Vancouver, British Columbia--(Newsfile Corp. - March 27, 2018) - Colibri Resource Corporation (TSXV: CBI), is the subject of a Company Perspective report by Toronto-based eResearch Corporation.
Colibri Resource Corporation was formed to explore historical mining sites in Mexico, where modern exploration systems and techniques have greatly increased the financial viability of historic or abandoned mining properties.
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The company's strategy is to acquire mining properties that have already had previous mining activity, rather than to seek "green field" properties that have never been explored, a tactic that enhances the potential for success and is inherently less costly.
The company has focused its activities solely in the State of Sonora, where it is involved in 3 gold projects.
• the flagship Pilar Gold Property (100% owned);
• the early-stage Evelyn Gold Property (100% owned); and
• the Pitaya Property, which is a joint venture with Agnico Eagle Mines
Sonora is Mexico's leading producer of gold, copper, and molybdenum and the country's fourth most important producer of silver. The Company has an active program for 2018 that includes increased exploration activity on both Pilar and Evelyn, while its joint-venture partner is targeting increased drilling on Pitaya.
Pilar is the Company's main focus and the goal is to drill at least 10,000 metres in an effort to reach an in-house estimate of at least 120,000 ounces of gold and be in a position to convert it into a compliant Mineral Resource Estimate. The recently announced Phase 1 drilling program, which calls for up to 30 holes to be drilled, is designed to confirm modelling and extend the known mineralization of the Main Zone to the north-west and south-east along trend.
The company acquired the 506 hectare Evelyn claim, 150 kilometres northwest of Hermosillo, in 2008 by way of a lottery conducted by the Mexican government for mineral claims. The inherent value of the claim is based upon its close proximity to two producing gold mines, the La Herradura Gold Mine operated by Fresnillo, and the Noche Buena Gold Mine.
The Pitaya Gold Project is a joint venture between Colibri Resource Corporation (33.67%) and Agnico Eagle Mines Limited (66.33%), with Agnico Eagle acting as the operator. Pitaya will be an open pit, heap leach, low operating cost endeavour. It consists of 7 mining claims over 7,300 hectares. Since 2011, capex of about $4 million has been spent on 30 holes covering approximately 7,700 metres of drilling and generating 2,700 surface samples.
In 2017, using two drills, Agnico Eagle drilled a total of 7,286 metres in 26 drill-holes. Of these, 23 assay results have been received, with the most significant being 20.96 grams per tonne gold over 2.2 metres. Drilling at the site continues.
The company recently raised gross of approximate $1.2 million from the placement of $0.10 units, which will be used on the company's Pilar Project as well as for general working capital.
For more information please visit the company's website at www.ColibriResource.com, contact Ron Goguen, President, at 506-383-4274 or email rongoguen@colibriresource.com.
For a copy of eResearch's report, please visit their website at www.eresearch.ca. While on their site, sign up for their free reports.
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