DIEPPE, NB, July 16, 2018 /CNW/ - (CBI: TSX-V) – Colibri
Resource Corporation ("Colibri" or the "Company") wishes to
announce assay results from the last seven holes and two hole
extensions completed on its Phase 1 reverse circulation (RC)
drilling program on its 100% owned Pilar Gold Project in
Sonora, Mexico. Highlights include
an intersection of 61 meters (m) of 0.75 grams per tonne (g/t) gold
(Au) which includes 17.3 g/t over Au over an intersection of
1.5 m in hole JES-18-24. (all assays
in program are 1.5 m in length)
The objectives of the Phase 1 drill program at Pilar have been
to confirm continuity within previously interpreted zones of
mineralization, discover extensions to the known mineralization,
and explore locally for new zones of gold mineralization.
Hole JES-18-25 which was drilled approximately 60m southeast of the previous announced JES 18-03
confirms expanded mineralization in the Main Zone and returned
results of 5.4 g/t over 3m.
Our model for the Main Zone has been proving to hold true. The
results released today, as well as those already released in Phase
1, have extended the Main Zone's mineralized envelope to the
northwest as well as the southeast by upwards of a total of
145 m. This represents an increase of
52% in the length of the Main Zone and potential remains open to
both the northwest and southeast. On trend, approximately
170 m to the south east of JES-18-25,
is a shallow historic mine shaft which has surface sampled 2.48 g/t
Au and 1.23 g/t Au. Gold bearing mineralization from this shaft is
very similar to the structural mineralization to the north west
which would indicate that it may be part of the same system.
The results of the 4 trench exploration hole JES-18-27
(375 m east of Main Zone) have also
been encouraging. It encountered a total of 19.5 m of mineralization averaging 0.656 g/t Au
from three separate zones/shears. (See Table 1 below)
A map showing the locations of the holes can be viewed on our
website: www.colibriresource.com/projects/pilar.
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Table
1
|
|
Summarized
Intercepts
|
|
Hole-ID
|
From (m)
|
To (m)
|
Length (m)
|
Au (gpt)
|
Ag (gpt)
|
|
JES-18-04
EXT
|
No
|
Significant
|
Results
|
|
|
|
JES-18-05
EXT
|
127.5
|
136.5
|
9.0
|
0.21
|
|
|
JES-18-21
|
3.0
|
4.5
|
1.5
|
0.46
|
8.80
|
|
JES-18-22
|
13.5
|
19.5
|
6.0
|
0.68
|
52.70
|
|
JES-18-23
|
7.5
|
9.0
|
1.5
|
2.31
|
4.30
|
|
JES 18-23
|
22.5
|
25.5
|
3.0
|
0.21
|
0.70
|
|
JES 18-23
|
64.5
|
66.0
|
1.5
|
0.28
|
4.30
|
|
JES-18-24
|
0
|
1.5
|
1.5
|
0.33
|
4.90
|
|
JES-18-24
|
21.0
|
82.5
|
61.5
|
0.75
|
1.67
|
|
Incl.
|
21.0
|
25.5
|
4.5
|
0.72
|
1.67
|
|
Incl.
|
57.0
|
58.5
|
1.5
|
17.30
|
0.90
|
|
JES-18-24
|
118.5
|
120.0
|
1.5
|
0.45
|
1.00
|
|
JES-18-25
|
63.0
|
64.5
|
1.5
|
0.28
|
3.70
|
|
JES-18-25
|
72.0
|
75.0
|
3.0
|
5.40
|
2.95
|
|
JES-18-26
|
45.0
|
46.5
|
1.5
|
0.25
|
0.50
|
|
JES-18-26
|
81.0
|
115.5
|
34.5
|
0.32
|
1.13
|
|
JES-18-26
|
130.5
|
132.0
|
1.5
|
0.22
|
0.25
|
|
JES-18-27
|
6.0
|
12.0
|
6.0
|
0.79
|
30.33
|
|
JES-18-27
|
24.0
|
33.0
|
9.0
|
0.63
|
1.03
|
|
JES-18-27
|
106.5
|
111.0
|
4.5
|
0.53
|
0.33
|
|
Note: Reported
intervals are not true width. At this time, there is insufficient
data with
respect to the shape of the mineralized system to calculate true
orientations. They represent drill
intersection lengths from holes drilled at a dip of -45 to -90
degrees.
