Business
Tocvan Ventures Achieves Milestone Towards Full Ownership of Pilar
Outlines Target Areas for Next Phase of Drilling Highlights Majority (51%) Ownership Milestone at Pilar; Right to Purchase Remaining 49% Pilar Expansion Acquisi
About this update from Tocvan Ventures Corp.
[{"type":"text","content":" Outlines Target Areas for Next Phase of Drilling Highlights Majority (51%) Ownership Milestone at Pilar; Right to Purchase Remaining 49% Pilar Expansion Acquisition Expected to Finalize in Coming Weeks Adds Over 21 square-kilometers to Land Package in Highly Prospective Area Outlines Operational Plans for Q4/ 2023 Including Drill Targeting in Expansion Area CALGARY, AB / ACCESSWIRE / September 19, 2023 / Tocvan Ventures Corp. (the \"Company\") (CSE:TOC) (OTCQB:TCVNF) (FSE:TV3), is pleased to announce it has submitted the exercise notice to Colibri Resources Corp. for the majority ownership (51%) of the Pilar gold-silver project in Sonora, Mexico. The Company has the right to purchase the remaining 49% of the Pilar Project and plans to do so, subject to the conditions of the property option agreement. In addition, due diligence is complete for the land expansion acquisition surrounding Pilar (see News Release, July 27, 2023) and the Company looks to have a definitive agreement completed in the following weeks. Recent placer activity, historic workings, and prospective geology all indicate the area is highly prospective for gold and silver. \"This is a major milestone as we advance towards full ownership of Pilar and consolidate the district with its exciting gold and silver potential,\" stated Brodie Sutherland, CEO. \"Over the last four years we have been able to unlock the potential of Pilar through surface work, drilling, and metallurgical studies. We now look to make the next steps towards expanding the potential of the district trough quickly advancing discovery drilling across the area. Our goal is to build out a resource estimate at Pilar and expand on that potential through additional discoveries across the vast expansion area.\" Figure 1. Pilar Expansion area coves over 21 square-kilometers of prospective ground surrounding the established Pilar project. Recent placer activity, historic workings and prospective geology all indicate the area is highly prospective. Operational Plans Pilar Project The Company plans to restart field operations at the close of the expansion acquisition with the primary focus to advance new target areas already identified quickly towards drill targeting. Drilling at Pilar and within the new expansion area is planned to total 2,000-meters before year end. Work related to mine permitting is als...