Colibri and Silver Spruce Uncover High-Grade Silver and Zinc Mineralization in Sierra Madre Mining District, Mexico

Colibri Resource Corporation (TSXV: CBI) and its option partner Silver Spruce Resources Inc. (TSXV: SSE) have unveiled significant exploration findings from their 2024 drilling campaign at the Diamante property in Sonora, Mexico. The campaign yielded a standout intersection featuring 94.80 g/t silver, 0.08 g/t gold, 2.89% lead, and 1.12% zinc across 2.50 metres, representing a major success for the exploration team working in the prolific Sierra Madre mining region.

Strategic Drilling Initiative and Results Overview

The joint venture executed an ambitious drilling program consisting of 7 diamond drill holes totaling 800 metres throughout 2024. The drilling strategy targeted multiple exploration zones: two holes each at the El Pillado and La Prieta mineralized areas to extend previous encouraging intercepts, with two additional holes positioned to validate findings from an electrical resistivity geophysical survey. A seventh hole tested the El Mezquite-Raisudo target area, located approximately 2.3 km south-southwest of El Pillado.

El Pillado South: The Program’s Crown Achievement

The most significant discovery emerged from El Pillado South, where the exploration team drilled two holes designed to test a zone identified through resistivity survey work. This area, characterized by sharp resistivity gradients dipping moderately northward, sits roughly 125 metres southeast of historic mining workings at Pillado.

Both El Pillado South holes intersected substantial lengths of mineralized material. Hole DIA24-03 proved particularly impressive, containing 22.5 metres of anomalous mineralization with the campaign’s highest-grade interval: 0.08 g/t Au, 94.80 g/t Ag, 2.89% Pb, and 1.12% Zn over 2.50 metres. The companion hole DIA24-04 intersected 8.2 metres of anomalous mineralization, demonstrating the lateral continuity of the mineralized system.

Ian McGavney, President & CEO of Colibri, highlighted the exploration significance: the El Pillado South results substantially expand the mineralization envelope and underscore the project’s potential. These discoveries extend the known mineralized trend well south of the historic Pillado mine, opening new exploration vectors in the Sierra Madre mining belt.

El Pillado Zone: Building on Historical Precedent

El Pillado represents an area with documented mining activity dating to the 1800s, with more recent test mining occurring in the 1990s. Prior to 2024, Colibri and Silver Spruce had completed 940.5 metres across nine reverse circulation holes in 2022, generating multiple intercepts including 145 g/t silver, 1.35% zinc, 0.18 g/t gold, and 1.01% lead over 12.0 metres.

The 2024 diamond drilling at El Pillado targeted a northeasterly mineralization trend evident in historical drilling. Both 2024 holes intersected multiple mineralized intervals composed of fault rocks with quartz veining, galena, sphalerite, pyrite, and sericite alteration assemblages consistent with the property’s epithermal gold-silver character.

La Prieta and Additional Targets

La Prieta, featuring a southwest-striking steeply-dipping vein structure, had yielded prior intercepts including 2.48 g/t gold and 56.7 g/t silver over 9.0 metres. During 2024, two holes tested down-dip and along-strike extensions. While vein quartz in altered andesite was intersected, challenging core quality and recovery limited grade representivity at this location.

The El Mezquite-Raisudo target, located further southwest in this productive Sierra Madre mining district, received preliminary testing with one exploration hole during the program.

Technical Considerations and Qualified Person Statement

The 2024 program encountered challenging drilling conditions affecting core quality and recovery metrics. Rock quality designation (RQD) measurements were generally poor, particularly in mineralized intervals featuring alteration, veining, and oxidized fractures. Core recovery in mineralized zones frequently fell below 100%, with some intervals recording less than 40% recovery.

Despite these technical challenges, visual recognition of rock types, alteration features, and sulphide mineralization assemblages remained clear. Jamie Lavigne, P.Geo and Director at Colibri, a Qualified Person under NI 43-101 standards, has reviewed the technical content of this assessment.

Property Context and Regional Significance

The Diamante property lies within a recognized belt of epithermal gold-silver mineralization hosted by the Sierra Madre Occidental Volcanic Complex. The region hosts major mining operations including Alamos Gold’s Los Mulatos Mine and Agnico Eagle’s El India and Pinos Altos Mines. Minera Alamos’ Santana gold development project, approximately 12 km away, is anticipated to commence commercial production imminently.

Colibri maintains a diversified portfolio within Mexico, including the EP Gold Project in the Caborca Gold Belt and a 49% stake in the Pilar Gold & Silver Project, alongside its Sierra Madre mining properties at Diamante and Jackie.

Metal Price Assumptions for AgEq Calculation: US$2,654/oz Au, US$30.61/oz Ag, US$0.92/lb Pb, US$1.40/lb Zn (no metallurgical recoveries applied).