Mr. Ian McGavney reports

COLIBRI UPDATE: 1,122 METRES COMPLETED IN 10 HOLES AT THE PILAR GOLD & SILVER PROJECT IN SONORA MEXICO

A total of 1,122 metres have been drilled in 10 diamond drill holes at Colibri Resource Corp.'s El Pilar gold and silver project in Sonora, Mexico. Colibri holds a 49-per-cent interest of El Pilar, alongside its partner, Tocvan Ventures, which holds a 51-per-cent ownership in this advanced-stage exploration project.

Highlights:

• 1,122 metres drilled in 10 diamond holes at the Pilar gold and silver project:
  • Samples for first three drill holes have been sent to laboratory for analysis;
  • Initial review of drill core indicates key structures and favourable rock characterization have been encountered;
  • Advancing plans for an up-to-50,000-tonne bulk sample/pilot facility.

The core program was designed and managed by Tocvan with the aim to infill and step out on known mineralization corridors. The information collected will assist in building a robust geological model set to go into a maiden resource estimate and ultimately a preliminary economic assessment for Pilar's main zone. Samples for the first three drill holes (JES-25-103 to JES-25-105) have been delivered to the local ALS prep laboratory in Hermosillo, Sonora.

In a news release dated Feb. 12, 2025, Brodie Sutherland, the president and chief executive officer of Tocvan Ventures, reported the following:

" ... The majority of past drilling has been RC, core drilling provides us with key information on the complex structural nature hosting mineralization that will drive future resource expansion. It is clear the host rock has undergone substantial multiphase preparation making it an excellent target. We look forward to the results."

Tocvan has also reported that core reviewed from this drill program displays indications of key lithologies and structures known to host and control gold and silver mineralization at Pilar. The company cautions these are visual indications; assay results are pending to verify the grade of mineralization and width.

Pilar pilot mine facility/large-tonnage bulk sample

Based on management's strong belief in the project's potential to be a near-term mine, the JV (joint venture) companies are presently outlining a permitting and operations strategy to build a pilot facility at Pilar. The facility will support a robust test mine scenario with an aim to process up to 50,000 tonnes of material. Timelines and budgets are being prepared with the goal of moving forward on its development in very near term to potentially take advantage of the historically high gold prices.

In 2023, Tocvan completed a smaller offsite bulk sample at Pilar, which showcased the potential to recover both gold and silver through a variety of methods, including heap leach, gravity and agitated leach. Data sets recovered from 2023 program will serve as a guide for this upcoming one.

About the Pilar property

The Pilar gold-silver property has 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. The project is interpreted as a structurally controlled low-sulphidation epithermal system hosted in andesite rock. Initially, three primary zones of mineralization were identified on the original property from historical 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.

Pilar drill highlights:

• 2022 phase 3 diamond drilling highlights include (all lengths are drilled thicknesses):
  • 116.9 metres (m) of 1.2 grams per tonne (g/t) gold (Au), including 10.2 m of 12 g/t Au and 23 g/t silver (Ag);
  • 108.9 m of 0.8 g/t Au, including 9.4 m of 7.6 g/t Au and five g/t Ag;
  • 63.4 m of 0.6 g/t Au and 11 g/t Ag, including 29.9 m of 0.9 g/t Au and 18 g/t Ag;
• 2021 phase 2 RC (reverse circulation) drilling highlights include (all lengths are drilled thicknesses):
  • 39.7 m of 1.0 g/t Au, including 1.5 m of 14.6 g/t Au;
  • 47.7 m of 0.7 g/t Au, including three m of 5.6 g/t Au and 22 g/t Ag;
  • 29 m of 0.7 g/t Au;35.1 m of 0.7 g/t Au;
• 2020 phase 1 RC drilling highlights include (all lengths are drilled thicknesses):
  • 94.6 m of 1.6 g/t Au, including 9.2 m of 10.8 g/t Au and 38 g/t Ag;
  • 41.2 m of 1.1 g/t Au, including 3.1 m of 6.0 g/t Au and 12 g/t Ag;
  • 24.4 m of 2.5 g/t Au and 73 g/t Ag, including 1.5 m of 33.4 g/t Au and 1,090 g/t Ag;
• 15,000 m of historic core and RC drilling; highlights include:
  • 61.0 m of 0.8 g/t Au;
  • 21.0 m of 38.3 g/t Au and 38 g/t Ag;
  • 13.0 m of 9.6 g/t Au;
  • 9.0 m of 10.2 g/t Au and 46 g/t Ag.

Pilar bulk sample summary:

• 62-per-cent recovery of gold achieved over 46-day leaching period;
• Head grade calculated at 1.9 g/t Au and seven g/t Ag; extracted grade calculated at 1.2 g/t Au and 3 g/t Ag;
• Bulk sample only included coarse fraction of material;
• Fine fraction indicates rapid recovery with agitated leach:
  • Agitated bottleroll test returned rapid and high recovery results: 80-per-cent recovery of gold and 94-per-cent recovery of silver after rapid 24-hour retention time.

Additional metallurgical studies:

• Gravity recovery with agitated leach results of five composite samples returned:
  • 95- to 99-per-cent recovery of gold;
  • 73- to 97-per-cent recovery of silver;
  • Includes the recovery of 99 per cent Au and 73 per cent Ag from drill core composite at 120-metre depth.

Technical information expressed in this news release is the view of Mr. Sutherland, who is the chief executive officer for Tocvan, a qualified person as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this news release.

About Colibri Resource Corp.

Colibri is a Canadian-based mineral exploration company listed on the TSX Venture Exchange, and is focused on acquiring, exploring and developing prospective gold and silver properties in Mexico. The company holds four high potential precious metal projects: (1) 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; (2) 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; and (3) two highly prospective interests in the Sierra Madre (Diamante gold and silver project, and Jackie gold and silver project).

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