VANCOUVER, June 1 /CNW/ - Colibri Resource Corporation is pleased to
announce new surface exploration results from its 6564 hectare Colibri gold
property in Sonora, Mexico. Soil gridding, geological mapping and rock
sampling carried out during winter and spring of 2009 has expanded the extent
of known disseminated gold mineralization corresponding to the three zones
described below. To date, Colibri has collected 393 rock chip samples from
these three zones, 131 of which returned assays between 0.25 g/ton and 34.8
g/ton Au. This set-up work has delineated multiple prospective drill targets.
Meanwhile, preliminary mapping and rock chip sampling on the newly acquired
506 hectare Evelyn claim, located ~20 km northwest of the Colibri property
within the Sonora gold belt, has identified a high-grade gold-bearing
structure associated with old mine workings. Updated maps and assay tables may
be viewed at www.colibriresource.com.
Tortuga and Diente Zones
Two zones referred to as "La Tortuga" and "El Diente" present areas of
extensive surface gold mineralization associated with pervasive
hematite-sericite-silica alteration and gold-in-soil anomalies. The
predominant host rock is Jurassic rhyolite porphyry that forms a
northwest-elongate block sandwiched between two NE-dipping Laramide thrust
faults. 113 samples taken from representative outcrops of altered rock and
vein quartz have returned assays between 0.25 to 35 g/ton Au.
Gold concentrations in soils are strongly anomalous over an area covering
more than 2 square kilometres in the upper plate of the westernmost thrust.
Host rocks include high level felsic intrusives cut by multiple generations of
fine-grained silica veinlets and quartz veins. Mapping and rock sampling
identified a series of NE and NW trending, steeply dipping fault structures
associated with iron oxide and sericite alteration. Rock chip samples from
hematized quartz veins returned multiple assays in excess of 1 g/ton Au, while
broad zones of sericitized wall rocks and cut by very fine quartz veinlets and
hematite and/or limonite fractures generally returned assays greater than 100
ppb Au. The most promising drill targets identified so far occur at or near
the intersection of low-angle and high-angle structures. One such target is an
area of particularly intense silicification and brecciation that coincides
with the biggest identified soil anomaly: a triangular 200 m x 200 m region
with gold-in-soil values above 75 ppb Au and locally exceeding 200 ppb Au.
Strongly anomalous concentrations of silver, copper, lead and zinc occur
in soils developed on the andesite hanging wall of the eastern boundary
thrust, thought to represent deeper crustal levels associated with
porphyry-style mineralization. The thrust zone contains numerous sheared
quartz veins associated with limonite and hematite alteration. Several small
prospect pits exploit this thrust; representative rock chip samples returned
assays between 0.31 and 2.60 g/ton Au.
Soil sampling is also expanded to include the southeast extension of the
Naranja zone, where gold concentrations in excess of 5 g/ton were previously
reported from grab samples and old mine workings in this area (see February 5,
2009 news release). Strongly anomalous gold-in-soils occur in a northwesterly
belt more than one hundred meters wide and approximately 1 km long that
follows the projected surface trace of a combined thrust/detachment fault
system. Colibri is strongly encouraged by these results considering the
correlation between gold in soils and follow-up rock sampling in the
Tortuga-Diente zones. The most anomalous soils containing greater than 100 ppb
gold occur within a zone of very little outcrop and no surface expression of
mineralization directly along strike and adjacent to artesanal mine workings
that returned multiple grams/ton gold in grab and chip samples. Ten rock
samples to date have assayed greater than 1.5 g/ton Au.
Colibri Resource Corporation is now the 100% owner of a new property (the
Evelyn III claim), acquired in a Mexican government "sorteo" (claim lottery).
This 506.3 hectare claim is located 29 km east of La Herradura (Mexico's
largest gold mine, operated jointly by Fresnillo and Newmont Mining
Corporation) and 10 km north of the Noche Buena property (currently owned by
Fresnillo). The Evelyn claim encompasses old hard rock and placer mine
workings developed in sheared and fractured Jurassic volcanic and sedimentary
rocks. Preliminary geologic mapping and rock chip sampling has identified a
northeast-trending structure, exploited by an old mine working, that
corresponds to a sheared quartz-rich sandstone layer. Thirteen samples of
sheared quartz veins and hematized sandstone wall rock collected along a
strike length of 110 m returned assays between 0.13 g/ton Au and 26.06 g/ton
Au. The composite average of these 13 samples is 9.18 g/ton Au. Exploration
will be aimed at locating extensions of this high-grade zone in poorly exposed
areas to the south and north.
Colibri has continued to make progress on important business issues for
the company. The Board of Directors has authorized the execution and
completion of the three claim option agreements between Colibri's Mexican
subsidiary, Minera Halcones, and the three private Mexican companies from
which those claims were optioned. It is estimated that less than $100,000 will
be required to finalize the agreements and allow Minera Halcones to hold the
mining rights to the individual claim blocks that comprise the three claim
sites known as "Colibri", "Ramard", and "Leon". Colibri currently has
approximately $1.3 million in cash and is in the process of trying to recover
IVA taxes from the Mexican government. The Company did not conduct any
drilling this past winter in an effort to conserve cash, but there was some
important field work completed as discussed above. Colibri is well positioned
to participate in the ongoing rebound of metal prices and the availability of
capital for exploration.
Colibri has decided not to continue making option payments for the Juarez
and San Francisco claims contained within the Colibri claim. The relatively
small size of these claims (36 hectares each, an insignificant fraction of the
6,500 hectare project) did not warrant the cost of finalizing the option
Title to the Evelyn III claim has been received, (see description above).
The title was initially issued in the name of an agent working for Colibri.
The legal procedure required to reissue title in the name of Minera Halcones
(the Mexican subsidiary of Colibri) has been completed and the necessary
documentation forwarded to the Direccion de Minas in Mexico City. Transfer of
title is a legal formality.
Rock chip and soil samples were prepared at Inspectorate Lab in
Hermosillo. Analyses were performed by Inspectorate Lab in Reno, Nevada. Gold
contents were measured by fire assay with AA finish. Over limit values for
gold were determined by fire assay with gravimetric finish.
Exploration was conducted under the supervision of J.J. Irwin, B.Sc.,
Ph.D., P.Geo., the qualified person under National Instrument 43-101 on this
The Colibri Project is held by an option agreement between the Mexican
subsidiary of Colibri, Minera Halcones SA de CV and a private Mexican company
to acquire 100% ownership of 6,564 hectares of mineral concessions.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the contents herein.
For further information:
For further information: Visit our website at www.colibriresource.com or
call Lance Geselbracht, P.E., (250) 755-7871