Colibri Receives Historical Assays from Santa Catalina Mining's Pilar Exploration

DIEPPE, May 7, 2019 -  (CBI-TSX Venture) Colibri Resource Corp. ("Colibri" or the "Company") is pleased to announce that it has purchased and received historical assay results for over 8,000 samples collected on the Pilar Gold Project by Santa Catalina Mining ("SCM") in the 1990's.  With the permission of the past management of SCM, the assay lab that completed the analyses, ALS Global ("ALS"), Vancouver, B.C. has released the data to Colibri. Colibri has confirmed that SCM assays were completed at ALS laboratories with sample preparation completed in Hermosillo, Sonora, Mexico and Atomic Absorption and Fire Assay analyses completed in Vancouver, Canada and followed standard chain of custody procedures.

During the period 1995 to 1997 SCM conducted exploration programs on the Pilar Gold Property that included approximately 7,900 meters of diamond and RC drilling, 2,650 meters of channel sampling from trenches, and hundreds of grab samples from road cuts and outcrops. The data for each sample includes values for gold (Au), silver (Ag), base metals, as well as five pathfinder element assays. Until now, this data has not been available to the Company.

Although the Company does not have original SCM drill logs, the Company can report that the new data is consistent with SCM's historically released hole results and has correlated all historically reported hole intersections to consecutive values in the newly received data.

Highlights:

1. A series of 11 consecutive assays (4 of which were reported in ounces per ton gold) including: 8.316 opt Au (285.12 g/t), 1.328 opt Au (45.53 g/t), 5.702 opt Au (195.50 g/t), and 1.514 opt Au (51.91 g/t), has been interpreted to correspond with hole S-10. SCM first disclosed the results of this hole in a news release dated July 30^th, 1996 where they announced the hole contained 16.5m of 54.47 g/t Au. This hole is located in the North Hill Zone of the property.
   
   
2. A series of 9 consecutive assays including a single intersection of 80.3 g/t Au has been interpreted to correspond with hole Q-8b which was reported by SCM in a news release dated October 3^rd, 1996 where they reported gold mineralization of 9.64 g/t Au over an intersection length of 13.50 m.
   
   
3. Another series of 6 consecutive assays including: 0.54 g/t Au, 8.52 g/t Au, 20.66 g/t Au, 16.23 g/t Au, 8.04 g/t Au, and 6.97 g/t Au has been interpreted to confirm the results of hole P-9b announced on January 14, 1997. This intersection was announced by SCM as 10.16 g/t Au over 9 meters and was drilled in the Main Zone of the property.

(*Each assay is interpreted to be representative of a 1.5-meter sample)

In addition to the acquisition of the historical assay data, the Company had previously received historical drill information, including hole location and orientation data, for most of the SCM holes from the former SCM project geologist responsible for Pilar exploration (see news release dated Dec 19, 2018).   The Company is actively compiling and interpreting this newly acquired data to achieve an improved understanding of the distribution of Au at Pilar and with the objectives planning further drilling to expand resources and drilling to support initial resource estimation.

"The Company views the receipt of this data as very significant as it will provide a great deal of information that Colibri can use in continued development of Pilar.  Colibri will be creating a new 3D model of the Main Zone and plans to complete infill and exploration expansion drilling as required," stated Colibri President & CEO Ron Goguen.

The drill data released by SCM also includes several long, lower grade (i.e. 0.5 g/t Au to 1.0 g/t Au intercepts. A full list of reported SCM intercepts are listed below:

Colibri Resource Corp. Historic Drilling Results (including Canadian Gold Resources)

The SCM data received by ALS Global favourably compares with intervals reported from drilling that Colibri and its wholly owned subsidiary Canadian Gold has reported from the Main Zone, North Hill, and 4 Trench areas in four separate drilling programs which has totalled approximately 10,000 m. Below are select sample results from holes drilled by Colibri and its wholly owned subsidiary Canadian Gold:

About the Pilar Gold Project

The Pilar Gold Project is strategically located in the historic Sonora gold district which has produced the majority of gold mined in Mexico. The Pilar Gold Project consists of low-sulfidation epithermal mineralization in a highly fractured, altered, and highly oxidized volcanic host rock.  Two zones of mineralization have been interpreted based on surface exposure, trenching, and historical drilling and include the Main Zone and North Zone.  A third target area, referred to as the 4 trench target, has been drill tested with encouraging results. 

Metallurgical testing (bottle roll) has shown an average recovery of 92% over three separate tests including both high and low grades.

Qualified Person

Jackie E. Stephens, P. Geo for Colibri is a Qualified Person as defined in NI 43-101 and has reviewed and approved the technical information in this press release.

For more information about all of our projects please visit: www.colibriresource.com.

About Colibri Resource Corporation:

Colibri is a Canadian mineral exploration company listed on the TSX-V(CBI) focused on acquiring and exploring gold properties in Mexico.

We seek safe harbour.

The TSX Venture Exchange has neither approved nor disapproved the contents of this news release. 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. The statements made in this news release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.

SOURCE Colibri Resource Corp.