Colibri Resource’s Evelyn Gold Project is Gathering Major Attention as Significant New Discovery Potential
MomentumPR‘s client Colibri Resource Corporation, is listed on the TSX Venture exchange under the symbol: CBI(TSXV:CBI) (OTC:CRUCF).
Momentum PR is pleased to have produced an informative and comprehensive report on Colibri Resource Corporation, available here – Momentum Report – Colibri Resource.
Colibri Resource Corporation Highlights
- The company currently has five promising exploration properties at various stages of exploration in the Sonora Gold Belt. The Evelyn Project is the Colibri flagship exploration project located in northern Sonora.
- The state’s mineral-rich area is home to miners such as Fresnillo – Mexico’s largest gold producer and the world’s leading silver producer.
- The El Mezquite 180-hectare site has the potential to host low grade/large tonnage deposits with high sulphidation mineralization. Of 321 rock chip samples, 42 showed high values of >0.10 g/t Au and up to 3.41 g/t Au & 198 g/t Ag.
- Pitaya is located on the Caborca Orogenic Belt in northwest Sonora, an area known for its gold-rich quartz veins. Exploration just two kilometres east at Fresnillo’s Tajitos Project has identified a minimum of 400K Oz.
- Colibri has received the required drilling permits and recently contracted Major Drilling for its maiden drilling program at its Evelyn gold project located 60 kilometres northwest of Caborca, Mexico. The drilling may commence as early as next week.
Colibri Resource Corp. (CBI:TSXV) is a Canadian junior formed explicitly “to acquire and explore historical mining districts in Mexico.” Colibri’s five Sonora properties are located in or near a free-trade zone, which facilitates cross-border movement and general business. The properties enjoy ease of access, well-developed infrastructure, an available pool of skilled labour and a large degree of common logistics, owing to the sites’ relative proximity to each other.
The Evelyn Project considered a significant new discovery opportunity, enjoys open pit potential and contains free gold in oxide ore type, with orogenic mineralization. Buoyed by the gold project’s prospects, the Canadian mining company recently engaged the services of Major Drilling for its eminent drilling program.
The mapping study and drilling program comes by virtue of a localized chip sampling survey in which the 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. A sampling of the main zone returned 43.1 g/t Au, in sample values, early last ear.
Colibri optioning its Pillar and selling its Pitaya gold properties should help minimize stock dilution while also help accelerate their development. The sale of non-core properties should also allow the company to get the much-needed financing to advance their other highly prospective gold projects while, for now, wisely financing Evelyn and El Mezquite Gold Projects and upholding shareholder value.
The Evelyn project is set to be one of the key drivers propelling the company’s underlying value in part because it is one of the last claims of land not held by a major producer in the area and financing is being generated internally rather than through stock dilution. In fact, Mexico’s largest gold mining company dominates the area by holding upwards of 300,000 hectares of claims around the Evelyn property. Steady news is expected from the Company for the foreseeable future as advancements are made and milestones achieved.
Momentum PR is pleased to have produced an informative and comprehensive report on Colibri Resource Corporation, available here – Momentum Report – Colibri Resource
If you would like more information on Colibri Resource; www.colibriresource.com
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- Published in Colibri Resource Corp, Gold, Mining, News Home
Colibri Announces That Maiden Drilling Has Started at Evelyn Gold Project
Colibri Resource Corporation (TSXV: CBI) (“Colibri” or the “Company”) is pleased to announce that Major Drilling has starting drilling the maiden drill program at Colibri’s Evelyn Gold Project located 60 km NW of Caborca Mexico.
The initial 5-hole diamond drilling program will focus on testing two areas recommended by Aurometallum Geology Consulting Services and Colibri geologists in late 2019 as a result of their geological, geochemical, and structural mapping study at Evelyn. The two mineralized corridors of strong initial interest have been named “Cerro Rojo” and “El Sahuaro” (See CBI news release dated: December 3rd, 2019).
The drilling program should take approximately 3 weeks to complete with assay results to be subsequently disclosed in due course.
