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Colibri Retains 49% Interest in Pilar and Will Enter into a JV

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Colibri Resource (CRUCF) announces a joint venture with Tocvan Ventures Corp. on the Pilar Gold and Silver Project. Tocvan opts not to exercise Right of First Refusal, leading to a 51% Tocvan / 49% Colibri JV. Positive advancements in project value, bulk sample head grade of 1.9 g/t Au, encouraging recovery factors, and potential mineralization expansion.
Positive
  • Positive advancements in project value since the agreement in September 2019.
  • Bulk sample head grade of 1.9 g/t Au is encouraging.
  • Recovery factors for gold and silver from metallurgical tests are promising.
  • Potential expansion of known mineralization indicated by open mineralized trends and geophysical survey interpretation.
  • Excitement for the potential of Pilar Gold and Silver Project to become a low-cost gold producer in the near term.
Negative
  • None.

Dieppe, New Brunswick--(Newsfile Corp. - March 21, 2024) - Colibri Resource Corporation (TSXV: CBI) (OTC Pink: CRUCF) ("Colibri" or the "Company") announces that Tocvan Ventures Corp. ("Tocvan") has elected not to exercise its Right of First Refusal to purchase 49% ownership in the Pilar Gold and Silver Project ("Pilar") held by Colibri. As per the original agreement, the two companies will now form a joint venture ("JV") on a 51% Tocvan / 49% Colibri basis to advance the project.

"The Pilar Gold and Silver Project has advanced significantly since we entered into the option and joint venture agreement in September 2019. We believe that the Tocvan team has done an excellent job in creating substantial project value and has positioned Pilar to potentially become a low cost gold producer in the near term. The head grade of the bulk sample reported in May 2022 of 1.9 g/t Au is very encouraging as are the recovery factors for gold and silver attained from various metallurgical tests. Further potential expansion of known mineralization is indicated by mineralized trends that are open to the southeast and by detailed interpretation of geophysical surveys completed in 2020 which indicate the potential continuity of controlling structures at depth. We are extremely excited about the potential opportunities that Colibri now has on the table for its 49% ownership at Pilar," said Ian McGavney, President/CEO of Colibri.

About the Pilar Project Agreement and JV

The Pilar Gold & Silver Project is an advanced exploration project located near the town of Suaqui Grande in central Sonora, Mexico. In September 2018, the two Companies entered into a 5 year option work one agreement whereby Colibri granted Tocvan the right to earn 51% ownership of Pilar by:

i) issuing a total of 5 million shares of Tocvan to Colibri,
ii) completing a total of $2 million of exploration expenses,
iii) making cash payments totalling $400,000.

The agreement also granted Tocvan, upon earning its 51% interest in Pilar, a six month exclusivity period to purchase the remaining 49% owned Colibri by paying CAD$2 million and granting Colibri a 2% net smelter royalty ("NSR"). Tocvan successfully completed its Earn-In of 51% ownership of Pilar on September 18th, 2023, triggering the exclusivity clause which expired at the end of business on March 18th, 2024. As a result, 49% ownership of Pilar remains with Colibri and the Companies will now form a JV to advance the project towards production.

About the Pilar Gold and Silver Project

Pilar is interpreted as a structurally controlled, low sulphidation, gold-silver system similar in many respects to current and past producing deposits in the Sierra Madre epithermal district. Prior to Tocvan ownership, the Pilar property had been the target of 3 main exploration initiatives. During the period 1995 to 1998 Santa Catalina Mining Corp, a wholly owned subsidiary of Lundin Mining Corporation, completed extensive trenching, channel sampling and 2 phases of reverse circulation drilling in 29 holes. The results of the drilling included the intersection of wide zones of mineralization including locally very high grades and defined the core footprint of the Main Zone of mineralization. During the period 2010 to 2013, Minera Bestep S.A. de C.V. ("Bestep") completed geological mapping and rock sampling, re-opened the trenches created by Santa Catalina and collected 590 rock chip samples over approximately 5 metre lengths, and completed an Induced Polarization ("IP") and magnetic survey. During this period, Bestep drilled a total of 7,192 metres in 61 holes (10 core holes and 51 RC holes) and commissioned preliminary metallurgical testwork. Collectively, the trenching, sampling, and drilling completed by Santa Catalina and Bestep defined the Main Zone, North Hill, and 4-trench zones of mineralization. In May 2017, Colibri purchased Bestep and the Pilar project and completed further geological mapping, sampling, and a comprehensive GIS compilation of historical exploration data. During the period March - May 2018, Colibri completed 2,965.5 metres of RC drilling in 27 holes. The drilling by Colibri demonstrated continuity in Main Zone and expanded the footprint of mineralization to the southeast. Highlights of drilling over the 3 historical campaigns are illustrated in Table 1.

Tocvan has completed 3 phases of drilling which include both RC and diamond programs. The drilling is consistent with historical drilling and provide both step out expansion and in-fill confirmation. Significant intercepts reported by Tocvan are contained in Table 2. Tocvan has completed programs of geological mapping and sampling, trenching, and geophysical surveys including magnetic and CSMAT surveys. To support advancing the project towards gold production, Tocvan has completed a 1,400 tonne bulk sample, a diagnostic leach study, and other metallurgical testwork. Results of bulk sample and additional metallurgical studies include:

Pilar Bulk Sample Summary:

  • 62% Recovery of Gold Achieved Over 46-day Leaching Period
  • Head Grade Calculated at 1.9 g/t Au and 7 g/t Ag; Extracted Grade Calculated at 1.2 g/t Au and 3 g/t Ag
  • Bulk Sample Only Included Coarse Fraction of Material (+3/4" to +1/8")
  • Fine Fraction (-1/8") Indicates Rapid Recovery with Agitated Leach
    • Agitated Bottle Roll Test Returned Rapid and High Recovery Results: 80% Recovery of Gold and 94% Recovery of Silver after Rapid 24-hour Retention Time

Additional Metallurgical Studies:

  • Gravity Recovery with Agitated Leach Results of Five Composite Samples Returned
    • 95 to 99% Recovery of Gold
    • 73 to 97% Recovery of Silver
    • Includes the Recovery of 99% Au and 73% Ag from Drill Core Composite at 120-meter depth.

