Colibri Partner Engages Environmental Report for Drill Permit and Updates Historical Sampling from Diamante Concessions

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Dieppe, New Brunswick--(Newsfile Corp. - January 25, 2022) - Colibri Resource Corporation (TSXV: CBI) ("Colibri" or the "Company") is pleased report that its partner Silver Spruce Resources ("Silver Spruce") has released an update about the status of exploration at the Diamante Gold & Silver Project in Sonora Mexico.

Silver Spruce is currently earning up to 50% of the Diamante project in conjunction with Colibri as a result of a deal negotiated with a private vendor and announced in January 2021. Please see Colibri news release dated April 29th, 2021 for full details of the agreement in place with Silver Spruce.

Silver Spruce Reports:

Silver Spruce Resources Inc. ("Silver Spruce" or the "Company") announces that the Company has initiated its Informe Preventivo for application to the Mexican government environmental authority SEMARNAT for the Diamante drilling permit. Silver Spruce engaged Green & Ceo, Asesorío Profesional y Securidad en Ambiente, of Hermosillo, Sonora to manage the environmental permitting process. The SEMARNAT permit is expected within four to six weeks of submission.

The Company also is pleased to provide high-grade results from additional historical rock sampling at several known targets with artisanal workings. Recent literature research identified reports with maps, field sampling sections and assays for seventy-seven (77) previously unreleased samples with precious and base metal values reporting up to 25.69 g/t Au, 1,360 g/t Ag, 18.2% Pb, 33.5% Zn and 1.47% Cu. The surface and U/G channel samples (to 2.5 metres) were collected from Diamante 1, the northern concession, at the La Prieta, Aguaje, El Chon, El Chon Oeste, El Chon Sur, Hacia del Oeste, La Olla, Lupita, Pillado, Pillado Sur and Pillado Grande targets (Figure 1). The highest-grade individual sample was collected from a 15cm vein in the La Prieta workings (25.69 g/t Au, 1,265 g/t Ag, 18.2% Pb, 23.0% Zn and 1.47% Cu).

The Diamante gold-silver (Au-Ag) project ("Diamante" or the Property") is a drill-ready precious metal property located 5 km northwest of the town of Tepoca, and 165 km southeast of the capital city of Hermosillo, eastern Sonora, Mexico (Figure 2).

Diamante offers strong precious metal tenor with a polymetallic endowment and contains multiple quality targets, limited artisanal mining and small-scale production, of particular significance for our exploration moving forward, no records of drilling on either property.

Mr. Davison - VP Exploration stated, "The recent desktop research in Hermosillo contributes significantly to the project's geological and assay database. This work confirms additional vein samples with excellent polymetallic grade of the mineralization ahead of the target mapping program. The upcoming geological work will focus on several priority targets documenting detailed lithologies, mineralization, structural measurements and verification of sampling coordinates with a view to optimization of the proposed drill target depths and orientations. Additionally, the areas of alteration reported using hyperspectral imaging require authentication by ground exploration and hand-held spectral data as part of the drill target definition."



Figure 1. Diamante 1 Concession Map with location of known mineralized targets and sampled surface and underground artisanal workings. Recent LiDAR analysis identified >50 surface pits and workings.

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Figure 2. Diamante 1 and 2 Concession Location Map. Note adjacent El Mezquite and Jackie Concessions. Nicho mine development by Minera Alamos is located 12 km SE of Diamante.

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Historical Rock Sampling

The recently acquired reports and maps contained polymetallic assays of rock samples from La Prieta, Aguaje, El Chon, El Chon Oeste, El Chon Sur, Hacia del Oeste, La Olla, Lupita, Pillado, Pillado Sur and Pillado Grande targets (Figure 2). Table 1 and 2 provides geochemical results for select samples (n=30 of 77) sorted by Au and Ag, respectively from seven target areas.

Table 1. Select precious metal and base metal assays (n=11) sorted by Au (>1 g/t).



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Table 2. Additional select assays (n=19) sorted by Ag with anomalous Pb, Zn and/or Cu.



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Diamante includes twelve known occurrences at La Prieta, El Aguaje, El Chon, El Pillado, La Olla, La Cruz and El Caso, Mezquite Raizudo, El Puerto, El Cumbro, Calton and the Southern Anomaly (Anomalía Sur).

Sampling highlights from these areas of interest, some with artisanal mining, have reported significant precious and base metals in samples collected from historical mine dumps, small-scale processing slag and assays from vein and stockwork-style mineralization.

Based on the distribution of the overall sampling (n=354), several newly renamed targets are designated, and the Diamante concessions overall comprises eighteen mineralized areas with seven under consideration for the Phase 1 drilling. These include La Prieta, El Cumbro, Mezquite Raizudo, El Chon, La Olla, Calton and Pillado. Disseminated and stockwork mineralization at Anomalía Sur and El Puerto offer bulk low-grade targets.

