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Colibri Reports Evelyn Property Update: Phase 1 Drilling Complete

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Dieppe, New Brunswick--(Newsfile Corp. - June 13, 2022) - Colibri Resource Corporation (TSXV: CBI) ("Colibri" or the "Company") is pleased to report that Phase 1 of a planned 2 phase, 10,000 metres ("m"), fully funded Reverse Circulation ("RC") drill program at the Evelyn Gold Project ("Evelyn") located in the Caborca Gold Belt, northwestern Sonora, has been completed.

Phase 1 drilling at the Evelyn project was completed during the first week of June and totalled 6,547 m drilled in 45 holes. Results from the first 22 holes (3,122 m) completed in the fall of 2021 were released in February (See news release dated February 8th, 2022) and assays are pending for the remaining 23 holes (3,425 m) recently completed.

The Company's RC drill rig has been demobilized from the Evelyn property and has been moved to its storage facility in Hermosillo for routine care and maintenance and is expected to be mobilized in the near term to its Diamante Project located in eastern Sonora to complete a 2,000m drilling program.

PHASE 1 DRILL PROGRAM HIGHLIHGTS

Phase I drilling at Evelyn was planned to evaluate areas of anomalous and higher-grade Au assay results from surface and trench exposures coincident with magnetic gradients and lineaments and with structures identified through geological mapping. Phase I drilling has been completed at selected targets within the El Sahuaro, Cerro Rojo, and West Evelyn target areas.

Phase II drilling at the Evelyn Gold project is currently being planned to follow-up on positive results from Phase 1, to test Chargeability targets derived from the Companies' Induced Polarization Survey completed in 2021, and to evaluate targets under Tertiary cover based on on-going property wide interpretation.

Highlights of previously released results include an intersection of 12.19 grams per tonne ("g/t") Au over an intersection length of 3 metres ("m") in hole EVE21-027 and 33.7 g/t Au over and intersection length of 1 m in hole EVE21-019. (See news release dated February 8th, 2022)

Illustration 1: Evelyn property. Previously released Phase 1 drill program assay results highlights.

To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/4269/127536_3bd699a6641b8bb5_001full.jpg

Highlighted Sample Results from Phase 1A

Hole ID

From

To

Length

Au (g/t)

