Colibri Resource Stock Price, News & Analysis

Colibri Resource (TSXV: CBI) and Silver Spruce Resources have reported drilling results from their Diamante property in Sonora, Mexico. The highlight discovery includes an intercept of 94.80 g/t Ag, 0.08 g/t Au, 2.89% Pb, and 1.12% Zn over 2.50 metres.

The 2024 drill program completed 7 diamond drill holes totaling 800m across multiple zones including El Pillado, La Prieta, and El Mezquite-Raisudo. Despite encountering difficulties with core quality and recovery, successful results were obtained at El Pillado South, where drilling targeted a large color anomaly and intersected significant mineralization.

The program faced challenges with poor core quality and recovery, particularly in mineralized zones, which detailed evaluation and interpretation of results. However, the sampling confirms the presence of mineralization consistent with visual observations.

Colibri Resource and partner Tocvan Ventures will begin a 1,250-metre diamond core drilling program at the Pilar Gold & Silver Project in Sonora, Mexico in early January 2025. The drilling will focus on the Main Zone to develop a geological model for an upcoming maiden resource estimation.

The companies are planning a 50,000-tonne bulk test mine sample scheduled for next year, with ground preparation expected in Q1 2025. The test mine is projected to recover 800-1,400 ounces of gold and 5,000 ounces of silver, based on previous bulk sample results that showed 62% gold recovery and 50% silver recovery. The test mine facility is budgeted at USD $1.7 million.

Additionally, Colibri announced the closure of its private placement, selling 550,000 units for aggregate proceeds of $305,500, with each unit consisting of one common share and one warrant at $0.075 for 24 months.

Colibri Resource (TSXV: CBI) has announced an extension of its non-brokered private placement offering. The company aims to raise up to CDN$450,000 by issuing up to 9,000,000 units at CDN$0.05 per unit. Each unit consists of one common share and one whole non-transferable warrant, exercisable at CDN$0.075 per share for 24 months. The offering's closing date has been extended to November 3, 2024.

A first tranche closed on September 6th, 2024, raising $305,500. The offering has received conditional approval from the Exchange, with final approval pending. Proceeds will fund exploration expenses at Colibri's precious metals projects in Mexico, including the Pilar and EP gold projects, and for working capital. The securities are subject to a four-month and one-day statutory hold period and are not registered under U.S. securities laws.

Colibri Resource (TSXV: CBI) has closed the first tranche of its non-brokered private placement, raising $305,500. The offering consists of units priced at $0.05, each comprising one common share and one warrant exercisable at $0.075 for 24 months. Insiders participated, acquiring 550,000 units for $27,500. The company also sold its RC Drill Rig for USD $395,000 in cash and drill credits.

Proceeds will fund exploration at Colibri's Mexican precious metals projects, including the Pilar and EP gold projects. At the EP Gold Project's San Perfecto target, characterized by a 1,250m by 700m mineralized footprint, the company plans its first drilling program. Historical sampling has shown promising gold values, with 15% of samples returning over 1.00 g/t Au, up to 58.9 g/t Au in some areas.

Colibri Resource (TSXV: CBI) (OTC Pink: CRUCF) has reported promising results from geological mapping and outcrop sampling at its EP gold project in the Caborca Gold Belt, NW Sonora, Mexico. Key highlights include:

1. San Perfecto target: Samples returned values up to 2.99 g/t Au, extending the surface mineralization footprint by 350 meters.

2. La Culebra target: Samples yielded values up to 4.64 g/t Au over a 650-meter strike length.

3. San Perfecto's mineralization footprint now spans approximately 1,250m by 700m, remaining open to the southeast.

4. La Culebra shows potential for copper mineralization, with common malachite occurrences.

These results demonstrate significant discovery potential across the EP property, particularly at the San Perfecto target, which is interpreted as a well-developed high-level orogenic gold system.

Colibri Resource (TSXV: CBI) reports that its partner, Tocvan Ventures (51% interest), has announced plans for the Pilar Gold & Silver Project in Sonora, Mexico. Key highlights include:

1. A core drill program at the Pilar Main Zone scheduled to start in September.
2. Plans for resource drilling with core and RC methods.
3. A strategy for a pilot facility at Pilar, aiming to process up to 50,000 tonnes of material by early 2025.
4. Preparations for 1,200 to 2,000 meters of core drilling and 1,700 to 2,500 meters of RC drilling before year-end.
5. Anticipation of a maiden resource estimate for the Pilar Main Zone upon completion of drilling.

The company aims to showcase the project's potential and take advantage of current high gold prices through these initiatives.

Colibri Resource (TSXV: CBI) reports drill results from its Pilar Gold & Silver Project in Sonora, Mexico, where it holds a 49% interest. The project's co-owner, Tocvan Ventures (51% interest), announced results from five holes in the ongoing Phase 4 RC drill program. Highlights include:

- North Hill Trend: JES-24-95 intersected 76.3m of 0.2 g/t Au, 1 g/t Ag, and 0.4% Zn from 1.5m depth, including 7.6m of 0.2 g/t Au, 3 g/t Ag, and 2.8% Zn.

- Main Zone Eastern Infill: JES-24-94 hit 24.4m of 0.2 g/t Au and 5 g/t Ag from 38.1m depth, including higher-grade intervals.

All five reported holes intersected mineralization, with results pending for three additional drillholes. The program has completed 3,268 meters across 26 drill holes to date, showing broad mineralization and connecting known trends at Pilar.

Colibri Resource (TSXV: CBI) announced positive results from the Pilar Gold & Silver Project in Sonora, Mexico. Partner Tocvan Ventures reported results from six holes in the ongoing Phase 4 Reverse Circulation (RC) drill program. Highlights include mineralization expansion 130 meters northwest of previous drillhole JES-24-79, which showed 42.7 meters of 1.0 g/t gold. Drillhole JES-24-88 returned 24.4 meters of 0.2 g/t gold and 4 g/t silver, with a high-grade section of 1.5 meters at 1.1 g/t gold and 25 g/t silver. The North Hill Trend now extends over 500 meters. Results for eight additional holes are pending, with ongoing surface mapping and sampling to identify new drill targets.

Colibri Resource (TSXV: CBI) and its co-owner Tocvan Ventures announced results from six drill holes at the Pilar Gold & Silver Project in Sonora, Mexico.

The drilling program revealed several significant mineralized zones, including high gold, silver, copper, and zinc values. Key findings include JES-24-73, which showed 4.6 meters with 2.2 g/t Au, 49 g/t Ag, 0.46% Cu, and 1.48% Zn, and JES-24-84, which returned 10.7 meters of 0.6 g/t Au and 3 g/t Ag. Additionally, exploration hole JES-24-87 indicated broader mineralization, with 53.4 meters of 0.1 g/t Au and 2 g/t Ag.

The results suggest resource potential expansion along the Main Zone and 4-T Trend. Over 2,700 meters have been drilled in 2024, with more results pending analysis.