Colibri Intersects 7.5 m of 2.92 g/t Gold and 30 m of 0.73 g/t Gold from Near Surface in Maiden Drill Program at the Plomo Claims, EP Gold Project, Sonora, Mexico
MWN-AI** Summary
Colibri Resource Corporation (TSXV: CBI) announced positive outcomes from its inaugural Phase 1 reconnaissance reverse circulation drilling program at the Plomo claims, part of the EP Gold Project in Sonora, Mexico—a notable region for gold mining. The drill program consisted of 22 holes targeting the San Perfecto and Banco de Oro areas within the Plomo claim block, marking the first comprehensive exploration using modern drilling techniques.
Key highlights include intersections of 7.5 meters at 2.92 g/t Au and 30 meters at 0.73 g/t Au, showcasing a promising gold-bearing system. In total, gold mineralization was detected in 18 of the 22 holes, signaling extensive mineralized potential along an interpreted 1.2 km structural corridor at San Perfecto.
CEO Ian McGavney expressed enthusiasm for the results, stating that they substantiate the exploration strategy and indicate a robust gold system within the Caborca Gold Belt. The Banco de Oro target also yielded significant results, with intersections revealing 30 meters at 0.45 g/t Au, further supporting the area's potential.
Furthermore, the West Sahuaro target identified a continuation of the mineralized system, suggesting that the overall structural corridor may extend over five kilometers, offering a district-scale exploration opportunity.
Colibri is currently assessing follow-up drilling programs to further investigate the extension of these findings and refine the model for mineralization continuity. This initial program has laid a strong foundation for future exploration efforts and has generated significant interest regarding the potential for gold production from the EP Gold Project.
MWN-AI** Analysis
Colibri Resource Corporation (TSXV: CBI) has recently announced promising assay results from its maiden drill program at the Plomo claims, part of the EP Gold Project in Sonora, Mexico. The drilling uncovered substantial gold mineralization, with highlights including 7.5 meters grading 2.92 g/t gold and a broader intercept of 30 meters at 0.73 g/t gold. Such results from 18 out of 22 completed drill holes demonstrate a significant potential for a robust gold system within the region.
The Caborca Gold Belt, known for its rich mineral deposits, houses not only Colibri's projects but also valuable operations like Fresnillo's La Herradura and Noche Buena. This context enhances the attractiveness of Colibri’s findings, providing a solid foundation for further exploration. The intersected gold mineralization across the San Perfecto target, coupled with historical high-grade results from the Banco de Oro target, suggests there could be multiple mineralized zones worth investigating.
For investors contemplating entry into Colibri’s stock, it is advisable to consider the potential upside stemming from a follow-up drilling program, which the company plans to validate the continuity of the mineralization. The strategic evaluation of the drill results will influence near-term exploration activities, potentially leading to more favorable outcomes.
As market sentiment can fluctuate with new discoveries and updates, stakeholders should remain alert to follow any developments regarding further assays or drilling plans. Given the current results, Colibri Resource Corporation appears to be well-positioned within a promising gold belt, and those interested in junior mining stocks may find CBI’s upward momentum an appealing investment opportunity, weighing the inherent risks associated with exploration-stage companies.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
Dieppe, New Brunswick--(Newsfile Corp. - March 13, 2026) - Colibri Resource Corporation (TSXV: CBI) ("Colibri" or the "Company") is pleased to report assay results from its maiden Phase 1 reconnaissance reverse circulation ("RC") drill program completed at the Plomo claims within the Company's 100% owned EP Gold Project located in the prolific Caborca Gold Belt of Sonora, Mexico, a region that hosts several significant gold deposits and mining operations including La Herradura and Noche Buena, which are operated by Fresnillo plc.
The Phase 1 program comprised 22 RC drill holes completed across the San Perfecto (20 holes) and Banco de Oro (2 holes) targets within the Plomo claim block, along with one RC drill hole completed at the West Sahuaro target located within the Evelyn claim block of the EP Gold Project. The program represents the first modern drill testing of multiple targets identified through geological mapping, geophysical interpretation and surface sampling across the Plomo claims.
