Colibri Receives Geological Mapping Study Results at Evelyn Gold Project
Momentum Public Relations
Press Release: November 18, 2019
Colibri Resource Corporation (“Colibri” or the “Company”) wishes to announce that it has received the results of a geological mapping study on its Evelyn gold project from Aurometallum Geological Services.
The study was conducted over a 20 day period and focussed on geological structural mapping to a semi detail 1:2000 and rock sampling over areas of strong geochemical soil anomalies. A total of 93 samples we taken in chips, channel, and selective samples. Sample results from the geochemical analysis remain outstanding and will be reported upon their receipt. The work was primarily focussed on two main areas which have been named “Cerro Rojo” (which is located in the south eastern quadrant of the claim block) and the “El Sahuaro” (which located in the north eastern quadrant).
It has been noted in the Aurometallum report that there are similarities to the structure, mineralization characteristics, and presence of certain indicator minerals found at La Herradura Mine operated by Fresnillo PLC. La Herradura is Mexico’s largest producing gold mine and is located approximately 25km to the west of Evelyn.
Observations made during the study have identified 7 exploration targets of interest within the two areas thus far. Upon receipt of the geochemical sample results from the program Colibri will determine next steps of the program which will include drilling and a possible geophysics program.
About Evelyn
The Evelyn property is located in northern Sonora, within the Caborca Gold Belt (“CGB”). The CGB is hosted by the Sonora megashear, which in turn is part of the regional Mojave–Sonora megashear, which extends from southern California through Arizona and Sonora. The Caborca Gold Belt hosts the Noche Buena Mine (167,200 ounces Au produced in 2018) which is located approximately 9 km southwest of Evelyn and La Herradura Mine (474,200 ounces Au produced in 2018) which is located approximately 25 km to the west of Evelyn. Geological mapping completed by Company geologists confirm that the Evelyn property hosts Orogenic-type lode Au mineralization similar to that described for other gold deposits within the CGB.
About Colibri Resource Corporation:
Colibri is a Canadian mineral exploration company listed on the TSX-V(CBI) focused on acquiring and exploring gold properties in Mexico.
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.
SOURCE Colibri Resource Corporation
View original content: http://www.newswire.ca/en/releases/archive/November2019/18/c1687.html
Contact:
Ronald J. Goguen, President, Chairperson and Director, Tel: (506) 383-4274, rongoguen@colibriresource.com
- Published in Colibri Resource Corp, Mining, News Home
Colibri Resource Corporation Arranges Loan from Agnico Eagle Mines Limited
Momentum Public Relations
Press Release: November 13, 2019
Colibri Resource Corporation (“Colibri” or the “Company”) wishes to announce that it has entered into a loan agreement with Agnico Eagle Mines Limited (“Agnico Eagle”) for proceeds of $300,000 USD (approximately: $400,000 CAD).
Proceeds of the loan will be primarily used for exploration activities at the Company’s Evelyn and El Mezquite gold projects as well as for general working capital purposes.
Loan Particulars
Term: 2 years
Interest: 10% compounded annually – payable at maturity
Security: Colibri’s joint venture interest in its “Pitaya” joint venture with Agnico Eagle
“These loan proceeds, in addition to the anticipated receipt of funds of the first year payment of $100,000 CAD from Colibri’s recently announced option agreement with Tocvan Ventures, will allow the Company to complete a maiden drilling program at Evelyn in the very near term. In addition, we will advance El Mezquite to drill program readiness in early 2020″ says Colibri’s COO Ian McGavney.
In conjunction with the loan from Agnico Eagle, Colibri also wishes to announce that it has granted a two-year extension to its agreement with Agnico Eagle (announced December 5th, 2018) allowing Agnico Eagle to exclusively explore opportunities to dispose of Colibri’s working interest in its joint venture with Agnico Eagle on the 6,564 hectare Pitaya project (the “Project”) near Caborca in Sonora, Mexico (a “Sale Transaction”). Agnico Eagle may now initiate and manage the sales process as well as negotiate, agree to and complete a Sale Transaction on behalf of Colibri at any time prior to November 8, 2021.
Notwithstanding any provision of the existing Earn-In Agreement between the Company and Agnico Eagle, the Company shall receive the following consideration in connection with a Sale Transaction and the disposition of its interest in the Project:
- in the event that the consideration in connection with a Sale Transaction is cash, securities or a combination of cash and securities the Company will receive its proportionate share of such consideration based on its joint venture interest in the Project; and
- in the event that the consideration in connection with a Sale Transaction is anything other than cash or securities, the Company will receive a lump sum cash payment from Agnico Eagle in the amount of $500,000 USD, which amount will represent all consideration payable to the Company in connection with such Sale Transaction and the disposition of the Project.
Note: Should Agnico Eagle complete a Sale Transaction for the Project before the completion of the above mention loan period, Colibri’s debt will be retired and the balance of the proceeds, if any, less interest owed will be forwarded to Colibri.
No compensation is expected to be paid by Colibri to Agnico Eagle upon a successful Sale Transaction.
For more information about all of our projects please visit: www.colibriresource.com.
We seek safe harbour.
About Colibri Resource Corporation:
Colibri Resource Corp. is a Canadian mineral exploration company listed on the TSX Venture Exchange trading under the symbol CBI and is focused on acquiring and exploring prospective gold properties in Mexico.
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.
SOURCE Colibri Resource Corporation
View original content: http://www.newswire.ca/en/releases/archive/November2019/13/c0610.html
Contact:
Ronald J. Goguen, President, Chairperson and Director, Tel:(506) 383-4274, rongoguen@colibriresource.com
- Published in Colibri Resource Corp, Mining, News Home
Northern Lights Resources (CNSX: NLR) Growth Metrics Edge Higher After Secret Pass Gold Project Purchase
Northern Lights Resources’ growth prospects are inching higher thanks to two prospective mining projects that continue to affirm long-term prospects. Backed by an experienced management team, focused on the identification and development of mineral deposits, the company’s long-term prospects can only be bright.
Secret Pass Gold Project in Arizona and Medicine Springs Silver/Lead/Zinc project in Nevada are at the heart of the company’s growth metrics.
Secret Pass Gold Project
Secret Pass Gold Project is a Northern Lights Resource flagship project located at the Oatman gold mining district. The mining and exploration company announced the acquisition in July and has now completed the deal through the total payment consideration of US$350,000 and 2 million shares. Northern Lights owns the 868-hectare former gold producing property 100% with no royalties payable from future production.
