Mr. Ian McGavney reports

COLIBRI REPORTS 3RD BATCH OF DRILL RESULTS FROM ONGOING DRILL PROGRAM AT THE PILAR GOLD AND SILVER PROJECT IN SONORA

The co-owner of Colibri Resource Corp.'s Pilar gold and silver project in Sonora, Mexico, Tocvan Ventures (51-per-cent interest) has released the results from six holes drilled in the continuing phase 4, reverse circulation drill program. Colibri owns a 49-per-cent interest of the Pilar gold and silver project.

Highlights from Tocvan Pilar news release -- June 6, 2024:

• Infill drilling on Main zone trend hits several zones expanding resource potential:
  • JES-24-73, 16.8 metres of 0.8 gram per tonne Au and 19 g/t Ag;
    • Including polymetallic zone of 4.6 metres of 2.2 g/t Au, 49 g/t Ag, 0.46 per cent copper and 1.48 per cent zinc;
    • 3.1 metres of 0.9 g/t Au, 10 g/t Ag and 3.2 per cent Zn;
    • 10.7 metres of 0.8 g/t Au and two g/t Ag;
    • Three metres of 3.8 g/t Au and 4.7 g/t Ag;
    • Within 152.5-metre anomalous zone from surface averaging 0.3 g/t Au and three g/t Ag;
  • JES-24-84, 10.7 metres of 0.6 g/t Au and three g/t Ag;
    • Including 1.5 metres of 3.3 g/t Au, 14 g/t Ag and 0.67 per cent Cu;
    • Within 97.6-metre anomalous zone from 48.8-metre depth of 0.1 g/t Au and one g/t Ag.
• Large stepout exploration drilling hits best results to date in southeast targets, expands 4-T trend 400 m southeast:
  • JES-24-87, including 0.6 g/t Au and seven g/t Ag and 0.6 g/t Au and 15 g/t Ag both over 1.5 metres;
    • Within 53.4 metres of 0.1 g/t Au and two g/t Ag;
• Six holes released, all six intersect mineralization, additional results pending;
• Over 2,700 metres drilled to date in 23 holes.

For full details please see the Tocvan Ventures news release dated June 6, 2024, below:

Tocvan Ventures is pleased to announce drill results from its 2024 reverse circulation (RC) drill program at its road-accessible Pilar gold-silver project in mine-friendly Sonora, Mexico.

Results today highlight four infill holes along the Main zone trend, three of which are located on the northwest extent of the trend. Two exploration holes along the far southeast extent of the 4-T trend are also included in today's results. Infill holes are highlighted by drill hole JES-24-73 which returned four distinct zones of mineralization that include two zones of high copper and zinc values, including 4.6 metres of 2.2 g/t Au, 49 g/t Ag, 0.46 per cent Cu and 1.48 per cent Zn. Anomalous mineralization extends from surface to 152.5 metres vertical depth averaging 0.3 g/t Au and three g/t Ag across all four mineralized sections. Infill hole JES-24-84 returned 10.7 metres of 0.6 g/t Au and three g/t Ag within a broad anomalous zone of 97.6 metres of 0.1 g/t Au starting from 48.8 metres vertical depth. It is important to note both holes represent the extension of the Main zone along the edges, the continuation of mineralization is a positive sign for further resource advancement. As for exploration drilling, two holes 400 metres southeast along the 4-T Trend have returned values indicating mineralization continues along this corridor. This is highlighted by JES-24-87 which returned 53.4 metres of 0.1 g/t Au and two g/t Ag, the broadest zone of gold-silver mineralization recorded in exploration drilling to date and over 700 metres from the Main Zone.

Over 2,700 metres have been drilled to date for the 2024 program. Results for eight drill holes are currently pending analysis. Drilling is continuing at Pilar.

"The results today give us numerous reasons to be excited about the potential of Pilar," commented Brodie Sutherland, chief executive officer. "Not only are we continuing to increase the resource potential on the outer edges of the Main zone but have successfully hit significant mineralization in two exploration holes 700 metres away. With all good exploration, it takes time to focus in on key targets, the latest results are providing us with the evidence needed to further evaluate the southeast extent of the several known trends. The polymetallic results returned at the Main zone are likely related to breccia phases encountered in previous core drilling (JES-22-61) 40 m to the northwest, where elevated gold, silver and zinc were recorded. The presence of multiple breccia and vein phases at Pilar is what makes it an attractive target, it is a complex and robust system that we feel is just starting to take shape. In addition, the interest from a major producer in the greater expansion area potential is a clear sign we are taking the right steps to advance the area further and getting the attention we feel the project deserves."

