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Aug. 26, 2021, 11:02 a.m. EDT

Colibri Announces Expansion of Target at Jackie Gold & Silver Project After Completing Phase 2 Exploration Program

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Dieppe, New Brunswick, Aug 26, 2021 (Newsfile Corp via COMTEX) -- Dieppe, New Brunswick--(Newsfile Corp. - August 26, 2021) - Colibri Resource Corporation /zigman2/quotes/204687692/delayed CA:CBI +5.56% ("Colibri" or the "Company") is pleased to announce that its earn-in partner Silver Spruce Resources (SSE-TSXV) has reported the results of a Phase 2 ground exploration program on the 1,130-hectare Jackie Gold & Silver Property which began June 11 [t] [h] , 2021. 

Today's News Release By Silver Spruce follows:

August 26, 2021 - Bedford, NS - /zigman2/quotes/207218304/delayed CA:SSE +12.50% - Silver Spruce Resources Inc. ("Silver Spruce" or the "Company") is pleased to announce promising gold and multi-element assay results of its Phase 2 ground exploration program on the 1,130-hectare Jackie Au-Ag property ("Jackie" or the "Property"). The program was focused around a pristine exploration target with encouraging Au-Ag assays from our Phase 1 prospecting and rock sampling (see Figures 1, 2 and 3). The work was performed on a 100-hectare section of the Property with grid-controlled detailed geological mapping and rock sampling focused on a 25-hectare central block covering the core of the gold and silver discovery area with additional wider spaced grid mapping of the surrounding area.

Figure 1. Jackie and Diamante 2 Concession Location Map. Access from Tepoca south on Highway #117 and local road to La Quema. Discovery area 3km north of La Quema is indicated by the white arrow.

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https://orders.newsfilecorp.com/files/4269/94521_cceb6ff7842a080c_001full.jpg

“We are excited about the potential for Jackie given the positive results and an original discovery with our early exploration campaigns. The intense silicate and oxide alteration with high-grade precious metal values ranging up to 9.65 g/t Au and 515 g/t Ag during Phase 1, and up to 4.15 g/t Au and 100 g/t Ag in separate samples during Phase 2, verified and extended the target area anomaly,” said Greg Davison, Silver Spruce VP Exploration. “Our Hermosillo-based geological team completed tightly-spaced 25-50 metre grid sampling and mapping which successfully increased the target to 200m x 400m. A distinct northwesterly trend of anomalous precious metal and typical heavy metal pathfinder elements runs parallel to several local and regional lineaments which provide new untested targets for follow-up sampling.”

Assay results for 10 Phase 2 samples and 3 Phase 1 samples sorted by Au content are presented in Table 1. A total of 310 rock samples were collected to date in two programs.



Table 1. Select assay results sorted by Au g/t from Phase 1 and Phase 2 rock sampling - n=310 samples

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Figure 2. Ridge located 50 metres above the valley floor, showing intense oxidation and argillic alteration peripheral to and within large polymetallic anomaly as indicated in Figure 1.

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The Company, with a six-person team (two senior geologists, two junior geologist and two field assistants) and all necessary logistical support undertook a Phase 2 exploration program, including rock sampling and geological mapping of known areas exhibiting significant alteration or mineralization (see Figures 2 and 3), collection of structural data and alteration zoning to assist with vectoring toward potential Phase 3 drilling targets. The investigation of several known hyperspectral alteration targets identified from satellite imagery was deferred due to rainy season access limitations. All aspects of the exploration program were conducted with strict adherence to COVID-19 protocols for personal safety.

Figure 3. Outcrop sampling north of exposed ridge with high grade Au 9.56 g/t and Ag 515 g/t - sample 221009 showing intense zeolite, clay and jarosite alteration of andesite

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Figure 4 illustrates the Phase 1 geochemistry, based on 75 [th] , 90 [th] , 95 [th] and 98 [th] percentiles using proportional symbols, for gold with the inset map for Au, Ag, Pb, Zn and Cd. Figure 5 illustrates the Phase 1 results for Au with an inset map for Phase 2 Au distribution. Figure 6 illustrates the Phase 1 and 2 results for Cu. The data clearly show a strong multi-element cluster effect (Au, Ag, Bi, Sb, Cd, Zn and Hg) and strong silicate alteration focused over the principal 200m x 400m target area extending for the pathfinder elements on a general northwesterly trend and open along strike.

The preliminary prospecting program identified a distinctive andesite ridge with intense oxidation, silicification and argillic alteration, and a notable paucity of vegetation located 35-50 metres vertical above the valley floor. Similar alteration, verified by preliminary aiSIRIS results of hyperspectral analysis, from the northern area of the ridge which was covered by thick vegetation, where exposed displayed intense replacement by zeolite, kaolinite, alunite, montmorillonite, opaline silica and muscovite and contained the bulk of the anomalous gold and silver values.

Geochemical analyses clearly identified a strong Au-Ag anomaly, commonly though not exclusively, associated with elevated Hg, Pb, Zn, Cd, As, Sb and Cu with spatial distribution and trends similar to the multi-element data recorded for the nearby El Mezquite property.

Figure 4. Phase 2 grid sampling areas on Phase 1 geochemistry (Au ppm only), Jackie property. Inset map with 50 metre grid location map and multi-element anomaly Au (ppm), Ag (ppm), Pb (ppm), Zn (ppm) and Cd (ppm).

To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/4269/94521_cceb6ff7842a080c_007full.jpg

Figure 5. Phase 2 grid sampling area (inset) on Phase 1 geochemistry (Au ppm), Jackie property. Inset map with cluster of anomalous Au and Ag assays up to 4.15 g/t Au and 100 g/t Ag in separate samples.

To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/4269/94521_cceb6ff7842a080c_008full.jpg

/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
$9.19 million
Rev. per Employee
N/A
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/zigman2/quotes/207218304/delayed
CA : Canada: TSX Venture
$ 0.05
+0.0050 +12.50%
Volume: 78,100
Oct. 15, 2021 5:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$7.29 million
Rev. per Employee
N/A
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