The “Caborca Gold Belt” hosts many gold mines and deposits including La Herradura, Mexico’s largest gold mine which produced 474,168 ounces of gold in 2018 at an average grade of 0.80 g/t Au (25km west of Evelyn) and Noche Buena mine which produced 167,208 oz Au at an average grade of 0.52 g/t Au in 2018 (9km south west of Evelyn). (www.fresnilloplc.com)
Rig Preparation for Hole #1
To view an enhanced version of this graphic, please visit:
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Qualified Person and NI 43-101 Disclosure
Jackie E. Stephens, P. Geo for Colibri, is the Qualified Person, (as defined in NI 43-101), who has reviewed and approved the technical information in this press release.
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.
For more information about all of our projects please visit: www.colibriresource.com.
We seek safe harbour.
For further information: Ronald J. Goguen, President, Chairperson and Director, Tel:(506) 383-4274, rongoguen@colibriresource.com
- Published in Colibri Resource Corp, Mining, News Home
Colibri Announces That Permits for Maiden Drill Program at Evelyn Gold Project Have Been Received
Colibri Resource Corporation (TSXV: CBI) (“Colibri” or the “Company”) is pleased to announce that it has received the required drilling permits from SEMERNAT (Mexico Secretariat of Environment and Natural Resources) for its maiden drilling program at its Evelyn Gold Project located 60 km NW of Caborca Mexico.
Drill pad construction and other required infrastructure preparation will begin immediately and the drilling will then begin upon completion. A press release will be issued when drilling has commenced. The drilling program should take approximately 3 weeks to complete with assay results to be subsequently disclosed in due course.
Ron Goguen, President & CEO states: “We have been looking forward to beginning drill testing at Evelyn. Exploration activities to date have identified strong orogenic related gold mineralization. The “Caborca Gold Belt” is a globally significant producing gold trend and the Evelyn displays many of the same structural geological and mineralization features as several of the producing deposits.”
The “Caborca Gold Belt” hosts many gold mines and deposits including La Herradura, Mexico’s largest gold mine which produced 474,168 ounces of gold in 2018 at an average grade of 0.80 g/t Au (25km west of Evelyn) and Noche Buena mine which produced 167,208 oz Au at an average grade of 0.52 g/t Au in 2018 (9km south west of Evelyn). (www.fresnilloplc.com)
The initial 5-hole diamond drilling program will focus on testing two areas recommended by Aurometallum Geology Consulting Services and Colibri geologists in late 2019 as a result of their geological, geochemical, and structural mapping study at Evelyn. The two mineralized corridors of strong initial interest have been named “Cerro Rojo” and “El Sahuaro” (See CBI news release dated: December 3rd, 2019).
Qualified Person and NI 43-101 Disclosure
Jackie E. Stephens, P. Geo for Colibri, is the Qualified Person, (as defined in NI 43-101), who has reviewed and approved the technical information in this press release.
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.
For more information about all of our projects please visit: www.colibriresource.com.
We seek safe harbour.
For further information: Ronald J. Goguen, President, Chairperson and Director, Tel:(506) 383-4274, rongoguen@colibriresource.com
- Published in Colibri Resource Corp, Mining, News Home
Colibri Selects Drillers for Maiden Drill Program at Evelyn Gold Project
Colibri Resource Corporation (TSXV: CBI) (“Colibri” or the “Company”) is pleased to announce that it has contracted Major Drilling for its maiden drilling program at its Evelyn Gold Project located 60 km NW of Caborca, Mexico.
The Evelyn Gold Project lies in the prolific “Caborca Gold Belt” which hosts many mines and deposits including La Herradura, Mexico’s largest gold mine which produced 474,168 ounces of gold in 2018 at an average grade of 0.80 g/t Au (25km west of Evelyn) and Noche Buena mine which produced 167,208 oz Au at an average grade of 0.52 g/t Au in 2018 (9km south west of Evelyn) (www.fresnilloplc.com).
The initial 5 hole diamond drilling program will focus on testing the high priority targets that were selected by Aurometallum Geology Consulting Services and Colibri geologists. Aurometallum completed a geological, geochemical, and structural mapping study at Evelyn in late 2019 and has identified two mineralized corridors of strong initial interest. These corridors have now been named “Cerro Rojo” and “El Sahuaro” (CBI press release December 3, 2019).
The first two planned holes will test the area encompassing the “Saddle Vein” in the Cerro Rojo where previously announced grab samples in the area of the two holes have assayed up to 43.9 g/t Au (CBI press release June 3, 2019). The Cerro Rojo mineralized corridor measures 1200 meters by up to 500 meters.
