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Colibri Resource Corp (2)
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Tocvan submits Pilar majority ownership exercise notice

2023-09-19 09:34 ET - News Release

See News Release (C-TOC) Tocvan Ventures Corp

Mr. Brodie Sutherland reports


Tocvan Ventures Corp. has submitted the exercise notice to Colibri Resources Corp. for the majority ownership (51 per cent) of the Pilar gold-silver project in Sonora, Mexico. The company has the right to purchase the remaining 49 per cent of the Pilar project and plans to do so, subject to the conditions of the property option agreement. In addition, due diligence is complete for the land expansion acquisition surrounding Pilar (see news release July 27, 2023) and the company looks to have a definitive agreement completed in the following weeks. Recent placer activity, historic workings and prospective geology all indicate the area is highly prospective for gold and silver.

"This is a major milestone as we advance towards full ownership of Pilar and consolidate the district with its exciting gold and silver potential," stated Brodie Sutherland, chief executive officer. "Over the last four years we have been able to unlock the potential of Pilar through surface work, drilling and metallurgical studies. We now look to make the next steps towards expanding the potential of the district trough quickly advancing discovery drilling across the area. Our goal is to build out a resource estimate at Pilar and expand on that potential through additional discoveries across the vast expansion area."

Operational plans

Pilar project

The company plans to restart field operations at the close of the expansion acquisition with the primary focus to advance new target areas already identified quickly toward drill targeting. Drilling at Pilar and within the new expansion area is planned to total 2,000 metres before year-end. Work related to mine permitting is also scheduled for Q4 2023 to prepare for final permit application. Continued metallurgical work is planned to advance the understanding of gravity and agitated leach methods for gold and silver recovery. Aggressive drill targeting aimed at driving new discovery and infill drilling at Pilar is scheduled for 2024.

El Picacho project

The company will return to El Picacho for groundwork to advance the next phase of drilling on the project. Beyond follow-up at the San Ramon target where the company drilled 44.2 metres at 0.6 g/ram per tonne gold, six kilometres of prospective trend remains untested and open for drilling.

About the Pilar property

The Pilar gold-silver property has recently returned some of the region's best drill results. Coupled with encouraging gold and silver recovery results from metallurgical test work, Pilar is primed to be a potential near-term producer. Pilar is interpreted as a structurally controlled, low-sulphidation epithermal system hosted in andesite rocks. Three primary zones of mineralization have been identified in the northwestern part of the property from historic surface work and drilling and are referred to as the Main zone, North Hill and 4-T. The Main zone and 4-T trends are open to the southeast and new parallel zones have been recently discovered. Structural features and zones of mineralization within the structures follow an overall northwest-southeast trend of mineralization. Mineralization extends along a 1.2 km trend; only half of that trend has been drill tested so far. To date, over 23,000 m of drilling have been completed.

  • 2022 phase III diamond drilling highlights include (all lengths are drilled thicknesses):
    • 116.9 m at 1.2 g/t Au, including 10.2 m at 12 g/t Au and 23 g/t Ag;
    • 108.9 m at 0.8 g/t Au, including 9.4 m at 7.6 g/t Au and five g/t Ag;
    • 63.4 m at 0.6 g/t Au and 11 g/t Ag, including 29.9 m at 0.9 g/t Au and 18 g/t Ag.
  • 2021 phase II reverse circulation drilling highlights include (all lengths are drilled thicknesses):
    • 39.7 m at one g/t Au, including 1.5 m at 14.6 g/t Au;
    • 47.7 m at 0.7 g/t Au, including three m at 5.6 g/t Au and 22 g/t Ag;
    • 29 m at 0.7 g/t Au;
    • 35.1 m at 0.7 g/t Au.
  • 2020 phase I RC drilling highlights include (all lengths are drilled thicknesses):
    • 94.6 m at 1.6 g/t Au, including 9.2 m at 10.8 g/t Au and 38 g/t Ag;
    • 41.2 m at 1.1 g/t Au, including 3.1 m at six g/t Au and 12 g/t Ag;
    • 24.4 m at 2.5 g/t Au and 73 g/t Ag, including 1.5 m at 33.4 g/t Au and 1,090 g/t Ag.
  • 15,000 m of historic core RC drilling. Highlights include:
    • 61 m at 0.8 g/t Au;
    • 16.5 m at 53.5 g/t Au and 53 g/t Ag;
    • 13 m at 9.6 g/t Au;
    • Nine m at 10.2 g/t Au and 46 g/t Ag.
  • Bulk sample and metallurgy results:
    • Head grade of 1.9 g/t Au and seven g/t Ag;
    • Bulk heap leach results of coarse fraction, 62-per-cent recovery of Au and 47-per-cent recovery of Ag;
    • Agitated leach results, 80-per-cent recovery of Au and 94-per-cent recovery of Ag after just 24 hours of retention time;
    • Initial gravity and agitated leach tests returned over 95-per-cent recovery of Au, over 73-per-cent recovery of Ag.

About the El Picacho property

The El Picacho gold-silver property is interpreted as an orogenic gold system within the regional Caborca orogenic gold belt known for producing gold mines that include La Herradura (greater than 10 million ounces Au) and San Francisco (greater than three Moz Au). The project is 140 kilometres north of Hermosillo and only 18 kilometres southwest of the producing San Francisco mine. The project totals 24 square kilometres (2,400 hectares). Five primary zones of mineralization have been identified across the property totalling over six kilometres of prospective trends. Surface sampling and historic workings have identified high-grade gold and silver values. The project has only seen widely spaced reconnaissance drilling with no follow-up. Tocvan believes this provides an excellent opportunity for discovery of a multimillion-ounce district. In December of 2022, the company completed its first ever drill program at El Picacho, leading to the discovery of significant near-surface mineralization at the San Ramon target highlighted by 44.2 m at 0.6 g/t Au.

About Tocvan Ventures Corp.

Tocvan is a well-structured exploration development company. Tocvan was created in order to take advantage of the prolonged downturn in the junior mining exploration sector, by identifying and negotiating interest in opportunities where management feels it can build upon previous success. Tocvan has approximately 40 million shares outstanding and is earning 100 per cent into two exciting opportunities in Sonora, Mexico: the Pilar gold-silver project and the El Picacho gold-silver project. Management feels both projects represent tremendous opportunity to create shareholder value.

Mr. Sutherland, PGeo, CEO for Tocvan Ventures and a qualified person as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this release.

We seek Safe Harbor.

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