Colibri Resources – Recap Of Recent Drill Program, The Move To Test Mining A Bulk Sample, Upcoming Resource Estimate And PEA At The El Pilar Gold Silver JV Project
Ian McGavney, President and CEO of Colibri Resources (TSX.V:CBI – OTC:CRUCF), joins me to provide a comprehensive exploration update from the recent drill program that wrapped up in Q1, and a look ahead to the coming test mining and bulk sample, Maiden Resource Estimate, and Preliminary Economic Assessment (PEA) on tap for this year on their Pilar Gold Silver JV Project located in Sonora Mexico.
We start off having Ian recap the key takeaways from the 10-hole exploration program over 1,167 meters at the Pilar Gold Silver Project, with their JV project partners Tocvan Ventures Corp (CSE:TOC)(OTCQB:TCVNF) as operators. In this Joint Venture Colibri has 49% ownership and Tocvan has 51% ownership.
Results released to the market on April 16th highlighted an intercept (in drill hole JES-25-112) of 7.2 g/t Au and 80 g/t Ag over 2.6 meters, within a mineralized zone that averages 0.5 g/t Au over 46.9 meters starting from 54.5 meters downhole. Drill hole JES-25-112 is located 70 meters south of past drill hole JES-22-62, which returned 108.9 meters of 0.8 g/t Au (see April 26, 2022 News Release). Step-out drilling south of the Main Zone has extended the high-grade corridor and a new target outcrop has also been identified, about 1km Northeast of the Main Zone.
The data from these recent drill holes will be compiled with the 25,000 meters of prior drilling on this Project and feed 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. All the information from the resource and the bulk sample will then feed into the PEA slated for later this year.
If you have any follow up questions for Ian regarding Colibri Resources, then please email them in to me at Shad@kereport.com.
