Colibri Useful resource Company (TSXV: CBI) (OTC Pink: CRUCF) (“Colibri” or the “Firm”), supplies extra particulars of phrases to amass the Plomo Gold Venture and additional background as a observe as much as its launch of March 16, 2023.

Overview of Plomo Gold Venture

The Plomo property covers an space of roughly 4,260 hectares (“Ha”) and is contiguous with the Firm’s Evelyn Property. The extra land will increase Colibri’s space footprint by 842% to a complete of 4,766 hectares.

The present database contains 1,853 floor rock samples of which 132 samples are larger than 1.0 g/t Au, 15 excessive grade samples are larger than 10 g/t Au and 524 samples are larger than 0.1 grams per tonne (“g/t”) Au. Floor exploration included prospecting, a 14.1 line Km 3D induced polarization research, mapping, and rock sampling. Up to now, 9 goal areas have been recognized on the Plomo property. (See: Determine 2 beneath).

Underground sampling accomplished within the adit on the Banco de Oro prospect in 2008 is reported to have included 298.0 g/t Au over a chip size of two.4 metres

The Plomo property has been topic to solely very restricted exploration drilling, which was very early on in its exploration, with a complete of 1,570 meters accomplished in 10 holes. A spotlight of the drilling is the intercept of 0.66 g/t Au over an intersection size of 11.65 metres (“m”) accomplished within the San Perfecto goal space.

The Evelyn and Plomo properties are situated within the 500 km lengthy, northwest trending Caborca Gold belt which incorporates the > 15 million ounce Au La Herradura Mine (situated 30 km west of Plomo) and the > 2 million ounce Au Noche Buena Mine (situated roughly 8 km southwest of Plomo). Each mines are owned by Fresnillo Plc who’s the biggest gold producer in Mexico. The Plomo and Evelyn claims are surrounded by claims held by Fresnillo Plc. (See: Determine 1 beneath)

Determine 1: Evelyn-Plomo Space – Regional Claims Map

Phrases

Colibri paid $100,000 CAD money to amass the Plomo mission by means of shopping for 100% of the shares excellent in Nice Panther Mining’s (“Nice Panther”) wholly owned subsidiaries, which maintain the Plomo. The deal was efficiently concluded with Nice Panther’s Trustees in Chapter.

Plomo Historical past & Background

Plomo was initially acquired by Cangold Ltd. in 2006 for $100,000 in money funds, issuance of 700,000 shares of Cangold inventory (shares have been buying and selling at roughly $0.50 on the time) and issuing the seller a further 500,000 share buy warrants at $0.50 per share.

The mission was the goal of intense exploration exercise in 2006, 2007, and 2008 when Cangold accomplished a big quantity of mapping, geochemical sampling (1100 samples), and a 1,570m diamond drill program. The corporate returned to its discipline exploration at Plomo in 2012, sending a number of hundred extra samples for assay and finishing more and more detailed mapping.

In 2015, Cangold was acquired by Nice Panther Mining. The Plomo continued to be retained as an exploration asset with all property taxes paid semi yearly.

Inspired by its discoveries at Evelyn, Colibri signed a mutual non-disclosure settlement with Nice Panther to share information mid 12 months 2021. Primarily based on its due diligence, Colibri forwarded a suggestion to buy the Plomo Gold mission for $1 million CAD in December of that 12 months. The provide was rejected, and it was understood that Nice Panther administration had as a substitute determined to finish additional exploration of the Plomo in an effort to develop the corporate’s sources organically.

The next 12 months, from April to November 2021, Nice Panther accomplished exploration actions at Plomo to raised perceive the constructions and lithologies related to beforehand recognized gold mineralization to find out targets for future drilling. To assist this work, they retained TMC Geofisica to carry out a 14.1 line kilometre 3D IP research masking the realm bordering Colibri’s Evelyn mission over to Plomo’s San Perfecto goal. We now know that the outcomes generated from these research have been very encouraging, nonetheless Nice Panther had been experiencing vital cashflow issues resulting from its mining operations (as illustrated by its monetary statements in revealed early 2022). Because of this, no additional exploration was funded at Plomo in 2022.

In September 2022, Nice Panther filed for CCAA safety from its collectors. Colibri administration reached out GPR to find out if there might now be a chance to purchase the Plomo mission and acquired a constructive response.

Colibri geologists reviewed the up to date Plomo database and in December 2022 submitted a suggestion to purchase the Plomo Gold mission, nonetheless, was subsequently knowledgeable that Nice Panther had already formally filed for chapter with the courts and its administration have been not the custodians of its property. Colibri in flip submitted a modified provide of $100,000 CAD to the trustees of the GPR chapter and the provide was accepted.

Ian McGavney COO of Colibri states “I’m extraordinarily completely satisfied that we have been capable of purchase this huge piece of floor on this prime district, together with its vital geological database. Nice Panther/Cangold did wonderful exploration work at Plomo and unveiled an excessive amount of potential. The truth that we provided $1 million CAD for the mission two years in the past and that it was rejected by Nice Panther would appear to point that their administration additionally noticed its upside potential. Evaluate of their 2021 discipline work has solely added extra causes for us to wish to personal this mission. We have been in the precise place on the proper time and seized the chance.“

Determine 2 – Goal Areas and Samples Map – Evelyn Plomo

ABOUT COLIBRI RESOURCE CORPORATION:

Colibri is a Canadian-based mineral exploration firm listed on the TSX-V (CBI) and is concentrated on buying and exploring potential gold & silver properties in Mexico. The Firm holds seven excessive potential treasured steel initiatives of which six have deliberate exploration applications for calendar 2023.

For extra details about all Firm initiatives please go to: www.colibriresource.com.

Neither TSX Enterprise Alternate nor its Regulation Providers Supplier (as that time period is outlined within the insurance policies of the TSX Enterprise Alternate) accepts duty for the adequacy or accuracy of this launch.

Discover Concerning Ahead-Wanting Statements:

This information launch accommodates “forward-looking statements”. Statements on this press launch which aren’t purely historic are forward-looking statements and embrace any statements concerning beliefs, plans, expectations, or intentions concerning the longer term. Precise outcomes may differ from these projected in any forward-looking statements resulting from quite a few elements. These forward-looking statements are made as of the date of this information launch, and the Firm assumes no obligation to replace the forward-looking statements, or to replace the explanation why precise outcomes may differ from these projected within the forward-looking statements. Though the Firm believes that the plans, expectations and intentions contained on this press launch are cheap, there will be no assurance that they’ll show to be correct.

For info contact: Ronald J. Goguen, President, Chairperson and Director, Tel: (506) 383-4274, rongoguen@colibriresource.com

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