Highlights
- 7.5 m grading 2.92 g/t Au from 6 m, including 1.5 m grading 9.95 g/t Au (PL26-017)
- 30.0 m grading 0.73 g/t Au from 3 m, including 1.5 m grading 7.51 g/t Au (PL26-015)
- 30.0 m grading 0.45 g/t Au from surface, including 6 m grading 1.16 g/t Au (PL25-011)
- 19.5 m grading 0.44 g/t Au from 3 m, including 4.5 m grading 1.29 g/t Au (PL25-004)
- 1.5 m grading 12.55 g/t Au from surface (PL25-005)
- Gold mineralization intersected in 18 of 22 holes drilled in the Phase 1 program
- Gold mineralization intersected across an interpreted ~1.2 km mineralized structural corridor at the San Perfecto target
Ian McGavney, President and CEO of Colibri Resource Corporation, commented: "We are extremely pleased with the results from our maiden drill program at the Plomo claims. Intersecting gold mineralization in 18 of 22 holes, including 7.5 metres grading 2.92 g/t gold and 30.0 metres grading 0.73 g/t gold from near surface, represents a strong start and provides compelling evidence of a broad mineralized system along the San Perfecto corridor. In addition, the results from Banco de Oro, where drilling intersected 30 metres grading 0.45 g/t gold including higher-grade intervals, further demonstrate the potential for multiple mineralized zones within the Plomo claim block. Together with the encouraging results from West Sahuaro, these results continue to strengthen our belief that the EP Gold Project hosts one or more significant gold system within the Caborca Gold Belt."
Table 1 - Significant Gold Intercepts - Plomo
(0.10 g/t Au cutoff, maximum 3 m internal dilution; intervals are downhole lengths)
| Hole ID | From (m) | To (m) | Interval (m) | Au (g/t) |
| PL25-001 | 15.0 | 24.0 | 9.0 | 0.75 |
| PL25-002 | 0.0 | 15.0 | 15.0 | 0.34 |
| PL25-002 | 48.0 | 67.5 | 19.5 | 0.25 |
| PL25-002 | 91.5 | 96.0 | 4.5 | 0.90 |
| PL25-003 | 0.0 | 12.0 | 12.0 | 0.18 |
| PL25-004 | 3.0 | 22.5 | 19.5 | 0.44 |
| PL25-004 | 64.5 | 69.0 | 4.5 | 1.29 |
| PL25-005 | 0.0 | 1.5 | 1.5 | 12.55 |
| PL25-005 | 10.5 | 22.5 | 12.0 | 0.28 |
| PL25-007 | 10.5 | 15.0 | 4.5 | 0.37 |
| PL25-009 | 9.0 | 13.5 | 4.5 | 0.53 |
| PL25-010 | 13.5 | 15.0 | 1.5 | 1.61 |
| PL25-011 | 3.0 | 33.0 | 30.0 | 0.45 |
| (including) | 3.0 | 9.0 | 6.0 | 1.16 |
| (including) | 25.5 | 27.0 | 1.5 | 2.12 |
| PL25-012 | 3.0 | 10.5 | 7.5 | 0.46 |
| PL26-013 | 0.0 | 1.5 | 1.5 | 0.80 |
| PL26-015 | 3.0 | 33.0 | 30.0 | 0.73 |
| (including) | 6.0 | 12.0 | 6.0 | 1.01 |
| PL26-017 | 6.0 | 13.5 | 7.5 | 2.92 |
| (including) | 12.0 | 13.5 | 1.5 | 9.95 |
| PL26-020 | 27.0 | 28.5 | 1.5 | 1.66 |
| PL26-020 | 42.0 | 46.5 | 4.5 | 0.64 |
| PL26-020 | 61.5 | 64.5 | 3.0 | 0.58 |
| PL26-021 | 7.5 | 16.5 | 9.0 | 0.34 |
| PL26-022 | 9.0 | 15.0 | 6.0 | 0.16 |
Figure 1: Phase 1 RC Drill Hole Locations - San Perfecto Target, Plomo Claims
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4269/288399_39d158ded47a4970_001full.jpg
San Perfecto Target - Phase 1 RC Drill Program, Plomo Claims
The Phase 1 RC drill program at the Plomo claims focused primarily on the San Perfecto target, where geological mapping and geophysical interpretation identified a prospective structural corridor extending approximately 1.2 kilometres across the claim block.