The prospective gold project stands out in part because it features two major fault systems with numerous gold deposits showing. While no work has been completed at the project since 1980, there is evidence of historic workings in the lease area.
Secret Pass Gold project stands to offer shareholders an opportunity to own a prospective gold project with significant exploration upside. It also stands out given the lack of production royalty. A historic open-pit resource should offer near term production opportunities in addition to a high-grade underground target.
The prospective gold project also offers exposure to the diversification of pure base metals.
Medicine Springs Project
Medicine Springs Project is another flagship project that underscores Northern Lights Resources prospects as a growth-oriented exploration and development company. Located in the Ruby Mountain valley in Elko Nevada, the higher perspective special metals should strengthen the company’s portfolio with 149 federal mineral claims.
Medicine Spring Project covers 1,189 Hectares, and boasts of excellent logistics. In the past, the project has produced 160 tonnes Pb, 800kg Zn, and 500kg Ag. Northern Lights Recourses is planning to carry out an identification of high-grade CRD Sulphides mineralization targeting depth and delineation of a large-scale pitiable silver-zinc resource.
Northern Lights Resources has already commenced exploration works at the Medicine Spring Project, having previously carried out detailed mapping and geochemical soil sampling. Since drilling works started at the project. The project has not been drilled since the 1980’s when a total of 123 shallow holes were completed to an average depth of only 43 meters. Notable intersections from the historical drilling includes 18% zinc and 36 g/t Ag over 5m and 7% Zn, 4% Pb, and 114 g/t Ag over 8m.
The company is earning 100% of the Medicine Springs project through an option to acquire over a 6 year period by completing work expenditures of $2.7m on the project.
Why Invest in Northern Light Resources
Northern Light Resources stock has already started edging higher after a period of consolidation near all-time lows. A 100% plus rally since the start of October underscores renewed investor interest. Renewed investor interest affirms growing investor confidence about the company’s long-term prospects following the acquisition of the Secret Pass Gold Project.
Complimented by the Medicine Springs Project, the prospective Secret Pass Gold Project looks set to be a vital driver of the company’s long-term value and prospects. The fact that the project has no production royalties paves the way for the company to enjoy optimum returns once it commences drilling operations.
In addition to gold exploration operations at the Secret Pass Gold Project, Northern Light Resources is also an ideal mining stock for investors looking to diversify their stakes in the industry. The Medicine Springs Project is another ideal mining project poised to provide exposure to Silver Lead and Zinc. The project has already shown large-scale CRD Zinc potential as well as oxide near-surface silver mineralization.
Backed by an experienced management team, Northern Lights Resources is on its way to becoming a force to reckon with in terms of value generation supported by two highly prospective mining projects. A clean capital structure devoid of debt all but underscores the company’s financial health crucial to bringing potential mining projects to fruition.
- Published in Mining, News Home, Northern Lights Resources
Silver Spruce Verifies High Grade Polymetallic Zinc-Copper-Silver at Melchett Lake
Momentum Public Relations
Press Release: November 12, 2019
Silver Spruce Resources Inc. (TSXV:SSE)(Frankfort:S6Q1) (“Silver Spruce” or the “Company”) is pleased to announce the receipt of the initial batch of sample assays from its October 2019 field due diligence program on the Melchett Lake Zn-Au-Ag volcanogenic massive sulphide (“VMS”) project, an advanced precious and base metal project in the Thunder Bay Mining District, northern Ontario, Canada.
“We are very pleased to verify the high grades and polymetallic nature of the Relf and Nakina targets located 5 kilometres apart in the favorable quartz-sericite-pyrite horizon. The first batch contains several samples with elevated precious metals including those from the Relf Zone,” stated Greg Davison, Director of Silver Spruce. “We continue to update the multi-element data as available and advance our due diligence, while building our GIS database with recently revised drill hole co-ordinates, geophysical and geological information focusing on priority drill targets”.
Due Diligence and Exploration
The current work was performed to update and verify the multi-kilometre strike length of the known areas of mineralization, broad intervals of mineralization, intense alteration profile similar to well-known polymetallic deposits, and presence of high-grade values of both precious metals and base metals reported from the historical exploration. The team examined the principal showings and trenches, and drill core at the Relf and Nakina targets along the principal mineralized trend. A total of seventy-two (72) rock and core samples were collected, sixty (60) of which were submitted for multi-element geochemical analysis.
Rock sampling was carried out at both the Nakina and Relf targets at known trench locations. The Nakina targets are characterized by high silica-pyrite and a well-foliated micaceous fabric. The Relf trenches are intensely altered and well oxidized on surface with extensive gossans with very friable to siliceous quartz-sericite schists, pervasive discoloration by iron and massive to spongy ferroan “blackjack” sphalerite in thin stringers to sphalerite-pyrite lenses over an exposure of more than forty by twenty metres.
The following tabulation reports the principal precious and base metal assay data from the first batch of rock samples collected from the Nakina and Relf Zones. Zinc values range up to 14.7%, lead to 0.96%, copper to 0.52%, silver to 301g/t, and gold to 0.737g/t and clearly represent the polymetallic nature of the mineralization from both targets, particularly the Relf Zone. The samples exhibit low alkali content and elevated values of heavy metals, including Te, Bi, Se, Sb, Hg, Cd and In, associated with sphalerite, galena, chalcopyrite and pyrite observed in the rock samples.
Sample No. |
Zinc ppm |
Lead ppm |
Copper ppm |
Silver ppm |
Gold ppm |
Zinc % |
Silver g/t |
Nakina Zone | |||||||
108101 |
20 |
10.6 |
16.5 |
1.1 |
0.031 |
||
108102 |
2 |
0.4 |
0.7 |
0.02 |
0.002 |
||
108103 |
3310 |
892 |
58.6 |
1.6 |
0.088 |
||
108104 |
>10000 |
6690 |
399 |
4.06 |
0.383 |
3.24 |
|
108105 |
108 |
63.8 |
11.8 |
0.31 |
0.022 |
||
108106 |
230 |
22.5 |
52 |
1.04 |
0.012 |
||
Relf Zone | |||||||
108201 |
203 |
12.4 |
51.7 |
1.02 |
0.012 |
||
108204 |
>10000 |
622 |
1465 |
27 |
0.053 |
3.98 |
|
108205 |
>10000 |
634 |
1470 |
27.5 |
0.03 |
1.08 |
|
108207 |
>10000 |
1185 |
2250 |
52.7 |
0.034 |
4.42 |
|
108210 |
>10000 |
2740 |
5180 |
>100 |
0.737 |
9.12 |
131 |
108211 |
>10000 |
863 |
2050 |
39.1 |
0.054 |
4.89 |
|
108217 |
>10000 |
9650 |
1600 |
>100 |
0.119 |
14.7 |
301 |
For comparison with the due diligence samples, at the Nakina l Zone, Nakina Mines reported, in separate samples, 14.85% Zn and 28.8g/t Au from a pyritized felsic volcanic unit. Rock sampling of a pyritized felsic volcanic unit in the Nakina 2 Zone by Kerr Addison returned a value of 15.08g/t Au. Selected grab samples taken from the Relf Zone by Shawmin averaged 13.0% zinc (Zn), 1.2% lead (Pb), 0.26% copper (Cu) and 325g/t silver (Ag); best results received were 19.1% Zn, 2.2% Pb, 0.40% Cu, 565g/t Ag and 1.72g/t gold (Au). A selection of Relf Zone samples collected in 1984 by Kerr Addison geologist and current Silver Spruce director G. Davison is shown below.