A third hole within the Cerro Rojo will test a fault zone where previously announced chip samples returned up to as 0.98 g/t and soil samples run up to 0.251 g/t Au (CBI press release December 3, 2019).
Drilling of two holes at the El Sahuaro will test areas of shearing. The El Sahuaro mineralized corridor area measures approximately 950 meters by 350 meters with chip sample assays up to 4.81 g/t Au and soil samples up to 0.40 g/t Au (CBI press release June 3, 2019).
Final drill permitting for this program is expected to be received shortly and an update will be released upon its receipt.
Qualified Person and NI 43-101 Disclosure
Jackie E. Stephens, P. Geo for Colibri, is the Qualified Person, (as defined in NI 43-101), who has reviewed and approved the technical information in this press release.
Figure 1
To view an enhanced version of Figure 1 please visit:
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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.
For more information about all of our projects please visit: www.colibriresource.com.
We seek safe harbour.
For further information: Ronald J. Goguen, President, Chairperson and Director, Tel:(506) 383-4274, rongoguen@colibriresource.com
- Published in Colibri Resource Corp, Mining, News Home
Pilar Gold Project – Colibri Option Partner Tocvan Ventures Announces High Grade Mineralization at Two New Showings
Colibri Resource Corporation (“Colibri” or the “Company”) is pleased to announce that it has received the rock chip sample results from Tocvan Ventures Inc. (“Tocvan”) which were taken by Tocvan’s geologists during a due diligence visit the Pilar gold project in November 2019. Colibri has subsequently entered into an option agreement with Tocvan regarding Pilar since that time (See news release dated: November 26, 2019). A total of 35 samples were sent for assay, four of which were QA-QC samples. Significant results were found in 22 samples.
Sample # | Au g/t | Ag g/t | Cu % | Pb % |
PILAR-MTS-02 | 0.9 | 14.3 | 0.261 | 0.003 |
PILAR-MTS-03 | 1.3 | 5.4 | 0.338 | 0.002 |
PILAR-MTS-05 | 0.8 | 12.7 | 0.129 | 0.002 |
PILAR-MTS-06 | 3.2 | 8.3 | 0.350 | 0.001 |
PILAR-MTS-09 | 0.2 | 2.2 | 1.255 | 0.005 |
PILAR-MTS-10 | 0.9 | 17.2 | 0.734 | 0.010 |
PILAR-MTS-11 | 3.8 | 57.4 | 0.846 | 0.005 |
PILAR-MTS-12 | 0.0 | 5.6 | 1.910 | 0.001 |
PILAR-MTS-13 | 0.0 | 12.9 | 0.946 | 0.001 |
PILAR-MTS-14 | 0.1 | 3.3 | 1.400 | 0.001 |
PILAR-MTS-19 | 0.8 | 1.7 | 0.013 | 0.008 |
PILAR-MTS-20 | 5.6 | 84.2 | 0.088 | 1.710 |
PILAR-MTS-21 | 0.7 | 20.3 | 0.027 | 0.185 |
PILAR-MTS-22 | 9.3 | 76.4 | 0.120 | 2.150 |
PILAR-MTS-25 | 0.5 | 323.0 | 0.016 | 0.242 |
PILAR-MTS-26 | 1.4 | 2.4 | 0.002 | 0.013 |
PILAR-MTS-27 | 2.2 | 14.7 | 0.012 | 0.259 |
PILAR-MTS-29 | 4.3 | 172.0 | 0.086 | 1.125 |
PILAR-MTS-30 | 23.7 | 116.0 | 0.089 | 0.040 |
PILAR-MTS-33 | 4.4 | 44.5 | 0.109 | 0.036 |
PILAR-MTS-34 | 7.5 | 41.9 | 0.044 | 0.022 |
PILAR-MTS-35 | 2.2 | 3.5 | 0.179 | 0.008 |
The samples taken illustrate high grade gold (Au) and silver (Ag) assay results at two new areas that could significantly extend the known mineralization on the Pilar property. Among the assay results are values up to 9.3 g/t Au and 76.4 g/t Ag at the south-east part of the property, and up to 323 g/t Ag and 0.5 g/t Au midway along the eastern portion of the property. Samples taken in these areas follow up a prominent gold and silver anomaly identified in a soil sample survey in 2018.
