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:
- Between the North Hill Zone and the Main Zone,
- Between the 4-Trench zone and the Main Zone,
- Extending southward from the Main Zone,
- Within the new second parallel zone to the east,
- 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):
- 73g/t Au over 40m
- 75g/t Au over 61m
- 3g/t Au over 1.5m
- 27g/t Au over 3m
- 47g/t Au & 53.4g/t Ag over 16m
- 64g/t Au over 13m
- 6g/t Au & 37.8g/t Ag over 9m
- 2,650m of surface and trench channel sampling. Highlights include:
- 55g/t Au over 3m
- 6g/t Au over 6m
- 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 %|
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, [email protected]