CBI.V · 2022-02-01 12:00:00

Colibri's Option Partner Reports High-Grade Surface Exploration Results Identifying Undrilled Au-Ag Targets at Pilar Gold & Silver Project

Drill Results Sampling & Geoscience Results

Colibri's Option Partner Reports High-Grade

Surface Exploration Results Identifying

Undrilled Au-Ag Targets at Pilar Gold & Silver

Project

Dieppe, New Brunswick--(Newsfile Corp. - February 1, 2022) - Colibri Resource Corporation (TSXV:

CBI) ("Colibri" or the "Company") is pleased to announce that its partner Tocvan Ventures Corp.

("Tocvan") has reported additional surface sample results at the Pilar Gold & Silver Project. Highlights

from these samples includes 9.2 g/t Au and 279 g/t Ag, 6.6 g/t Au and 433 g/t Ag, and 1.3 g/t Au and

524 g/t Ag.

Tocvan is currently in its 3

year of a 5 year agreement to earn an initial 51% of Colibri's Pilar Gold &

Silver Project located in the prolific gold producing state of Sonora in Mexico. For full details of Colibri's

agreement with Tocvan please see the Company's news release dated

September 24th, 2019

TOCVAN REPORTS

A surface exploration program was conducted in December following-up on target areas identified

earlier in 2021. A total of 59 samples were collected with 21 samples returning values

greater than 0.5

g/t Au (Table 1). Sampling defined several new target areas yet to be drilled. The Main Zone has been

expanded with high-grade Au-Ag values (

9.2 g/t Au and 279 g/t Ag

) along the southeast extent hosted

in a silicified quartz vein breccia. The 4-T Trend has been

extended to the southeast 100-meters

with

high-grade Au-Ag values, highlighted by

6.6 g/t Au and 433 g/t Ag

hosted in a strongly silicified fault. A

new vein corridor identified by several artisanal workings and shafts over a

200-meter strike

has

returned high-grade silver values highlighted by

524 g/t Ag and 1.3 g/t Au

hosted in a silicified quartz

vein breccia. In addition, mineralization has been identified further to the south (300-meters) highlighted

3.1 g/t Au and 27 g/t Ag

Surface Results Highlights

Main Zone Expansion

New alteration corridor identified adjacent to Main Zone, highlighted by:

9.2 g/t Au and 279 g/t Ag

4-T Trend extended over 100-meters

to the southeast, highlighted by:

6.6 g/t Au and 433 g/t Ag

3.5 g/t Au and 645 g/t Ag

4.9 g/t Au and 32 g/t Ag

NEW Vein Target

defined over

200-meter strike,

highlighted by:

1.3 g/t Au and 524 g/t Ag

1.3 g/t Au and 94 g/t Ag

1.1 and 48 g/t Ag

South Zone

reconnaissance sampling returned

3.1 g/t Au and 27 g/t Ag

2.5 g/t Au and 2 g/t Ag

1.0 g/t Au and 29 g/t Ag

"The results from our recent surface exploration program have further confirmed the significant

distribution of untested drill targets at Pilar,"

commented CEO, Brodie Sutherland

. "We have now

defined a 1.2 km corridor of Au-Ag mineralization at Pilar, half of which has seen no drilling. We plan

to test these target areas with systematic drilling during the Phase III drill program currently underway.

2022 will be an important year for the advancement of Pilar as we look to better understand the extent

of the mineralized system."

Figure 1. Plan Map Highlighting the Surface Exploration Program Results.

To view an enhanced version of this graphic, please visit:

https://orders.newsfilecorp.com/files/4269/112315_d60f83b18431d830_001full.jpg

Table 1. Select Surface Exploration Program Results.

Sample ID

Prospect

Sample Type

Weight (kg)

Au (g/t)

Ag (g/t)

7617

Main Zone

Expansion

GRAB

4.98

9.22

279

7591

4-T

CHIP

3.89

6.57

433

7603

4-T

CHIP

3.54

4.87

7620

4-T

GRAB

4.15

3.54

645

7568

South

GRAB

2.78

3.05

7577

South

GRAB

4.12

2.46

7590

4-T

CHIP

3.66

1.63

7563

NVZ

CHIP

5.77

1.38

7586

NVZ

GRAB

4.32

1.31

7564

NVZ

GRAB

3.72

1.25

524

7561

NVZ

GRAB

3.22

1.08

7621

NVZ

GRAB

3.84

1.07

7571

South

CHIP

3.23

1.04

7592

4-T

CHIP

3.71

0.85

7584

NVZ

CHIP

4.79

0.63

7593

4-T

CHIP

6.43

0.61

7569

South

GRAB

4.03

0.59

7578

South

CHIP

4.65

0.54

7589

4-T

CHIP

3.63

0.54

7594

4-T

CHIP

5.00

0.52

7562

NVZ

GRAB

2.98

0.50

7606

4-T

CHIP

4.80

0.40

7572

South

CHIP

3.98

0.38

7610

4-T

CHIP

6.08

0.18

7619

4-T

CHIP

5.08

0.16

7602

4-T

CHIP

5.11

0.14

7600

4-T

CHIP

5.56

0.11

7582

NVZ

CHIP

5.12

0.09

7579

South

CHIP

4.57

0.08

7611

4-T

CHIP

3.86

0.08

4-T, notes the 4-Trench prospective trend. NVZ, notes the New Vein Target identified by sampling and mapping. Grab samples are selective in

nature and may not be representative of broader mineralized zones. Chip samples are taken over 0.5-2m lengths.

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 22,700 m of drilling have been completed to date. Significant results are

highlighted below:

2021 Phase II RC Drilling Highlights include (

all lengths are drilled thicknesses

39.7m @ 0.96 g/t Au, including 1.5m @ 14. g/t Au

47.7m @ 0.70 g/t Au including 3m @ 5.6 g/t Au and 22 g/t Ag

29m @ 0.71g/t Au

35.1m @ 0.66 g/t Au

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.

Quality Assurance / Quality Control

RC chips were shipped for sample preparation to ALS Limited in Hermosillo, Sonora, Mexico and for

analysis at the ALS laboratory in North Vancouver. The ALS Hermosillo and North Vancouver facilities

are ISO 9001 and ISO/IEC 17025 certified. Gold was analyzed using 50-gram nominal weight fire assay

with atomic absorption spectroscopy finish. Over limits for gold (>10 g/t), were analyzed using fire assay

with a gravimetric finish. Silver and other elements were analyzed using a four-acid digestion with an ICP

finish. Over limit analyses for silver (>100 g/t) were re-assayed using an ore-grade four-acid digestion

with ICP-AES finish. Control samples comprising certified reference samples and blank samples were

systematically inserted into the sample stream and analyzed as part of the Company's robust quality

assurance / quality control protocol.

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 in 2022. (1) The flagship

Evelyn Gold Project

is 100% owned and explored by Colibri, (2) the

Pilar Gold & Silver Project

(optioned to

Tocvan Ventures- (CSE: TOC

), (3) the

El Mezquite Gold & Silver Project

, (4) the

Jackie

Gold & Silver Project, and (5) the Diamante Gold & Silver Project.

3,4,and 5 are subject to earn-in

agreements by

Silver Spruce Resources - (TSXV: SSE

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: Ronald J. Goguen, President, Chairperson and Director, Tel: (506) 383-4274,

[email protected]

To view the source version of this press release, please visit

https://www.newsfilecorp.com/release/112315

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