Several mineralized intervals occur within the first 25 metres of drilling in multiple holes, indicating the presence of a shallow gold-bearing zone within the San Perfecto structural corridor.
Gold mineralization intersected during drilling is typically associated with quartz veining, silica flooding and sericite alteration accompanied by disseminated pyrite, with locally anomalous copper values observed in several holes. This alteration assemblage is consistent with an intrusion-related hydrothermal system.
The San Perfecto structural corridor runs broadly parallel to historical placer gold workings extending approximately 1.7 kilometres across the Plomo claims. The presence of these historical placer workings, combined with the bedrock gold mineralization intersected in drilling, supports the interpretation that the corridor may represent a primary bedrock source of placer gold historically recovered in the area.
Gold values exceeding the Company's reporting cutoff of 0.10 g/t Au were encountered in 16 of the 20 holes drilled at the San Perfecto target, demonstrating widespread gold mineralization along the San Perfecto structural corridor.
The widespread distribution of anomalous gold values and the shallow nature of several intercepts suggest that systematic follow-up drilling will be required to evaluate the potential continuity of mineralization along the San Perfecto corridor.
Next Steps
The Company is currently evaluating follow-up drill programs designed to test the continuity of mineralization along the San Perfecto corridor and to further evaluate the potential for near-surface mineralization identified in several drill holes. The Company believes the results of the Phase 1 program demonstrate the effectiveness of the exploration model and provide a strong foundation for systematic follow-up drilling along the San Perfecto structural corridor.
Banco de Oro Target
Two holes were drilled at the Banco de Oro target, located approximately 1.3 kilometres south of the center of the San Perfecto mineralized corridor within the Plomo claim block. Both holes intersected significant gold mineralization, including:
30.0 m grading 0.45 g/t Au from surface, including 6.0 m grading 1.16 g/t Au and 1.5 m grading 2.15 g/t Au (PL25-011)
7.5 m grading 0.46 g/t Au from 3.0 m (PL25-012)
The Banco de Oro target hosts historical underground mine workings where high-grade gold mineralization has been documented, including reported sampling of 298 g/t Au over a length of approximately 2.4 metres from exposed mineralized material within the workings. Additional high-grade grab samples have also been collected from surface exposures across the target area along a mineralized trend interpreted to extend for up to approximately 800 metres.
Drilling completed during the current program was oriented eastward to test the interpreted extension of the mineralized structure associated with the historical workings. The Company is encouraged by the higher-grade intervals intersected and by the consistency in the widths of mineralized intervals observed in the holes drilled to date. Together with the presence of historical workings and high-grade surface sampling, these results highlight Banco de Oro as a compelling exploration target within the broader Plomo claim block and provide a strong foundation for follow-up drilling.
The Company plans to follow up these encouraging results with step-out drilling designed to test the potential extension of mineralization along the Banco de Oro trend. Company geologists will continue to evaluate and model the results from the current program to guide future drilling along this prospective structural zone.
West Sahuaro Target - Evelyn Claim Block
Drill hole EVE26-203 was completed to test the interpreted northwest-trending structural corridor at the West Sahuaro target using a drill orientation of approximately 240°. The hole intersected multiple broad intervals of anomalous gold mineralization hosted within altered and fractured rhyolite, confirming the presence of stacked mineralized panels associated with the structural corridor. The hole was drilled to a total depth of 177 metres and terminated in anomalous gold mineralization, indicating that the system remains open at depth.
Gold mineralization in EVE26-203 occurs within zones of silicification, sericite alteration, fracturing and local quartz veining, consistent with the structural model previously outlined by the Company. The mineralized intervals occur within a series of sub-parallel, low-angle mineralized panels extending over a vertical interval exceeding 100 metres, which are interpreted to be controlled by a northwest-trending fault or shear corridor. This stacked mineralization style is consistent with mineralization intersected in the Company's earlier drilling at West Sahuaro.
