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Colibri's Option Partner Recieves 2nd Batch of Assays for Drilling Completed at El Mezquite Gold and Silver Project, Sonora, Mexico

Newsfile Corp.
·6 min read

Dieppe, New Brunswick--(Newsfile Corp. - September 21, 2021) - Colibri Resource Corporation (TSXV: CBI) ("Colibri" or the "Company") is pleased to announce that its partner, Silver Spruce Resources, Inc. (TSXV: SSE) has reported assay results for the final 10 holes drilled at the El Mezquite Au-Ag property ("El Mezquite" or the "Property"). All holes intersected gold mineralization over variable core lengths. Highlights of the assays received include intercepts of 0.537 grams per tonne ("g/t") Au over an intersection length of 6.1 metres ("m") in hole MEZ-21-016 and 0.502 g/t Au + 24.7 g/t Ag over an intersection length of 4.575 m in hole MEZ-21-012.

The Phase 1 drill program consisted of a total of 2,485 metres completed in 20 holes from eight drill pads (see Figure 1) and was completed on July 28, 2021. Results of the first 10 holes were reported by the Company on September 7, 2021 which included significant Au assays (Au > 0.10 g/t) in nine of the 10 holes reported with a highlight of 0.83 g/t Au over 3.05 metres ("m") in hole MEZ-21-005.

The locations for all holes drilled in the Phase 1 El Mezquite drill program are contained figure 1 and significant assay results from holes MEZ-21-011 to 020 are reported in table 1.

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Ron Goguen, President and CEO of Colibri commented: "This is the first drill program completed on the El Mezquite property and we are very encouraged that gold mineralization has been intersected in nineteen of the twenty holes drilled. The locally high-grade base metal values are also encouraging, and we look forward to our partners utilizing all data to continue to develop the property exploration strategy and test targets in future drill programs."

Greg Davison, Silver Spruce Vice-President Exploration and Director commented: "Pathfinder elements (Hg, Cu, Pb, Zn, Sb and As) with low grade Au often displayed well-defined metal haloes adjacent to notable Au values. These zones, which occurred in fourteen (14) drill holes, ranged from ten (10) to forty-three (43) metres, with seven intervals over 20 metres in apparent thickness downhole, within and peripheral to the multiple gold and silver-bearing intervals."

Silver Spruce Resources is currently in the 2nd year of a four year agreement with Colibri to earn 50% of the El Mezquite Gold and Silver Project. For full details of the agreement please refer to the Colibri news release dated June 11th, 2020.



Figure 1. Drill collar location map for the El Mezquite property

To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/4269/97151_c48a963854b3188f_001full.jpg.

Table 1. Select assay intervals (>0.1 g/t Au) for the Phase 1 drilling program as provided by Silver Spruce Resources Inc (MEZ011-MEZ-020)

Collar

From

To

Length

Au_ppm

Ag_ppm

Cu_ppm

Pb_ppm

Zn_ppm

MEZ-21-011

22.875

24.4

1.525

0.141

41.1

4660

2110

5170

MEZ-21-011

123.525

125.05

1.525

0.126

0.25

87

134

685

MEZ-21-012

6.1

10.675

4.575

0.502

24.7

97

1506

98

MEZ-21-013

86.925

88.45

1.525

0.141

4.1

62

2290

3680

MEZ-21-013

94.55

96.075

1.525

0.298

99.4

987

>10000

>10000

MEZ-21-014

105.225

106.75

1.525

0.182

26.1

624

1065

2160

MEZ-21-015

24.4

32.025

7.625

0.229

17.2

385

3214

8183

MEZ-21-015

70.15

71.675

1.525

0.157

4.9

156

868

1240

MEZ-21-016

24.4

30.5

6.1

0.152

4.1

110

1403

1536

MEZ-21-016

62.525

68.625

6.1

0.537

2.5

27

717

1110

MEZ-21-016

83.875

85.4

1.525

0.107

7.5

136

1050

1035

MEZ-21-016

88.45

89.975

1.525

0.104

12.2

134

910

1215

MEZ-21-016

93.025

94.55

1.525

0.188

1.1

52

370

563

MEZ-21-017

65.575

73.2

7.625

0.177

12.4

353

2203

3510

MEZ-21-017

77.775

80.825

3.05

0.121

7.9

151

1489

1537

MEZ-21-018

45.75

47.275

1.525

0.278

8.4

231

666

923

MEZ-21-018

47.275

48.8

1.525

0.127

3.8

86

1035

1625

MEZ-21-018

91.5

93.025

1.525

0.111

2.2

34

139

278

MEZ-21-019

36.6

39.65

3.05

0.47

31.7

1277

2771

6353

MEZ-21-019

45.75

48.8

3.05

0.176

52.9

501

4549

6752

MEZ-21-019

74.725

76.25

1.525

0.162

20.7

500

6820

>10000

MEZ-21-020

25.925

28.975

3.05

0.127

1.6

82

675

632

MEZ-21-020

42.7

48.8

6.1

0.187

4.5

204

1873

3820

MEZ-21-020

89.975

91.5

1.525

0.101

0.25

9

53

304



*The above Lengths are drilled lengths. True widths are unknown

About El Mezquite Property

The El Mezquite Property is located within a belt of Epithermal Au-Au mineralization hosted by the Sierra Madre Occidental Volcanic Complex. Major gold mining operations in the area of El Mezquite include Alamos Golds' Los Mulatos Mine and Agnico Eagles' El India and Pinos Altos Mines. The 180 hectare El Mezquite Property is located approximately 170 km southeast of Sonora state capital Hermosillo and approximately 10 km northwest of the town of Tepoca. The property is accessed directly from Sonora state Highway 16.

ABOUT COLIBRI RESOURCE CORPORATION:

Colibri is a Canadian-based mineral exploration company listed on the TSX-V (CBI) and is focused on acquiring and exploring prospective gold & silver properties in Mexico. The Company has six exploration projects of which five currently have exploration programs being executed or planned for 2021. The flagship Evelyn Gold Project is 100% owned and explored by Colibri. The Company has four additional projects, Pilar Gold & Silver Project (optioned to Tocvan Ventures- (CSE: TOC)), El Mezquite Gold & Silver Project , Jackie Gold & Silver Project, and the Diamante Gold & Silver Project (earn-in agreements with Silver Spruce Resources - )TSXV: SSE)) are also currently being actively advanced.

For more information about all Company projects please visit: www.colibriresource.com.

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.

Notice Regarding Forward-Looking Statements:
This news release contains "forward-looking statements". Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that the plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that they will prove to be accurate.

For further information: Ronald J. Goguen, President, Chairperson and Director, Tel: (506) 383-4274, rongoguen@colibriresource.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/97151