Business
Colibri Resource to Sell 50% of Its "Jackie" Gold Exploration Project Located near the Santana Gold Mine Under Construction in Sierra Madre
Dieppe, New Brunswick--(Newsfile Corp. - October 15, 2020) - Colibri Resource Corporation ("Co...
About this update from Colibri Resource Corporation
[{"type":"text","content":"Colibri Resource to Sell 50% of Its \"Jackie\" Gold Exploration Project Located near the Santana Gold Mine Under Construction in Sierra MadreDieppe, New Brunswick--(Newsfile Corp. - October 15, 2020) - Colibri Resource Corporation (\"Colibri\" or the \"Company\") (TSXV: CBI) is pleased to announce that the Company has signed a Letter of Intent with Silver Spruce Resources Inc to sell a 50% interest in the Jackie Gold project (\"the Property\") located 5km to the south-southwest the town of Tepoca in Sonora, Mexico.\"We are enthusiastic about the prospect of working with the Silver Spruce team on the Jackie Gold project. This is the second project that they have taken a 50% interest in with us in less than six months. Their commitments to earn 50% of each of these projects significantly reduces Colibri shareholder's exploration risk, eliminates near term dilution of shares to provide funding for these two projects and also provides Colibri additional cash and equity upside,\" states Ron Goguen, President & CEO of Colibri.The Jackie 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 precious metals-rich Mojave-Sonora Megashear.Terms of AgreementIn order to earn 50% interest in the Property, Silver Spruce will provide USD$100,000 in exploration and drilling expenses with a minimum of USD$50,000 within 12 months and pay to Colibri total cash payments of USD$50,000 and CAD$50,000 in common shares within 12 months.Silver Spruce will also pay 50% of the requisite property taxes and surface rights agreements due.Upon completion of these terms, Silver Spruce will hold a 50% interest in the Jackie property and a Joint Venture will be formed to direct all exploration and drilling expenses and thereafter will be shared 50% by Silver Spruce and 50% by Colibri, and subject to standard dilution terms to be defined within a Definitive Agreement.There are no underlying royalties on the Property.Phase 1 Exploration PlanPhase 1 exploration program is expected to include geological mapping, soil and rock geochemistry with hyperspectral analysis, QA/QC program development, ASTER imagery analysis, ortho-mosaic drone photography, data compilation and Leapfrog modeling, and as warranted by the Phas...