A six-hole drill program completed in 2023 (holes EVE23-196 through EVE23-201) intersected broad intervals of gold mineralization hosted within the same altered rhyolite sequence. Previously reported results from that program included 23 metres grading 0.35 g/t Au in hole EVE23-196 and 66 metres grading 0.27 g/t Au in hole EVE23-198, including higher-grade intervals of 5 metres grading 0.77 g/t Au and 6 metres grading 0.75 g/t Au, respectively. Together, these results outlined a mineralized zone interpreted to consist of stacked gold-bearing panels associated with the northwest-trending structural corridor.
The results from EVE26-203 further strengthen this interpretation and demonstrate that the mineralized system continues along the structural trend. Geophysical interpretation suggests that the Plomo-Evelyn structural corridor extends for more than five kilometres across the Evelyn and Plomo claim blocks, representing a significant district-scale exploration target that remains open along strike and at depth. Holes EVE23-198 and EVE26-203 are located approximately 140 metres south of the northern claim boundary of the Evelyn Project, which adjoins mineral concessions held by Fresnillo plc., one of Mexico's largest gold producers, and further highlights the prospectivity of this portion of the Caborca Gold Belt.
The Company plans to follow up these encouraging results with additional drilling designed to test the continuity of the stacked mineralized panels along the interpreted structural corridor. Ongoing geological interpretation and modelling will help guide future drilling to evaluate the extension of this mineralized system along strike and at depth.
Table 2 - Selected Composite Results - EVE26-203 (West Sahuaro)
(0.10 g/t Au cutoff, maximum 3 m internal dilution; intervals are downhole lengths)
| Hole ID | From (m) | To (m) | Interval (m) | Au (g/t) |
| EVE26-203 | 13.5 | 52.5 | 39.0 | 0.13 |
| EVE26-203 | 67.5 | 123.0 | 55.5 | 0.12 |
| EVE26-203 | 136.5 | 141.0 | 4.5 | 0.27 |
| EVE26-203 | 175.5 | 177.0 (EOH) | 1.5 | 0.14 |
Figure 2: West Sahuaro Target Drill Hole Locations - Evelyn Claim Block
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4269/288399_39d158ded47a4970_002full.jpg
Sampling and QA/QC
RC drill samples were collected at 1.5 m intervals and transported in sealed bags to the Company's secure facility in Caborca, Sonora, where they were subsequently collected by ALS Limited and delivered to the ALS preparation laboratory. Gold analyses were completed by ALS Laboratories using standard fire assay methods with atomic absorption finish.
Qualified Person
The technical information contained in this news release has been prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects and has been reviewed and approved by Jamie Lavigne, P.Geo., an independent Qualified Person as defined by NI 43-101.
About Colibri Resource Corporation
Colibri Resource Corporation (TSXV: CBI) is a Canadian junior mining company engaged in the acquisition, exploration, and development of precious metal properties in Sonora, Mexico. Colibri holds a 100% interest in the EP Gold Project, a 49% joint venture interest in the Pilar Gold & Silver Project with partner Tocvan Ventures (CSE:TOC), and an additional 60% interest in highly prospective claims at the Diamante Gold & Silver Project.
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/288399
FAQ**
How does the success of Colibri Resource Corp CRUCF's initial Phase 1 drill program at the Plomo claims impact investor confidence in the company's future exploration efforts in the Caborca Gold Belt?
What are the key differentiators of the gold mineralization discovered by Colibri Resource Corp CRUCF in their Phase 1 drill results compared to other mining operations in the surrounding area?
How does Colibri Resource Corp CRUCF plan to finance its follow-up drilling programs to further explore the mineralized structural corridor identified at the San Perfecto target?
Given the promising assay results reported by Colibri Resource Corp CRUCF, what potential challenges could the company face in developing the EP Gold Project, and how do they plan to mitigate these risks?
**MWN-AI FAQ is based on asking OpenAI questions about Colibri Resource Corporation (TSXVC: CBI:CC).
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