Mr. Ian McGavney reports

COLIBRI AND PARTNER - CORE DRILLING RETURNS 1.6 G/T GOLD OVER 36.6 METERS FROM SURFACE WHICH INCLUDES HIGH-GRADE OF 15.2 G/T GOLD OVER 1.2 METERS AND 5.8 G/T GOLD OVER 3 METERS AT EL PILAR GOLD PROJECT

Colibri Resource Corp. has released the assay results from the next two holes drilled in its recent 10-hole diamond drilling program (1,167.5 metres (m)) at the El Pilar gold and silver project in Sonora, Mexico. Colibri holds a 49-per-cent interest in El Pilar, along side its partner, Tocvan Ventures Corp., which holds a 51-per-cent ownership in this advanced-stage exploration project. Tocvan is the operator of El Pilar.

"We are very happy with the assay results from hole JES-25-105. The hole is highlighted by 36.3 metres of 1.6 grams per tonne gold (starting at surface and is contained within a longer intercept of 66 metres at 1.0 g/t gold). These are extremely favourable grades to encounter when looking for an open-pitable gold deposit in Sonora and confirms the site as a source of moderate-grade material for the planned 50,000-tonne test mine/bulk sample. We look forward to releasing the results from the remaining six holes of this program in due course as the data is received," commented Colibri president and chief executive officer Ian McGavney.

According to Tocvan Ventures' news release, 10 core drill holes totalling 1,167.5 m were completed earlier this year within the main zone. Today's results are highlighted by 1.6 grams per tonne (g/t) gold (Au) over 36.3 m from surface, including 15.2 g/t Au over 1.2 m and 5.8 g/t Au over 3.0 m, starting from 9.0 m vertical depth (JES-25-105). Mineralization correlates with at surface mineralization and lies within a broader anomalous zone drilled that averages 0.7 g/t Au over 97.4 m. The result from JES-25-105 is a notable improvement from local historic drilling that returned 76.6 m of 0.5 g/t Au (hole J-7) and 83.8 m of 0.5 g/t Au (hole JES-10), both drilled vertical from surface. To the southeast 100 m, core hole JES-25-106 returned anomalous mineralization from surface to 122.2 m depth, with the most significant interval returning 3.45 m of 0.4 g/t Au. Mineralization is known to weaken through this zone. More testing is required to determine the orientation of higher-grade zones known to occur in the area. Results for four core drill holes have now been released; results are pending for the remaining six holes.

"Infill drilling through the main zone is identifying precisely where we can source moderate to high-grade ore during pilot and full-scale mining," commented chief executive officer Brodie A. Sutherland. "Positioned directly below surface trenching, we have a high degree of confidence in the extension of significant mineralization at Pilar. We are excited to evaluate the results for the remaining core holes as they will provide insight towards future development along parallel trends across the property. All information will be fed into our planned maiden resource estimate that will look to outline the resource potential across the main zone, an important milestone leading towards unlocking the full property potential."

Pilar drill highlights

2024 RC (reverse circulation) drilling highlights include (all lengths are drilled thicknesses):

• 42.7 m at 1.0 g/t Au, including 3.1 m at 10.9 g/t Au;
• 56.4 m at 1.0 g/t Au, including 3.1 m at 14.7 g/t Au;
• 16.8 m at 0.8 g/t Au and 19 g/t silver (Ag).

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 RC drilling highlights include (all lengths are drilled thicknesses):

• 39.7 m at 1.0 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 6.0 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 historical core and RC drilling highlights include:

• 61.0 m at 0.8 g/t Au;
• 21.0 m at 38.3 g/t Au and 38 g/t Ag;
• 13.0 m at 9.6 g/t Au;
• 9.0 m at 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 three g/t Ag;
• Bulk sample only included coarse fraction of material (plus-three-fourths inch to plus-one-eighths inch);
• Fine fraction (minus one-eighths inch) 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-per-cent to 99-per-cent recovery of gold;
  • 73-per-cent 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 m depth.

Based on management's strong belief in the project's potential, the company is outlining a permitting and operations strategy for a pilot facility at Pilar. The facility would underpin a robust test mine scenario with aims to process up to 50,000 tonnes of material. Timelines and budget are being prepared with the aim of moving forward with the development early in 2025. With gold prices hitting all-time highs, the company believes the onsite test mine will provide key economic parameters and showcase the mineral potential of the area. In 2023, the company completed an off-site bulk sample that produced important data showcasing the potential to recover both gold and silver through a variety of methods, including heap leach, gravity and agitated leach (see Aug. 22, 2023, news release for more details).

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 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 (the Diamante gold and silver project, and the Jackie gold and silver project).

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