Colibri's Option Partner Receives Assay Results for Phase I Drilling Completed at El Mezquite Gold & Silver Project, Sonora, Mexico
Colibri's Option Partner Receives Assay
Results for Phase I Drilling Completed at El
Mezquite Gold & Silver Project, Sonora,
Mexico
Dieppe, New Brunswick--(Newsfile Corp. - September 7, 2021) -
Colibri Resource Corporation (TSXV:
CBI) ("Colibri" or the "Company") is pleased to report that its partner, Silver Spruce Resources Inc.
(TSXV: SSE) has announced that it has received assay results from the first 10 holes completed on the
Phase 1 exploration drilling at El Mezquite Au-Ag property ("El Mezquite" or the "Property").
Nine of the
10 holes reported returned assays or assay intercepts greater that 0.1 grams per tonne ("g/t") Au with a
highlight of 0.83 g/t Au over 3.05 metres ("m") in hole MEZ-21-005.
The Phase 1 drill program consisted of a total of 2,485 metres completed in 20 holes from eight drill
pads (see Figure 1) and was completed on July 28, 2021.
Silver Spruce has received and reported
assay results from the first 10 holes. The results of the remaining 10 holes are pending.
All samples have
been submitted to the assay laboratory.
A table of assay results greater than 0.10 g/t Au, as provided to
Colibri from Silver Spruce, is reported in table 1.
Greg Davison, VP Exploration and Qualified Person for Silver Spruce comments on the drilling and
assay results as follows: "The first 10 holes were drilled mainly on four collar locations targeting 3D IP
chargeability anomalies and were logged primarily as green to grey-green andesite and mafic dykes
exhibiting surface oxidation and transitional zones, weak propylitic alteration and at depth, abundant
disseminated sulphides and/or magnetite.
Andesite dykes contained elevated magnetite.
Minor rhyolitic
units may be feldspar-quartz intrusive dykes.
Oxidation reached depths of 3 metres to 18.3 metres
above transitional intervals of 3 metres to 24.3 metres.
The sulphide zone andesites were intersected at
overall downhole depths of 13 metres to 36.6 metres and continued through the holes.
Pyrite was the
dominant sulphide species with minor chalcopyrite, sphalerite and possible galena.
Sulphides also
occurred in quartz and quartz-carbonate veinlets with a stockwork-style distribution.
The mineralized
intervals, identified to date, reflect the thickness of the vein and structurally controlled surface showings.
Of importance to the geochemical interpretation, the pathfinder elements (Hg, Cu, Pb, Zn, Sb and As)
often display a well-defined metal halo, up to eighteen (18) metres in apparent thickness downhole,
within and peripheral to the multiple gold and silver-bearing intervals and potentially are indicative of a
significant precious metal mineralizing system."
"We are very pleased that virtually all holes reported contain gold mineralization. We look forward to
the assay results pending, Silver Spruce's complete assessment of the results, and their plans for
continued drilling to explore the
Mezquite Property for a large tonnage gold deposit on the Mezquite,"
said Ron Goguen, President & CEO of Colibri.
Silver Spruce Resources is currently in the 2
nd
year of a four year agreement with Colibri to earn 50% of
the El Mezquite Gold and Silver Project. For full details of the agreement please refer to the Colibri news
release dated
June 11
th
, 2020
.
Figure 1. Drill collar location map for the El Mezquite property
To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/4269/95720_aa926bfae40e49dd_001full.jpg
Table 1. Select assay intervals (>0.1 g/t Au) for the Phase 1 drilling program (MEZ001-MEZ-010)
To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/4269/95720_aa926bfae40e49dd_002full.jpg
About El Mezquite Property
The El Mezquite Property is located within a belt of Epithermal Au-Au mineralization hosted by the Sierra
Madre Occidental Volcanic Complex.
Major gold mining operations in the area of El Mezquite include
Alamos Golds' Los Mulatos Mine and Agnico Eagle's La India and Pinos Altos Mines.
The 180 hectare
El Mezquite Property is located approximately 170 km southeast of Sonora state capital Hermosillo and
approximately 10 km northwest of the town of Tepoca.
The property is accessed directly from Sonora
state Highway 16.
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/95720