(Source: www.tocvan.com)

Table 1. Historical drill intercepts from the Pilar Gold and Silver Project*

YearOperatorHole IDFromToLengthAu (g/t)Ag (g/t)
1996SCS - 1052.5069.0016.5053.4753.40
1996SCQ - 8b18.8031.5013.609.647.20
1996SCP-10b76.50102.0025.500.923.20
1996SCO-9b66.0073.507.503.3354.80
1996SCP - 810.5025.5015.001.066.60
1996SCP - 834.5042.007.501.245.10
1996SCP - 860.0067.507.500.530.80
1996SCJ - 1610.5019.509.000.52NR
1996SCN - 96.0013.507.501.0835.20
1996SCO-8b66.0073.507.503.3354.80
1997SCP-9-B57.0066.009.0010.1637.80
1997SCP-9-B66.0085.5019.500.3314.10
1997SCP-734.5072.0037.500.451.00
1997SCP-7-B45.0066.0021.000.541.80
1997SCP-8-B13.5057.0043.500.651.40
1997SCP-925.5042.0016.500.584.90
1997SCP-951.0069.0018.000.564.10
1997SCR-819.5025.506.002.1914.80
1997SCR-846.5060.0013.503.0629.40
1997SCK-161.509.007.503.3031.30
1997SCPP-89.0016.507.501.071.50
1998SCLL-8-B1.509.007.500.5415.80
1998SCPP-8-C1.5025.5024.000.680.50
1998SCPP-8-C7.5021.0013.501.050.90
1998SCPP-8-C34.5046.5012.002.152.10
1998SCPP-8-C69.0075.006.001.240.20
1998SCR-8-C1.5010.509.002.363.10
2010BestepJESP-100.0059.0659.10.58NR
2010Bestepincludes1.523.051.52.33NR
2010Bestepincludes38.1039.621.52.65NR
2010BestepJESP-120.0041.0141.01.32NR
2010Bestepincludes0.0027.8927.91.89NR
2012BestepJESP-12-357.9192.9635.10.32NR
2012BestepJESP-12-415.2436.5821.30.84NR
2012Bestepincludes25.9135.059.11.65NR
2013BestepJESP-13-0758.5108.049.50.30NR
2013Bestepincludes58.566.07.50.83NR
2013Bestepincludes70.576.56.00.55NR
2013BestepJESP-13-0852.5139.587.00.26NR
2013Bestepincludes52.572.019.50.52NR
2013Bestepincludes81.085.54.50.20NR
2013Bestepincludes93.099.06.00.71NR
2013BestepJESP-13-0954.093.039.00.44NR
2013Bestepincludes54.076.522.50.65NR
2013Bestepincludes61.573.512.00.96NR
2013BestepJESP-13-1112.022.510.50.32NR
2013Bestepincludes12.016.54.50.47NR
2013BestepJESP-13-120.09.09.00.31NR
2013BestepJESP-13-1224.049.525.50.29NR
2013BestepJESP-13-1273.581.07.50.32NR
2013BestepJESP-13-1313.522.59.00.20NR
2013BestepJESP-13-1539105660.94NR
2013Bestepincludes3976.537.51.18NR
2013Bestepincludes40.546.565.24NR
2018ColibriJES-18-219.552.5330.15NR
2018Colibriincludes2428.54.50.65NR
2018ColibriJES-18-2727860.58NR
2018ColibriJES-18-3117130.513.55.64NR
2018Colibriincludes11712698.16NR
2018Colibriincludes117118.51.533.4NR
2018ColibriJES-18-3139.51477.50.21NR
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FAQ

What is the ticker symbol for Colibri Resource ?

The ticker symbol for Colibri Resource is CRUCF.

What is the recent announcement made by Colibri Resource regarding the Pilar Gold and Silver Project?

Colibri Resource announced a joint venture with Tocvan Ventures Corp. on the Pilar Gold and Silver Project.

What percentage ownership in the Pilar Gold and Silver Project does Colibri hold in the joint venture?

Colibri holds 49% ownership in the joint venture with Tocvan Ventures Corp.

What is the bulk sample head grade of gold reported in May 2022 for the Pilar Gold and Silver Project?

The bulk sample head grade of gold reported in May 2022 for the Pilar Gold and Silver Project is 1.9 g/t Au.

What potential expansion of known mineralization is indicated for the Pilar Gold and Silver Project?

The potential expansion of known mineralization is indicated by mineralized trends that are open to the southeast and by detailed interpretation of geophysical surveys completed in 2020.

What are some positive aspects of the recent announcement by Colibri Resource regarding the Pilar Gold and Silver Project?

Positive aspects include advancements in project value, encouraging bulk sample head grade, promising recovery factors for gold and silver, and potential mineralization expansion.

What is the goal for the Pilar Gold and Silver Project according to Colibri Resource ?

Colibri Resource aims for the Pilar Gold and Silver Project to become a low-cost gold producer in the near term.

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