Colibri's Option Partner Recieves 2nd Batch of Assays for Drilling Completed at El Mezquite Gold and Silver Project, Sonora, Mexico
Colibri's Option Partner Recieves 2nd Batch of
Assays for Drilling Completed at El Mezquite
Gold and Silver Project, Sonora, Mexico
Dieppe, New Brunswick--(Newsfile Corp. - September 21, 2021) - Colibri Resource Corporation (TSXV:
CBI) ("Colibri" or the "Company") is pleased to announce that its partner, Silver Spruce Resources, Inc.
(TSXV: SSE) has reported assay results for the final 10 holes drilled at the El Mezquite Au-Ag property
("El Mezquite" or the "Property").
All holes intersected gold mineralization over variable core lengths.
Highlights of the assays received include intercepts of 0.537 grams per tonne ("g/t") Au over an
intersection length of 6.1 metres ("m") in hole MEZ-21-016 and 0.502 g/t Au + 24.7 g/t Ag over an
intersection length of 4.575 m in hole MEZ-21-012.
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.
Results of the first 10 holes were reported by
the Company on September 7, 2021 which included significant Au assays (Au > 0.10 g/t) in nine of the
10 holes reported with a highlight of 0.83 g/t Au over 3.05 metres ("m") in hole MEZ-21-005.
The locations for all holes drilled in the Phase 1 El Mezquite drill program are contained figure 1 and
significant assay results from holes MEZ-21-011 to 020 are reported in table 1.
Ron Goguen, President and CEO of Colibri commented:
"This is the first drill program completed
on the El Mezquite property and we are very encouraged that gold mineralization has been
intersected in nineteen of the twenty holes drilled.
The locally high-grade base metal values are
also encouraging, and we look forward to our partners utilizing all data to continue to develop
the property exploration strategy and test targets in future drill programs."
Greg Davison, Silver Spruce Vice-President Exploration and Director commented:
"Pathfinder
elements (Hg, Cu, Pb, Zn, Sb and As) with low grade Au often displayed well-defined metal
haloes adjacent to notable Au values.
These zones, which occurred in fourteen (14) drill holes,
ranged from ten (10) to forty-three (43) metres, with seven intervals over 20 metres in apparent
thickness downhole, within and peripheral to the multiple gold and silver-bearing intervals."
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/4269/97151_c48a963854b3188f_001full.jpg
.
Table 1. Select assay intervals (>0.1 g/t Au) for the Phase 1 drilling program as provided by Silver
Spruce Resources Inc (MEZ011-MEZ-020)
Collar
From
To
Length
Au_ppm
Ag_ppm
Cu_ppm
Pb_ppm
Zn_ppm
MEZ-21-011
22.875
24.4
1.525
0.141
41.1
4660
2110
5170
MEZ-21-011
123.525
125.05
1.525
0.126
0.25
87
134
685
MEZ-21-012
6.1
10.675
4.575
0.502
24.7
97
1506
98
MEZ-21-013
86.925
88.45
1.525
0.141
4.1
62
2290
3680
MEZ-21-013
94.55
96.075
1.525
0.298
99.4
987
>10000
>10000
MEZ-21-014
105.225
106.75
1.525
0.182
26.1
624
1065
2160
MEZ-21-015
24.4
32.025
7.625
0.229
17.2
385
3214
8183
MEZ-21-015
70.15
71.675
1.525
0.157
4.9
156
868
1240
MEZ-21-016
24.4
30.5
6.1
0.152
4.1
110
1403
1536
MEZ-21-016
62.525
68.625
6.1
0.537
2.5
27
717
1110
MEZ-21-016
83.875
85.4
1.525
0.107
7.5
136
1050
1035
MEZ-21-016
88.45
89.975
1.525
0.104
12.2
134
910
1215
MEZ-21-016
93.025
94.55
1.525
0.188
1.1
52
370
563
MEZ-21-017
65.575
73.2
7.625
0.177
12.4
353
2203
3510
MEZ-21-017
77.775
80.825
3.05
0.121
7.9
151
1489
1537
MEZ-21-018
45.75
47.275
1.525
0.278
8.4
231
666
923
MEZ-21-018
47.275
48.8
1.525
0.127
3.8
86
1035
1625
MEZ-21-018
91.5
93.025
1.525
0.111
2.2
34
139
278
MEZ-21-019
36.6
39.65
3.05
0.47
31.7
1277
2771
6353
MEZ-21-019
45.75
48.8
3.05
0.176
52.9
501
4549
6752
MEZ-21-019
74.725
76.25
1.525
0.162
20.7
500
6820
>10000
MEZ-21-020
25.925
28.975
3.05
0.127
1.6
82
675
632
MEZ-21-020
42.7
48.8
6.1
0.187
4.5
204
1873
3820
MEZ-21-020
89.975
91.5
1.525
0.101
0.25
9
53
304
*The above Lengths are drilled lengths. True widths are unknown
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 Eagles' El 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 TSX-V (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/97151