Colibri, which is focused on acquiring and exploring prospective gold & silver properties in Mexico, has six exploration projects of which five currently have exploration programs being executed 2021 and 2022
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I’m Katriina Cotten for Investmentpitch Media
Colibri Resource Corporation has provided an update on preparations for a drill program at its Evelyn Gold project in Mexico.
Colibri, which is focused on acquiring and exploring prospective gold & silver properties in Mexico, has six exploration projects of which five currently have exploration programs being executed 2021 and 2022.
The flagship Evelyn Gold Project is 100% owned and explored by Colibri.
The company has four additional projects, the Pilar Gold & Silver Project, which is optioned to Tocvan Ventures (CSE: TOC), the El Mezquite Gold & Silver Project, the Jackie Gold & Silver Project, and the Diamante Gold & Silver Project, which is subject to earn-in agreements by Silver Spruce Resources (TSXV:SSE) which are all currently being actively advanced.
The Evelyn Gold Project is an Orogenic-type gold target located in the Caborca Gold Belt of northwestern Sonora.
The property is located approximately 25 kilometres east of La Herradura, Mexico's largest open pit gold mine, which produced 425,288 ounces of gold in 2020 at an average grade of 0.77 grams per tonne gold and is also approximately 9 kilometres northeast of the Noche Buena mine which produced 87,988 ounces gold at an average grade of 0.52 grams per tonne gold in 2020.
The setting and style of mineralization at Evelyn is similar to that reported from La Herradura and Noche Buena.
Geological mapping and sampling continues on the Evelyn property with the objectives of refining drill targets, following-up on Induced Polarization results and interpretations, and to generally fill-in gaps in the property wide geological mapping coverage.
Recent mapping has been focused on establishing the distribution of a Proterozoic metamorphic unit at El Sahuaro target area and sampling of a narrow vein has returned a value of 24 grams per tonne gold with 9.9 grams per tonne silver.
Other samples of veins from the metamorphic unit, at and near the contact with the Jurassic volcanic rocks, include 9.84 grams per tonne, 5.58 grams per tonne, and 3.0 grams per tonne gold.
Previous sampling from the immediate area includes multiple high-grade samples, such as 44.9 grams per tonne gold and 39.6 grams per tonne gold from narrow veins hosted by the metamorphic unit.
Samples characterized by disseminated pyrite from the area are consistently anomalous and the company will be evaluating this target for bulk mineable mineralization characterized by higher grade veins and veinlets within pyrite bearing lower grade host rocks.
The company has nearly completed remediation of access roads to and within the Evelyn property which are required to support trucks carrying RC drill equipment following what has been a heavy rainy season in northern Sonora.
The road work is expected to be completed within the next few days and following the preparation of drill access roads and drill pads, the company anticipates drilling to begin, with the fully funded drill program of up to 10,000 metres expected to be conducted in two phases with the first phase of up to 5,000 metres.
The company interprets El Sahuaro and Cerro Rojo as the priority target areas on the property as both are characterized by anomalous to high grade surface sampling coincident with chargeability and resistivity anomalies.
The shares are trading at $0.09.
For more information, please visit the company’s website, www.ColibriResource.com, contact Ronald Goguen, President, at 506-383-4274 or by email at RonGoguen@ColibriResource.com.
I’m Katriina Cotten for Investmentpitch Media
