Colibri Resource Corporation acquires the Colibri, Ramard and Leon projects,
and completes ground magnetometer survey of Leon Project

TSX: CBI

VANCOUVER, June 23 /CNW/ - Colibri Resource Corporation is pleased to report that the option contracts to acquire the Colibri, Ramard and Leon Projects have been officially exercised and 100% of the mineral rights for all of these claim packages have been legally transferred to Minera Halcones SA de CV, the Mexican subsidiary of Colibri. The Colibri Project consists of greater than 6,000 hectares encompassed by 6 separate claim titles. This large land package is within the prolific Sonora-Mojave Megashear belt, a large scale structure that includes more than 5 operating gold mines and numerous prospects. The Ramard Project is a porphyry-skarn project that encompasses 4,000 hectares of mineral claims in the central Sonoran porphyry belt. Prior drilling on this project has demonstrated widespread high grade lead-zinc-copper-silver mineralization in skarn and associated porphyry (see news releases of May 2, 2007).

The Leon Project consists of 6,600 hectares of mineral claims that cover a belt of historic lead-zinc-silver mines and a district of artisanal molybdenum-copper workings, both believed to be part of a large porphyry system. Prior drilling intersected 72m of 0.195% Mo (news releases of June 11, 2008). Along with recent acquisition of the Evelyn claim (500 hectares located 10km north of the Noche Buena gold deposit; controlled by Industrias Penoles SA de CV and Newmont Mining Corp.), Colibri is now 100% owner of 4 exploration projects in the state of Sonora, Mexico.

Magnetic Survey

Colibri has received the results of a ground magnetic survey conducted by SJ Geophysics LTD., covering 4,000 hectares of the Leon Project claim package. The magnetic survey results correlate well with known geologic features, geochemical anomalies and prior drill results. Also displayed are strong magnetic anomalies in areas of little or no outcrop along strike with historical mines and prospects. Maps that superimpose magnetic intensity with known geology and Mo or Cu surface geochemistry (rock chips and soils) illuminate several features of interest for exploration-refer to illustrations at http://www.colibriresource.com/s/Leon.asp .

1) The NW-SE trending Leon Detachment fault is clearly demarcated by a sharp boundary between low magnetic intensity values in hanging wall quartzite and medium magnetic intensity values in Mo-Cu mineralized footwall rocks.

2) Compositionally uniform granodiorite of the Late Cretaceous San Geronimo batholith, exposed over the north-central third of the study area, exhibits multiple ENE-trending magnetic anomalies with alternating low and medium magnetic intensity values. Several elongate belts with medium magnetic intensity, typically 100-250 m wide, correlate directly with major ENE-striking high-angle structures defined by dense networks of mineralized quartz veins and silica breccias within intensely altered granodiorite. These structures contain abundant pyrite variably altered to iron oxide or limonite, while rock-chip and soil assays commonly record anomalous lead, zinc, silver, copper and or molybdenum. Adjacent magnetic low anomalies generally correspond to zones of less altered granodiorite which may contain more widely-spaced quartz veins. Diamond drill holes LEDH 15, 16, 17, 18 and 19 in the Azul and Fortuna zones each cut mineralization on medium-intensity magnetic anomalies, up to 72m of 0.195% Mo. More than 20 km of similar-appearing structures remain untested.

3) In the southeast part of the study area, the geology is highly variable at a small scale-Precambrian gneiss host rocks are intruded by dikes and stocks of granite, porphyry and diorite. Correspondence between mineralized samples and medium intensity magnetic anomalies is not as profound, but a general ENE grain persists in the magnetic signature, suggesting a structural control. Near La Tinaja, subtle magnetic low anomalies correlate with broad zones of strongly anomalous molybdenum-in-soil and with outcrops of intensely sericitized, stockwork quartz-veined, rhyolite porphyry intrusive.

4) A strong NW-trending magnetic-low anomaly crosscuts the unmapped area south of the Amarillas Zone. This narrow anomaly is approximately on strike with a mapped normal fault at Las Amarillas that separates Precambrian granite from Cretaceous granodiorite, and appears to continue more subtly to the Bellota prospects in the south. Given its transverse orientation relative to most of the other magnetic features, this anomaly may demarcate an important NW-striking fault, perhaps antithetic to the Leon Detachment fault.

5) The two strongest magnetic-high anomalies occur in unmapped areas near the northeast and southwest corners of the Leon claim block. Both anomalies are close to ENE-trending gold-bearing vein systems. These anomalies are separated by a map distance of 5.5 km; equivalent to the total amount of middle Tertiary extension proposed to have been accommodated by the post-mineral Leon Detachment fault and associated normal faults. In this perspective, the two magnetic-high anomalies represent structurally displaced hanging wall and footwall portions of the same zone of mineralized crust.

This ground magnetic survey provides new drill targets, mostly in areas of poor outcrop, and expands the target areas near prior drill holes. The Leon Project claims are contiguous to the Creston Moly Corporation El Creston deposit, currently in the advanced stage of feasibility planning. The occurrence of these magnetic anomalies when correlated to previously mapped soil/rock chip anomalies, and drill core results indicates an extensive molybdenum-copper area of mineralization across the Leon site. The magnetic survey will help guide location of the next round of drill holes .

Exploration was conducted under the supervision of J.J. Irwin, B.Sc., Ph.D., the qualified person under National Instrument 43-101 on this project.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents herein.

SOURCE Colibri Resource Corporation

For further information: For further information: Visit our website at www.colibriresourcecorp.com or call Lance Geselbracht, P.E., at (250) 755-7871


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890