Sample No. |
Zinc % |
Lead % |
Copper % |
Silver g/t |
Gold g/t |
1061 |
12.90 |
1.920 |
0.288 |
552 |
0.020 |
1062 |
2.63 |
0.870 |
0.116 |
254 |
0.012 |
1063 |
2.77 |
0.356 |
0.164 |
157 |
0.037 |
1064 |
11.60 |
0.866 |
0.507 |
278 |
0.028 |
1065 |
16.80 |
2.400 |
0.075 |
655 |
0.018 |
1066 |
8.26 |
0.330 |
0.972 |
170 |
0.025 |
1067 |
11.10 |
1.300 |
0.142 |
394 |
0.022 |
1068 |
9.88 |
0.558 |
0.154 |
179 |
0.035 |
Gold mineralization in the Iron Lake area, which was not examined during the October 2019 field due diligence program, contained similar sericite-silica altered felsic metavolcanics with 3-8% pyrite, with lesser chalcopyrite and sphalerite. Grab samples reported 7.7g/t Au, 13.05g/t Au and 13.48g/t Au. “Sampling and exploring this gold mineralization in the Iron Lake area will be a top priority during our second field due diligence program slated over the next few months,” stated Greg Davison, Director of Silver Spruce.
All of the metal values reported by past operators in the Melchett Lake area, were sourced from grab samples which may not be representative of the metal grades, and are historical in nature.
Maps and site photographs of the core and trench areas are available on the Silver Spruce website at Melchett Maps and Melchett Photos, and the geological and GIS compilations will be reported and posted on the Company website in due course.
Project Background
The Property, located within Melchett Lake greenstone belt of the English River Sub-province of the Archean-age Superior Province, is underlain by a bimodal mafic-felsic sequence of pyroclastics, tuffs and flows with cherts and Fe-lean to Fe-rich iron formation. Several occurrences of polymetallic Zn-Pb-Cu-Ag-Au VMS style mineralization are similar in character to ore deposits exploited at Mattabi, Winston Lake, Geco, Brunswick, Rouyn-Noranda and Uchi Lake. There are locally high-grade lenses of Zn & Ag with variable Cu, Au and Pb, and historical gold grades to 28.8g/t Au, silver grades to 560g/t Ag and zinc grades to 19.1%.
Highlights of the prospective geology, alteration and mineralization include multiple folded or stacked horizons of coincident alteration and metal mineralization, high Zn/Cu, Zn/Pb and Ag/Au ratios, extensive remobilization of major and trace elements with defined enrichment (Fe, Mg, Co, Cr, Cd) and depletion (Na, Sr, Ca) zones, and continuity, increased alteration and anomalous metal values over large intervals (up to 245 metres in DDH SB-07-01 from 345-590metres) with a strong electromagnetic (BHTEM) 20 channel off-hole response.
Geochemical Analysis, Quality Assurance and Quality Control
Samples were collected by the Company’s QPs, packaged in plastic bags with Tyvek tags and shipped by contract air services to Nakina and, using the QPs’ private vehicles, delivered directly to the ALS Global sample preparation facilities in Thunder Bay, Ontario. Photographs of the individual rock and core samples were collected from each sample prior to shipment and all images will be made available on the Company web site in due course.
Samples were weighed on receipt (WEI-21) and logged into the global tracking system (LOG-22). The samples were crushed to 70% passing 2mm (PREP-31) and a split of up to 250 grams was pulverized to 85% passing 75 micrometres (-200 mesh). The sample pulps were transferred internally to ALS Global’s North Vancouver analytical facility for analysis. ALS Global in North Vancouver, British Columbia, Canada, is a facility certified as ISO 9001:2008 and accredited to ISO/IEC 17025:2005 from the Standards Council of Canada.
The first batch of thirteen rock samples are reported herein. Twenty-four pulps (25gram split) were submitted for analysis by Aqua Regia Digestion followed by Inductively Coupled Plasma Mass Spectrometry (ICP-MS) multi-element analyses (ALS Code AuME-TL43, 51 elements). Thirty-six pulps also were submitted for whole rock oxide, metals and multi-element analysis. Results of forty-seven samples are pending.
All precious and base metal analyses that reached the over-limits of AuME-TL43 were re-analyzed with an Ore Grade method. Over-limit Zn (>1%) and Ag (>100ppm) samples were analyzed by Ore Grade Aqua Regia Digestion followed by Ore Grade Inductively Coupled Plasma Atomic Emission Spectrometry (ICP-AES) for Ag (ALS Code Ag-OG46) and Zn (ALS Code Zn-OG46).
No independent or in-house quality control samples (blanks, standards, duplicates) were inserted into the sample sets. ALS Global conducts its own internal QA/QC program of blanks, standards and duplicates, and the results are provided with the Company sample certificates. The results of the ALS control samples will be reviewed by the Company’s QP and evaluated for acceptable tolerances. All sample and pulp rejects will be stored at ALS Global pending full review of the analytical data, and future selection of pulps for independent third-party check analyses, as requisite.
Qualified Person
Greg Davison, MSc, PGeo and Silver Spruce Director, is the Company’s internal Qualified Person (QP) for the Melchett Lake Project and is responsible for the technical content of this press release within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”), under TSX guidelines. Mr. Davison worked the Melchett Lake area as Project manager and VP Exploration for Kerr Addison Mines (1983 and 1984) and Tribute Minerals (1999 to 2002), respectively. Consulting geologist Luc LePage, MSc, PGeo was the manager of the on-site activities for the field program and is a QP within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”), under TSX guidelines.
About Silver Spruce Resources Inc.
