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Dieppe, New Brunswick--(Newsfile Corp. - January 27, 2022) - Colibri Resource Corporation (TSXV: CBI) ("Colibri" or the "Company") is pleased to report the re-start of drilling at the Evelyn Gold Project located in the Caborca Gold Belt, northern Sonora.
On November 8, 2021, the Company commenced a 10,000 metre, fully funded Reverse Circulation ("RC") drill program on the property and completed 3,122 metres in 22 holes before pausing for the holiday season on December 18. The Company is planning on completing the 10,000 metres of RC drilling on the Evelyn property in two phases. Phase 1 which is now resuming is aimed at evaluating areas of anomalous and higher-grade Au assay results from surface and trench exposures coincident with magnetic gradients and lineaments and with structures identified through geological mapping. Phase 2 drilling will be planned to follow up positive results from Phase 1 as well as test numerous targets including chargeability anomalies derived from the Induced Polarization ("IP") survey completed in 2021, targets derived from interpretation of the drone-borne magnetic survey completed in 2020, and targets derived from the on-going property wide geological/structural interpretation.
Ron Goguen, President & CEO of Colibri commented, "We are very pleased to have our team returning to the Evelyn Project and continuing to execute our drill plan. We will also be completing geological mapping in specific areas on the property to support our ongoing property wide interpretation and targeting for Phase 2 drilling. We are now receiving the assay results from the 3,122 metres of Phase 1 completed before the holidays and are compiling the data."
Figure 1 - Colibri Drill Rig and crew
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Evelyn Geology and Exploration Model
The Evelyn Gold Project is an Orogenic-type gold target located in the Caborca Gold Belt of northwestern Sonora. The property is located approximately 25 kilometres ("km") east of La Herradura, one of Mexico's largest open pit gold mines, which produced 425,288 ounces of gold in 2020 at an average grade of 0.77 grams per tonnes ("g/t") Au and is also approximately 9 km northeast of the Noche Buena mine which produced 87,988 ounces Au at an average grade of 0.52 g/t Au in 2020. The setting and style of mineralization at Evelyn is similar to that reported from La Herradura and Noche Buena. Higher grade mineralization on the Evelyn property consists of quartz veins and veinlets, ranging from 2 - 3 centimeters up to 1.5 m hosted by fault and fracture zones with minor oxidized pyrite, iron oxide, copper bearing oxide and carbonate minerals, and locally minor to trace amounts of galena, chalcopyrite, and sphalerite. Alteration of the host rocks includes iron bearing carbonate minerals, quartz, sericite, and chlorite. Lower grade mineralization is associated with altered volcanic rocks containing minor amounts of oxidized sulfide. Mineralization is hosted dominantly by Jurassic volcanic rocks consisting of andesite and rhyolite.