Category: Exploration and Development

“This FS has a very high level of detail, exceeding the normal feasibility study level of detail in the process plant design. Our expectation is that we will receive a positive outcome on our permit application for our underground mine by the end of March 2025. The Company has a strong balance sheet and we are in advanced discussions with prospective lenders for the remaining financing required for construction.”

Paul Gray, VP Exploration, commented, “Like many established VMS systems around the world, Campo Morado has significant growth potential, and I am excited to be embarking on these first exploration efforts on the property in many years. My aim for this, and all future drill programs, is to identify additional near-mine mineralization that can be quickly added to the mine plan at Campo Morado; leverage the extensive historical data and generate new information through drilling and other exploration tools to extend the mine life and expand resources, and; eventually, demonstrate the true district-scale potential at Campo Morado by targeting high-impact exploration zones further from the mine site.”

Greg McKenzie, President and CEO, commented: “The C460 Zone drill results reported today are indicative of the importance of this zone in a restart of operations. Hole Q-24-057 returned 696 g/t Ag.Eq over 2.02 m approximately 138 m below the 1767 EL stope, combined with previously reported holes Q-23-020 grading 1,810 g/t Ag.Eq over 14.6 m and Q-23-022A grading 911 g/t Ag.Eq over 13.05 m, also beneath the 1767 EL stope, demonstrate the high-grade potential of this undeveloped 138 m section of the southern C460 Zone.”

Ian McGavney, President & CEO of Colibri commented, “We believe that 2025 will be a transformational year for Colibri shareholders in terms of project advancement and value creation. We firmly believe that Pilar contains the potential to be a modest low-cost gold producing asset and the new geochemical assays and other geological data derived from this drilling program at Pilar will enhance the geological model and be utilized in an upcoming maiden resource estimate.”

President, Scott Emerson, commented: “We are excited to start 2025, putting the logistics together for our initial drill program and the expanded field work on the newly discovered Saddle target. The magnetic signature of this area strongly resembles the La Prieta mine in Parral City. The Saddle target presents an opportunity which could significantly add to our resource potential”

“We welcome 2025 as important year with a focus on two key project advancements: 1) the establishment and ongoing expansion of a resource estimate; 2) the setup and processing of a proof-of-concept test mine.” commented, CEO Brodie Sutherland.

The Gavilanes Project, located in Durango, Mexico, within the prolific Sierra Madre Occidental District, is an early-stage high grade silver-gold vein system with significant exploration potential.

Greg McKenzie, President and CEO, commented: “We are very pleased with the results from San Nicolas and C550. At San Nicolas, through holes Q-24-054 and 056, we have extended high-grade mineralization up to 70 m above the last mined stope in the area, and this mineralization is open to the southeast.”

“We are pleased to announce the fourth significant resource update for the high-grade Panuco silver gold district,” commented Michael Konnert, President and CEO. “This update comes just four years after the initial discovery was made at Napoleon and represents only a snapshot in time as every vein included in the global project resource remains open for further expansion.”

Greg Davison, Silver Spruce Vice-President Exploration and Director stated, “We were pleased to identify Ag-Pb-Zn±Au vein-controlled mineralization within extensions to the previously drilled areas at La Prieta and El Pillado and two new opportunities for widening the target testing at El Pillado South and Mezquite-Raizudo based on the geological and geophysical interpretations and look forward to expanding future ground exploration of other known anomalous areas.”