DIEPPE, NB, Nov. 6, 2019 /CNW/ - (CBI: TSX-V) – Colibri
Resource Corporation ("Colibri" or the "Company") wishes to
announce that the TSX Venture Exchange has accepted for filing its
acquisition of Yaque Minerales S.A de C.V. ("Yaque"). The agreement
was first announced on October
30th, 2018. Yaque is a private gold exploration
company owned by a non-arms length company called OnTop Capital.
The $1 million CAD purchase is being
made by way of a five-year convertible debenture bearing 2.5%
annual interest and carries a $0.20
per share conversion privilege.
There are two projects in Yaque: "El Mezquite" and "Jackie".
Both are located in the prolific High Sierra Madre in Sonora, Mexico and are less than 10km north
east of the Nicho deposit held by Minera
Alamos (TSX Venture: MAI – market cap of approximately
$75 million CDN) in its Santana
project. The Nicho is reportedly expected to be advanced to
production in 2020 with initial production rates of between 25,000
to 30,000 ounces of gold per year.
A. El Mezquite
Colibri has filed a newly updated NI 43-101 complaint property
report on its El Mezquite project,
a copy of which can be found on www.sedar.com and on the
Company's website, www.colibriresource.com. An updated report was
required in order to complete the acquisition of Yaque Minerales as
a previous report had become stale dated during the review process.
The updated report includes more recently released samples and
observations made by company geologists in 2019 (See Colibri news
release dated March 29th,
2019). The report also includes recommended work to be done in
order to advance the property.
The first steps of this recommended work program are expected to
be completed over the next three months. Should the results of this
work satisfy the expectations of Colibri geologists and management
a drill permit will be applied for and tenders for drilling
contracts will be solicited.
Exploration work on El Mezquite
prior to 2018 included the collection of 321 grab samples of which
13% contained anomalous to higher Au grades (0.10 g/t Au to
3.41 g/t Au), mapping of alteration which delineated a zone
of Au potential at least 600m by
300m on the northeastern part of the
property and a Three-Dimensional Induced Polarization Survey (3D-IP
Survey) which resulted in the identification of chargeability and
resistivity anomalies underlying the surface area of
potential. See news release dated October 30th, 2018.
Surface exploration on the El
Mezquite property by Colibri geologists in calendar 2019 has
included additional detailed mapping and verification sampling
which was aimed at confirming north-easterly grade trends within
the currently defined area of potential as well as to a lesser
extent mapping and sampling away from the known main
target.
The above described 600m by
300m area is contained in a broader
alteration zone that extends for approximately 2 km in north/south
direction, by 1 km east/west width. Within the broad alteration
zone are at least four colourful (after oxidized 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.
The property also includes 2 known historical mining workings
that have not yet been evaluated by the Company. These workings
will be more thoroughly examined in upcoming programs.
Colibri is targeting a deposit(s) of 1 million ounces of gold
or greater which would be expected to be near surface and amenable
to open pit heap leach production. El Mezquite has never been drilled.
B. Jackie
The Jackie 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 but grass roots
prospecting is slated for 2020. The project is 100% owned and is
not subject to any royalties.
Jackie directly borders the "Santana" project, which is being
advanced and developed by Minera
Alamos (TSXV-MAI), to its east. Minera Alamos has successfully completed a
pre-commercial bulk sample/heap leach test on the "Nicho" deposit
and in October 2018 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 in holes nearby this deposit.
A construction decision at Nicho is anticipated to occur in early
2020 and current corporate guidance predicts annualized production
of 30,000 to 50,000 ounces of gold per year with a mine life of
greater than 6 years.
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
