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    CBI   CA1941683080

COLIBRI RESOURCE CORPORATION

(CBI)
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Colibri Resource : Option Partner Recieves 2nd Batch of Assays for Drilling Completed at El Mezquite Gold and Silver Project, Sonora, Mexico

09/22/2021 | 10:48am EST

Dieppe - Colibri Resource Corporation (TSXV: CBI) ('Colibri' or the 'Company') is pleased to announce that its partner, Silver Spruce Resources, Inc. (TSXV: SSE) has reported assay results for the final 10 holes drilled at the El Mezquite Au-Ag property.

All holes intersected gold mineralization over variable core lengths. Highlights of the assays received include intercepts of 0.537 grams per tonne ('g/t') Au over an intersection length of 6.1 metres ('m') in hole MEZ-21-016 and 0.502 g/t Au + 24.7 g/t Ag over an intersection length of 4.575 m in hole MEZ-21-012.

The Phase 1 drill program consisted of a total of 2,485 metres completed in 20 holes from eight drill pads and was completed on July 28, 2021. Results of the first 10 holes were reported by the Company on September 7, 2021 which included significant Au assays (Au > 0.10 g/t) in nine of the 10 holes reported with a highlight of 0.83 g/t Au over 3.05 metres ('m') in hole MEZ-21-005.

Ron Goguen, President and CEO of Colibri commented: 'This is the first drill program completed on the El Mezquite property and we are very encouraged that gold mineralization has been intersected in nineteen of the twenty holes drilled. The locally high-grade base metal values are also encouraging, and we look forward to our partners utilizing all data to continue to develop the property exploration strategy and test targets in future drill programs.'

Greg Davison, Silver Spruce Vice-President Exploration and Director commented: 'Pathfinder elements (Hg, Cu, Pb, Zn, Sb and As) with low grade Au often displayed well-defined metal haloes adjacent to notable Au values. These zones, which occurred in fourteen (14) drill holes, ranged from ten (10) to forty-three (43) metres, with seven intervals over 20 metres in apparent thickness downhole, within and peripheral to the multiple gold and silver-bearing intervals.'

Silver Spruce Resources is currently in the 2nd year of a four year agreement with Colibri to earn 50% of the El Mezquite Gold and Silver Project. For full details of the agreement please refer to the Colibri news release dated June 11th, 2020.

About El Mezquite Property

The El Mezquite Property is located within a belt of Epithermal Au-Au mineralization hosted by the Sierra Madre Occidental Volcanic Complex. Major gold mining operations in the area of El Mezquite include Alamos Golds' Los Mulatos Mine and Agnico Eagles' El India and Pinos Altos Mines. The 180 hectare El Mezquite Property is located approximately 170 km southeast of Sonora state capital Hermosillo and approximately 10 km northwest of the town of Tepoca. The property is accessed directly from Sonora state 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 (earn-in agreements with Silver Spruce Resources - )TSXV: 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% 0.095 Delayed Quote.42.86%
SILVER SPRUCE RESOURCES INC. -11.11% 0.04 Delayed Quote.-18.18%
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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 0,72 M 0,72 M
P/E ratio 2020 99,1x
Yield 2020 -
Capitalization 9,19 M 7,18 M 7,15 M
EV / Sales 2019 -
EV / Sales 2020 -
Nbr of Employees -
Free-Float 80,5%
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Number of Analysts 1
Last Close Price 0,10 CAD
Average target price 0,29 CAD
Spread / Average Target 205%
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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