Colibri Resource Corporation announced the results of recent geological mapping and outcrop sampling completed at the Banco de Oro and Bonancita targets on the Plomo property, EP Gold Project, Caborca Gold Belt, Sonora. The historical Banco de Oro Mine is located on the southwestern part of the Plomo property (see illustration 1) and consists of a narrow south-southeast striking and shallow west dipping open cut developed on surface over an approximately 70 m strike length. The full extent of underground development is unknown to the Company, however, historical sampling of the fault zone exposed in the open cut at surface and underground returned 298.0g/t Au over 2.35 metres, 15.1g/t Au over 0.65 metres, 14.5g/t Au over 0.80 metres and 11.0g/t Au over 0.60 metres.

A grab sample collected during due diligence field work by the company assayed 12.3 g/t Au. Numerous historical surface grab samples > 1 g/t, including 5 samples > 5 g/t Au, from the Banco de Oro target area form a north-northeast trend over an approximately 1 km distance. Reconnaissance level field work completed by Colibri during it due diligence process returned 7.56 g/t Au and 1.99 g/t Au from grab samples along this northeast trend (see illustration 2).

Mineralization at Banco de Oro consists of brecciated quartz veins hosted in foliated sericitized and pyrite bearing rhyolite. It is interpreted to be located at the intersection of a north-northwest trending fault zone which is mapped on the Evelyn property and extrapolated onto the Plomo property (supported by the interpretation of a resistivity survey) and the northeast trending mineralized zone described here. The Banco de Oro is a priority target area with the objective of developing a drill plan.

Geological mapping recently completed by the Company was focussed on covering the northeast trend and covered an area of approximately 41 ha extending approximately 500 m north of the historic Banco de Oro mine. Bedrock exposure in the map area was limited however several outcrops of tourmaline- quartz breccia were mapped which form a northeast trend. Sixty-six grab samples of outcrop were collected for Au assay and the results indicate a widespread area gold enrichment; Au was detected in 46 of the samples, 14 samples returned Au assays > 0.1 g/t Au with a high value of 1.49 g/t Au.

The Bonancita target area is located in the north-central part of the Plomo property and consists of 4 prospects all of which contain historical assays from outcrop samples > 1 g/t Au. Three of the prospects, Bonancita, Bonancita NWI and Bonancita NWII, form a NW trending linear, approximately 2 km in length which is coincident with both a strong topographic lineament and with a strong, NW trending, regional scale magnetic gradient lineament. Historical work in the Bonancita target area has mapped very strong NW trending foliation development.

The prospects comprising the Bonancita target area are delineated by a number of historical outcrop grab sample assays greater than 1 g/t Au and include high values of 16.3 g/t Au and 6.44 g/t Au. Geological mapping and sampling recently completed by the Company was limited to the southern-most prospect where the objective was to evaluate a northwest mineralized trend defined by historical sampling, including a high value of 7.62 g/t Au, occurring within a wider zone of vein quartz. Approximately 60 ha were mapped and a total of 75 outcrop samples were collected for Au analyses.

Au was detected in fifty-five of the 75 samples analysed, 15 of the samples returned values > 0.1 g/t Au, and 3 of the samples contained Au > 1.0 g/t, with a high sample of 2.72 g/t Au. The mapping and sampling confirmed the previously delineated northeast mineralized structure. Mineralization within the trend is characterized by vitreous quartz with weakly disseminated but ubiquitous pyrite and oxidized pyrite and locally containing galena.

This style of mineralization contrasts sharply with adjacent vein quartz, which is milky white, contains no visible sulphide, and very low grade Au values. Mapping has also delineated a northeast trend of anomalous to higher grade samples within the area of historical sampling. Colibri views the Bonancita target area as an earlier stage opportunity to evaluate the potential for a large gold system.

Work was initiated in the southern-most prospect area (Bonancita) of the Bonancita NW trend and will be extended to the northwest.