DIEPPE, NB, Nov. 14, 2017 /CNW/ - (CBI: TSX-V) Colibri Resource Corporation ("Colibri") is pleased to announce that it has created and confirmed a model to delineate drill targets on the Pilar property. Colibri hired international consultant and geologist PJ Lafleur to work with Hector Mendivil, a 3D software (ArcGIS TARGET) specialist in Hermosillo. Under Colibri's country manager and geologist, Jackie E. Stephens, a model was created pertaining to the existing 2 gold trends on the Pilar Gold Project.
Stephens, a graduate-student of the University of Arizona under Dr. John Guilbert, with 50 years of world-wide mineral exploration experience, has determined several new drill-targets at the Pilar.
Stephens states that there are blocks of Tarajumara Cretaceous Andesites at the surface, with later Rhyolite dikes intruding the Andesites. These volcanics are bordered on the west by a large Granordiorite batholith and it is thought to be under the Andesites. The gold mineral of interest is at the horizontal top of the Granodiorite and the bottom of the Andesites, and upward along near vertical northwesterly trending structures within the Andesite blocks.
The gold is directly associated with reddish colored anomalies caused by the oxidation of pyrite. It is assumed that the gold is associated with the pyrite, and considering the +90% recovery of gold, it is also assumed to be on the surface of the pyrite and not encapsulated. This being so, the geophysical high "chargeability" anomalies shown by the SJ Geophysics Report make good drilling targets. These targets will also be tested.
It has been assumed in the past that the main NE Fault structure at the center of the gold mineralization on the Pilar Project of interest is a "strike-slip" fault, and the North Hill Mineralization is a right-lateral extension of the South Hill Mineral. However, recent drilling of JESP-12-15 has shown an extension of the South Hill mineral crossing the strike-slip fault to the NNW, and if so, there would be no strike-slip movement, but there would be two separate parallel fault-zones containing gold mineralization. which would allow greater potential for additional ounces of gold at the Pilar.
A full report of all rock-chip samples can be viewed on the recent Pilar report on the Colibri website by following this link: http://www.colibriresource.com/wp-content/uploads/2017/11/2011-11-09-pilar-rpt-7b2y4m.pdf
Qualified Person and NI 43-101 Discloser;
Jackie E. Stephens, P. Geo. on the Pitaya exploration is the Qualified Person (as defined in NI 43-101) for Colibri and has reviewed and approved the technical information in this press release.
About Colibri Resource Corporation:
Colibri is a Canadian mineral exploration company listed on the TSX-V (CBI) focused on acquiring and exploring properties in Mexico.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward looking statements concerning future operations of Colibri Resource Corp.(the "Company"). All forward-looking statements concerning the company's future plans and operations, including management's assessment of the Company's project expectations or beliefs may be subject to certain assumptions, risks and uncertainties beyond the Company's control. Investors are cautioned that any such statements are not guarantees of future performance and that actual performance, exploration and financial results may differ materially from any estimates and projections.
SOURCE Colibri Resource Corporation
For further information: Ron Goguen, President, CEO and Director, Tel: (506) 383-4274, [email protected]