Silver Spruce Resources Inc. is a Canadian junior exploration company pursuing development of the Pino De Plata project in western Chihuahua State, Mexico. The Company has signed a binding Letter of Intent to acquire 100% of the Melchett Lake Zn-Au-Ag project in northern Ontario, Canada and a binding Letter of Agreement to acquire 100% of the advanced Cocula gold project in Jalisco State, Mexico. Silver Spruce Resources Inc. continues to investigate opportunities that Management has identified or that have been presented to the Company for consideration.
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 company seeks Safe Harbour.
Contact:
Silver Spruce Resources Inc.
Karl Boltz, President/CEO/Director
(866) 641-3397
info@silverspruceresources.com
www.silverspruceresources.com
- Published in Mining, News Home, Silver Spruce Resources
The Rise of the Lundin Empire
Did you know that a single family is responsible for most of the natural resource discoveries within the past few decades? The Lundin family is a name that is associated with some of the most lucrative and profitable natural resource discoveries in history
The Lundin Group was founded over 40 years ago by Adolf Lundin and has now evolved to become one of the most prominent names in the industry of natural resources. The Lundin group consists of 13 publicly traded companies with a total group market capitalization of around $20.99 billion.
Shaky Beginnings
The Lundin family didn’t start from riches. Adolf Lundin was born to a middle-class family and was always enticed by the depiction of an American-styled oil baron. In 1970, Adolf decided to devote himself to investing and stock picking. During this time, Adolf made over $300,000 by investing in a Canadian zinc and lead mining company, Aaro Explorations.
However, in the same year, a Lundin-managed fund had misinterpreted some information and invested a lot of money into a company called Tasminex. This poor investment almost derailed Adolf’s entire enterprise. Still, Adolf Lundin was not dissuaded by this poor investment. With strong business acumen and the courage to take on high risks, Adolf set off on his next venture.
In 1972 he flew to Dota, the capital of Qatar, to discuss exploring and discovering potential gas and oil fields. Adolf and his partner put together a group of German oil companies led by Wintershall for the exploration and development of the Gulf coast. This project eventually came to be known as Gulfstream Resources, in which Adolf Lundin and his partner were entitled to 5% stake. This project led to the discovery of the North Dome Gas Field, one of the biggest gas fields ever discovered, and this skyrocketed the value of the project. At the end of 1976, Adolf Lundin’s 5% stake was worth $15 million, and he sold this share to finance and build up his enterprise.
A History of Success
Adolf Lundin went on to have a lucrative career with a history of large-scale successes. In 1992, Adolf purchased the rights to the undeveloped gold and copper deposits of Catamarca, Argentina for $2 million through his company the International Musto Exploration. These deposits ended up yielding around 300 tons of gold and 2.7 million tons of copper. In 1994, Adolf sold 50% of his stake for $130 million. In the following year, Adolf sold the other 50% for $325 million.
Adolf’s successes did not stop there. In 1998, he discovered the En Naga oil field, which yielded 100 million barrels of oil. In the same year, he discovered Block PM 3m, a 144-barrel oil field. In the following year, he discovered Thar Jath, another oil field that yielded 150-million barrels.
Adolf was an accomplished trader as well, often helping build up companies and selling them for large sums of profit. Lundin Oil was sold in 2001 for $480 million. Musto Exploration was sold for $500 million and Argentina Gold was sold for $300 million. Adolf Lundin was a billionaire by the time he retired. He had amassed
huge fortunes for himself as well as many investors.
The Lundin Group Today
The Lundin Group is now succeeded by Adolf Lundin’s two sons – Lukas H. Lundin and Ian H. Lundin. Together they manage an enterprise with operations in over 20 countries through 13 different companies. In addition, the Lundin Group continues to be involved in investing and building up other companies. With a reputation for strong environmental responsibility and shared community values, the Lundin group seeks to follow Adolf Lundin’s vision, utilizing proven methods of investing and management.
The Lundin Group and Small-Cap Stocks
Businesses associated with the Lundin family have the potential to be very lucrative investments. Adolf Lundin was well-known in building up business and selling them for large sums of profit. Investors that stood by Lundin saw their investments grow exponentially.
Lukas and Ian had learned from their fathers business acumen and tactics. As a result, companies that are associated with the Lundin family will benefit from time-tested and proven tactics. Since the Lundin Group has a knack for building up small companies into industry titans, investors of today can look at Lundin investments with confidence and use their involvement as a success story benchmark when investing in junior mining companies.
The Lundin family is currently associated with several micro and small-cap stocks that investors may be interested in. Some of the 13 companies directly associated with the group were recently founded, and as a result, have very inexpensive prices per share.
NGEx Minerals LTD was founded in 2019 and is currently trading at $0.36CAD per share. Given the group’s long history of success with mining and exploration, a modest investment here could yield extremely large returns. Filo Mining Corp. made its public debut in 2016, trading at around $1.11CAD per share. After several successful drilling campaigns, the company is now trading at $2.20CAD per share. Early investors would have seen their money double through this company. Filo Mining Corp. is planning an extensive drilling campaign for the 2019/2020 season to expand currently indicated resources. This campaign could increase the company’s stock value very quickly if it is successful.
The Lundin family has investments in other high-potential companies too that are not directly affiliated with the group. BlueStone Resources (BSR) is a gold project in Guatemala with 34% of their shares belonging to the Lundin Family. Two of the board of directors of BSR are representatives from the Lundin family as well. The company is currently trading at $1.05 per share, with experts suggesting that that number is undervaluing the company and the gold mine project will be wildly profitable to investors.
This tactic of purchasing 30% of a company was utilized to great effect by Adolf Lundin. Adolf would routinely purchase 30% of shares to high-potential companies, and with his guidance, turn them into highly profitable companies. BSR will benefit from the same time-tested methods.
Colbiri Resources (CBI) is a company with gold mining projects in Mexico. One of their projects, the Pilar Project, is taking place on a property previously owned by Santa Catalina Mining – a company led by Lukas Lundin. Consequently, this company will also benefit from the Lundin families experience in selecting high-yield mining locations. CBI is currently trading at $0.07CAD with the potential to grow rapidly.
Investing in the Lundin Family
The Lundin family has a proven track record of profitable ventures and investments. Adolf Lundin made large profits for himself and even larger profits for investors that put their faith in him. Lukas and Ian Lundin have inherited their father’s talent for business and continue to lead the Lundin Group as one of the most reputable names in the natural resources industry.
