Pilar GOLD Project – Colibri Option Partner Tocvan Ventures Releases Prelimiany Geophysical Survey Results – Several New Targets Identified
Suite 700-105 Englehart Street
Dieppe, New Brunswick E1A 8K2
Phone: 506-383-4274
Email: [email protected]
NEWS RELEASE
PILAR GOLD PROJECT – COLIBRI OPTION PARTNER TOCVAN VENTURES RELEASES
PRELIMIANY GEOPHYSICAL SURVEY RESULTS – SEVERAL NEW TARGETS IDENTIFIED
NEWS RELEASE - Dieppe, NB. May 20thth, 2020. (CBI-TSXV) Colibri Resource Corporation ("Colibri" or the
"Company") is pleased to announce that it has received preliminary geophysical survey data and interpretation
from its option partner Tocvan Ventures (TOC-CSE) at the Pilar Gold Project.
The results have revealed new mineralization targets, potential extensions to known mineralization zones, and
the continuity of geological trends, and allows for the calibrated geophysical model to be applied on the eastern
half of the property.
Specifically, results indicate that the Main Zone and North Hill Zone are possibly connected in which case these
would be renamed as a mineralization trend. There is the possibility of two feeder-pipe-like features or possible
chutes. Results also indicate the possibility of NE-SW structures connecting the 4-Trench Zone to the Main Zone.
Resistivity indicates the continuation of the NNW-SSE trend of the historically drilled mineralization and these
results open up the opportunity to develop mineralized areas:
1. Between the North Hill Zone and the Main Zone,
2. Between the 4-Trench zone and the Main Zone,
3. Extending southward from the Main Zone,
4. Within the new second parallel zone to the east,
5. Extending downward beneath the feeder-pipe-like features.
Detailed Induced Polarization ("IP") geophysical surveys were completed by TMC Exploracion Geophysics in two
perpendicular line directions at 75 metre line spacing to reveal detailed subsurface features. Initial results are
presented and the data will be further processed / integrated with geological and geochemical data for further
interpretation. The IP survey was conducted over an area with the most historic information, in particular the
northwest section of the property with 17,700+m of drilling. This was plan was executed in order to calibrate the
geophysical results with known geology, drill data, physical properties measurements on known mineralization
and alteration.
Results from these surveys will be combined with pre-existing data from historic drill holes and the assayed gold
and silver results from those holes will be included as part of the dataset to identify the structural features that
contain the gold-silver mineralization and thus create a structural mineralization model to identify drill targets
for the Phase 2 campaign.
About the Pilar Property
The Pilar Gold-Silver property has been identified as a structurally controlled low-sulphidation epithermal
project hosted in Andesite and Rhyolite rocks. Hydrothermal fluids carrying gold, silver and other minerals are
transported through the pre-existing structures and deposit out of the fluids and become emplaced within the
structures and surrounding host rock. 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 17,700m of drilling have been completed to date. Significant results are highlighted below
from previous operators:
17,700m of Core & RC drilling. Highlights include (all lengths are drilled thicknesses):
o 0.73g/t Au over 40m
o 0.75g/t Au over 61m
o 17.3g/t Au over 1.5m
o 5.27g/t Au over 3m
o 53.47g/t Au & 53.4g/t Ag over 16m
o 9.64g/t Au over 13m
o 10.6g/t Au & 37.8g/t Ag over 9m
2,650m of surface and trench channel sampling. Highlights include:
o 55g/t Au over 3m
o 28.6g/t Au over 6m
o 3.39 g/t Au over 50m
Soil sampling results from undrilled areas indicating mineralization extends towards the southeast
from the Main Zone, North Hill Zone, and 4-Trench Zone
Additional areas of mineralization have been identified resulting from surface rock-grab-sample assay results
that extend known mineralized trends and show a second NW-SE trend of mineralization to the east parallel to
the trending zone described above; gold-silver mineralization is indicated across the property from the north to
the south, see press release dated January 7, 2020. Significant results from that particular survey are highlighted
below:
Sample # Au g/t Ag g/t Cu % Pb %
PILAR-MTS-02 0.9 14.3 0.261 0.003
PILAR-MTS-03 1.3 5.4 0.338 0.002
PILAR-MTS-05 0.8 12.7 0.129 0.002
PILAR-MTS-06 3.2 8.3 0.350 0.001
PILAR-MTS-09 0.2 2.2 1.255 0.005
PILAR-MTS-10 0.9 17.2 0.734 0.010
PILAR-MTS-11 3.8 57.4 0.846 0.005
PILAR-MTS-12 0.0 5.6 1.910 0.001
PILAR-MTS-13 0.0 12.9 0.946 0.001
PILAR-MTS-14 0.1 3.3 1.400 0.001
PILAR-MTS-19 0.8 1.7 0.013 0.008
PILAR-MTS-20 5.6 84.2 0.088 1.710
PILAR-MTS-21 0.7 20.3 0.027 0.185
PILAR-MTS-22 9.3 76.4 0.120 2.150
PILAR-MTS-25 0.5 323.0 0.016 0.242
PILAR-MTS-26 1.4 2.4 0.002 0.013
PILAR-MTS-27 2.2 14.7 0.012 0.259
PILAR-MTS-29 4.3 172.0 0.086 1.125
PILAR-MTS-30 23.7 116.0 0.089 0.040
PILAR-MTS-33 4.4 44.5 0.109 0.036
PILAR-MTS-34 7.5 41.9 0.044 0.022
PILAR-MTS-35 2.2 3.5 0.179 0.008
Suite 700-105 Englehart Street
Dieppe, New Brunswick E1A 8K2
Phone: 506-383-4274
Email: [email protected]
Tocvan Ventures is currently in year 1 of a 5 year phased option agreement to earn a 51% ownership of the Pilar
Gold project by spending a total of $2,000,000 on exploration expenses, cumulatively issuing 5,000,000 shares of
Tocvan to Colibri, and paying an amount $400,000 to the Company. (See Colibri news release dated: September
24, 2019 for more details)
For further details regarding the above please refer to Tocvan’s press release dated May 20th, 2020.
The technical information in this news release has been prepared by Mark T. Smethurst, P.Geo., COO and Director
of Tocvan Ventures Inc, and a “qualified person” within the meaning of National Instrument 43-101 – Standards
of Disclosure for Mineral Projects.
About Colibri Resource Corporation:
Colibri is a Canadian-based mineral exploration company listed on the TSX-V (CBI) focused on acquiring
and exploring properties in Mexico. The Company currently has five active exploration properties at
various stages of exploration.
To view more information about any of Colibri’s projects please visit: www.colibriresource.com
The TSX Venture Exchange has neither approved nor disapproved the contents of this news release. 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. The statements made in this news release may contain
forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ
materially from the Company's expectations and projections.
For further information: Ronald J. Goguen, President, Chairperson and Director, Tel:(506) 383-4274,