In addition, Tocvan conducted a check of the location of the S-10 drill intercept from the mid 1990’s which returned 53.47 g/t Au and 53.4 g/t Ag over 16.5m. The drill intercept location was estimated and then projected to surface where a dark red hematite sheared outcrop was located, uncovered and sampled. Among the assays returned was a sample of 3.8 g/t Au and 57.4 g/t Ag showing mineralizing fluid flow in the structures.
A full map illustrating the samples taken in November 2018 at Pilar can be viewed in Tocvan’s news release dated January 7th, 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.
For more information about all of our projects please visit: www.colibriresource.com.
We seek safe harbour.
The TSX Venture Exchange has neither approved nor disapproved the contents of this news release.
SOURCE Colibri Resource Corporation
View original content: http://www.newswire.ca/en/releases/archive/January2020/07/c2397.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 Receives Sample Results and Interpretation From its Evelyn Study – Drill Holes Identified for Maiden Drill Program
Momentum Public Relations
Press Release: December 3, 2019
Colibri Resource Corporation (“Colibri” or the “Company”) is pleased to announce that it has received the sample results from its field geology study conducted by AuroMetallum Geology Consulting Services. The highest value received was from a chip sample which measured 40.1 ppm Au from a quartz vein containing boxwork, pyrite, and goethite.
The team which conducted the study in October 2019 submitted a total of 100 samples to the Hermosillo, Mexico office of ALS Chemex Labs. Of the 100 samples submitted, 91 samples were taken from exposed outcrop and subcrops in the areas of study, 5 samples were duplicates and another 4 were standards.
Of the samples taken: |
81 have grades >.005 ppm Au (89.0%) |
30 have grades >0.10 ppm Au (33.0%) |
|
24 have grades >0.20 ppm Au (26.4%) |
|
12 have grades >0.75 ppm Au (13.2%) |
The samples were analyzed for 34 elements including gold, silver, arsenic, bismuth, lead and copper. Arsenic, lead, and bismuth are understood to be key pathfinder elements in tracing gold in orogenic structures in the Caborca gold belt including the economically significant mines at Noche Buena and La Herradura. Many of the higher grade gold samples taken at Evelyn also have elevated arsenic, lead and bismuth values.
The results of this sampling program provided additional confidence that the structural and geological mapping has indeed identified at least two separate corridors of favourable NW/SE structure with surface expressions of anomalous gold. The study areas have now been named: Cerro Rojo and La Sahuaro. See illustration below. These identified zones also correspond with anomalous soil samples taken in 2011/2012 (See Company website: www.colibriresource.com/projects/evelyn).
Highlighted samples from Cerro Rojo:
Sample |
Sample |
Description |
Structure |
Au ppm |
Ag ppm |
Area |
497331 |
Channel |
0.75m |
Vein |
14.45 |
16.3 |
Cerro Rojo |
497332 |
Channel |
1.5m |
Vein |
12.45 |
3.2 |
Cerro Rojo |
497333 |
Channel |
1.5m |
Vein |
8.6 |
5.2 |
Cerro Rojo |
497335 |
Selective |
Chip |
Veinlets |
22.3 |
28.4 |
Cerro Rojo |
497337 |
Selective |
Chip |
Veinlets |
40.1 |
N/A |
Cerro Rojo |
497367 |
Selective |
Chip |
Breccia |
0.481 |
1.8 |
Cerro Rojo |
497374 |
Selective |
Chip |
Vein |
0.739 |
1.4 |
Cerro Rojo |
497379 |
Selective |
Chip |
Veinlets |
3.12 |
10.7 |
Cerro Rojo |
421099 |
Selective |
Chip |
Veinlets |
0.849 |
4.8 |
Cerro Rojo |
Highlighted samples from La Sahuaro:
Sample |
Sample |
Description |
Structure |
Au ppm |
Ag ppm |
Area |
497389 |
Selective |
Chip |
Vein |
2.97 |
0.5 |
El Sahuaro |
497391 |
Selective |
Chip |
Veinlet |
0.491 |
5.0 |
El Sahuaro |
497394 |
Channel |
Chip |
Shear |
0.397 |
1.3 |
El Sahuaro |
497395 |
Channel |
Chip |
Shear |
0.461 |
1.2 |
El Sahuaro |
497402 |
Selective |
Chip |
Shear |
0.242 |
0.8 |
El Sahuaro |
497413 |
Selective |
Chip |
Shear |
2.74 |
73.4 |
El Sahuaro |
497415 |
Selective |
Chip |
Fractures |
0.272 |
<0.005 |
El Sahuaro |
With samples in hand in combination with the geological & structural mapping, Colibri now feels confident moving forward with its planned drilling program of up to 1000 meters at Evelyn. Permits are being applied for and drilling companies are being contacted for quotations. The Company will provide guidance to the market as permits are received and when a drilling contract has been awarded.