- Published in Mining, News Home, Uncategorized
Rio Silver Announces Close of Oversubscribed Private Placement
Momentum Public Relations
Press Release: November 7, 2019
Rio Silver Inc. (“Rio Silver” or the “Company”) (TSX.V: RYO) is pleased to announce that it has closed the first tranche of its previously announced non-brokered private placement (the “Financing”) for gross proceeds of $576,000.
Upon the completion of the Financing, the Company issued 11,520,000 units (the “Units”) at a price of $0.05 per Unit. Each Unit consists of one common share of the Company and one common share purchase warrant. Each warrant is exercisable into one additional common share of the Company at a price of $0.07 per share until May 7, 2021, unless the closing price of the common shares of the Company is $0.15 or higher for fifteen (15) consecutive trading days any time after the date that is four months and a day after issue, in which case the Warrants will expire thirty (30) calendar days after notice to Warrantholders announcing an earlier expiry date (the “Accelerated Expiry”).
The Company paid finders’ fees of $4,000 in cash and issued 80,000 finder warrants, with each such finder warrant entitling the holder thereof to acquire one common share of the Company at a price of $0.07 per share until May 7, 2021, subject to the Accelerated Expiry.
The Financing consisted of participation by pro-group member Shaun Chin of PI Financial, for 500,000 Units, as well as three insiders: Christopher Verrico, CEO and a director of the Company, purchased 1,500,000 Units, Rick Mazur purchased 900,000 Units and Steve Brunelle purchased 880,000 Units.
Proceeds from the Financing will be used to advance the Company’s Niñobamba silver and gold project in Peru by re-gaining social license within the local district, for working capital, and to explore potential precious metal projects in Peru that offer near term revenue potential and other working capital purposes.
The securities issued under the Financing will be subject to a statutory hold until March 7, 2020.
The Company further announces that, pursuant to the Financing, as outlined above, Rick Mazur, a director of the Company, has acquired ownership, control and direction over 900,000 common shares of the Company, representing 1.66% of the issued and outstanding common shares of the Company and an additional 900,000 share purchase warrants. Assuming exercise of these share purchase warrants, he would have acquired ownership, control and direction over 1,800,000 common shares, representing 3.26% of the issued and outstanding common shares under the Financing.
Following the acquisition, Mr. Mazur has ownership, control and direction over 6,022,623 common shares, representing 11.08% of the issued and outstanding common shares of the Company, and 900,000 share purchase warrants. Assuming exercise of all of the share purchase warrants held by Mr. Mazur, he would have ownership, control and direction over 6,922,623 common shares, representing 12.52% of the issued and outstanding common shares.
Mr. Mazur has advised the Company that he has acquired the securities for investment purposes, and may in the future acquire or dispose of shares as circumstances or market conditions warrants. In the future, Mr. Mazur may acquire additional securities of the Company or dispose of such securities through the market or otherwise subject to a number of factors, including general market and economic conditions, other investment and business opportunities available and other circumstances.
This news release is being issued in accordance with National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues (the “Instrument”) in connection with the filing of early warning report to be filed in connection therewith. The early warning report respecting the transaction will be filed as required by the Instrument on the System for Electronic Document Analysis and Review (“SEDAR”) under the Company’s profile at www.sedar.com or may be obtained by contacting Chris Verrico at (604-762-4448).
The Company also announces that it has accepted the resignation of director and past CEO, Mr. Jeffrey J. Reeder P.Geo. from the Board of Directors. Mr. Reeder will be continuing as a non-executive consultant, to aid the Company with the pursuit of opportunities that are uniquely attractive due to Peru’s mineral deposit rich endowment and advanced mining-friendly culture. The Company thanks Mr. Reeder for his 5 years of service as a board member and looks forward to continuing a prosperous relationship.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not a guarantee of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required by applicable laws.
SOURCE Rio Silver
View original content: http://www.newswire.ca/en/releases/archive/November2019/07/c9822.html
Contact:
Christopher Verrico, President, CEO, Tel: (604) 762-4448, Email: chris.verrico@riosilverinc.com, Website: www.riosilverinc.com
- Published in Mining, News Home, Rio Silver
Bluestone Announces Updated Resource Estimate at Cerro Blanco; Increases Measured & Indicated Resources by 18% to 1.41 Moz at 10.3 g/t Au
Momentum Public Relations
Press Release: November 6, 2019
Bluestone Resources Inc. (TSXV: BSR) (OTCQB: BBSRF) (“Bluestone” or the “Company”) is pleased to announce a new high-grade mineral resource estimate for the Cerro Blanco Gold project in Guatemala. Over the last nine months Bluestone has completed an infill drill program focused on converting Inferred Resources identified in the Feasibility Study into Measured and Indicated categories. The Cerro Blanco Feasibility Study (see press release January 29th, 2019) highlighted some 357,000 ounces of Inferred Resources (1.4 Mt grading 8.1 g/t Au) that could be potentially converted to Measured and Indicated Resources. The Feasibility Study was based on an initial eight-year mine life, demonstrating robust economics with an average LOM AISC of US$579/oz.
Highlights of the Resource Estimate (3.5 g/t Au cut-off)
- Measured category resources increased by 134%, totalling 607,714 tonnes grading 11.5 g/t Au, containing 225,118 ounces of gold
- Measured and Indicated Resources increased by 18% to 1.41 Moz averaging 10.3 g/t Au
- Majority of the 66 infill holes were drilled in the North Zone of the deposit, a similar program of infill drilling in the South Zone is now underway
Darren Klinck, President & CEO commented, “Cerro Blanco remains one of the highest-grade undeveloped gold projects amongst its peers. Our infill drill program which was primarily focused on converting Inferred Resources was highly successful and exceeded expectations. Overall the program added approximately 208,000 additional ounces of gold into Measured and Indicated Resource categories that will contribute to the reserve base, and potentially extend mine life. Two key outcomes of the resource conversion drill program were: the identification of five new veins in the North Zone, and an increase in Measured Resources to 225,000 gold ounces. We believe this recent infill drill program which was focussed in the North zone and the drilling currently underway in the South Zone have the potential to contribute additional mine life based on previous mine plan conversion rates. Every additional year of mine life has the potential to add approximately US$60 to US$80 million in free cash flow using a gold price of US$1,250 per oz Au.”
