Colibri Resource Corporation (TSXV: CBI) ("Colibri" or the "Company") is pleased to report that the co-owner of its Pilar Gold & Silver Project in Sonora, Mexico, Tocvan Ventures (51% interest) has announced the results from the initial four of fifteen holes drilled to date in the ongoing Phase 4 RC drill program. Hole JES-24-77 was drilled in the 4-T Trend area and is reported to be the longest and highest-grade gold intersection to date outside of the Main Zone. Colibri owns a 49% interest in the Pilar Gold & Silver Project.
Highlights from Tocvan Pilar News Release – May 14th, 2024:
For full details please see the Tocvan Ventures news release dated May 14th, 2024 below:
Calgary, Alberta – May 14, 2024 – Tocvan Ventures Corp. (CSE: TOC) (OTCQB: TCVNF) (FSE: TV3) (the "Company"), is pleased to announce first drill results from its 2024 Reverse Circulation (RC) drill program at its road accessible Pilar Gold-Silver project in mine-friendly Sonora, Mexico. A total of 1,825.4 meters has been drilled to date in 15 drillholes.
Results today are highlighted by drillhole JES-24-77 which returned 56.4 meters of 1.0 g/t Au from 18.3 meters vertical depth, including 9.2 meters of 5.3 g/t Au. The entire length of the hole returned anomalous gold values averaging 76.3 meters of 0.8 g/t Au. A high-grade center to the mineralized zone returned 5.3 g/t Au and 3 g/t Ag over 9.2 meters, including 1.5 meters of 26.7 g/t Au. Like the Main Zone, the 4-T trend is exposed at surface along a rounded ridge top, allowing the potential for a low strip ratio during early development. The hole tested near-surface mineralization and was stopped at 76.3 meters, mineralization at 4-T remains open at depth. Results for eleven drill holes are currently pending analysis, including holes further northwest, along the 4-T trend.
"We are extremely excited with the results today highlighting the additional resource potential that exists along the several parallel trends to the Main Zone which we believe can be tied together into a sizable area," commented Brodie Sutherland, CEO. "Today's results are the best from the 4-T Trend to date and rank as a top five drill intersect in Tocvan's history of drilling at Pilar. Gold mineralization intersected in hole JES-24-77 is close to surface, projecting to workings exposed along a low rolling ridgeline much like the Main Zone. This allows for low-strip ratio potential in future mine development, reducing costs for extraction. We are confident the 4-T Trend will continue to develop into another key resource area for Pilar, being just 400 meters from the heart of our Main Zone. Part of our bulk sample was extracted from 4-T adding to that confidence of resource viability. More results from the trend are pending. As for our exploration drill targets, it is still early in testing these areas and the data available suggests more work is needed to fully evaluate and target mineralization. Surface mapping and geochemistry strongly suggests the known trends extend to the southeast and northwest, while new trends have yet to be tested. Recent sampling across the expansion area supports this thesis, indicating much more is to be uncovered."
Figure 1. Summary map of today's drill highlight and surrounding surface results. JES-24-77 returned 56.4m of 1.0 g/t Au, 400m east of the Main Zone trend.
In addition, three exploration holes on the southeastern flanks of known mineralization (JES-24-74, 75 and 76) are also included in this release, testing known areas of significant surface mineralization. Although anomalous intervals were encountered, no significant mineralization has been recorded yet.
Discussion of Results
JES-24-77
The drillhole targeted near surface mineralization vertically below the Four Trench (4-T) prospect. The Prospect gets its name from four trenches completed historically across a known area of artisanal underground workings. The prospect was first drilled in 1996 by Santa Catalina, a Lundin Company evaluating Pilar. First drilling hit 7.5 meters of 3.3 g/t Au and 31 g/t Ag in drillhole K-16 (hole was stopped at 7.5m). Follow-up drilling over 15 years later by a private operator returned 30.5 meters of 0.7 g/t Au (JESP-18). In 2021, Tocvan drilled 15.3 meters of 1.1 g/t Au along the same ridgeline 300 meters to the northwest. The result released today from JES-24-77 is the most significant result along the 4-T trend drilled to date and ranks as the fifth best drill result ever from the over 60 drillholes Tocvan has completed thus far at Pilar. JES-24-77 was a vertical drillhole testing the down-dip projection of surface mineralization, successfully intersecting several zones of low-grade gold and silver and one high-grade zone. Follow-up work is to be completed along this developing trend.
