Colibri Resource Completes Phase 1 Reconnaissance Drilling at the San Perfecto / Banco de Oro Targets at the EP Gold Project, Sonora, Mexico; Initial Assays Received and Additional Sampling Underway

Rhea-AI Summary

Colibri Resource (CRUCF) completed Phase 1 reconnaissance reverse circulation drilling at the El Plomo (EP) Gold Project, Sonora, Mexico, with 22 RC holes totaling ~1,815 metres across San Perfecto and Banco de Oro targets.

Initial assays from pre-holiday holes show shallow gold mineralization in multiple holes; follow-up "shoulder" sampling and assays for post-holiday holes are pending.

Positive

• 22 RC drill holes completed across EP targets
• Approximately 1,815 metres drilled in Phase 1 program
• Initial assays intersected shallow gold mineralization in multiple holes
• Targeted follow-up "shoulder" sampling has been initiated

Negative

• Assay dataset remains incomplete; many results still pending
• Program was reconnaissance-focused and does not define mineral resources

Dieppe, New Brunswick--(Newsfile Corp. - January 28, 2026) - Colibri Resource Corporation (TSXV: CBI) ("Colibri" or the "Company") is pleased to provide an update on gold exploration drilling and assay progress at its 100%-owned El Plomo Gold Project, a precious metal exploration property located in Sonora, Mexico.

Summary:

• Colibri Resource Corporation has completed its Phase 1 reconnaissance reverse circulation drilling program at the El Plomo Gold Project in Sonora, Mexico, testing multiple priority gold targets.
• Initial gold assay results have been received from drill holes completed prior to the holiday break, with additional targeted "shoulder" sampling underway to further evaluate mineralized intervals and continuity.
• Drill samples from holes completed after the holiday break are currently being prepared for shipment to the assay laboratory, with additional gold assay results pending.

EL PLOMO PROJECT - PHASE 1 RECONNAISSANCE DRILLING

Colibri has completed its Phase 1 reconnaissance reverse circulation ("RC") drilling program at the El Plomo Gold Project in Sonora, Mexico. The program comprised twenty-two (22) RC drill holes completed across the San Perfecto and Banco de Oro target areas, together with one (1) RC drill hole completed at the West Sahuaro target on the Evelyn Project, for a total of approximately 1,815 metres drilled. Drilling was completed in stages, with an initial stage prior to the year-end break and the remainder completed in January 2026.

The drilling program was designed as a shallow, multi-target campaign to test priority gold targets across the El Plomo Project. The program was intended to evaluate near-surface gold potential and identify geological vectors for follow-up exploration, rather than to define mineral resources. Targets were selected based on the integration of geological mapping, surface geochemistry, and geophysical surveys, focusing on areas with interpreted favourable structural and lithological characteristics for gold mineralization. The areas tested during the program have seen limited modern drilling, with much of the historical work focused on surface sampling and mapping.

Drilling completed subsequent to the holiday break totalled 909 metres, including approximately 177 metres at the West Sahuaro target. Samples from the holes completed following the holiday break are currently being prepared for submission to the assay laboratory.

Initial gold assay results have been received for a portion of the drill holes completed prior to the holiday break. Preliminary review of these results, together with geological logging, indicates that gold mineralization has been intersected in multiple drill holes, occurring at shallow depths and within several geological settings, including altered felsic intrusions, oxidized volcanic rocks, and structurally controlled gold zones.

Based on the distribution of gold values and geological observations from this reconnaissance drilling program, the Company has initiated additional targeted sampling of previously unsampled intervals adjacent to mineralized zones ("shoulder sampling") to better evaluate the continuity, thickness, and geometry of gold mineralization. Assay results from this follow-up sampling, together with assays from the post-holiday drilling, are pending. Colibri intends to release a comprehensive update of drilling and assay results once the analytical dataset is complete and fully reviewed.

Map 1: Location of Phase 1 reconnaissance reverse circulation drill holes completed at the San Perfecto target, El Plomo (EP) Gold Project, Caborca Gold Belt, Sonora, Mexico.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4269/281926_ccef5eed943aa9c1_001full.jpg

"We are pleased with the overall outcome of the maiden reconnaissance drilling program," said Ian McGavney, President and CEO of Colibri Resource Corporation. "The drilling delivered a high rate of mineralized intersections across multiple targets and has provided us with a solid geological foundation. While additional sampling and interpretation are ongoing, the results to date reinforce our understanding of the system and support continued, systematic advancement of the El Plomo Project."

EVELYN PROJECT - WEST SAHUARO TARGET

Historical drilling at the West Sahuaro target on the Evelyn Project intercepted gold mineralization in all six holes tested during the initial discovery drilling program reported on December 19, 2023, and several holes ended in mineralization, validating the geological model for further testing.

In addition to the El Plomo drilling, the Company also completed a reconnaissance reverse circulation drill hole at the West Sahuaro gold target on the Evelyn Project during the post-holiday drilling period. The hole was drilled from a pad previously tested during the 2023 drilling program and was designed to test for lateral continuity and to extend the depth of known mineralization. The current hole was drilled from the same pad as one of the earlier holes (EVE23-198), which ended in mineralization, and was oriented at an azimuth of approximately 240 degrees compared to the earlier hole drilled due west. Samples from this hole have been collected and are pending analysis. Results will be reported once assays have been received and reviewed.

QUALITY ASSURANCE / QUALITY CONTROL

All drill samples were collected, handled, and prepared in accordance with industry-standard quality assurance and quality control (QA/QC) procedures and submitted to an independent accredited laboratory for preparation and analysis. Quality control protocols included the insertion of blanks, duplicates, and certified reference materials.

The technical information contained in this news release has been reviewed and approved by Jamie Lavigne, P.Geo., an independent Qualified Person as defined by National Instrument 43-101.

ON BEHALF OF THE BOARD

Ian McGavney
President, CEO & Director
Tel: (506) 383-4274
Email: ianmcgavney@colibriresource.com

Notice Regarding Forward-Looking Statements:

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.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/281926

FAQ

What did Colibri Resource (CRUCF) complete at the El Plomo project on January 28, 2026?

Colibri completed a Phase 1 reconnaissance RC drilling program totaling about 1,815 metres. According to the company, the program comprised 22 RC holes across San Perfecto and Banco de Oro to test near-surface gold targets.

Do Colibri's initial El Plomo assay results confirm gold mineralization at CRUCF?

Initial assays indicate gold mineralization in multiple holes at shallow depths. According to the company, these early results span altered felsic intrusions, oxidized volcanics, and structurally controlled zones, with further assays pending.

What further work is Colibri (CRUCF) doing after the Phase 1 drilling?

The company has begun targeted "shoulder" sampling adjacent to mineralized intervals and is preparing post-holiday drill samples for assay. According to the company, additional assays will inform continuity and geometry before a full update.

Will Colibri (CRUCF) report a mineral resource from the Phase 1 drilling?

No; Phase 1 was a shallow reconnaissance campaign designed to identify targets, not to define resources. According to the company, the program aims to evaluate near-surface potential and vector future exploration.

What is the status of assays from Colibri's West Sahuaro hole on the Evelyn project?

Samples from the recent reconnaissance hole at West Sahuaro have been collected and are pending analysis. According to the company, the hole tested lateral continuity and extended depth from a 2023 pad; results will be released once reviewed.