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Colibri's Option Partner Completes Phase I Drilling at El Mezquite Gold & Silver Project
Dieppe, New Brunswick--(Newsfile Corp. - August 5, 2021) - Colibri Resource Corporation (TSXV:...
About this update from Colibri Resource Corporation
[{"type":"text","content":"Colibri's Option Partner Completes Phase I Drilling at El Mezquite Gold & Silver ProjectDieppe, New Brunswick--(Newsfile Corp. - August 5, 2021) - Colibri Resource Corporation (TSXV: CBI) (\"Colibri\" or the \"Company\") is pleased to announce that its partner, Silver Spruce Resources, Inc. (TSXV: SSE), has completed its Phase 1 exploration drilling at El Mezquite Au-Ag property (\"El Mezquite\" or the \"Property\"). The first seven (7) drill holes of the program were completed on June 14th and the Company is awaiting the results of gold, silver and multi-element analysis from the laboratory. The remaining thirteen (13) holes were drilled with two RC rigs from Layne de Mexico and completed as scheduled on July 28th. A total of 2,485 metres were drilled in twenty (20) holes from eight drill pad locations.Figure 1. Pad M1 (MEZ-002, 180°, -70°) at El Mezquite showing RC rig from Layne de MexicoTo view an enhanced version of this graphic, please visit:https://orders.newsfilecorp.com/files/4269/92170_e4f3ae27045a8848_001full.jpg\"We are very happy to see the completion of the inaugural drilling campaign at Mezquite Gold and Silver Project. We look forward to receiving the results and planning a Phase 2 program with our partners. Through our partnership with Silver Spruce, we have been able to advance and unlock potential value for shareholders at El Mezquite with no dilution to our market capitalization,\" said Ron Goguen, President and CEO of Colibri.Logging and sampling are progressing quickly at Colibri Resource's office facilities in Hermosillo. Samples are being submitted in batches to ALS Global through the second week of August. Laboratory assay results are anticipated from four to eight weeks after submittal. The results of Phase 1 drilling, combined with recent and historical surface exploration, will be used as the basis for design of a Phase 2 drill program planned for after the summer rainy season.Silver Spruce Resources is currently in the 2nd year of a four year agreement with Colibri to earn 50% of the El Mezquite Gold and Silver Project. For full details of the agreement please refer to the Colibri news release dated June 11th, 2020.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 &a...