Table 1. Cerro Blanco High-Grade Resource Estimate at a 3.5 g/t Au cut-off
Resource Category | Tonnes | Au Grade g/t |
Ag Grade g/t |
Contained Gold (Oz) |
Contained Silver (Oz) |
Measured | 607,714 | 11.5 | 44.2 | 225,118 | 864,281 |
Indicated | 3,661,507 | 10.1 | 35.6 | 1,188,194 | 4,193,343 |
Measured & Indicated | 4,269,221 | 10.3 | 36.8 | 1,413,312 | 5,057,624 |
Inferred | 466,218 | 7.1 | 16.6 | 107,215 | 248,488 |
- Effective date: November 1, 2019. All Mineral Resources have been estimated in accordance with Canadian Institute of Mining and Metallurgy and Petroleum (“CIM”) definitions, as required under NI 43-101. Mineral Resource Statement prepared by Garth Kirkham (Kirkham Geosystems Ltd.) in accordance with NI 43-101.
- Measured Resources include 29,726t of stockpiled material grading 5.35 g/t Au and 22.6 g/t Ag.
- Mineral Resources reported demonstrate reasonable prospect of eventual economic extraction, as required under NI 43-101. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The Mineral Resources may be materially affected by environmental, permitting, legal, marketing, and other relevant issues.
- Underground Mineral Resources are reported at a cut-off grade of 3.5 g/t Au. Cut-off grades are based on a price of US$1,250/oz gold, US$16/oz silver, and a number of operating cost and recovery assumptions, including a reasonable contingency factor.
- Density used was 2.53 t/m3 for mineralized material.
- Ounce (troy) = metric tonnes x grade / 31.10348. All numbers have been rounded to reflect the relative accuracy of the estimate. Inferred Mineral Resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves. However, it is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Resources.
David Cass, Vice President Exploration commented, “The successful completion of this infill drilling program has further enhanced our geological understanding of the Cerro Blanco mineralization and our confidence in the resource continues to improve. Throughout the drilling we have continued to be impressed by the continuity and predictability of the veins, most of which require further detailed drilling to define their lateral and depth extensions. Furthermore, our confidence in the model is further enhanced by trial stoping along veins in the Cerro Blanco underground workings which continues to improve orebody knowledge (see press release dated September 4, 2019).”
The updated Mineral Resource estimate is the result of an additional 8,567 meters of drilling (66 drill holes) drilled as part of Bluestone’s infill drill program that commenced in November 2018 and was focused in the North Zone underground workings. The estimate is based on an increasingly better understanding of the geological model, supported by over 3 kilometers of underground infrastructure and 526 underground channel samples. To date, over 138,000 meters in 646 holes have been drilled at the property by Bluestone and previous workers.
Table 2: Cerro Blanco High-Grade Resource Estimate* at Various Gold Cut-off Grades
Resource Category | Cut-off | Tonnes | Grade (Au g/t) |
Grade (Ag g/t) |
Contained Gold (oz.) |
Contained Silver (oz) |
Measured | 2.5 | 654,166 | 10.8 | 41.7 | 227,266 | 876,176 |
3 | 611,140 | 11.4 | 43.7 | 223,467 | 858,015 | |
3.5 | 577,988 | 11.8 | 45.3 | 220,004 | 842,691 | |
4 | 545,381 | 12.3 | 47.1 | 216,073 | 825,733 | |
4.5 | 508,370 | 12.9 | 49.2 | 211,012 | 803,851 | |
Indicated | 2.5 | 4,503,842 | 8.8 | 31.4 | 1,268,927 | 4,552,459 |
3 | 4,061,302 | 9.4 | 33.5 | 1,229,917 | 4,370,821 | |
3.5 | 3,661,507 | 10.1 | 35.6 | 1,188,194 | 4,193,343 | |
4 | 3,293,700 | 10.8 | 37.9 | 1,143,887 | 4,008,172 | |
4.5 | 2,935,960 | 11.6 | 40.2 | 1,094,990 | 3,795,334 | |
Measured & Indicated | 2.5 | 5,158,008 | 9.0 | 32.7 | 1,496,193 | 5,428,635 |
3 | 4,672,442 | 9.7 | 34.8 | 1,453,384 | 5,228,836 | |
3.5 | 4,239,495 | 10.3 | 36.9 | 1,408,199 | 5,036,034 | |
4 | 3,839,082 | 11.0 | 39.2 | 1,359,959 | 4,833,905 | |
4.5 | 3,444,330 | 11.8 | 41.5 | 1,306,002 | 4,599,186 | |
Inferred | 2.5 | 613,434 | 6.1 | 15.4 | 121,161 | 303,819 |
3 | 526,930 | 6.7 | 15.9 | 113,542 | 269,554 | |
3.5 | 466,218 | 7.2 | 16.6 | 107,215 | 248,488 | |
4 | 404,649 | 7.7 | 17.1 | 99,786 | 222,956 | |
4.5 | 349,422 | 8.2 | 17.5 | 92,259 | 196,705 |
- Base Case cut-off grade in Bold.
- Measured Resources exclude Stockpile – 29,726t grading 5.35 g/t Au and 22.6 g/t Ag.
Cerro Blanco is a classic hot springs-related, low sulphidation epithermal gold-silver deposit comprising a system of moderate to steeply dipping quartz-adularia-calcite veins. The above Resource has a footprint of 800 x 400 meters between elevations of 525 meters and 200 meters above sea level. The bulk of the high-grade veins occurs as two upward-flared vein arrays (North and South Zones) that converge at depth into master feeder veins that appear to define a positive flower structure, defining mineralization over a vertical distance of approximately 300 meters. Most of the veins are hosted in a gently dipping sequence of siltstones, limestones, conglomerates, and andesitic tuffs (Mita Unit) that are overlain by approximately 100 meters of silicified conglomerates and sinter beds (Salinas Unit) representing a silica cap that forms the low-lying hill at Cerro Blanco.
Mineral Resource Estimation
The Mineral Resource estimate for Cerro Blanco was prepared to industry standards and best practices using commercial mine modelling and geostatistical software. Garth Kirkham, P.Geo., is the Independent Qualified Person responsible for the Mineral Resource estimates for the purposes of NI 43-101. The geologic models and domains were completed under the supervision of Bluestone’s Vice President of Exploration, David Cass, P.Geo., and Geology Manager, Carlos Chiquin. The deposit was segregated into multiple estimation domains for the vein domains based on geologic and structural models with the Mineral Resources estimated by inverse distance interpolation of capped composites.
Bluestone and its consultants conducted extensive structural studies and analyses to assess the quality of the pre-Bluestone legacy drill hole data in preparation of the Mineral Resource estimates. Confirmatory drilling by Bluestone has shown the data to be of high quality, increasing confidence and understanding of the Cerro Blanco deposit. The improved constraints on mineralization provided by this updated geological model at Cerro Blanco have reduced the variance of resource sensitivities.