Exploration Drill Results
Drillholes JES-24-74 and 75 tested an area southeast of the Main Zone where local surface mineralization hosted along structures and veins had returned 5.1 g/t Au and 24 g/t Ag. Although no significant mineralization was recorded in these holes, anomalous values of silver warrant further investigation. Drillhole JES-24-76 tested the southernmost flank of the 4-T trend, alteration and veining was recorded in logging although no significant mineralization was recorded.
Figure 2. Pilar Project Planview map showing the southern block made up of the Pilar Main Zone and the newly discovered placer source with additional gold-silver mineralization extending to the south. Within the northern block, a large alteration zone that spans 3.3 km by 1.5 km (North Alteration Zone) has returned high-grade gold and silver values in the first few sampling programs across the newly acquired area.
Table 1. Summary of Drill Results Released Today from Pilar Project Drill Hole JES-24-77.
All interval lengths are drilled widths.
| Hole ID | From (m) | To (m) | Width (m) | Au (g/t) | Ag (g/t) |
| JES-24-77 | 0.00 | 76.25 | 76.25 | 0.75 | 0.91 |
| including | 18.30 | 74.73 | 56.43 | 1.00 | 1.10 |
| including | 27.45 | 36.60 | 9.15 | 5.25 | 2.51 |
| including | 35.08 | 36.60 | 1.52 | 26.79 | 4.92 |
Table 2. Drillhole locations released today.
| Hole ID | Azimuth | Dip | Depth (m) | Easting | Northing | Elevation (m) |
| JES-24-74 | 243 | 45 | 125.05 | 617666 | 3144245 | 421 |
| JES-24-75 | 060 | 45 | 128.10 | 617670 | 3144243 | 421 |
| JES-24-76 | 000 | 90 | 91.50 | 617927 | 3144475 | 437 |
| JES-24-77 | 000 | 90 | 76.25 | 617897 | 3144687 | 447 |
About the Pilar Property
The Pilar Gold-Silver property has returned some of the regions best drill results. Coupled with encouraging gold and silver recovery results from metallurgical test work, Pilar is primed to be a potential near-term producer. Pilar is interpreted as a structurally controlled low-sulphidation epithermal system hosted in andesite rocks. Initially three primary zones of mineralization were identified on the original property from historic surface work and drilling and are referred to as the Main Zone, North Hill and 4-T. Each trend remains open to the southeast and north and new parallel zones have been discovered. Structural features and zones of mineralization within the structures follow an overall NW-SE trend of mineralization. Mineralization extends along a 1.2-km trend, only half of that trend has been drill tested so far. The Company has now expanded its interest in the area by consolidating 22 square-kilometers of highly prospective ground where it has already made significant surface discoveries.
Pilar Drill Highlights:
Pilar Bulk Sample Summary:
Additional Metallurgical Studies:
Quality Assurance / Quality Control
RC samples were shipped for sample preparation to ALS Limited in Hermosillo, Sonora, Mexico and for analysis at the ALS laboratory in North Vancouver. The ALS Hermosillo and North Vancouver facilities are ISO 9001 and ISO/IEC 17025 certified. Gold was analyzed using 50-gram nominal weight fire assay with atomic absorption spectroscopy finish. Over limits for gold (>10 g/t), were analyzed using fire assay with a gravimetric finish. Silver and other elements were analyzed using a four-acid digestion with an ICP finish. Over limit analyses for silver (>100 g/t) were re-assayed using an ore-grade four-acid digestion with ICP-AES finish. Control samples comprising certified reference samples and blank samples were systematically inserted into the sample stream and analyzed as part of the Company's robust quality assurance / quality control protocol.
Brodie A. Sutherland, CEO for Tocvan Ventures Corp. and a qualified person ("QP") as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this release.
ABOUT COLIBRI RESOURCE CORPORATION:
Colibri is a Canadian-based mineral exploration company listed on the TSX-V (CBI) and is focused on acquiring, exploring, and developing prospective gold & silver properties in Mexico. The Company holds five high potential precious metal projects: 1) 100% of EP Gold Project in the significant Caborca Gold Belt which has delivered highly encouraging exploration results and is surround by Mexico's second largest major producer of gold on four sides, 2) 49% Ownership of the Pilar Gold & Silver Project which is believed to hold the potential to be a near term producing mine, and 3) three highly prospective interests in the Sierra Madre (Diamante Gold & Silver Project, Jackie Gold & Silver Project, and Mezquite Gold & Silver Project.
For more information about all Company projects please visit: www.colibriresource.com.
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.
Notice Regarding Forward-Looking Statements:
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.
All amounts in US dollars
Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) Despite the operational challenges presented by the recent Mulitaka landslide, Porgera Gold Mine has met or exceeded its targets since resuming mining in December last year, with gold production for the first half of the year above guidance and all-in sustaining costs trending lower.
