Colibri Resource Corporation reported it has purchased a reverse circulation (RC) drilling rig. The drill rig is expected to assist in expeditiously and economically advancing Colibri's precious metals projects in Mexico. The Company will seek contract work to third parties when not being utilized for Colibri's purposes.
Colibri's management team have extensive experience in the hard rock drilling business. The Company has estimated that by owning and operating the rig, it will achieve significant cost savings per meter drilled when compared to contracting third party drilling providers as prices have been rising over the last 2 years due to supply and demand and inflationary pressures. The rig purchase included peripheral equipment required to operate as well as spare parts for repairs. The purchase of the rig and ancillary equipment was CAD 475,000. In addition, the Company has hired a team of experienced drillers to operate the rig effectively and efficiently for Colibri and clients.