VANCOUVER, May 30, 2013 /CNW/ – Colibri Resource Corporation (“Colibri” or the “Company”) (TSX.V-CBI) is pleased to provide an update of exploration activities at the 506 hectare Evelyn Gold Project, near the town of Caborca in Sonora, Mexico. Evelyn is located approximately 13 kilometres to the northeast of the Noche Buena Gold Mine (Minera Penmont JV – Fresnillo PLC 56%, Newmont USA Ltd. 44%), and about 20 kilometres to the northwest of the Company’s Colibri/Pitaya Gold Project. The conceptual target at Evelyn is orogenic-style gold mineralization, similar to other projects in the Caborca area. The project has small scale historic artisanal gold workings on northeast and northwest-trending vein structures in altered and locally schistose volcanic host rock.
A total of 703 surface soil samples were collected in two campaigns at the Evelyn Project. The sample lines are oriented north-south and spaced 100 metres apart. Samples were collected every 50 to 100 metres along these lines, and at an average 30 centimetre depth.
Gold values range up to 2.27 grams per tonne, with greater than 10% of the samples analyzing over 50 parts per billion (ppb) gold. The table below summarizes the distribution of gold values. The sampling highlights strong, widespread anomalous gold values over much of the Evelyn property. Please refer to the gold geochemistry map on the Company website.
|Number of |
|Gold Assay |
|397||> 5 – 25|
|113||> 25 – 50|
|47||> 50 – 100|
|16||> 100 – 200|
Samples from the two campaigns were analyzed in different laboratories. 370 samples from the first program were delivered to Inspectorate Laboratories’ preparation facility in Hermosillo, Mexico and analyzed in Vancouver, B.C. using a GENX 30 package. This includes fire assay for gold with atomic absorption (AA) finish, cold vapor analysis by AA for mercury, and 29 element induced coupling plasma (ICP) analyses for remaining elements. Inspectorate Laboratories’ quality management system complies with International Standards ISO 9001:2008. 333 samples from the second campaign were prepared in Acme Analytical Laboratory’s Caborca, Mexico preparation lab and analyzed in Vancouver, B.C. using a 1F02 package. This includes an aqua regia digestion and 37-element ICP-MS ‘ultratrace’ analysis. The gold analysis is done on a 15 gram pulp portion to try to minimize nugget effect. Acme Analytical’s quality management system complies with International Standards ISO 9001:2008. Both laboratories meet all established criteria as related to reporting requirements for mining and exploration companies under National Instrument NI-43-101.
Colibri Resources is a Canadian exploration company focused on the exploration and development of base and precious metal projects in Mexico. Cary Pothorin, P.Geo., a qualified person as defined in National Policy 43-101, is responsible for all technical information contained in this news release.
“The Evelyn property presents an excellent early stage, gold exploration project within a regional area of three operating open pit gold mines and several ongoing gold exploration projects all within a 50 kilometer radius. We will continue to review our existing exploration projects in Sonora through 2013 with minimal amounts of field work and geologic interpretation while preserving our capital,” stated CEO Lance Geselbracht, P.E. “We have received preliminary results from the Spring 2013 drilling Agnico Eagle Mines has completed on the Colibri site and will release those results after reviewing all laboratory assays and technical information. Presently, Colibri has over $700,000 in the bank with no outstanding financial liabilities.”
Disclosure Regarding Forward-Looking Statements: This press release contains certain “Forward-Looking Statements” within the meaning of applicable securities legislation. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Corporation’s expectations are disclosed in the Corporation’s documents filed from time to time with the TSX Venture Exchange and, among others, the British Columbia Securities Commission as well as under the heading “Risk Factors” in the Company’s annual and interim Management Discussion and Analysis.
SOURCE: Colibri Resource CorporationFor further information:
Lance Geselbracht, P.E., President and Chief Executive Officer
Tel: (250) 755-7871