Colibri Resource Corporation reported that it has submitted an application to the Mexican environmental authority (SEMARNAT) requesting permission to drill up to 2,000 metres at the EP Gold Project on targets in the Main Zone and West El Sahuaro areas using its own RC drilling rig. Northwest trending structures are very important at established gold mines in the Caborca Gold Belt and if they are confirmed with Main Zone drilling it may provide the structural setting required to realize increased average grades. The target consists of a large gold in soil anomaly spatially associated a northwest trending structure that was derived from mapping as well as IP resistivity interpretation.

In addition, work with the Plomo exploration data suggests that can trace this northwest trending structure well onto the Plomo property and success with West Sahuaro drill program could significantly expand the exploration potential at the EP project. The EP Gold Project is located within the Caborca Gold Belt ("CGB") of northwestern Sonora and is comprised of the Evelyn and the Plomo properties covering a total of 4,766 hectares (Ha). The northwest trending CGB is approximately 500 km in length and is characterized by a number of orogenic-type gold deposits, prospects, and occurrences including the > 15 million ounce La Herradura Mine, located 25 km west of EP, the > 2-million-ounce Noche Buena Mine located approximately 8 km southwest of EP, and the past producing Soledad-Dipolos Mine (> 3 Moz Au) located approximately 32 km to the northwest of EP.

The Evelyn property was acquired by the Company in 2012 and the acquisition of the Plomo property was completed in March of 2023. On the Evelyn property, Colibri has completed comprehensive surface exploration including soil sampling, geological mapping and outcrop sampling, an airborne magnetic survey, and a property wide induced polarization survey. Since February 2020, Colibri has drilled a total of 10,133 metres (total of reverse circulation and core drilling) and is advancing mineralized zones at the Main Zone and El Sahuaro.

On the Plomo property, the Company has compiled historical exploration data and has completed its first exploration program which included geological mapping and outcrop sampling at selected target areas on the property. The Company is continuing to advance its EP project- wide interpretation and exploration model and has identified 13 target areas with historical work that includes high grade grab samples from outcrop, high grade grab and channel samples from historical mine working, and drill intercepts that are both locally high grade and are consistent with grades being mined in the Caborca Gold Belt. In addition to the plans reported here, the Company is prioritizing additional target areas on the EP property for drilling and is also planning further field work to evaluate and advance earlier stage targets and to comprehensively evaluate and explore the complete project area.