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Summary of Drilling and Assay Results
JES-18-04 EXT. – An additional 30
m was drilled as an extension into the vertical JES-18-04
hole which results were announced on May
8th, 2018. No significant results are reportable
for this hole.
JES-18-05 EXT. – An additional 25m
was drilled as an extension into the original 125 m hole JES-18-05. Starting at 127.5 m the drill encountered a mineralized
9 m section which sampled an average
grade of 0.21 g/t Au.
JES-18-21 – Drilled to a depth of 126
m, this hole was drilled to test eastern limits the Main
zone to the southeast east. This hole encountered 1.5 m of 0.46 g/t near surface but did not
identify any additional significant intersections.
JES-18-22 – This hole was designed to test for extension of the
Main Zone to the south east. Although results were encouraging, the
hole was only drilled to a depth of 33
m before being lost due to mechanical reasons. The hole
encountered a section mineralization of 6
m of 0.68 g/t Au from 13.5 m
to 19.5 m.
JES-18-23 – This hole was designed to test the eastern limits of
the known Main Zone mineralization to the south west of known
mineralization. Although the hole encountered a 1.5 m intersection of 2.31 g/t Au near surface
the rest of the 150 m hole did not
encounter any additional anticipated economic grade materials.
JES-18-24 – This hole was drilled to the north west into the
known Main Zone. This hole encountered significant mineralization
over a width of 61.5 m at 0.75 g/t Au
and is understood to be the longest intersection of ore grade
materialization encountered on the property to date. Included in
the intersection is 1.5 m of 17.3 g/t
Au
JES-18-25 – This hole was drilled to the southeast of JES-18-03
and intersected 5.40 g/t Au over a 3
m intersection length indicating that mineralization from
the Main Zone continues to the southeast.
JES-18-26 – This 165 m hole was
drilled as infill in the Main Zone. A fairly wide intersection of
34.5 m grading 0.32 g/t Au was
encountered.
JES-18-27 – 138 m exploration hole
drilled into the 4 trench Zone. This hole encountered three zones
of mineralization (see table 1) consistent with previous
interpretation of the 4 trench target.
Qualified Person and QA/QC
Assays for the Pilar Phase 1 drilling program have been
completed at ALS Chemex laboratories (ALS) with sample preparation
completed in Hermosillo, Sonora,
Mexico and Atomic Absorption and Fire Assay analyses
completed in Vancouver,
Canada. Colibri employs industry standard QAQC protocol
including the use of control samples to verify assay results.
Jackie E. Stephens, P. Geo
supervises the Pilar drilling program including sampling, chain of
custody, and delivery of sample to ALS. 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 the Pilar Gold Project
The Pilar Gold Project is strategically located in the historic
Sonora gold district which has
produced the majority of gold mined in Mexico. The Pilar Gold Project consists of
low-sulfidation epithermal mineralization in a highly fractured,
altered, and highly oxidized volcanic host rock. The Company
has recently completed drilling the first phase (3,000m) of a planned two-phase program for 2018
which will include drilling of up to a total of 10,000m. The program is designed to confirm and
expand known mineralization at Pilar and use this information to
complete an initial, NI 43-101 compliant, resource estimate. Two
zones of mineralization have been interpreted based on surface
exposure, trenching, and historical drilling and include the Main
Zone and North Zone. A third target area, referred to as the
4 trench target, has been drill tested with encouraging
results. Metallurgical testing (bottle roll) has shown an
average recovery of 92%.
About Colibri Resource Corporation:
Colibri is a Canadian mineral exploration company listed on the
TSX-V (CBI) focused on acquiring and exploring 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
