Colibri's Option Partner Drills 15.3 Metres of 1.1 G/t Gold in New 4-trench Extension and Defines New Mineralized Trend at Pilar
Colibri's Option Partner Drills 15.3 Metres of
1.1 G/t Gold in New 4-trench Extension and
Defines New Mineralized Trend at Pilar
Dieppe, New Brunswick--(Newsfile Corp. - July 27, 2021) - Colibri Resource Corporation (TSXV: CBI)
("Colibri" or the "Company") is pleased to announce that its partner Tocvan Ventures Corp. ("Tocvan")
has reported assays from 4 additional holes completed on its 20-hole (2,500 metres) Phase II reverse
circulation ("RC") drill program at the Pilar Gold and Silver Project ("Pilar"), Sonora, Mexico.
Tocvan is in
year two of a five-year option agreement with Colibri to earn an initial 51% ownership of the Pilar Gold-
Silver Project.
For full details of the agreement see Colibri's news release dated
September 24th, 2019
.
"Our partner continues to illustrate the potential at Pilar.
Results from Phase II drilling by Tocvan includes
extension of the Main Zone and with these current results the confirmation of mineralization along the 4
Trench structure located northeast of the Main Zone.
The drilling appears to be defining a footprint of
mineralization approximately 500m x 500m with expansion potential to the southeast.
We anxiously look
forward to our partners continued success and the delineation and expansion of mineralization," states
Ron Goguen, President & CEO of Colibri.
Highlights and discussion of results as released by Tocvan follow:
Drill Result Highlights
JES-21-53
(Figure 1)
15.3 meters at 1.1 g/t Au and 2 g/t Ag
from 36.6 to 51.9 meters
Including
4.6 meters at 2.4 g/t Au and 3 g/t Ag
from 41.2 to 45.8 meters
Including
1.5 meters at 4.6 g/t Au and 3 g/t Ag
from 42.7 to 44.2 meters
JES-21-52
3.0 meters at 0.63 g/t Au and 47 g/t Ag
from 33.6 to 36.6 meters
And
3.0 meters at 0.49 g/t Au and 31 g/t Ag
from 41.2 to 44.2 meters
JES-21-55
10.7m at 0.43 g/t Au and 4 g/t Ag
from 10.7 to 21.4 meters
Including 1
.5 meters at 1.2 g/t Au and 7 g/t Ag
from 12.2 to 13.7 meters
Results Discussion
JES-21-52 - The hole was planned to test the 4-Trench Extension target. Drilling intersected a broad
low-grade zone from
7.6 to 44.2m of 0.18 g/t Au and 7 g/t Ag
, including a two higher grade sections
with
3m of 0.63 g/t Au and 47 g/t Ag
along with
3m of 0.49 g/t Au and 31 g/t Ag
. (see Table 1).
JES-21-53
- The hole was planned to test the 4-Trench Extension target 100m on trend with drill hole
JES-21-44. The hole intersected
15.3m of 1.1 g/t Au, including 1.5m of 4.6 g/t Au.
JES-21-54 - The hole was planned to test the 4-Trench Extension target 100m along trend from JES-21-
53. Drilling intersected a broad low-grade zone from
45.8 to 74.2m of 0.11 g/t Au
.
JES-21-55 - The hole was planned to test 4-Trench Extension target at the northwest extent of the trend.
The hole intersected
10.7m of 0.43 g/t Au
, including two elevated zones each
1.5m at 1.2 g/t Au
. The
hole was stopped due to a mechanical issue before reaching final target depth. The hole ended in
0.19
g/t Au and 31 g/t Ag
.
Figure 1. Planview Map of Phase II Drill Program Update.
To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/4269/91308_11b27e85b463387e_001full.jpg
.
Table 1. Summary of Drill Results
Hole ID
From
(m)
To (m)
Width* (m)
Au (g/t)
Ag (g/t)
AuEq (g/t)
JES-21-52
7.63
44.23
36.6
0.18
7
0.25
including
33.55
36.6
3.05
0.63
47
1.13
and
41.7
44.23
3.06
0.49
31
0.81
JES-21-53
36.6
51.85
15.25
1.09
2
1.11
including
41.17
45.75
4.58
2.42
3
2.45
including
42.7
44.23
1.53
4.57
3
4.60
JES-21-54
45.75
74.72
28.97
0.11
1
0.13
JES-21-55
10.68
21.35
10.67
0.43
4
0.47
including
12.2
13.72
1.52
1.16
7
1.24
and
19.82
21.35
1.53
1.20
0
1.20
161.65
163.18
1.53
0.19
31
0.52
*Insufficient drilling has been undertaken to determine true widths. All widths reported are core length. Gold equivalent ("AuEq") is calculated
using metal prices of $1,700/oz gold and $18/oz silver.
About the Pilar Property
The Pilar Gold-Silver property is interpreted as a structurally controlled low-sulphidation epithermal
project hosted in andesite rocks. Three zones of mineralization have been identified in the north-west
part of the property from historic surface work and drilling and are referred to as the Main Zone, North Hill
and 4-Trench. Structural features and zones of mineralization within the structures follow an overall NW-
SE trend of mineralization. Over 19,200 m of drilling have been completed to date. Significant results are
highlighted below:
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 @ 6.0g/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
17,700m of Historic Core & RC drilling. Highlights include:
61.0m @ 0.8 g/t Au
16.5m @ 53.5g/t Au and 53 g/t Ag
13.0m @ 9.6 g/t Au
9.0m @ 10.2 g/t Au and 46 g/t Ag
Soil and Rock sampling results from undrilled areas indicate mineralization extends towards
the southeast from the Main Zone and 4-Trench Zone. Recent Surface exploration has defined
three new target areas: Triple Vein Zone, SE Vein Zone and 4 Trench Extension.
ABOUT COLIBRI RESOURCE CORPORATION:
Colibri is a Canadian-based mineral exploration company listed on the TSXV (CBI) and is focused on
acquiring and exploring prospective gold & silver properties in Mexico. The Company has six exploration
projects of which five currently have exploration programs being executed or planned for 2021. The
flagship
Evelyn Gold Project
is 100% owned and explored by Colibri. The Company has four additional
projects,
Pilar Gold & Silver Project
(optioned to
Tocvan Ventures
) (CSE: TOC),
El Mezquite Gold &
Silver Project
,
Jackie Gold & Silver Project, and the Diamante Gold & Silver Project
(earn-in
agreements with
Silver Spruce Resources
) (TSXV: SSE) are also currently being actively advanced.
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 further information: Ronald J. Goguen, President, Chairperson and Director, Tel: (506) 383-4274,
.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/91308
.