Barrick president and chief executive Mark Bristow, who is in the country to review New Porgera Limited's (NPL) second quarter results, said keeping Porgera open in the wake of the landslide allowed for a swift response by the mine to the collective recovery effort while sustaining the mine's contribution to the provincial and national economies.
"Reacting rapidly to the disaster, our teams put into operation an air bridge and a temporary pipe across the slip to be able to supply fuel and essential goods not only to the mine but to local businesses serving the tens of thousands of residents of the Porgera valley. The cooperation of the Mulitaka community is essential to keeping these lifelines open until the permanent bypass road can be completed," Bristow said, expressing his deepest sympathies to the families and friends of victims of the landslide and reaffirming NPL's commitment to impacted communities.
"Porgera employees have been on the ground in Mulitaka daily and are embedded at the Enga Provincial Government's disaster relief center in Wabag to assist with all aspects of the rehabilitation effort. These include the delivery of essential goods and fuel while contributing geotechnical expertise to assist with ground stabilization and the design of the new bypass road. Barrick and JV-partner Zijin also jointly contributed $1 million towards relief efforts, approximately half of which has already been deployed."
During his visit, Bristow met with Prime Minister James Marape, Enga Governor Sir Peter Ipatas and Provincial Administrator Sandis Tsaka to exchange views on the Mulitaka recovery, the New Porgera Community Development Agreement (CDA) negotiations, and other issues of common interest. It was agreed that the CDA must be consistent with the New Porgera project agreements and ensure that fair and equitable benefits reach all eligible landowners and the wider Porgeran community, as well as provincial and national stakeholders.
"NPL stands ready to pay benefits directly to landowner households, without going through middlemen, once the CDA is executed. The mine would make additional infrastructure contributions to the project footprint area through effective use of the tax credit scheme in collaboration with local and provincial authorities," Bristow said.
NPL currently employs 2,500 people, of whom 57% are from Porgera and Enga, 40% from the rest of Papua New Guinea and 3% expatriates. First gold, following the resumption of operations at the mine, was poured in January, electricity from the Hides power plant in Hela Province was restored in April and a throughput performance test agreed to with Papua New Guinea was achieved in June, four months ahead of schedule.
Bristow singled out the lack of law and order as the greatest threat to the continued operation and profitability of the mine, requiring the active support of all stakeholders to ensure that Porgera could continue to deliver benefits in line with its potential as a Tier One 1 asset.
Enquiries:
Investor and Media Relations
Kathy du Plessis
+44 20 7557 7738
Email: barrick@dpapr.com
Website: www.barrick.com
Endnote
Cautionary Statement on Forward-Looking Information
Certain information contained or incorporated by reference in this press release, including any information as to our strategy, projects, plans, or future financial or operating performance, constitutes "forward-looking statements". All statements, other than statements of historical fact, are forward-looking statements. The words "remain", "on track", "continue", "guidance", "target", "potential", "could", "will", and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to: Barrick's partnership with Papua New Guinea; forecasted production from the Porgera mine; the potential for Porgera to achieve Tier One status; the sharing of projected economic benefits from Porgera with Papua New Guinea stakeholders under the Community Development Agreement; and Barrick's future plans, community investments and overall strategy in Papua New Guinea.
Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this press release in light of management's experience and perception of current conditions and expected developments, are inherently subject to significant business, economic, and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements, and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper, or certain other commodities (such as diesel fuel, natural gas, and electricity); the speculative nature of mineral exploration and development; changes in mineral production performance, exploitation, and exploration successes; changes in national and local government legislation, taxation, controls or regulations and/ or changes in the administration of laws, policies and practices, expropriation or nationalization of property and political or economic developments in Papua New Guinea and other jurisdictions in which the Company or its affiliates do or may carry on business in the future; risks related to disruption of supply routes which may cause delays in construction and mining activities, including disruptions in the supply of key mining inputs due to the invasion of Ukraine by Russia and conflicts in the Middle East; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; risks associated with new diseases, epidemics and pandemics, including the effects and potential effects of the global Covid-19 pandemic; litigation and legal and administrative proceedings; employee relations including loss of key employees; increased costs and physical and transition risks related to climate change, including extreme weather events, resource shortages, emerging policies and increased regulations related to greenhouse gas emission levels, energy efficiency and reporting of risks; and availability and increased costs associated with mining inputs and labor. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks).
Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect Barrick's ability to achieve the expectations set forth in the forward-looking statements contained in this press release.
Barrick disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
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