Figures 3 and 4 illustrate the La Prieta and El Chon drilling vein target areas with precious metal values by class, and artisanal pits and workings. The latter follow projected surface exposures of vein mineralization.



Figure 3. El Chon drill target on LiDAR high resolution base map showing easy access from Highway 16. Au and Ag in graduated symbology. LiDAR analysis shows surface pits and workings.

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Project Geology

The Property is located within the west-central portion of the Sierra Madre Occidental Volcanic Complex within the prominent northwest-trending "Sonora Gold Belt" of northern Mexico and parallel to the well-known, precious metals-rich Mojave-Sonora Megashear.

Exploration has identified geological features of epithermal low to intermediate sulphidation Ag-Au (Pb-Zn), high sulphidation Au-Cu, and potential transition to porphyry style Au-Cu. Precious and base metal polymetallic mineralization occurs as disseminated, stockwork and vein styles accompanied phyllic, argillic, advanced argillic and propylitic zones, with near-surface overprinting by weathering with iron oxide and oxyhydroxide staining, jarosite and relict vuggy silica.

New TLALI algorithm maps for the LANDSAT 8 OLI and LANDSAT/ASTER data confirmed the spectral response for silicification and argillic alteration, including generic clay, alunite, pyrophyllite, kaolinite and silica coincident with known artisanal vein workings and disseminated gold targets.



Figure 4. La Prieta drill target on LiDAR high resolution base map showing easy access from Highway 16. Au and Ag in graduated symbology. LiDAR analysis shows surface pits and workings.

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Mineralization is reported visually as pyrite, arsenopyrite, chalcopyrite, sphalerite, argentiferous galena, argentite, hematite and probable metal oxides, carbonates and sulphates, including copper carbonate (malachite), copper sulphates and plumbojarosite.

Structural lineaments with ENE, NE and NW orientations identified in the historical exploration correspond to known vein systems. Branching and oblique vein sets to the N-S direction were noted from the ENE veins.

Project Background

Silver Spruce can acquire up to 50% interest in four Diamante concessions, with a cumulative land position of 1,057 hectares, from Colibri and its wholly-owned Mexican subsidiary, Yaque Minerales SA de CV ("Yaque"). The nearby large operating mines include Alamos Gold's Los Mulatos gold mine and Agnico Eagle's La India gold mine, Agnico's Pinos Altos mine and Argonaut's La Colorada Mine.

The Property is very well situated in terms of logistics for exploration and twelve to fifteen kilometres west and northwest of the Nicho deposit currently under mine development by Minera Alamos. The Property is easily accessible from Mexican Highway #16 which transects Diamante 1 and on ranch trails and dry river beds to Diamante 2. High voltage power lines are positioned along Highway #16.

Geochemical Analysis, Quality Assurance and Quality Control

All metal values disclosed herein by historical operators (Pan American Silver, Minera Teocuitla) are reported from grab and chip samples which may not be representative of the metal grades. The Company has reviewed the available historical property reports and copies of assay certificates from International Plasma Labs Ltd. ("IPL"), later known as Inspectorate Americas, and currently Bureau Veritas Group, and compared the grades with sampling programs and assays reported by the Vendors and Silver Spruce. IPL was an independent commercial laboratory with ISO 9001-2000 certification during the 2005-20011 period of the historical work. The Company's Qualified Person believes that the sampling, analytical protocols and data will withstand scrutiny for inclusion.

Qualified Person

Greg Davison, PGeo, Silver Spruce VP Exploration and Director, is the Qualified Person and is responsible for approval of the technical content of this press release within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"), under TSX guidelines.

ABOUT COLIBRI RESOURCE CORPORATION:

Colibri is a Canadian-based mineral exploration company listed on the TSX-V (CBI) and is focused on acquiring and exploring prospective gold & silver properties in Mexico. The Company has six exploration projects of which five currently have exploration programs being executed in 2022. (1) The flagship Evelyn Gold Project is 100% owned and explored by Colibri, (2) the Pilar Gold & Silver Project (optioned to Tocvan Ventures- CSE:TOC), (3) the El Mezquite Gold & Silver Project , (4) the Jackie Gold & Silver Project, and (5) the Diamante Gold & Silver Project. 3,4, and 5 are subject to earn-in agreements by Silver Spruce Resources - TSX.V-SSE).

For more information about all Company projects please visit: www.colibriresource.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Notice Regarding Forward-Looking Statements

This news release contains "forward-looking statements," Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to, statements regarding the private placement.

Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration and difficulties associated with obtaining financing on acceptable terms. We are not in control of metals prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate.

For information contact: Ronald J. Goguen, President, Chairperson and Director, Tel: (506) 383-4274, rongoguen@colibriresource.com.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/111518

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