Mr. Ian McGavney reports

COLIBRI AND PARTNER - CORE DRILLING DISCOVERS HIGH GRADE GOLD MINERALIZATION 300 METRES EAST OF MAIN ZONE - RETURNING 21.6 G/T GOLD AND 209 G/T SILVER OVER 3.0 METRES AT THE EL PILAR GOLD-SILVER PROJECT

Colibri Resource Corp. has released the assay results from the next three 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 of the 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 the El Pilar. The final three holes from the program will be announced in due course upon receipt of data from the operator.

"We are pleased to have discovered high-grade gold and silver mineralization along the largely untested North Hill trend, which lies approximately 300 metres away from the main zone trend. The reported 3.0-metre interval of 21.6 grams per tonne gold, 209 g/t silver, 6.71 per cent lead and 1.58 per cent zinc (starting 8.3 m below surface), among other notable gold and silver intervals in hole JES-25-108, provides further substantial evidence that the gold and silver mineralization at the shared El Pilar project could be expanded significantly and create even more meaningful value for our respective shareholders. We will work with our partners to further evaluate this discovery and potentially add material from this area to our planned 50,000-tonne test mine/bulk sample," commented Colibri president and chief executive officer Ian McGavney.

According to Tocvan Ventures, the results are highlighted by 21.6 grams per tonne (g/t) gold (Au), 209 g/t silver (Ag) and 6.7 per cent lead (Pb) over 3.0 m, also 2.8 g/t Au, 38 g/t Ag and 2.3 per cent zinc (Zn) over 3.8 m within a broader anomalous zone averaging 1.2 g/t Au starting from surface to a vertical depth of 64.9 m (JES-25-108). The significance of this hole is its location 300 m east of the main zone trend in line with the North Hill trend, making it the first discovery of high-grade gold mineralization along the southern end of this corridor. The high-grade looks to be hosted within a highly fractured near-surface fault zone with associated quartz veining. Given the proximity to surface this area will be selected for future trenching to further evaluate the extent of high-grade mineralization for potential pilot mine feed. In addition, hole JES-25-107, 100 m east of the main zone has returned the best values to date on the eastern flank of the main zone. The hole returned: 108.2 m of 0.2 g/t Au and five g/t Ag from surface, including 12.6 m of 0.9 g/t Au, 20 g/t Ag and 0.5 per cent copper (Cu); 7.4 m of 0.5 g/t Au and eight g/t Ag; and 4.3 m of 0.6 g/t Au and seven g/t Ag. Mineralization is hosted within a silicified brecciated andesite with coarse veins of pyrite and chalcopyrite. Hole JES-25-109 only returned a few isolated zones mineralization, core logging shows the hole intersected a large fault zone that separates mineralization hit in past drilling (JES-22-53 and JES-24-79). Results for seven core drill holes have now been released; results are pending for the remaining three holes, which have tested the outer extents on mineralization.

Highlights:

• New discovery of high-grade gold-silver 300 m east of main zone, on the North Hill trend:
  • Highest-grade interval ever outside of the main zone;
  • Near-surface findings ideal for follow-up trenching and early mine development:
    • 1.2 g/t Au and 14 g/t Ag over 64.9 m, from surface (hole JES-25-108);
      • Including 21.6 g/t Au and 209 g/t Ag over 3.0 m, from 8.3 m depth;
      • And 2.8 g/t Au and 38 g/t Ag over 3.8 m, from 49.7 m depth;
  • Also, the eastern expansion of main zone with hole JES-25-107:
    • 0.2 g/t Au and five g/t Ag over 108.2 m, from surface:
      • Including 0.4 g/t Au and nine g/t Ag over 56.4 m;
      • Including 0.9 g/t Au and 20 g/t Ag over 12.6 m;
      • And 0.5 g/t Au and eight g/t Ag over 7.4 m;
      • Also, 0.6 g/t Au and seven g/t Ag over 4.3 m;
  • Results pending for three additional holes.

"Core drilling has just returned the highest-grade interval ever outside of the main zone, located 300 m away on an emerging trend," commented Tocvan chief executive officer Brodie Sutherland. "The best part is that it is only metres below the surface, allowing us to easily access the area with trenching we have planned in the next phase of exploration. This provides us with another area to source mineralization for potential pilot mine material. Trends like the North Hill remain largely untested and suggest other areas across the broader expansion area hold significant potential for hosting high-grade gold and silver. We look forward to continued drilling across the expansion area to begin targeting additional resource 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 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 5 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-fourths 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, Tocvan 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, Tocvan believes the on-site test mine will provide key economic parameters and showcase the mineral potential of the area. In 2023, Tocvan 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).

Quality assurance/quality control

Rock and drill 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 (more 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 ICP (inductively coupled plasma) finish. Overlimit analyses for silver (more than 100 g/t) were reassayed using an ore-grade four-acid digestion with ICP-AES (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, a qualified person (QP) 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 (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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