Colibri Retains 49% Interest in Pilar and Will Enter into a JV
- 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.
- 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
"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
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
i) issuing a total of 5 million shares of Tocvan to Colibri,
ii) completing a total of
iii) making cash payments totalling
The agreement also granted Tocvan, upon earning its
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 and94% Recovery of Silver after Rapid 24-hour Retention Time
- Agitated Bottle Roll Test Returned Rapid and High Recovery Results:
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 and73% Ag from Drill Core Composite at 120-meter depth.
- 95 to
(Source: www.tocvan.com)
Table 1. Historical drill intercepts from the Pilar Gold and Silver Project*
| Year | Operator | Hole ID | From | To | Length | Au (g/t) | Ag (g/t) |
| 1996 | SC | S - 10 | 52.50 | 69.00 | 16.50 | 53.47 | 53.40 |
| 1996 | SC | Q - 8b | 18.80 | 31.50 | 13.60 | 9.64 | 7.20 |
| 1996 | SC | P-10b | 76.50 | 102.00 | 25.50 | 0.92 | 3.20 |
| 1996 | SC | O-9b | 66.00 | 73.50 | 7.50 | 3.33 | 54.80 |
| 1996 | SC | P - 8 | 10.50 | 25.50 | 15.00 | 1.06 | 6.60 |
| 1996 | SC | P - 8 | 34.50 | 42.00 | 7.50 | 1.24 | 5.10 |
| 1996 | SC | P - 8 | 60.00 | 67.50 | 7.50 | 0.53 | 0.80 |
| 1996 | SC | J - 16 | 10.50 | 19.50 | 9.00 | 0.52 | NR |
| 1996 | SC | N - 9 | 6.00 | 13.50 | 7.50 | 1.08 | 35.20 |
| 1996 | SC | O-8b | 66.00 | 73.50 | 7.50 | 3.33 | 54.80 |
| 1997 | SC | P-9-B | 57.00 | 66.00 | 9.00 | 10.16 | 37.80 |
| 1997 | SC | P-9-B | 66.00 | 85.50 | 19.50 | 0.33 | 14.10 |
| 1997 | SC | P-7 | 34.50 | 72.00 | 37.50 | 0.45 | 1.00 |
| 1997 | SC | P-7-B | 45.00 | 66.00 | 21.00 | 0.54 | 1.80 |
| 1997 | SC | P-8-B | 13.50 | 57.00 | 43.50 | 0.65 | 1.40 |
| 1997 | SC | P-9 | 25.50 | 42.00 | 16.50 | 0.58 | 4.90 |
| 1997 | SC | P-9 | 51.00 | 69.00 | 18.00 | 0.56 | 4.10 |
| 1997 | SC | R-8 | 19.50 | 25.50 | 6.00 | 2.19 | 14.80 |
| 1997 | SC | R-8 | 46.50 | 60.00 | 13.50 | 3.06 | 29.40 |
| 1997 | SC | K-16 | 1.50 | 9.00 | 7.50 | 3.30 | 31.30 |
| 1997 | SC | PP-8 | 9.00 | 16.50 | 7.50 | 1.07 | 1.50 |
| 1998 | SC | LL-8-B | 1.50 | 9.00 | 7.50 | 0.54 | 15.80 |
| 1998 | SC | PP-8-C | 1.50 | 25.50 | 24.00 | 0.68 | 0.50 |
| 1998 | SC | PP-8-C | 7.50 | 21.00 | 13.50 | 1.05 | 0.90 |
| 1998 | SC | PP-8-C | 34.50 | 46.50 | 12.00 | 2.15 | 2.10 |
| 1998 | SC | PP-8-C | 69.00 | 75.00 | 6.00 | 1.24 | 0.20 |
| 1998 | SC | R-8-C | 1.50 | 10.50 | 9.00 | 2.36 | 3.10 |
| 2010 | Bestep | JESP-10 | 0.00 | 59.06 | 59.1 | 0.58 | NR |
| 2010 | Bestep | includes | 1.52 | 3.05 | 1.5 | 2.33 | NR |
| 2010 | Bestep | includes | 38.10 | 39.62 | 1.5 | 2.65 | NR |
| 2010 | Bestep | JESP-12 | 0.00 | 41.01 | 41.0 | 1.32 | NR |
| 2010 | Bestep | includes | 0.00 | 27.89 | 27.9 | 1.89 | NR |
| 2012 | Bestep | JESP-12-3 | 57.91 | 92.96 | 35.1 | 0.32 | NR |
| 2012 | Bestep | JESP-12-4 | 15.24 | 36.58 | 21.3 | 0.84 | NR |
| 2012 | Bestep | includes | 25.91 | 35.05 | 9.1 | 1.65 | NR |
| 2013 | Bestep | JESP-13-07 | 58.5 | 108.0 | 49.5 | 0.30 | NR |
| 2013 | Bestep | includes | 58.5 | 66.0 | 7.5 | 0.83 | NR |
| 2013 | Bestep | includes | 70.5 | 76.5 | 6.0 | 0.55 | NR |
| 2013 | Bestep | JESP-13-08 | 52.5 | 139.5 | 87.0 | 0.26 | NR |
| 2013 | Bestep | includes | 52.5 | 72.0 | 19.5 | 0.52 | NR |
| 2013 | Bestep | includes | 81.0 | 85.5 | 4.5 | 0.20 | NR |
| 2013 | Bestep | includes | 93.0 | 99.0 | 6.0 | 0.71 | NR |
| 2013 | Bestep | JESP-13-09 | 54.0 | 93.0 | 39.0 | 0.44 | NR |
| 2013 | Bestep | includes | 54.0 | 76.5 | 22.5 | 0.65 | NR |
| 2013 | Bestep | includes | 61.5 | 73.5 | 12.0 | 0.96 | NR |
| 2013 | Bestep | JESP-13-11 | 12.0 | 22.5 | 10.5 | 0.32 | NR |
| 2013 | Bestep | includes | 12.0 | 16.5 | 4.5 | 0.47 | NR |
| 2013 | Bestep | JESP-13-12 | 0.0 | 9.0 | 9.0 | 0.31 | NR |
| 2013 | Bestep | JESP-13-12 | 24.0 | 49.5 | 25.5 | 0.29 | NR |
| 2013 | Bestep | JESP-13-12 | 73.5 | 81.0 | 7.5 | 0.32 | NR |
| 2013 | Bestep | JESP-13-13 | 13.5 | 22.5 | 9.0 | 0.20 | NR |
| 2013 | Bestep | JESP-13-15 | 39 | 105 | 66 | 0.94 | NR |
| 2013 | Bestep | includes | 39 | 76.5 | 37.5 | 1.18 | NR |
| 2013 | Bestep | includes | 40.5 | 46.5 | 6 | 5.24 | NR |
| 2018 | Colibri | JES-18-2 | 19.5 | 52.5 | 33 | 0.15 | NR |
| 2018 | Colibri | includes | 24 | 28.5 | 4.5 | 0.65 | NR |
| 2018 | Colibri | JES-18-2 | 72 | 78 | 6 | 0.58 | NR |
| 2018 | Colibri | JES-18-3 | 117 | 130.5 | 13.5 | 5.64 | NR |
| 2018 | Colibri | includes | 117 | 126 | 9 | 8.16 | NR |
| 2018 | Colibri | includes | 117 | 118.5 | 1.5 | 33.4 | NR |
| 2018 | Colibri | JES-18-3 | 139.5 | 147 | 7.5 | 0.21 | NR |
| 2018 | Colibri | JES-18-4 |
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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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