The Company has enough cash on-hand to complete this drilling program.
Sampling, Analyses, and QAQC
The samples collected during the field work and reported here are grab samples of out-crop and sub-crop. Grab samples are not representative of any volume (tonnage) of potential mineralization on the property. The grab samples, which may not be representative of metal grades, were collected as part of the on-going exploration effort to determine the Au and Ag contents of various rock types on the respective property. The assays were completed at ALS Vancouver Canada after being submitted to the ALS laboratory in Hermosillo, Sonora. Industry standard sample preparation and analytical techniques were used. The ALS sample preparation procedures used include crushing the entire sample to 70% passing 2 mm and pulverizing a 250 g split of the crushed sample to 85% passing 75 microns. Au determination was by fire assay on a 30 g sample of the pulverized sample and AAS analysis. The high grade Au samples from Evelyn were determined with a gravimetric finish. Ag was determined on all of the samples by aqua regia digestion and AAS analysis on a 0.5 g sample of the pulverized material. Ag samples returning over limit values (> 100 g/t) were re-run using an ICP-AES finish. Major, minor, and trace elements were determined on a limited number of samples using a four acid digestion with ICP-AES finish. QAQC implemented by the Company includes the use of Certified Reference Materials and the completion of duplicate analyses. All samples were in the possession of Company geologist from collection to submission at the ALS Laboratory in Hermosillo.
Qualified Person
Jackie E. Stephens, P. Geo for Colibri is a Qualified Person as defined in NI 43-101 and has reviewed and approved the technical information in this press release.
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.
For more information about all of our projects please visit: www.colibriresource.com.
We seek safe harbour.
The TSX Venture Exchange has neither approved nor disapproved the contents of this news release.
SOURCE Colibri Resource Corporation
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/December2019/03/c3532.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 and Tocvan Ventures Finalize Option Agreement on Pilar Gold Project
Momentum Public Relations
Press Release: November 26, 2019
Colibri Resource Corporation (“Colibri” or the “Company”) wishes to announce that Tocvan Ventures has completed all necessary due diligence and has finalized their option agreement dated September 22nd with Colibri. The agreement allows Tocvan to acquire 51% interest in the Pilar project located in Sonora Mexico.
Under the terms of the agreement Tocvan has now advanced the first year’s cash payment of $125,000 to Colibri and issued 2,000,000 common shares of Tocvan to Colibri. Under the terms of the agreement Tocvan must now complete $2,000,000 of exploration on the property over five years, advance Colibri an additional $275,000 over the 5-year period with $50,000 due on the 1st anniversary date of the agreement and $75,000 due on the 3rd, 4th and 5th anniversary dates. Tocvan will also issue an additional 1,000,000 shares of the corporation to Colibri on the 3rd, 4th and 5th anniversary dates.
Once the above is satisfied Tocvan will have earned a 51% interest in the property and have the option to acquire the additional 49% interest by making a further $2,000,000 payment to Colibri and issuing a 2% NSR within 6 months of fulfilling the obligations listed above.
Mark Smethurst, a Director of Tocvan, commented: “The Pilar property has the right features and system to allow for great potential in defining a multimillion-ounce property.”
Ian McGavney, Colibri’s COO states: “The conclusion of this deal is significant for Colibri as the Company can now firmly focus on advancing its highly prospective Evelyn and El Mezquite gold projects to drilling phases. Colibri will continue to hold a significant interest in Pilar by way of owning a material amount of Tocvan shares and not need to dilute its own share structure to appreciate its upside.”
Colibri management anticipates near term news releases highlighting structure, mineralization and its path to drilling at Evelyn.
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.
For more information about all of our projects please visit: www.colibriresource.com.
We seek safe harbour.
SOURCE Colibri Resource Corporation
View original content: http://www.newswire.ca/en/releases/archive/November2019/26/c9636.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 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
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
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