Colibri Resource completes six drill holes at Pilar Project, Mexico

Colibri Resource Corp. [TSXV: CBI; OTC PINK: CRUCF] provided an update for its up to 1,250-metre diamond drilling program presently underway at its jointly held El Pilar Gold & Silver Project in Sonora Mexico. Colibri holds 49% interest in the El Pilar with partner Tocvan Ventures Corp. [CSE: TOC; OTCQB: TCVNF], which holds 51% ownership.

Six holes have now been completed totaling 672.2 metres and a seventh hole is presently underway. Cores from the first several holes have been logged and are presently being prepared to be shipped for geochemical analysis. The company will report results in due course upon review of the data.

On January 22, 2025, Tocvan Ventures reported the following in regard to the first four diamond drill holes completed in our 2025 program at Pilar: “The aim of the core program is to build out a more robust geological model across the area. Each hole completed has successfully intersected lithologies and structures (vein zones, breccia zones and/or large fault gouges) known to host and control gold – silver mineralization at Pilar that will aid in modelling. The company cautions these are visual indications; assay results are pending to verify the grade of mineralization.”

Ian McGavney, President & CEO of Colibri stated, “The Company is excited to move forward with its partner Tocvan Ventures to unlock Pilar’s significant potential. The new data derived from this diamond core drilling program will be added to the project’s geological model as well as to an upcoming Maiden Resource Estimate. We look forward to updating our shareholders on these drill results and our other progress at Pilar as we move towards our goal of being a near term gold & silver producer.”

The Pilar gold-silver property has returned some of the region’s best drill results. Coupled with encouraging gold and silver recovery results from metallurgical test work, Pilar is primed to be a potential near-term producer. The project is interpreted as a structurally controlled low-sulphidation epithermal system hosted in andesite rock. Initially, three primary zones of mineralization were identified on the original property from historic surface work and drilling, and are referred to as the Main zone, North Hill and 4-T. Each trend remains open to the southeast and north, and new parallel zones have been discovered. Structural features and zones of mineralization within the structures follow an overall northwest-southeast trend of mineralization. Mineralization extends along a 1.2-km trend. Only half of that trend has been drill-tested so far.

Pilar drill highlights: 2022 phase 3 diamond drilling highlights include (all lengths are drilled thicknesses): 116.9 metres of 1.2 g/t gold, including 10.2 m of 12 g/t Au and 23 g/t silver; 108.9 m of 0.8 g/t Au, including 9.4 m of 7.6 g/t Au and 5 g/t Ag; 63.4 m of 0.6 g/t Au and 11 g/t Ag, including 29.9 m of 0.9 g/t Au and 18 g/t Ag.

The 2021 phase 2 RC drilling highlights include (all lengths are drilled thicknesses): 39.7 m of 1.0 g/t Au, including 1.5 m of 14.6 g/t Au; 47.7 m of 0.7 g/t Au, including three m of 5.6 g/t Au and 22 g/t Ag; and 29 m of 0.7 g/t Au; and 35.1 m of 0.7 g/t Au.

The 2020 phase 1 RC drilling highlights include (all lengths are drilled thicknesses): 94.6 m of 1.6 g/t Au, including 9.2 m of 10.8 g/t Au and 38 g/t Ag; 41.2 m of 1.1 g/t Au, including 3.1 m of 6.0 g/t Au and 12 g/t Ag; and 24.4 m of 2.5 g/t Au and 73 g/t Ag, including 1.5 m of 33.4 g/t Au and 1,090 g/t Ag.

There is 15,000 metres of historic core and RC drilling; highlights include 61.0 m of 0.8 g/t Au; 21.0 m of 38.3 g/t Au and 38 g/t Ag; 13.0 m of 9.6 g/t Au; and 9.0 m of 10.2 g/t Au and 46 g/t Ag.

Pilar bulk sample summary: 62% recovery of gold achieved over 46-day leaching period. Head grade calculated at 1.9 g/t Au and seven g/t Ag; extracted grade calculated at 1.2 g/t Au and three g/t Ag. Bulk sample only included coarse fraction of material.

Fine fraction 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 95-99% recovery of gold; 73-97% recovery of silver. Includes the recovery of 99% Au and 73%t Ag from drill core composite at 120-metre depth.

Colibri is focused on acquiring, exploring, and developing prospective gold & silver properties in Mexico. The company holds four high potential precious metal projects:100% of EP Gold Project in the Caborca Gold Belt which has delivered encouraging exploration results and is surround by Mexico’s second largest major producer of gold on four sides, 49% ownership of the Pilar Gold & Silver Project which is believed to hold the potential to be a near term producing mine, and two prospective interests in the Sierra Madre (Diamante Gold & Silver Project and Jackie Gold & Silver Project.