DIEPPE, NB, May 29, 2019 /CNW/ - (CBI-TSX Venture)
Colibri Resource Corporation ("Colibri" or the "Company") wishes to
announce the results of its Annual Special Meeting of shareholders
which was held on May 16, 2019 at its
offices in Dieppe New
Brunswick.
The total number of votes cast at the meeting was 14,178,621
representing approximately 23.93% of the 59,242,986 issued and
outstanding Common Shares of the Corporation.
Results:
The following persons were elected to serve as directors of the
Corporation and to hold office until the next annual meeting or
until their successors are otherwise elected or appointed:
Ronald Goguen Sr., Roger Doucet, Paul
Bartos, Jacques Monette,
William MacDonald and Brian Crawford.
Shareholders approved the re-appointment of MNP LLP, Chartered
Accountants to serve as auditors of the Corporation, to hold office
until the next annual meeting of Shareholders of the Corporation
with their remuneration to be fixed by the Board of Directors.
Shareholders also approved the Company's Stock Option Plan, by a
vote of 96.37% For, 3.63% against.
Finally, minority shareholders overwhelmingly approved the non
arm's length acquisition of Yaque Minerales S.A. de C.V. with over
96% voting in favour.
Further details on these matters are contained in the
Corporation's information circular dated April 16, 2019 which may be found on
www.sedar.com.
About Yaque Minerales S.A. de C.V
The assets of Yaque consists of two mineral exploration
properties located within the major "Sonora Gold Belt" of northern
Mexico. The projects are located
between the La Colorada Gold, La India, and Mulatos Gold Mines.
The first mineral exploration property named the El Mezquite
Gold Project is considered to be highly prospective and is 180
hectares in size. It is being acquired for its potential to be a
low grade / large tonnage gold project. The second property is the
1130 hectare "Jackie" project which is approximately 2 km south of
the El Mezquite. Both projects are
un-drilled but have showings of old workings. Yaque owns 65%
of the Mezquite property with an option to acquire the remaining
35% for US$265,000 with payment
commencing in 2020 and payable in equal instalments over 5 years.
If Yaque does not exercise this option, its interest will remain at
65%. The Mezquite property is subject to a 1% Net Smelter
Royalty from production in favour of the original vendors which can
be purchased at any time for $500,000
USD.
The second property is the 1130 hectare "Jackie" project which
is approximately 2 km south of the El
Mezquite. The project borders to the east of Minera Alamos' (TSX Venture – MAI) "open-pit
heap-leach development project" called "Santana". (TSXV-MAI:
News release: Oct.25, 2018). Yaque owns the Jackie project
100%, with no underlying royalties.
El Mezquite Gold Project
The El Mezquite Project is located within the west-central
portion of the Sierra Madre Volcanic Complex in eastern
Sonora. The entrance of the
concession is easily accessible from the paved Mexican Highway #16
and contains 1 km southerly trending dirt road which runs through
the middle of the known gold mineralization. Exploration work on
the property to date has consisted of chip sampling and a Magnetic
/ 3D IP survey on the eastern portion of the property. There is no
evidence of historic drilling on the project.
Assay results from 321 rock chip samples taken from the property
indicate that 42 of the samples report values of gold >0.1 ppm,
averaging 0.74 ppm of Au and 25.7 ppm Ag. These 42 samples are
distributed along an area that extends for 600 m in north-south direction by 300 m east-west. The highest values reported are
3.41 ppm Au and 198 ppm Ag.
El Mezquite contains a broad
alteration zone that extends for about 2 km in north/south
direction, by 1 km east/west width. Within the broad alteration
zone are at least four colourful (after oxidizied sulfides)
hydrothermally altered contact zones about a silicified feldspar
porphyry. The distinct gold and silver values and geophysical
anomalies reported in the El
Mezquite area are mostly associated with these zones of
sulphide alteration.
There is evidence of previous mine workings on the property.
There are 4 shallow workings on the WNW side of the El Mezquite
Concession which require follow up exploration work and there is
also a 2 meter X 2.1 meter adit drifting 35 meters westerly from
the main dry river. The adit first drifts 29 meters to the west at
270ᵒ and then bends to 240ᵒ heading for another 6 meters. It is
open and in fair shape.
"Jackie" Gold Project
The project is 1130 Ha in size and is located approximately 2 km
south of the El Mezquite. Very
little work has been done in the way of exploration on this
property at this point. This project is 100% owned by Yaque and is
not subject to any royalties.
The project borders the "Santana" project actively being
explored by Minera Alamos (TSXV-MAI)
to the east. Minera Alamos has
announced that it has successfully completed a pre-commercial bulk
sample/heap leach test on this project and in October 2018 has announced additional exploration
drilling results of: 95.7m @ 1.57 g/t
AuEq, 80.4m @1.05 g/t Au, and
95.5m @0.65 g/t Au respectively from
its Phase 1 program.
Qualified Person
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 gold 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