Cutoff

EVE21-007

51

53

2

1.272

.2 g/t Au

includes

51

52

1

2.150

2 g/t Au

EVE21-012

147

149

2

0.208

.1 g/t Au

EVE21-013

151

152

1

0.243

.2 g/t Au

EVE21-014

29

30

1

0.749

.2 g/t Au

EVE21-014

39

41

2

0.574

.2 g/t Au

EVE21-014

44

45

1

0.200

.2 g/t Au

EVE21-014

74

76

2

0.318

.2 g/t Au

EVE21-014

140

141

1

0.227

.2 g/t Au

EVE21-015

46

47

1

0.527

.2 g/t Au

EVE21-015

56

78

22

0.172

.1 g/t Au

includes

60

64

4

0.220

.2 g/t Au

includes

72

73

1

1.160

.2 g/t Au

includes

77

78

1

0.254

.2 g/t Au

EVE21-016

17

20

3

0.210

.1 g/t Au

EVE21-016

38

39

1

0.264

.2 g/t Au

EVE21-016

75

77

2

0.344

.2 g/t Au

EVE21-016

101

102

1

0.207

.2 g/t Au

EVE21-017

16

18

2

0.289

.2 g/t Au

EVE21-017

24

25

1

0.817

.2 g/t Au

EVE21-017

151

152

1

0.328

.2 g/t Au

EVE21-018

5

9

4

0.143

.1 g/t Au

includes

8

9

1

0.277

.2 g/t Au

EVE21-018

40

41

1

0.320

.2 g/t Au

EVE21-018

69

70

1

0.274

.2 g/t Au

EVE21-018

77

102

25

0.103

.1 g/t Au

includes

101

102

1

0.706

.2 g/t Au

EVE21-018

143

144

1

0.246

.2 g/t Au

EVE21-019

8

9

1

0.283

.2 g/t Au

EVE21-019

28

43

15

2.360

.1 g/t Au

includes

28

29

1

33.700

5 g/t Au

includes

33

34

1

0.477

.2 g/t Au

includes

40

41

1

0.218

.2 g/t Au

EVE21-019

77

80

3

0.199

.2 g/t Au

EVE21-019

118

122

4

0.229

.2 g/t Au

EVE21-019

125

126

1

0.228

.2 g/t Au

EVE21-020

7

11

4

0.302

.1 g/t Au

includes

7

8

1

0.805

.2 g/t Au

EVE21-020

110

114

4

0.825

.1 g/t Au

includes

111

114

3

1.058

.2 g/t Au

EVE21-020

127

128

1

0.357

.2 g/t Au

EVE21-020

138

139

1

0.792

.2 g/t Au

EVE21-020

197

198

1

0.882

.2 g/t Au

EVE21-021

11

17

6

0.198

.1 g/t Au

includes

13

15

2

0.270

.2 g/t Au

EVE21-021

69

70

1

0.335

.2 g/t Au

EVE21-021

145

146

1

0.284

.2 g/t Au

EVE21-021

151

152

1

0.204

.2 g/t Au

EVE21-022

8

11

3

0.157

.1 g/t Au

EVE21-022

23

24

1

0.223

.2 g/t Au

EVE21-022

46

47

1

0.549

.2 g/t Au

EVE21-022

66

69

3

0.428

.1 g/t Au

includes

66

67

1

0.985

.2 g/t Au

EVE21-022

78

79

1

0.276

.2 g/t Au

EVE21-022

144

147

3

0.208

.2 g/t Au

EVE21-023

5

6

1

0.283

.2 g/t Au

EVE21-023

9

10

1

0.571

.2 g/t Au

EVE21-023

39

40

1

0.214

.2 g/t Au

EVE21-024

38

39

1

0.624

.2 g/t Au

EVE21-025

54

64

10

0.096

.1 g/t Au

EVE21-026

3

7

4

0.257

.1 g/t Au

includes

3

4

1

0.446

.2 g/t Au

EVE21-026

65

66

1

0.237

.2 g/t Au

EVE21-026

64

79

15

0.196

.1 g/t Au

includes

72

77

5

0.412

.2 g/t Au

EVE21-027

12

13

1

0.322

.2 g/t Au

EVE21-027

32

46

14

2.818

.1 g/t Au

includes

38

46

8

4.823

.2 g/t Au

includes

41

44

3

12.190

3 g/t Au

includes

42

43

1

30.000

5 g/t Au

EVE21-027

55

56

1

0.287

.2 g/t Au

EVE21-027

99

100

1

0.204

.2 g/t Au

EVE21-027

104

113

9

0.185

.1 g/t Au

includes

104

105

1

0.759

.2 g/t Au

includes

108

109

1

0.366

.2 g/t Au

EVE21-027

120

123

3

0.264

.2 g/t Au

EVE21-027

159

165

6

0.121

.1 g/t Au

EVE21-027

186

187

1

0.221

.2 g/t Au


Note: Reported lengths for all holes are intersection lengths. True widths are not known. True widths for holes EVE21-026 and EVE21-027 are estimated to be approximately 75% and 70% of intersection lengths respectively.


Table 1: Highlighted Assay Results - Phase 1 - Drilling November & December 2021

EVELYN GEOLOGY AND EXPLORATION

The Evelyn Gold Project is an Orogenic-type gold target located in the Caborca Gold Belt of northwestern Sonora. The property is located approximately 25 kilometres ("km") east of La Herradura, Mexico's largest open pit gold mine, which produced 425,288 ounces of gold in 2020 at an average grade of 0.77 grams per tonnes ("g/t") Au and is also approximately 9 km northeast of the Noche Buena mine which produced 87,988 ounces Au at an average grade of 0.52 g/t Au in 2020. The setting and style of mineralization at Evelyn is similar to that reported from La Herradura and Noche Buena. Higher grade mineralization on the Evelyn property consists of quartz veins and veinlets, ranging from 2 - 3 centimeters up to 1.5 m hosted by fault and fracture zones with minor oxidized pyrite, iron oxide, copper bearing oxide and carbonate minerals, and locally minor to trace amounts of galena, chalcopyrite, and sphalerite. Alteration of the host rocks includes iron bearing carbonate minerals, quartz, sericite, and chlorite. Lower grade mineralization is associated with altered volcanic rocks containing minor amounts of oxidized sulfide. Mineralization is hosted dominantly by Jurassic volcanic rocks consisting of andesite and rhyolite.

The exploration model being developed and tested by the Company relates the mineralization consisting of higher-grade veins and veinlets hosted by altered and sulphide bearing lower grade metamorphic and volcanic rocks, to north-northeast trending stratigraphy and layer-parallel fault zones and southeast striking, moderately southwest dipping fault zones.

Qualified Person

Jamie Lavigne, P. Geo and a Director for Colibri is a Qualified Person as defined in NI 43-101 and has reviewed and approved the technical information in this press release.

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 2021 and 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 - (TSXV: 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. Actual results could differ from those projected in any forward-looking statements due to numerous factors. These forward-looking statements are made as of the date of this news release, and the Company assumes 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 the Company believes that the plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that they 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/127536