DIEPPE, N.B., June 14, 2018 (CBI: TSX-V) – Colibri Resource Corporation (“Colibri” or the “Company”), wishes to announce that it has completed drilling of the final 900m of its 3,000m Phase 1 drilling program at its Pilar Gold Project in Sonora, Mexico. Samples from the final 7 drill holes and 2 drill hole extensions have been collected and delivered to ALS Chemex laboratories in Hermosillo, Mexico for assay preparation and subsequently the Atomic Absorption and Fire Assay analysis will be completed in Vancouver, Canada. Assay results will be released as they become available.
Colibri has also received the results of a soil sample survey across its eastern claims at the Pilar Project. A total of 56 samples were collected on a grid using 100m spacing. All 56 soil samples assayed tested positively for gold and silver mineralization. Of the 10 samples that returned greater than 0.1 g/t Au, 3 returned greater than 1 g/t Au in the soils. Samples were prepared in by ALS Chemex in Hermosillio, Mexico and analysed in Vancouver, Canada using Atomic Absorption and Fire Assay.
The Company, further to its news release dated December 11, 2017 reports the drill results for the final 4 holes of the campaign from its Joint Venture with Agnico Eagle on the Pitaya project in Sonora, Mexico. The joint venture partner added one extra hole to its proposed plan taking the campaign from 26 to 27 holes drilled.
The Pitaya is adjacent to and on strike from Fresnillo’s Tajitos deposit (2km east). The Tajitos has an announced resource of 415,000 ounces of gold (inferred, indicated, and measured). Agnico Eagle is the operator of the Pitaya project JV and drilled a total of 7,641.8 metres in 27 drill holes in the 2016/2017 campaign.
Highlights from these final 4 holes are as follows:
| PTY-17-024 – Piliegue North | No Significant Results |
| PTY-17-025 – Pliegue Zone | 9 m of 0.26 g/t Au from 20 m – Including 1 metre of 1.43 g/t Au from 24 m |
| PTY-17-026 – Pliegue Zone | 26 m of 0.19 g/t Au from 129 m – Including 3 m of 0.68 g/t Au from 129 m – Including 1 m of 1.43 g/t Au from 130 m |
| PTY-17-027 – Pliegue North | 34 m of 0.22 g/t Au from 98 m – Including 7 m of 0.37 g/t Au from 98 m – Including 7 m of 0.52 g/t Au from 125 m |
Much of the drilling focus on the 6,564 hectare project in 2016/2017 was on the eastern side of the property and on strike with Fresnillio’s nearby Tajitos project. Results thus far warrants further exploration.
Final accounting from the 2016/2017 drilling campaign has been presented to Colibri from its Joint Venture partner and the Company has agreed to dilute its ownership in the partnership proportionately in lieu of paying its portion of the monies expended. Colibri now owns 24.45% of the Joint Venture and its partner Agnico Eagle owns 75.55%.
No further exploration drilling is expected to take place in calendar 2018 on the project as this new data is modeled and studied.
A detailed presentation about the project and this last drilling campaign will be available at: www.colibriresource.com/projects/colibri
Qualified person and National Instrument 43-101 disclosure
Jackie E. Stephens, PGeo, the qualified person for Colibri on the Pitaya exploration, as defined in NI 43-101, has reviewed and approved the technical information in this press release.
About Colibri Resource Corporation:
Colibri is a Canadian mineral exploration company listed on the TSX-V (CBI) focused on acquiring and exploring properties in Mexico.
For Further Information Please Contact:
Ronald J. Goguen, President, Chairperson and Director
Tel: (506) 383-4274
[email protected]
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.
