Colibri Resources – Exploration Update At The EL Pilar and EP Gold Projects
Ian McGavney, President and CEO of Colibri Resources (TSX.V:CBI – OTC:CRUCF), joins me to provide a comprehensive exploration update on the El Pilar Gold Silver JV Project and their 100% owned EP Gold Project, both located in Sonora Mexico.
We start off having Ian outline the 1,100 meters of drilling over 10 holes from the recent exploration program at the Gran Pilar Gold Silver Project, with their project partners Tocvan Ventures Corp (CSE:TOC)(OTCQB:TCVNF) in a 49% Colibri / 51% Tocvan joint-venture. Samples for 3 holes are at the assay lab testing the main zone, and there were 7 other drill holes testing both the main zone expansion and the South Block expansion. A new target outcrop has also been identified, about 1km Northeast of the Main Zone.
The drill holes from this program will likely be released in a couple batches, and those will be feeding into an NI-43-101 Resource Estimate for later in the year. Additionally, the JV companies are presently outlining a permitting and operations strategy to build a pilot facility at Pilar. The facility will support a robust test mine scenario with an aim to process up to 50,000 tonnes of material. Timelines and budgets are being prepared with the goal of moving forward on its development in very near term to potentially take advantage of the historically high gold prices. In 2023, Tocvan completed a smaller offsite bulk sample at Pilar which showcased the potential to recover both gold and silver through a variety of methods including heap leach, gravity and agitated leach.
Shifting over to the 100% owned EP Gold Project, Ian unpacked how the company was able to pick up the Plomo project, formerly held by Great Panther before they went into receivership, and then merged this project with their Evelynn Project to form the larger EP Project. Ian reviewed the prior historic work done at Plomo, and the past exploration work Colibri has done at Evelyn, as well as pointing out that Fresnillo owns the land surrounding the project and has been conducting work up near the project boundary. The exploration team would like to get back onto Evelyn later in the year to do another limited drill program to keep exploring this property and expanding the mineralized footprint.
If you have any follow up questions for Ian regarding Colibri Resources, then please email them in to me at Shad@kereport.com.
