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Tocvan Ventures finalized agreement with Colibri Resource Corp to acquire up to 100% interest in the Pilar gold project

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The Pilar project, located 140 kilometers south-east of the city of Hermosillo in the historic Sonora gold district in Mexico, is host to epithermal gold-silver and porphyry copper deposits.

Additional Information:

Company: Tocvan Ventures Corp
Website: http://www.tocvan.ca
Stock Symbol: CSE: TOC
Date Published: Nov 27, 2019
Transcript: Available

Video Transcript:

I’m Megan Edwards for Investmentpitch Media

Tocvan Ventures Corp. has finalized its option agreement with Colibri Resource Corp. to acquire up to 100% interest in the Pilar project.

The Pilar project, located 140 kilometers south-east of the city of Hermosillo in the historic Sonora gold district in Mexico, is host to epithermal gold-silver and porphyry copper deposits.

To earn a 51% interest in the Pilar project, Tocvan is making cash payments of $400,000, issuing 5 million shares and incurring $2 million in exploration expenses over 5 years.

The company has paid the initial $125,000 and issued 2 million shares.

To acquire the balance of 49%, Tocvan must pay an additional $2 million, upon completion of the initial program.

Mark Smethurst, M.Sc., P.Geo., Director, stated: "This is one of the more exciting properties I've come across in my career. The Pilar property has the right features and system to allow for great potential in defining a multimillion-ounce property."

The Pilar Gold Project consists of low-sulfidation epithermal mineralization in oxidized rhyolite and andesite host rock.

Three zones of mineralization have been identified from surface work and drilling and are referred to as the Main Zone, North Hill and 4 Trench.

Soil sampling along trend of the three known zones indicates a continuation of mineralization to the southeast.

The property has had 17,700 meters of Core & RC drilling in addition to 2,650 meters of surface and trench channel sampling.

For more details please refer to the company’s news release of November 26, 2019.

During the due diligence period, management analyzed all available data collected to date, met with former exploration managers, completed a detailed search of tenure on concessions, and conducted a thorough site visit.

Management now firmly believes that the Pilar property represents tremendous potential for a proven economic resource in the short term and to host the potential for a multimillion-ounce discovery.

The company also has an option to acquire up to an 80% interest in the Rogers Creek Property, which covers approximately 212 square kilometers in the Coastal Mountain Belt of British Columbia, about 90 kilometers northeast of Vancouver, in the Lillooet Mining District.

The shares, which began trading on the CSE in March, are currently trading at $0.14 and with 10.8 million shares outstanding the company is capitalized at $1.5 million.

For more information please visit the company’s website www.tocvan.ca, contact Derek Wood, President and CEO at 403-200-3569 or email dwood@tocvan.ca.

I’m Megan Edwards for Investmentpitch Media