The Mineral Resource estimates employed state of the art commercial modelling and mine planning systems (LeapFrog and MineSight R v15.50). The block model has a parent block size of 5 x 5 x 1 meters with a sub-block size of 1 x 1 x 0.1 meters. Assays were composited to 1.5 meters to insure regularized, common sample support. The methodology employed was inverse distance in a single pass using capped gold and silver composites which were limited to selected thresholds based on analysis of cumulative frequency plots and commonalities of veins. Cut grade thresholds ranged from 18 g/t to 110 g/t Au and 100 g/t Ag to 300 g/t Ag. Hard boundaries were used for each vein with a minimum of 2 composites per block and a maximum of 9 per block, 3 maximum composites per drill hole or channel sample.
Mineral Resources are classified under the categories of Measured, Indicated, and Inferred according to CIM guidelines. Mineral Resource classification for gold was based primarily on drill hole spacing and on continuity of mineralization. Measured Resources were defined as blocks within a distance lateral to the ramp and along veins within 15 meters. Indicated Resources were defined as those within a distance to three drill holes of less than 40 meters. Inferred Resources were defined as those with a drill hole spacing of less than ~75 meters and meeting additional requirements. All Resources are constrained by the continuous vein solids. Final Resource classification shells were manually constructed on sections. Mined out ramp material was extracted from the Measured Resources. Silver was not classified separately and is reported based on gold classification.
Qualified Persons
The Mineral Resource Estimate in this release has an effective date of November 1, 2019 and was prepared in accordance with NI 43-101 by Garth Kirkham, P.Geo., a Qualified Person for NI 43-101. Mr. Kirkham is an employee of Kirkham Geosystems Ltd., and is an independent Qualified Person as defined by National Instrument 43-101. The scientific information in this release was reviewed by David Cass, P.Geo., Vice President Exploration for Bluestone. Both Qualified Persons have read and approved the information contained in this press release.
About Bluestone Resources
Bluestone Resources is a mineral exploration and development company that is focused on advancing its 100%-owned high-grade Cerro Blanco Gold project located in Guatemala. A Feasibility Study on Cerro Blanco returned robust economics with a quick pay back. The average annual production is projected to be 146,000 ounces per year over the first three years of production with all-in sustaining costs of $579/oz (as defined per World Gold Council guidelines, less corporate general and administration costs). The Company trades under the symbol “BSR” on the TSX Venture Exchange and “BBSRF” on the OTCQB.
On Behalf of Bluestone Resources Inc.
“Darren Klinck”
Darren Klinck | President, Chief Executive Officer & Director
For further information, please contact:
Bluestone Resources Inc.
Stephen Williams | VP Corporate Development & Investor Relations
Phone: +1 604 646 4534
info@bluestoneresources.ca
www.bluestoneresources.ca
- Published in Bluestone Resources, Mining, News Home
Colibri Receives TSX Venture Exchange Approval for its Acquisition of Yaque Minerales
Files Updated with NI 43-101 Complaint Property Report on El Mezquite
Momentum Public Relations
Press Release: November 6, 2019
Colibri Resource Corporation (“Colibri” or the “Company”) wishes to announce that the TSX Venture Exchange has accepted for filing its acquisition of Yaque Minerales S.A de C.V. (“Yaque”). The agreement was first announced on October 30th, 2018. Yaque is a private gold exploration company owned by a non-arms length company called OnTop Capital. The $1 million CAD purchase is being made by way of a five-year convertible debenture bearing 2.5% annual interest and carries a $0.20 per share conversion privilege.
There are two projects in Yaque: “El Mezquite” and “Jackie”. Both are located in the prolific High Sierra Madre in Sonora, Mexico and are less than 10km north east of the Nicho deposit held by Minera Alamos (TSX Venture: MAI – market cap of approximately $75 million CDN) in its Santana project. The Nicho is reportedly expected to be advanced to production in 2020 with initial production rates of between 25,000 to 30,000 ounces of gold per year.
A. El Mezquite
Colibri has filed a newly updated NI 43-101 complaint property report on its El Mezquite project, a copy of which can be found on www.sedar.com and on the Company’s website, www.colibriresource.com. An updated report was required in order to complete the acquisition of Yaque Minerales as a previous report had become stale dated during the review process. The updated report includes more recently released samples and observations made by company geologists in 2019 (See Colibri news release dated March 29th, 2019). The report also includes recommended work to be done in order to advance the property.
The first steps of this recommended work program are expected to be completed over the next three months. Should the results of this work satisfy the expectations of Colibri geologists and management a drill permit will be applied for and tenders for drilling contracts will be solicited.
Exploration work on El Mezquite prior to 2018 included the collection of 321 grab samples of which 13% contained anomalous to higher Au grades (0.10 g/t Au to 3.41 g/t Au), mapping of alteration which delineated a zone of Au potential at least 600m by 300m on the northeastern part of the property and a Three-Dimensional Induced Polarization Survey (3D-IP Survey) which resulted in the identification of chargeability and resistivity anomalies underlying the surface area of potential. See news release dated October 30th, 2018.
Surface exploration on the El Mezquite property by Colibri geologists in calendar 2019 has included additional detailed mapping and verification sampling which was aimed at confirming north-easterly grade trends within the currently defined area of potential as well as to a lesser extent mapping and sampling away from the known main target.
The above described 600m by 300m area is contained in a broader alteration zone that extends for approximately 2 km in north/south direction, by 1 km east/west width. Within the broad alteration zone are at least four colourful (after oxidized sulfides) hydrothermally altered contact zones about a silicified feldspar porphyry. The distinct gold and silver values and geophysical anomalies reported in the El Mezquite area are mostly associated with these zones of sulphide alteration.
The property also includes 2 known historical mining workings that have not yet been evaluated by the Company. These workings will be more thoroughly examined in upcoming programs.
Colibri is targeting a deposit(s) of 1 million ounces of gold or greater which would be expected to be near surface and amenable to open pit heap leach production. El Mezquite has never been drilled.
B. Jackie
The Jackie project is 1130 Ha in size and is located approximately 2 km south of the El Mezquite. Very little work has been done in the way of exploration on this property at this point but grass roots prospecting is slated for 2020. The project is 100% owned and is not subject to any royalties.
