Colibri Congratulates JV Partner on Test Mine Permit; Pilar Positioned as Near-Term Bulk Sample Opportunity

Rhea-AI Summary

Colibri Resource Corporation (TSXV: CBI) announces that its joint venture partner, Tocvan Ventures Corp., has received approval for a 50,000-tonne pilot mine facility in Sonora, Mexico. The facility is strategically located near the Pilar Gold & Silver Project, which is 49% owned by Colibri and 51% by Tocvan.

The Pilar project has demonstrated promising results, with a 1,400-tonne bulk sample in 2023 yielding 1.9 g/t Au average head grade and 62% gold recovery using heap leach methods. Recent drilling highlights include intercepts of 83.5m at 1.3 g/t Au and 116.9m at 1.2 g/t Au. Metallurgical studies have shown excellent recovery rates of 95-99% for gold and 73-97% for silver using gravity recovery with agitated leach.

Positive

• Strategic location of new 50,000-tonne pilot mine facility near Pilar project
• Strong bulk sample results with 1.9 g/t Au head grade and 62% recovery rate
• Excellent metallurgical test results showing up to 99% gold recovery
• Multiple high-grade drill intercepts confirming project potential
• Timing advantage with gold prices near historical highs

Negative

• Initial bulk sample showed relatively moderate 62% recovery rate using simple heap leach
• Final plans for facility usage not yet finalized between JV partners

Dieppe, New Brunswick--(Newsfile Corp. - August 19, 2025) - Colibri Resource Corporation (TSXV: CBI) ("Colibri" or the "Company") congratulates its joint venture partner, Tocvan Ventures Corp. ("Tocvan"), on receiving permit approval for a 50,000-tonne pilot mine facility in Sonora, Mexico (announced August 14, 2025). Located in close proximity to the Pilar Gold & Silver Project ("Pilar"), a 49% Colibri - 51% Tocvan joint venture, the facility presents an excellent opportunity to consider processing a bulk sample at a time when gold prices remain near record highs.

The permitted facility will be located in very close proximity to the "Pilar Gold & Silver Project "("Pilar"), a 49% Colibri - 51% Tocvan joint venture. Although no plans have been finalized regarding the use of the facility for Pilar material, its location and scale present a highly compelling opportunity for the partners to consider processing a bulk sample from Pilar in an efficient, cost-effective manner. Pilar is particularly well suited for this purpose: a 1,400-tonne bulk sample completed in 2023 returned an average head grade of 1.9 g/t Au with recoveries of approximately 62% using simple heap leach methods. Combined with extensive drilling and surface work, sufficient material could be sourced quickly-making Pilar an immediately available, high-quality feed source for the newly permitted facility at a time when gold prices remain near historical highs.

Previously Released Drill Highlights at Pilar (Colibri/Tocvan JV licenses):

2025 Diamond Drilling (all lengths are drilled thicknesses):

• 83.5 m at 1.3 g/t Au from surface, including 10.3 g/t over 9.7 m
• 64.9 m at 1.2 g/t Au, including 3.0 m at 21.6 g/t Au and 209 g/t Ag - first high-grade intercept along the North Hill trend
• 116.9 m at 1.2 g/t Au, including 10.2 m at 12.0 g/t Au and 23 g/t Ag

2024 RC Drilling (all lengths are drilled thicknesses):

• 42.7m @ 1.0 g/t Au, including 3.1m @ 10.9 g/t Au
• 56.4m @ 1.0 g/t Au, including 3.1m @ 14.7 g/t Au
• 16.8m @ 0.8 g/t Au and 19 g/t Ag

2022 Phase III Diamond Drilling (all lengths are drilled thicknesses):

• 116.9m @ 1.2 g/t Au, including 10.2m @ 12 g/t Au and 23 g/t Ag
• 108.9m @ 0.8 g/t Au, including 9.4m @ 7.6 g/t Au and 5 g/t Ag
• 63.4m @ 0.6 g/t Au and 11 g/t Ag, including 29.9m @ 0.9 g/t Au and 18 g/t Ag

