DIEPPE, NB, March 8, 2019 /CNW/ - Colibri Resource
Corporation ("Colibri" or the "Company") (CBI-TSXV) wishes to
announce that it has closed a private placement of 6,340,000 units
at a price of $0.05 per unit for
gross proceeds of $317,000. The
placement is subject to final TSX Venture Exchange acceptance.
The units consist of one common share and one full share
purchase warrant. Each warrant entitles a holder to acquire one
additional common share at $0.10 for
three years from the closing of the private placement. The Company
has paid finder's fees of $8,950 in
cash and issued 73,000 broker's warrants in connection with this
placement. The broker's warrants carry the same terms as the unit
warrants.
All securities issued pursuant to this financing will be subject
to resale restrictions for a period of four months and one day from
closing under applicable securities legislation.
Proceeds of the placement will be primarily used to advance two
of its exploration properties, Evelyn and El Mezquite, located in Sonora, Mexico, in preparation for 2019 drill
programs as well as for general working capital.
Evelyn
The Evelyn property is located in northern Sonora, within the Caborca Gold Belt of the
Sonora Megashear. The Caborca Gold Belt includes the Noche Buena
Mine (167,200 ounces Au produced in 2018) located approximately 9
km southwest of Evelyn and La Herradurra Mine (474,200 ounces Au
produced in 2018) which is located approximately 30 km to the west
of Evelyn. Both mines are operated by Fresnillo plc. It appears that geological and
mineralogical characteristics of mineralization at Evelyn are
similar, in some respects, to mineralization at Noche Buena and Herradura. Historical mining
on the Evelyn property was focused on a steeply dipping
quartz-sulphide vein and associated quartz-carbonate
alteration. The tonnage mined and ounces produced are not
known to the Company. No drilling has been completed on the
property.
Priority targets, including the historical mine workings, are
currently being geologically mapped and sampled. Next steps
for Evelyn will include a property wide airborne magnetic survey,
continued geological mapping and sampling, and chargeability and
resistivity surveys over selected target areas. This
exploration will form the basis for planning of the maiden drill
program on the property in the near term.
El Mezquite
The newly
acquired El Mezquite property is
located within the Sierra Madre, eastern Sonora. The project was acquired for its
potential to be a low grade / large tonnage gold project and is
approximately 50km south east of the La India (Agnico Eagle) and
the Mulatos (Alamos Gold) Mines The property is also located
approximately 10km NE of the Nicho gold deposit held by
Minera Alamos. Minera Alamos is advancing Nicho toward a
construction decision in 2019 for a planned open pit heap leach
operation. The current plan for Nicho calls for an initial
production rate of between 25,000 to 30,000 ounces Au per year,
(Doug Ramshaw - Precious Metals
Summit – Zurich 2018).
The Company is currently compiling historical exploration work
completed on the property which includes in excess of 320 grab
samples from outcrop (assays measuring between nil to 3.41 g/t Au)
and a Three Dimensional Induced Polarization and Magnetometer
Survey completed in 2011.
Colibri will be completing additional surface sampling, mapping,
and trenching to confirm alteration and grade trends. In addition,
the Company plans to prospect, geologically map, and sample on the
large part of the property not previously explored by the
Company. Historical small scale mining is evident at several
locations on the property that are not already mapped. No
exploration drilling has been completed anywhere on the property
and upon the completion of the current exploration activities, the
Company will prioritize targets with intentions of drilling as soon
as it is able.
Pilar
The Company is currently updating geological and
Au-grade models for the Pilar property incorporating the results of
the 3,000 metre drill program completed during 2018 and integrating
newly recovered historical drilling data and information. The
historical drilling was completed by Santa Catalina Mining (SCM)
during the mid-1990's and the data has been provided to the Company
by geologist David Plaza who was
responsible for the drilling on behalf of SCM.
Pitaya JV Sale
On December
5th, 2018 Colibri announced its intention to
dispose its 23.55% working interest in the Pitaya project which is
a joint venture with Agnico Eagle Mines Limited ("Agnico Eagle").
As such, the Company has agreed to allow Agnico Eagle to
exclusively explore opportunities to dispose of Colibri's working
interest for a period of one year.
Agnico Eagle may initiate the sales and manage the sales process
as well as negotiate, agree to and complete a sale transaction on
behalf of Colibri.
It is Colibri's expectation that the Pitaya working interest
will be successfully sold within the 12-month exclusivity period.
The sale will allow Colibri to dispose of a non-core asset and
utilize the proceeds for exploration of its other high potential
projects as well as for working capital.
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.
For more information about all of our projects please visit:
www.colibriresource.com.
We seek safe harbour.
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