Discussion of results

JES-24-73

The drill hole targeted near-surface mineralization next to and down dip of past core drill hole JES-22-62, which returned 108.6 metres of 0.8 g/t Au and three g/t Ag. Important to note that JES-22-62 was a significant 125-metre stepout southeast of the Main zone at the time representing a significant increase in resource size. JES-24-73 returned anomalous mineralization from surface to a vertical depth of 152.5 metres, with four distinct higher-grade intervals. Two of which returned intervals with elevated copper and zinc with gold and silver, represented by 4.6 metres of 2.2 g/t Au, 49 g/t Ag, 0.46 per cent Cu, 1.48 per cent Zn from 54.9 metres depth and 3.1 metres of 0.9 g/t Au, 10 g/t Ag and 3.2 per cent Zn from 77.8 metres depth. These zones look to correlate with a silicified magnetite rich breccia encountered in past drill hole JES-22-61 (63.4 m of 0.6 g/t Au and 11 g/t Ag) 40 metres to the northwest. The company is encouraged by these results and further infill drilling to the north has been completed with results pending.

North extent of Main zone trend

JES-24-83, 84 and 85

Three drill holes targeted gaps in the database along the northern extent of the Main zone trend. All three holes returned anomalous mineralization. JES-24-83 returned 102.2 metres of 0.1 g/t Au from 10.7 metres vertical depth, this includes near-surface gold values up to 3.5 g/t Au over 1.5 metres from 10.7 metres. Copper values up to 0.69 per cent Cu over 1.5 metres were returned along with gold and silver (0.2 g/t Au, 14 g/t Ag). Elevated copper values are common on the north end of the Main zone and North Hill trends. JES-24-84 returned 97.6 metres of 0.1 g/t Au from 48.8 metres vertical depth, including 10.7 metres of 0.6 g/t Au, 3 g/t Ag and 0.17 per cent Cu from 108.3 metres vertical depth. JES-24-85 was drilled off the same pad as JES-24-84, westward at a 45-degree angle. Four weaker zones of mineralization were recorded to a down-hole depth of 123.5 metres.

Exploration drill results

4-T trend south extensions

Drill holes JES-24-86 and 87 tested the far southern extension (400 m southeast) of the 4-T trend where limited data exists. The two holes were drilled from the same pad in opposite directions (315-degree and 135-degree azimuths). Both returned anomalous mineralization with JES-24-87 returning the best result thus far, 53.4 metres of 0.1 g/t Au and two g/t Ag from 45.8 metres down-hole depth, including two 1.5-metre zones of 0.6 g/t Au. The company views these early exploration results as extremely positive as they greatly expand the mineralization potential along the southern extent of these corridors.

About the Pilar property

The Pilar gold-silver property has returned some of the regions 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. Initially three primary zones of mineralization were identified on the original property from historic surface work and drilling and are referred to as the Main zone, North Hill and 4-T. Each trend remains open to the southeast and north and new parallel zones have been discovered. Structural features and zones of mineralization within the structures follow an overall northwest-southeast trend of mineralization. Mineralization extends along a 1.2-kilometre trend, only half of that trend has been drill tested so far.

Quality assurance/quality control

RC samples were shipped for sample preparation to ALS Ltd. in Hermosillo, Sonora, Mexico, and for analysis at the ALS laboratory in North Vancouver. The ALS Hermosillo and North Vancouver facilities are ISO 9001 and ISO/IEC 17025 certified. Gold was analyzed using 50-gram nominal weight fire assay with atomic absorption spectroscopy finish. Overlimits for gold (greater than 10 g/t) were analyzed using fire assay with a gravimetric finish. Silver and other elements were analyzed using a four-acid digestion with an inductively coupled plasma finish. Overlimit analyses for silver (greater than 100 g/t) were reassayed using an ore-grade four-acid digestion with inductively coupled plasma atomic emission spectroscopy finish. Control samples comprising certified reference samples and blank samples were systematically inserted into the sample stream and analyzed as part of the company's robust quality assurance/quality control protocol.

Mr. Sutherland, 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.

About Colibri Resource Corp.

Colibri is a Canadian-based mineral exploration company listed on the TSX Venture Exchange (CBI) and is focused on acquiring, exploring and developing prospective gold and silver properties in Mexico. The company holds five high-potential precious metal projects: 1) 100 per cent of EP gold project in the significant Caborca gold belt which has delivered highly encouraging exploration results and is surround by Mexico's second-largest major producer of gold on four sides; 2) 49-per-cent ownership of the Pilar gold and silver project which is believed to hold the potential to be a near-term producing mine; and 3) three highly prospective interests in the Sierra Madre (Diamante gold and silver project, Jackie gold and silver project, and Mezquite gold and silver project.

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