2021 Phase II RC Drilling (all lengths are drilled thicknesses):

• 39.7m @ 1.0 g/t Au, including 1.5m @ 14.6 g/t Au
• 47.7m @ 0.7 g/t Au including 3m @ 5.6 g/t Au and 22 g/t Ag
• 29m @ 0.7 g/t Au
• 35.1m @ 0.7 g/t Au

2020 Phase I RC Drilling Highlights include (all lengths are drilled thicknesses):

• 94.6m @ 1.6 g/t Au, including 9.2m @ 10.8 g/t Au and 38 g/t Ag;
• 41.2m @ 1.1 g/t Au, including 3.1m @ 6.0 g/t Au and 12 g/t Ag ;
• 24.4m @ 2.5 g/t Au and 73 g/t Ag, including 1.5m @ 33.4 g/t Au and 1,090 g/t Ag

15,000m of Historic Core & RC drilling (all lengths are drilled thicknesses):

• 61.0m @ 0.8 g/t Au
• 21.0m @ 38.3 g/t Au and 38 g/t Ag
• 13.0m @ 9.6 g/t Au
• 9.0m @ 10.2 g/t Au and 46 g/t Ag

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

"With a permitted processing facility now secured nearby, Pilar stands out as a ready and logical candidate for a larger bulk sample program," said Ian McGavney, President & CEO of Colibri. "With a prior bulk sample already delivering an average grade of 1.9 g/t Au and demonstrating recoveries above 60%, and with significant amounts of mineralized material already identified to move quickly, Pilar is clearly positioned for near-term evaluation. Advancing Pilar in this way would be highly advantageous to both Colibri and Tocvan shareholders, particularly with gold trading near all-time highs."

About the Pilar Gold & Silver Project

The Pilar gold-silver property has returned some of the region's best drill results. Coupled with encouraging gold and silver recovery results from metallurgical test work, Pilar is primed to be a potential near-term producer. The project is interpreted as a structurally controlled low-sulphidation epithermal system hosted in andesite rock. Initially, three primary zones of mineralization were identified from historic surface work and drilling-referred to as the Main Zone, North Hill, and 4-T. Each trend remains open to the southeast and north, and new parallel zones have been discovered. Structural features and zones of mineralization within the structures follow an overall northwest-southeast trend. Mineralization extends along a 1.2-kilometre trend, of which only approximately half has been drill-tested to date.

About Colibri Resource Corporation

Colibri Resource Corporation is a Canadian mineral exploration company focused on acquiring, exploring, and developing prospective gold & silver projects in Sonora, Mexico. Its portfolio includes five projects-four currently under active exploration-with Pilar among the highest-priority assets.

For more information, please visit: www.colibriresource.com

ON BEHALF OF THE BOARD

Ian McGavney, President/CEO

Colibri Resource Corporation

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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.

For information contact: Ian McGavney, President, CEO and Director, Tel: (506) 383-4274, ianmcgavney@colibriresource.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/263067

FAQ

What permit did Tocvan receive for the Pilar Gold & Silver Project in August 2025?

Tocvan received approval for a 50,000-tonne pilot mine facility in Sonora, Mexico, located near the Pilar Gold & Silver Project.

What were the results of Pilar's 2023 bulk sample test?

The 1,400-tonne bulk sample yielded an average head grade of 1.9 g/t Au with 62% gold recovery using simple heap leach methods.

What is Colibri's ownership stake in the Pilar Gold & Silver Project?

Colibri owns 49% of the Pilar project in a joint venture with Tocvan Ventures Corp., which owns the remaining 51%.

What are the latest metallurgical recovery rates for the Pilar project?

Recent metallurgical studies using gravity recovery with agitated leach showed 95-99% gold recovery and 73-97% silver recovery.

What are the most significant recent drill results from Pilar?

Recent highlights include 83.5m at 1.3 g/t Au from surface, including 10.3 g/t over 9.7m, and 116.9m at 1.2 g/t Au, including 10.2m at 12.0 g/t Au.