Tocvan Announces Core Drilling Underway at Gran Pilar Gold Silver Project
Rhea-AI Summary
Tocvan Ventures Corp. (TCVNF) has initiated core drilling at its Gran Pilar Gold-Silver Project in Sonora, Mexico. The company plans nine core drill holes in the Main Zone, pre-paid through a credit with joint venture partner Colibri Resources Corp, with whom they share a 51/49 percent interest in the 105-hectare area.
Four RC drillholes totaling 776.2 meters were completed before the holiday break, with assays pending. The company is focusing on two key developments for 2025: establishing a resource estimate and setting up a proof-of-concept test mine. The test mine aims to process up to 50,000 tonnes of material, with operations planned to begin in early 2025.
Previous drilling highlights include intersections of 42.7m @ 1.0 g/t Au and 116.9m @ 1.2 g/t Au. Recent metallurgical studies showed impressive recovery rates of 95-99% for gold and 73-97% for silver using gravity recovery with agitated leach.
Positive
- High gold and silver recovery rates (95-99% Au, 73-97% Ag) from metallurgical studies
- Significant drill intersections including 116.9m @ 1.2 g/t Au
- Plans for 50,000-tonne test mine facility
- Expansion of drilling area beyond known mineralization boundaries
Negative
- Test mine still in planning phase with uncertain timeline
- Resource estimate not yet established
Highlights:
Core Drilling has commenced at Pilar's Main Zone
Four RC Drillholes Completed Prior to Holiday Break on Expansion Area
Assays Pending for 776.2 meters
CALGARY, AB / ACCESSWIRE / January 8, 2025 / Tocvan Ventures Corp. (the "Company") (CSE:TOC)(OTCQB:TCVNF)(WKN:TV3/A2PE64), is pleased to announce core drilling has commenced at its Gran Pilar Gold Silver Project in mine-friendly Sonora, Mexico. An initial nine core drill holes are budgeted and pre-paid through an existing credit with partial joint venture partner, Colibri Resources Corp. (Colibri). Tocvan and Colibri share 51/49 percent interest in the 105-hectare area that contains Pilar's Main Zone, core drilling will be focused on the JV area across the Main Zone to build out a robust geological model needed for resource estimation (see Figure 1).
Prior to the holiday break, four RC drillholes were completed, totaling 776.2 meters. Several trends extending into the
"We welcome 2025 as important year with a focus on two key project advancements: 1) the establishment and ongoing expansion of a resource estimate; 2) the setup and processing of a proof-of-concept test mine." commented, CEO Brodie Sutherland. "With drilling ongoing we expect results from RC drilling and surface exploration across the Gran Pilar expansion area starting the later half of January into February. First results from core drilling we expect later in February into early March. During this time, we will continue to build towards test mine operation with aim for proof-of-concept production during the third quarter of this year. The Tocvan team wishes everyone a happy and healthy 2025. With the progression of the exciting events unfolding, we are optimistic for a great year ahead for Tocvan and its shareholders."
Pilar Drill Highlights:
2024 RC Drilling Highlights include (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 Highlights include (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 Highlights include (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. Highlights include:
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 PeriodHead 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 and94% 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 Gold73 to
97% Recovery of SilverIncludes the Recovery of
99% Au and73% Ag from Drill Core Composite at 120-meter depth.
Based on management's strong belief in the project's potential, the Company is outlining a permitting and operations strategy for a pilot facility at Pilar. The facility would underpin a robust test mine scenario with aims to process up to 50,000 tonnes of material. Timelines and budget are being prepared with the aim of moving forward with the development early in 2025. With gold prices hitting all-time highs, the Company believes the onsite test mine will provide key economic parameters and showcase the mineral potential of the area. In 2023, the Company completed an offsite bulk sample that produced important data showcasing the potential to recover both gold and silver through a variety of methods including heap leach, gravity and agitated leach (see August 22, 2023, news release for more details).
About Tocvan Ventures Corp.
Tocvan's advancing gold-silver projects are located in the mine-friendly jurisdiction of Sonora, Mexico. Through ongoing exploration programs, Company is unveiling the high-potential at its Gran Pilar Gold-Silver Project where it holds
Tocvan has approximately 51 million shares outstanding.
Cautionary Statement Regarding Forward Looking Statements
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the
Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains "forward-looking information" which may include, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future. Forward-looking information in this news release includes statements regarding the use of proceeds from the Offering. Such forward-looking information is often, but not always, identified by the use of words and phrases such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business. Management believes that these assumptions are reasonable. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, risks related to the speculative nature of the Company's business, the Company's formative stage of development and the Company's financial position. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws.
There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.
For more information, please contact:
TOCVAN VENTURES CORP.
Brodie A. Sutherland, CEO
820-1130 West Pender St.
Vancouver, BC V6E 4A4
Telephone: 1 888 772 2452
Email: ir@tocvan.ca
SOURCE: Tocvan Ventures Corp
View the original press release on accesswire.com
FAQ
What are the latest drilling results from Tocvan's (TCVNF) Gran Pilar Project?
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