Jackie directly borders the “Santana” project, which is being advanced and developed by Minera Alamos (TSXV-MAI), to its east. Minera Alamos has successfully completed a pre-commercial bulk sample/heap leach test on the “Nicho” deposit and in October 2018 announced additional exploration drilling results of: 95.7m @ 1.57 g/t AuEq, 80.4m @1.05 g/t Au, and 95.5m @0.65 g/t Au in holes nearby this deposit. A construction decision at Nicho is anticipated to occur in early 2020 and current corporate guidance predicts annualized production of 30,000 to 50,000 ounces of gold per year with a mine life of greater than 6 years.
About Colibri Resource Corporation:
Colibri is a Canadian mineral exploration company listed on the TSX-V(CBI) focused on acquiring and exploring gold properties in Mexico.
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.
SOURCE Colibri Resource Corporation
View original content: http://www.newswire.ca/en/releases/archive/November2019/06/c0661.html
Contact:
Ronald J. Goguen, President, Chairperson and Director, Tel:(506) 383-4274, rongoguen@colibriresource.com
- Published in Colibri Resource Corp, Mining, News Home
Colibri Resource Corp. (CVE: CBI) Robust Gold Projects Portfolio
Colibri is a Canadian exploration and mining company engaged in the acquisition and development of gold mining properties in Mexico. The Company’s exploration and mining portfolio is made up of five properties, encompassing over 9,000 hectares.
The projects are entirely focused on gold and silver in the state of Sonora in northwestern Mexico. The region is host to many historical and currently producing mines and the fact that the region continuously attracts some of the biggest global mining companies underscores its viability when it comes to mining operations.
Management and the Board of Directors of the Company is very strong and have a track record of success in gold exploration. Headed up by Ron Goguen (the founder of both Major Drilling and the Beaverbrook Antimony Mine) the team also highlights the current Chief Geologist for Anglo Gold Ashanti and a past Director of Exploration of Agnico Eagle Mining for Mexico.
Evelyn Project
The Evelyn Project is the Colibri flagship-mining project located in northern Sonora. The project sits on 506 hectares within the Caborca Gold Belt. The belt plays host to many significant gold mines including the Noche Buena Mine, which produced 167,200 ounces of gold in 2018 (9km from Evelyn) and La Herradura which produced 474,000 ounces in 2018 (25km from Evelyn). Colibri owns one of the very few remaining claims in the area not held by a major producer. In fact, La Herradura Mine is Mexico’s single largest producer of gold and is held by Fresnillo plc.
Colibri has already completed a property wide soil sample program, rock chip sampling, and localized geological mapping at the Evelyn project. The property hosts several historical artisanal mines, has never been drilled, and is poised to be a new discovery in well understood gold mining district.
Buoyed by the gold project’s high prospects, the Company recently engaged the services of AuroMetallum Geology Consulting Service. The firm is tasked with the responsibility of completing a full geological mapping of the property, which will provide valuable information which will be used to develop potential drill targets. The final report is expected in early November and the Company plans to commence drill program as soon as December of 2019.
The mapping study comes hot on the heels of the completion of a localized chip sampling survey in which samples returned as high as 4.81g/t AU and 4.19 g/t Au in an area with high levels of iron oxide staining and were taken about 1 kilometer north east of “Main Zone”. A sampling program of the Main Zone has returned samples as high as 43.1 g/t Au and has averaged 10 g/t Au in an exposed quartz vein measuring 180m at surface.
The Company anticipates announcing their maiden drill program at Evelyn in the very near term.
El Mezquite Gold Project
El Mezquite Gold Project is another of Colibri’s flagship gold project which is located within the Sierra Madre volcanic complex in eastern Sonora. The project is 180 hectares in size and considered to be highly prospective as a low-grade large tonnage gold project. It is worth noting that the project borders a mine being brought to production in 2020 by Minera Alamos and is on trend with mines operated by major producers such as Agnico Eagle Mining.
Exploration work on this yet to be drilled property has consisted of extensive chip sampling and a magnetic/3D IP survey which has identified a handful of high potential targets. Assay results taken from 321 chip samples have already shown many values of gold >0.1 ppm to 3.41 ppm and averaged 0.74 ppm of gold and 25.7ppm of Silver.
Colibri is planning to complete a further geological mapping study to identify drill targets for El Mezquite Gold Project. To date the Company has identified at least four key zones of alteration within the concession. The Company expects to complete property mapping and commence a maiden drill program at El Mezquite in the first quarter of 2020.
Pillar Gold Project
Even as Colibri continues to progress and build value at Evelyn and El Mezquite it has also laid out a strategy for its Pillar gold project in the Suaqui Grande area. The Company recently announced that it has optioned 51% of the project to another Canadian junior mining company in return for property work expenditures, cash, and a large share position in the other junior. This should allow Colibri to appreciate significant upside for its own shareholders from the project while not diluting the stock to pay for the exploration. The other junior has agreed to issue Colibri a total of 5 million shares of its stock, pay cash totalling $400,000, and spend $2.0 million in exploration on the property over a 5-year period
Pitaya Project
Currently for sale, Pitaya Project, is partially owned as part of a joint venture in partnership with Agnico Eagle Mining. Colibri owns 24.5% of the project, with Agnico holding a controlling stake at 75.5%. Located in Sonora Mexico, the prospective gold project sits on 6,564 hectares.
In December of 2017, Colibri confirmed an intercept of 20.96 g/t gold and 57.0 g/t silver across 2.2 meters.
The project has been the subject of exploration activities targeting down-dip projections of high-grade quartz veins that cut volcanic and sedimentary rocks. Geological mapping has indicated that gold must have been concentrated during the Laramide compression.
Colibri has deemed this property a non-core asset and has made an agreement with Agnico Eagle allowing Agnico to sell the property on its behalf.
The Future
With gold prices edging higher in 2019, Colibri could be in for impressive returns on investment by advancing their projects to resource calculation stages and preparing for future potential mining operations at any of their gold projects under development.
Colibri’s strategy of optioning its Pillar and selling Pitaya minimizes the need for potential near-term capital raises and ultimately results in injections of non-dilutive cash that can be used to advance their other 100% owned / highly prospective gold projects. The sale of non-core Pitaya Project, is a testament to management’s ability to advance the Company, capitalize on opportunities, and build value for its shareholders.
The Evelyn Project is set to be a near immediate driver for the company’s success and underlying shareholder value. It is one of the last claims of land in the Caborca area not currently held by a major producer and with financing being generated internally rather than through overly dilutive financings, we see blue sky potential. Steady news is expected from the Company for the foreseeable future as advancements are made and milestones achieved.
https://www.stockwatch.com/News/Item.aspx?bid=Z-C%3ACBI-2815640&symbol=CBI®ion=C
- Published in Colibri Resource Corp, Mining, News Home