VANCOUVER, April 16 /CNW/ - Colibri Resource Corp. has contracted SJ Geophysics to conduct a geophysical survey on the Leon Project in Sonora, Mexico. The survey will measure the ambient magnetic field over most of the project area, approximately 4,000 hectares and 200 line kilometers (km). In porphyry molybdenum and porphyry copper systems such as the Leon Project, mineralization is commonly associated with anomalous magnetic characteristics. The company plans to conduct geologic mapping, rock sampling and to extend the soil sampling grid at the same time (see February 13th, 2008 news release at www.colibriresourcecorp.com). The Leon Project claims are contiguous to the Creston Moly Corporation El Creston deposit, currently in the advanced stage of feasibility planning. Prior drilling by Colibri on Leon has included intervals of 0.195% over 72 meters, with comparable higher grades and nearer surface intervals than those reported by Creston Moly Corp in a detailed pre-feasibility study of the El Creston ore body (see Creston Moly Corp report of March 23, 2009).
Colibri has signed several confidentiality agreements with companies who have expressed interest in optioning/joint venture arrangements to explore the Colibri Project, 6,000 hectares of claims in the highly prospective Megashear Belt to the northwest of Caborca, Sonora, Mexico. Colibri has not yet committed to sharing exploration and mining rights on this project with any other companies, but is evaluating potentially advantageous arrangements with corporations that have greater capital and technical resources.
The mineral rights have officially been awarded to Colibri Resource Corporation through its subsidiary Minera Halcones SA de CV for the Evelyn II claim, a 500 hectare claim block approximately 10 km to the north-northwest of the Colibri Project claims and less than 10 km east of the Noche Buena deposit, a historical resource of approximately 1 million ounces of gold currently under development by Fresnillo PLC. The Evelyn claim encompasses artisanal hard rock and placer gold mine workings and manifests the extremely sheared rock formations common to the operating and historical mines of this type located on the same large scale geological structure (La Herradura, La Choya, El Chanate, San Francisco, Cerro Colorado and others).
"We are fortunate to have several mineral claim sites that have drawn the interest of larger, well capitalized companies that can advance our interests. Any deal that is consummated with another party will allow CBI to continue exploration work at our other sites. Although most people are focused on gold, we feel our Leon site provides excellent opportunity to become a large, porphyry mining camp, said Lance Geselbracht, President of Colibri Resource."
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.
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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