DIEPPE, NB, Jan. 4, 2018 /CNW/ - (CBI: TSX-V) Colibri
Resource Corporation ("Colibri" or the "Company")
wishes to provide an update of its Corporate Development plans for
the first quarter of 2018.
Pilar Gold Project – Advanced Gold Exploration Project
The Company has finalized its plans for a two-phase drilling
program on the "Main Zone" at its 100% owned advanced exploration
Pilar Gold Project in the Sonora State of Mexico. To date, Colibri
has defined an in-house resource calculation on Main Zone deposit
of 700,000 tonnes grading 1.9 g/t. This new program is designed to
expand this resource and define it by NI 43-101 standards.
Drilling targets for this program have been chosen by utilizing
3D modelling techniques introduced in a model prepared by geologist
PJ Lafleur, Hector Mendivil, a 3D
software (ArcGIS TARGET) specialist, and Colibri's Country Manager
& geologist Jackie E. Stephens
(see CBI news release dated November 14,
2017).
Phase 1 - Up to 3,000 metres of drilling in the Main Zone
deposit that will further infill drill and expand the currently
defined resource.
Phase 2 - Upon interpretation and modeling of the Phase 1
drilling, an additional 7,000 m of
drilling will be conducted to further delineate and define
additional resources. Colibri will utilize these results to update
its NI 43-101 Report on the project with expectations of announcing
a resource estimate (completion of Phase 2 is expected mid-year
2018).
Permitting for these two drilling programs has already been
applied for and received from local and national authorities. A
drilling contractor has also already been retained to complete the
work.
"We are very excited by the prospect of defining and growing our
reserves in the Main Zone. Much has been learned from previous
exploration activities and we are confident that we will achieve
our goal of defining and expanding the shallow high-grade deposit.
We believe that the Main Zone will lend itself in the mid-term to
an open pit heap leach mining operation," stated Ron Goguen, President & Chairperson of
Colibri.
Pitaya Gold Project – Advanced Gold Exploration Project – Agnico
Eagle Joint Venture
The Company is also awaiting additional results of the 2017
drilling and exploration activities from its joint venture partner
Agnico Eagle with respect to its Pitaya Gold Project in
Sonora Mexico.
Colibri owns 33.67% of the joint and Agnico Eagle owns
66.33%.
Evelyn Gold Project
The Company is preparing for an exploration program on the 100%
owned Evelyn property in 2018 to follow up the positive
results of our 2017 campaign. For additional information about the
potential of this project please review the report posted on our
webpage:
http://www.colibriresource.com/wp-content/uploads/2017/09/EvelynGoldProjectNourseReportFinalSept18.pdf
Qualified Person and NI 43-101 Discloser:
Jackie E. Stephens, P. Geo for
Colibri on the Pitaya exploration is the Qualified Person, as
defined in NI 43-101, has reviewed and approved the technical
information in this press release.
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.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as the term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
This news release may contain forward looking statements
concerning future operations of Colibri Resource Corp. (the
"Company"). All forward-looking statements concerning the company's
future plans and operations, including management's assessment of
the Company's project expectations or beliefs may be subject to
certain assumptions, risks and uncertainties beyond the Company's
control. Investors are cautioned that any such statements are not
guarantees of future performance and that actual performance,
exploration and financial results may differ materially from any
estimates and projections.
SOURCE Colibri Resource Corporation