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Colibri Resource Corp. Signs Agreement with Silver Spruce Resources - Granting an Option to Acquire 50% of its Wholly Owned Subsidiary Yaque Minerales S.A de C.V.
Dieppe, New Brunswick--(Newsfile Corp. - June 11, 2020) - Colibri Resource Corporation (TSXV...
About this update from Colibri Resource Corporation
[{"type":"text","content":"Colibri Resource Corp. Signs Agreement with Silver Spruce Resources - Granting an Option to Acquire 50% of its Wholly Owned Subsidiary Yaque Minerales S.A de C.V.Dieppe, New Brunswick--(Newsfile Corp. - June 11, 2020) - Colibri Resource Corporation (TSXV: CBI) (\"Colibri\" or \"The Company\") is pleased to announce that it has entered into an agreement with Silver Spruce Resources Inc. (Silver Spruce) (TSXV: SSE) granting an option to purchase 50% of its wholly owned Mexican subsidiary Yaque Minerales S.A de C.V. (\"Yaque\") which holds the El Mezquite Gold project (\"the Property\"), a drill-ready precious metal project in the Caborca District, 10 km northwest of the town of Tepoca, and 170 km southeast of the capital city of Hermosillo, eastern Sonora, Mexico.The El Mezquite Project 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. The Property is situated approximately twelve kilometres northeast of the Nicho deposit currently under mine development by Minera Alamos. Other nearby large operating mines include Alamos Gold's Los Mulatos gold mine and Agnico Eagle's La India gold mine located 50 and 58 km to the northeast, respectively, Agnico's Pinos Altos Mine, 100 km southeast and Argonaut's La Colorada Mine, 100 km west. Exploration in the surrounding area is very active on adjacent and nearby properties held by Evrim, Newmont, Garibaldi, Kootenay Silver and Penoles.The 180-hectare Property is easily accessible from Mexican Highway #16 via a southerly-trending unpaved road which traverses through the centre of the known gold mineralization. High voltage power lines are positioned along Highway #16.\"Colibri is happy to invite Silver Spruce into this mutually beneficial opportunity. The El Mezquite project is highly prospective, and the deal structure will allow the project to be further advanced and see Colibri still maintain a 50% ownership. The agreement negates the Company's to need to project finance the El Mezquite and incur share dilution, it reduces the Company's exploration risk, and it significantly cuts the level of liability on our balance sheet\", says Ron Goguen, President & CEO of Colibri. \"We are very pleased ...