Mr. Jamie Lavigne reports

COLIBRI PROVIDES EXPLORATION UPDATE AT THE EVELYN GOLD PROPERTY

Colibri Resource Corp. recently recommenced phase 2 exploration drilling at the Evelyn gold property, having received its exploration permit from SEMERNAT (Mexican environmental authority). Company geologists have also recently submitted soil samples for a soil gas hydrocarbon (SGH) program. The soil sampling was designed to test for the southern extension of the Main zone structure under an apron of relatively thick colluvium. Analyses and interpretation will be completed at Activation Laboratories Ltd. (Actlabs) located in Ancaster, Ont.

The company intends to complete two drill programs. The first program will be following up on the company's phase 1 reverse circulation (RC) drilling program completed in early 2022 and will include a planned 2,000 metres (m) in five holes designed to test the results of the induced polarization (IP) survey completed in 2021. The primary target is a chargeability anomaly that underlies the Main zone and the program will include testing a chargeability and resistivity target west of the Main zone.

The second drill program is planned to explore under extensive alluvial cover north of the Main zone and will comprise drilling a number of short, relatively closely spaced RC holes designed to penetrate the alluvium and sample the top of bedrock. The objective of this program is to locate the northern extension of the Main zone and to test for the location of other potentially mineralized structures interpreted by the company.

Upon completion of the short hole program, the company will complete a series of trenches across the West Sahuaro target. The West Sahuaro target is based on a discrete soil anomaly whose location and orientation is coincident with a strong resistivity gradient evident in the 2021 IP survey results.

Main zone exploration and plan

The Main zone mineralization occurs as a quartz vein that is discontinuously exposed over a strike length of approximately 120 m. The quartz vein pinches and swells along the strike length on surface reaching a maximum exposed thickness of approximately 1.5 m. Grab samples from surface exposures of the vein have returned assay values of 43.9 grams per tonne (g/t) gold (Au) and 40.1 g/t Au. During phase 1 RC drilling at Evelyn, the company completed a total of 872 m in six holes at the Main zone. Four of the holes were directed at the Main zone vein and two of the holes were drilled in the footwall of the Main zone vein in a direction away from the Main zone vein. Highlights of the Main zone vein drilling include 12.19 g/t Au over an intersection length of three m which includes an assay of 30 g/t Au over one m in hole EVE21-027 and an intersection of 3.28 g/t Au over an intersection length of two m in hole EVE22-029. Hole EVE22-030 was drilled in the footwall of the Main zone vein and intersected 87 m at an average grade of 0.127 g/t Au, including eight m at an average grade of 0.336 g/t Au. Planned to reach a target depth of 250 metres, hole EVE22-030 was lost due to drilling conditions at a depth of 129 m. Hole EVE22-042 was drilled beside EVE22-030 as an attempt to extend the hole to the target depth of 250 m. The hole intersected multiple zones of mineralization, including 0.165 g/t Au over an intersection length of 86 m, which included an intersection of 0.551 g/t Au over 10 m. EVE22-042 did not reach target depth as it was also abandoned due to drilling conditions at 177 m. An assay of 0.374 g/t Au over an interval of one m was returned from a sample at 174 m depth, four m from the end of the hole. Complete phase 1 drilling results from the Main zone are contained in the attached table.

The Main zone mineralization, including mineralization intersected in holes EVE22-030 and EVE22-042, directly overlies a discrete induced polarization chargeability anomaly. The chargeability anomaly is coincident with an apparent resistivity anomaly and is most strongly developed at a depth greater than 200 m. The exploration model relates Main zone mineralization, exposed on surface and intersected in phase 1 drilling, to an altered rock body with elevated disseminated sulphide at depth which is controlled by the intersection of the northeast and northwest structures. Phase 2 drilling is planned in the near term to test this model to a depth of at least 500 metres. In addition, two holes are planned to test a weaker IP anomaly on the flank of a resistive high west of the Main zone.

West El Sahuaro target exploration and plan

The El Sahuaro zone is located in the northeastern part of the property and is characterized by north-northeast-trending magnetic anomalies. Detailed structural mapping in the northeast part of the property indicates a dominant north-northwestern strike and easterly dip to foliation and veins. The structural orientations observed are consistent with north-northwest-trending structures interpreted from magnetic intensity contrasts and an apparent dislocation and offset of the north-northeastern magnetic trend. The El Sahuaro area is underlain by Jurassic rhyolite and andesite and by Proterozoic metasedimentary rocks. All holes drilled at El Sahuaro have intersected Au mineralization. Highlights of phase 1 drilling at El Sahuaro include:

• EVE21-025 -- 0.172 g/t Au over an intersection length of 22 m;
• EVE21-018 -- 0.103 g/t Au over an intersection length of 25 m;
• EVE21-019 -- 2.36 g/t Au over an intersection length of 15 m;
• EVE22-043 -- 0.92 g/t Au over an intersection length of three m;
• EVE22-044 -- 0.627 g/t Au over an intersection length six m;
• EVE22-046 -- 1.943 g/t Au over an intersection length of two m and 0.51 g/t Au over an intersection length of four m.

West of El Sahuaro zone, a sharp north-northwest-trending gradient in apparent resistivity is interpreted as a fault zone that separates dominantly rhyolite to the southwest with a mixed succession of rhyolite and andesite with Proterozoic metamorphic rocks to the northeast.

To further explore the interpretation of apparent resistivity, the company completed in-fill soil sampling of the historical soil geochemistry survey which resulted in a coherent soil anomaly over an approximately 500 m length and 200 m width with a north-northwest trend, parallel to the resistivity gradient. Anomalous soil samples in the anomaly area are interpreted to be locally derived. The consistently elevated Au grades generated from this soil anomaly (over 100 parts per billion (ppb)) with one sample returning 1.52 g/t Au is considered statistically very significant within the property wide dataset. It is noteworthy that the cut-off grades for several mines and deposits in the area are generally in the 0.2 g/t Au range.

The model being explored by the company relates mineralization intersected in phase 1 drilling at El Sahuaro and the Au soil anomaly to a major controlling structure indicated by the apparent resistivity gradient. Trenches currently being permitted will be excavated over the soil anomaly with the objective of advancing the target to the drill stage.

Qualified person

Mr. Lavigne, PGeo and a director for Colibri, is a qualified person as defined in National Instrument 43-101 and has reviewed and approved the technical information in this press release.

About Colibri Resource Corp.

Colibri is a Canadian-based mineral exploration company and is focused on acquiring and exploring prospective gold and silver properties in Mexico. The company has six exploration projects of which five currently have exploration programs being executed 2021 and 2022.

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