Colibri Resource Corporation announced that Tocvan Ventures Corp. ("Tocvan") has elected not to exercise its Right of First Refusal to purchase 49% ownership in the Pilar Gold and Silver Project ("Pilar") held by Colibri. As per the original agreement, the two companies will now form a joint venture ("JV") on a 51% Tocvan /49% Colibri basis to advance the project.

The Pilar Gold & Silver Project is an advanced exploration project located near the town of Suaqui Grande in central Sonora, Mexico. In September 2018, the two Companies entered into a 5 year option work one agreement whereby Colibri granted Tocvan the right to earn 51% ownership of Pilar by: i) issuing a total of 5 million shares of Tocvan to Colibri., ii) completing a total of $2 million of exploration expenses.,iii) making cash payments totaling $400,000. The agreement also granted Tocvan, upon earning its 51% interest in Pilar, a six month exclusivity period to purchase the remaining 49% owned Colibri by paying CAD 2 million and granting Colibri a 2% net smelter royalty ("NSR").

Tocvan successfully completed its Earn-In of 51% ownership of Pilar on September 18th, 2023, triggering the exclusivity clause which expired at the end of business on March 18th, 2024. As a result, 49% ownership of Pilar remains with Colibri and the Companies will now form a JV to advance the project towards production. Pilar is interpreted as a structurally controlled, low sulphidation, gold-silver system similar in many respects to current and past producing deposits in the Sierra Madre epithermal district.

Prior to Tocvan ownership, the Pilar property had been the target of 3 main exploration initiatives. During the period 1995 to 1998 Santa Catalina Mining Corp, a wholly owned subsidiary of Lundin Mining Corporation, completed extensive trenching, channel sampling and 2 phases of reverse circulation drilling in 29 holes. The results of the drilling included the intersection of wide zones of mineralization including locally very high grades and defined the core footprint of the Main Zone of mineralization.

During the period 2010 to 2013, Minera Bestep S.A. de C.V. ("Bestep") completed geological mapping and rock sampling, reopened the trenches created by Santa Catalina and collected 590 rock chip samples over approximately 5 metre lengths, and completed an Induced Polarization ("IP") and magnetic survey. During this period, Bestep drilled a total of 7,192 metres in 61 holes (10 core holes and 51 RC holes) and commissioned preliminary metallurgical testwork. Collectively, the trenching, sampling, and drilling completed by Santa Catalina and Bestep defined the Main Zone, North Hill, and 4-trench zones of mineralization.

In May 2017, Colibri purchased Bestep and the Pilar project and completed further geological mapping, sampling, and a comprehensive GIS compilation of historical exploration data. During the period March - May 2018, Colibri completed 2,965.5 metres of RC drilling in 27 holes. The drilling by Colibri demonstrated continuity in Main Zone and expanded the footprint of mineralization to the southeast.

Tocvan has completed 3 phases of drilling which include both RC and diamond programs. The drilling is consistent with historical drilling and provide both step out expansion and in-fill confirmation. Tocvan has completed programs of geological mapping and sampling, trenching, and geophysical surveys including magnetic and CSMAT surveys. To support advancing the project towards gold production, Tocvan has completed a 1,400 tonne bulk sample, a diagnostic leach study, and other metallurgical testwork.

Results of bulk sample and additional metallurgical studies include: Pilar Bulk Sample Summary: 62% Recovery of Gold Achieved Over 46-day Leaching Period; Head Grade Calculated at 1.9 g/t Au and 7 g/t Ag; Extracted Grade Calculated at 1.2 g/t Au and 3 g/t Ag; Bulk Sample Only Included Coarse Fraction of Material (+3/4" to +1/8"); Fine Fraction (-1/8") Indicates Rapid Recovery with Agitated Leach: Agitated Bottle Roll Test Returned Rapid and High Recovery Results: 80% Recovery of Gold and 94% Recovery of Silver after Rapid 24-hour Retention Time. Additional Metallurgical Studies: Gravity Recovery with Agitated Leach Results of Five Composite Samples Returned: 95 to 99% Recovery of Gold; 73 to 97% Recovery of Silver; Includes the Recovery of 99% Au and 73% Ag from Drill Core Composite at 120-meter depth.