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May 20, 2021, 8:59 a.m. EDT

Colibri and JV Partner Report Discovery at Grass Roots Jackie Property - Samples as High as 9.56 g/t Gold and 515 g/t Silver and Provides Exploration Update of Pilar Gold & Silver Project

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Dieppe, New Brunswick, May 20, 2021 (Newsfile Corp via COMTEX) -- Dieppe, New Brunswick--(Newsfile Corp. - May 20, 2021) - Colibri Resource Corporation /zigman2/quotes/204687692/delayed CA:CBI +5.56% ("Colibri" or the "Company") is pleased to report that its joint venture partner, Silver Spruce Resources Inc. ("Silver Spruce") has announced the discovery of an area of significant exploration interest at Colibri's Jackie Gold & Silver Project located near the town of Tepoca in the Sierra Madre Occidental region of Sonora, Mexico. In addition, Colibri's option partner, Tocvan Ventures has provided updates of interest at the Pilar Gold and Silver Project near Suaqui Grande.

NEW DISCOVERY AT JACKIE GOLD & SILVER PROJECT

The newly discovered area includes an exposure of intense oxidation and argillic alteration (see Illustration 2). Grab samples from this area returned a high value of 9.65 g/t Au and 515 g/t Ag and several samples with > 0.1 g/t Au and anomalous to highly anomalous base metal and path finder element values. Complemented by mapping and the results of hyperspectral analyses, the results outline a larger area of silicification and geochemically zoned alteration.

"We are excited to report the discovery of this promising target at the Jackie Gold & Silver Project. The discovery team entered the field with no record of past exploration to draw from. This area of interest, which contains high grade gold and silver, is truly a grass roots discovery. A Phase 2 exploration focused on this anomaly is planned to begin very soon" said Ian McGavney, COO of Colibri.

Exploration Highlights



Illustration 1 - Table of sample highlights as released by Silver Spruce Resources
To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/4269/84651_1fee62d084726a98_001full.jpg

The reader is referred to the Silver Spruce Resources News Release dated May 20 [th] , 2021 for further details on the Jackie Property and exploration plan.



Illustration 2: Field and sample pictures of new discovery area
To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/4269/84651_1fee62d084726a98_002full.jpg

Silver Spruce is currently in the first year of a two program to earn 50% of the Jackie Gold & Silver Project.

Jackie Property Location and Access

The Jackie Project is located within the western portion of the Sierra Madre Occidental Volcanic Complex and within the prominent northwest-trending "Sonora Gold Belt" of northern Mexico. The Property is situated approximately six kilometers northwest of the Nicho deposit currently being developed by Minera Alamos. Major gold mining operations in the Sonora Gold belt in the area of the Jackie Property include Alamos Golds' Los Mulatos Mine and Agnico Eagles' El India and Pinos Altos Mines.

The 1,130-hectare Jackie Property is located approximately two kilometres ("km") southwest of the town of Tepoca. Tepoca is accessed by Highway 16 approximately 175 km east of Hermosillo and the property is accessed from Highway 16, south of Tepoca, with vehicles and pack teams on unpaved roads and trails. The property is located approximately 2 km south of Colibri's El Mezquite Property which is also under an option agreement with Silver Spruce.

PILAR GOLD & SILVER PROJECT UPDATE

Permitting for New Drill Pads and Trenches

Colibri is also please to report that its Option Partner, Tocvan Ventures has announced that it has received permits for an additional 44 drill pads and seven (7) trenches at the Pilar Gold-Silver Project in Sonora, Mexico. Permitting was initiated as a proactive measure to ensure the timely and consistent advancement of Pilar. The additional drill pads will be utilized both during the current drill program and during a Phase III program planned for the fall of 2021. The permitted trenches will be utilized later in the year to channel sample across key mineralized sections on the property and to submit bulk sample material for column leach metallurgical analysis. The seven trenches will provide up to 3,500 tonnes of material for metallurgical test work and sampling, ultimately leading towards a larger bulk sample.

Pilar Drill Program Progress

To date, fifteen (15) drill holes have been completed for a total of 2,360 meters (see Illustration 3). Samples for the first seven holes have been submitted to ALS Labs in Hermosillo. Initial drilling has focused on the extension of the Main Zone by testing down-dip extensions of mineralization and stepping out along strike. Drilling has now shifted towards testing new targets at the 4-Trench Extension and Triple Vein Zone zones.



Figure 3: Planview Map of Phase II Drill Program Update at Pilar
To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/4269/84651_1fee62d084726a98_003full.jpg

"The pace at which Colibri and its Partners are advancing Colibri's Sonora Mexico Gold and Silver Projects is accelerating. We are very pleased to see Tocvan's significant progress and planning at Pilar as well as the new discovery at the Jackie Project. In addition, we expect drilling to commence shortly at El Mezquite and the 3D Induced Polarization survey is moving forward as planned at our flagship Evelyn Gold Project. Colibri is fully financed for its planned 2021 exploration endeavours." said Ron Goguen, President & CEO of Colibri.

/zigman2/quotes/204687692/delayed
CA : Canada: TSX Venture
$ 0.10
+0.0050 +5.56%
Volume: 15,331
Oct. 15, 2021 5:00p
P/E Ratio
15.32
Dividend Yield
N/A
Market Cap
$8.71 million
Rev. per Employee
N/A
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