tocvan
including
55.70
65.90
10.20
12.04
23.35
2022
Tocvan
including
55.70
59.90
4.20
28.34
48.91
2022
Tocvan
JES-22-60
5.40
10.90
5.50
0.64
9.85
2022
Tocvan
JES-22-61
60.75
124.10
63.35
0.61
10.74
2022
Tocvan
including
60.75
90.65
29.90
0.91
18.27
2022
Tocvan
including
81.75
90.65
8.90
2.11
44.81
2022
Tocvan
JES-22-62
38.65
157.30
118.65
0.74
3.11
2022
Tocvan
including
48.70
157.30
108.60
0.81
2.91
2022
Tocvan
including
125.40
157.30
31.90
2.37
2.21
2022
Tocvan
including
144.80
154.22
9.42
7.63
5.27
2022
Tocvan
JES-22-63
6.10
61.00
54.90
0.28
4.69
2022
Tocvan
including
6.10
19.82
13.72
0.57
12.87
2022
Tocvan
JES-22-63
42.70
51.85
9.15
0.56
3.41
2022
Tocvan
JES-22-64
60.30
167.60
107.30
0.08
2.25
2022
Tocvan
including
93.20
138.00
44.80
0.15
1.00
2022
Tocvan
JES-22-66
30.50
47.28
16.78
0.11
17.60
2022
Tocvan
including
30.50
36.60
6.10
0.25
47.40
2022
Tocvan
JES-22-67
0.00
138.78
138.78
0.10
0.30
2022
Tocvan
including
0.00
30.50
30.50
0.41
0.30
2022
Tocvan
JES-22-69
0.00
16.78
16.78
0.15
1.10
2022
Tocvan
including
0.00
7.63
7.63
0.19
1.00
2022
Tocvan
JES-22-69
128.10
134.20
6.10
0.13
5.80
2022
Tocvan
JES-22-70
0.00
18.30
18.30
0.24
1.40
2022
Tocvan
including
0.00
12.20
12.20
0.34
1.80
2022
Tocvan
JES-22-70
77.78
85.40
7.63
0.18
0.90
2022
Tocvan
JES-22-71
0.00
6.10
6.10
0.07
6.20
2022
Tocvan
JES-22-72
0.00
50.33
50.33
0.14
9.60
2022
Tocvan
including
0.00
38.13
38.13
0.17
12.30
2022
Tocvan
including
25.93
50.33
24.40
0.27
18.10
2022
Tocvan
including
27.45
38.13
10.68
0.59
40.40
2022
Tocvan
including
30.5
38.13
7.63
0.78
51.00
* intercepts from Tocvan reporting where reported intersection length is > 5 m
Sources of information: Selected Tocvan press releases from 2021 and 2022
ABOUT COLIBRI RESOURCE CORPORATION:
Colibri is a Canadian-based mineral exploration company listed on the TSX-V (CBI) and is focused on
acquiring and exploring prospective gold & silver properties in Mexico. The Company holds six high
potential precious metal projects in the mining friendly state of Sonora, Mexico.
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,
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/202559