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    CBI   CA1941683080

COLIBRI RESOURCE CORPORATION

(CBI)
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Colibri Resource : Announces Expansion of Target at Jackie Gold and Silver Project after Completing Phase 2 Exploration Program

08/27/2021 | 08:24am EDT

Dieppe - Colibri Resource Corporation (TSXV: CBI) ('Colibri' or the 'Company') is pleased to announce that its earn-in partner Silver Spruce Resources (SSE-TSXV) has reported the results of a Phase 2 ground exploration program on the 1,130-hectare Jackie Gold & Silver Property which began June 11th, 2021.

Today's News Release By Silver Spruce follows

August 26, 2021 - Bedford, NS - (TSXV: SSE) - Silver Spruce Resources Inc. ('Silver Spruce' or the 'Company') is pleased to announce promising gold and multi-element assay results of its Phase 2 ground exploration program on the 1,130-hectare Jackie Au-Ag property ('Jackie' or the 'Property'). The program was focused around a pristine exploration target with encouraging Au-Ag assays from our Phase 1 prospecting and rock sampling. The work was performed on a 100-hectare section of the Property with grid-controlled detailed geological mapping and rock sampling focused on a 25-hectare central block covering the core of the gold and silver discovery area with additional wider spaced grid mapping of the surrounding area.

'We are excited about the potential for Jackie given the positive results and an original discovery with our early exploration campaigns. The intense silicate and oxide alteration with high-grade precious metal values ranging up to 9.65 g/t Au and 515 g/t Ag during Phase 1, and up to 4.15 g/t Au and 100 g/t Ag in separate samples during Phase 2, verified and extended the target area anomaly,' said Greg Davison, Silver Spruce VP Exploration.

'Our Hermosillo-based geological team completed tightly-spaced 25-50 metre grid sampling and mapping which successfully increased the target to 200m x 400m. A distinct northwesterly trend of anomalous precious metal and typical heavy metal pathfinder elements runs parallel to several local and regional lineaments which provide new untested targets for follow-up sampling.' The Company, with a six-person team (two senior geologists, two junior geologist and two field assistants) and all necessary logistical support undertook a Phase 2 exploration program, including rock sampling and geological mapping of known areas exhibiting significant alteration or mineralization, collection of structural data and alteration zoning to assist with vectoring toward potential Phase 3 drilling targets. The investigation of several known hyperspectral alteration targets identified from satellite imagery was deferred due to rainy season access limitations. All aspects of the exploration program were conducted with strict adherence to COVID-19 protocols for personal safety.

The preliminary prospecting program identified a distinctive andesite ridge with intense oxidation, silicification and argillic alteration, and a notable paucity of vegetation located 35-50 metres vertical above the valley floor. Similar alteration, verified by preliminary aiSIRIS results of hyperspectral analysis, from the northern area of the ridge which was covered by thick vegetation, where exposed displayed intense replacement by zeolite, kaolinite, alunite, montmorillonite, opaline silica and muscovite and contained the bulk of the anomalous gold and silver values.

Geochemical analyses clearly identified a strong Au-Ag anomaly, commonly though not exclusively, associated with elevated Hg, Pb, Zn, Cd, As, Sb and Cu with spatial distribution and trends similar to the multi-element data recorded for the nearby El Mezquite property.

Planning for the Phase 3 exploration program is underway with a view to additional ground work in Q4 2021, including preparation of the environmental report required for a drilling permit and targeting for Q1 2022 reverse circulation drilling. Interpretation of the geological, geochemical, hyperspectral, and property-wide ASTER, LANDSAT 8 and LiDAR imagery is ongoing.

Project Background

The Company recently signed a Definitive Agreement (Press release November 30, 2020) with Colibri Resource Corp. to acquire 50% interest in Jackie, an early-stage precious metal project located 175 km east of Hermosillo, Sonora, Mexico. The large grassroots property is located in a very productive region only one to two kilometres south from our El Mezquite and Diamante properties and adjacent to the west of Minera Alamos' Santana project, and approximately six kilometres northwest of their Nicho deposit currently under development.

The Jackie Project is located within the western portion of the Sierra Madre Occidental Volcanic Complex within the prominent northwest-trending 'Sonora Gold Belt' of northern Mexico and parallel to the precious metals-rich Mojave-Sonora Megashear.

Other nearby large operating mines include Alamos Gold's Los Mulatos gold mine and Agnico Eagle's La India gold mine located 50-60 km to the northeast, Agnico Eagle's Pinos Altos Mine, 95 km southeast and Argonaut's La Colorada Mine, 100 km to the west. Exploration is very active with adjacent and nearby properties reported to be held by Minera Alamos, Newmont, Garibaldi, Evrim, Kootenay Silver and Penoles.

The 1,130-hectare Property is easily accessible from Hermosillo to the Tepoca area and heading south from Mexican Highway #16 or west from Highway #117, or from Ciudad Obregon travelling northeast on Hwy. #117 and west to the pueblo of La Quema with vehicles and then pack teams along dry river beds, dirt roads and trails. High voltage power lines are located on Highway #16.

ABOUT COLIBRI RESOURCE CORPORATION

Colibri is a Canadian-based mineral exploration company listed on the TSX-V (CBI) and is focused on acquiring and exploring prospective gold & silver properties in Mexico. The Company has six exploration projects of which five currently have exploration programs being executed or planned for 2021. The flagship Evelyn Gold Project is 100% owned and explored by Colibri. The Company has four additional projects, Pilar Gold & Silver Project (optioned to Tocvan Ventures- CSE:TOC), El Mezquite Gold & Silver Project , Jackie Gold & Silver Project, and the Diamante Gold & Silver Project (50% earn-in agreements with Silver Spruce Resources - TSX.V-SSE) are also currently being actively advanced.

Notice Regarding Forward-Looking Statements

This news release contains 'forward-looking statements'. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that the plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that they will prove to be accurate.

Contact:

Ronald J. Goguen

Tel: (506) 383-4274

Email: rongoguen@colibriresource.com

(C) 2021 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
COLIBRI RESOURCE CORPORATION 0.00% 0.09 Delayed Quote.28.57%
SILVER SPRUCE RESOURCES INC. 0.00% 0.04 Delayed Quote.-27.27%
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Financials
Sales 2020 - - -
Net income 2020 0,05 M 0,04 M 0,04 M
Net Debt 2020 0,93 M 0,75 M 0,75 M
P/E ratio 2020 99,1x
Yield 2020 -
Capitalization 8,71 M 7,04 M 7,04 M
EV / Sales 2019 -
EV / Sales 2020 -
Nbr of Employees -
Free-Float 80,7%
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Number of Analysts 1
Last Close Price 0,09 CAD
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Spread / Average Target 222%
Managers and Directors
Ronald J. Goguen Chairman, President, CEO & Secretary
Brian Crawford Chief Financial Officer & Director
Ian McGavney Chief Operating Officer
Roger Doucet Independent Director
William D. MacDonald Independent Director
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