DIEPPE, NB, Sept. 21, 2018 /CNW/ - (CBI: TSX-V) – Colibri
Resource Corporation ("Colibri" or the "Company") wishes to clarify
certain information regarding exploration potential on its Pilar
Project in Sonora State, Mexico.
In news releases issued on January 4,
February 7 and March 20, 2018 and in its corporate presentation
located on its website, the Company stated that it has defined an
in-house resource calculation on the Main Zone deposit of 700,000
tonnes grading 1.9 g/t Au. The estimation reported incorporated
historical drill holes reported by a previous operator and for
which the Company can not verify location and assay data consistent
with the requirements for NI 43-101 compliance. The resource
calculation is therefore not NI 43-101 compliant and should not be
relied upon.
The Pilar Project is an exploration stage project and the
potential tonnage and grade reported were estimates for evaluation
and planning purposes. The potential tonnage ranges from
550,000 tons at an average grade of 2.1 g/t Au to 850,000 tons at
an average grade of 1.8 g/t Au. The potential tonnages and
grades are conceptual in nature and there has been insufficient
exploration to date to define a mineral resource and it is
uncertain if further exploration will result in the target being
delineated as a mineral resource.
The potential tonnage and grade ranges estimated were based on
sampling surface exposures in trenches and road cuts and reverse
circulation (RC) drilling. The RC database used to define and
limit the potential tonnage and grade contains 38 holes, 18 of
which are historical. A conventional approach of geological
and grade interpretation followed by block model grade estimation
was used to estimate the potential tonnage and grade ranges.
The geological interpretation and block model grade estimation was
completed using commercially available, industry standard,
software.
Structural Geology Interpretation – Pilar Project
The Company also announces that its has retained the services of
Terrane Geoscience Inc. to complete a structural geological
interpretation of the Pilar Project. The comprehensive study will
integrate all data generated on the project to date and provide
guidance for future exploration and drilling programs. The
deliverables will be as follows:
1. Desktop study – Compilation, review, and interpretation of
all project data, technical reports and applicable regional data
sets and publications. All geospatial data will be compiled and
interpreted in a 2D GIS software and applicable data sets will be
evaluated using 3D geological modelling software.
2. Site visit and geological mapping – Property examination
including geological (structural) mapping. In addition, the
company will be determining the locations of historical drill holes
to the extent possible, to evaluate and collect data on surface
outcrops and selected historical drill holes.
3. Reporting and Target Generation and – Results of the desktop
study and site visit will be integrated and used to design and plan
continued exploration on the Pilar Property. At this stage,
the Company anticipates future exploration to include both surface
exploration initiatives and reverse circulation drilling to
continue to evaluate known zones of mineralization and to test new
targets.
Upon the completion of this report Colibri expects to proceed
with its Phase 2 Pilar drilling and, subsequently, the Company
intends to complete and release a maiden, NI-43-101 compliant,
mineral resource estimate.
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. In
June 2018 the Company completed
drilling the first phase (3,000m) of
a planned two-phase program which includes drilling of up to a
total of 10,000m. 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%. The Company anticipates planning and executing its
second phase drill program based on the results of the current data
interpretation and geological mapping program.
Qualified person and National Instrument 43-101
disclosure
Jackie Stephens P Geo, the
qualified person for Colibri on the Pilar Gold Project, as defined
in NI 43-101, has reviewed and approved the technical information
in this press release.
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
