Colibri Resource Corporation (TSXV: CBI) ('Colibri' or the 'Company') is pleased to report that its option partner Tocvan Ventures (CSE: TOC) has released results from the leaching process of its bulk sample of material at the Pilar Gold and Silver Project at the Pilar Project in Sonora, Mexico.

Tocvan is in year 4 of a 5-year agreement to earn an initial 51% of Colibri's Pilar Gold & Silver Project.

Highlights

Recovery Results for Heap Leaching Match Regional Operating Mines; Head Grade Exceeds Expectations 62% Recovery of Gold Achieved Over 46-day Leaching Period

Report Confirms with Increase in Irrigation Flowrate, Higher Recovery Can Be Achieved

Head Grade Calculated at 1.9 g/t Au and 7 g/t Ag; Extracted Grade Calculated at 1.2 g/t Au and 3 g/t Ag

Bulk Sample Only Included Coarse Fraction of Material (+3/4' to +1/8')

Fine Fraction (-1/8') Indicates Rapid Recovery with Agitated Leach

Recap of Fine Fraction and Gravity Recovery Results o Agitated Bottle Roll Test Returned Rapid and High Recovery Results: 80% Recovery of Gold and 94% Recovery of Silver after Rapid 24-hour Retention Time

Gravity Recovery with Agitated Leach Results of Five Composite Samples Returned 95 to 99% Recovery of Gold 73 to 97% Recovery of Silver

Includes the Recovery of 99% Au and 73% Ag from Drill Core Composite at 120-meter Depth

Tocvan Ventures Corp. (the 'Company') is pleased to provide results from a Bulk Sample completed at its Pilar gold-silver project Sonora, Mexico. Independent Qualified Professionals at LTM of Hermosillo have provided a final report after the completion of final analytical results. The report findings include a base of 62% recovery of gold and 47% recovery of silver. Head grade results were calculated by LTM as 1.9 g/t Au and 7 g/t Ag, with calculated recoverable metal extracted at 1.2 g/t Au and 3 g/t Ag. Importantly the report notes that the first 30 days of leaching was restricted by an erratic and low flowrate of cyanide leaching solution. This was corrected once identified through the installation of updated irrigation systems and began instantly improving irrigation flowrate and metal recovery. LTM notes that increased gold and silver recovery is likely with a more consistent flowrate. LTM has recommended a duplicate column leach study of available bulk sample composite material to verify the ultimate gold and silver extractions under heap leach. It is also important to note the low cyanide (NaCN) consumption recorded (0.19 kg/t), indicating low cost of operation. In addition to the heap leach study, an agitated bottle roll test was completed by LTM on a bulk sample composite for comparison of the two methods. Rapid gold and silver recovery was recorded from minus 20 Mesh material returning 80% recovery of gold and 94% recovery of silver after just 24-hours of retention time. Follow-on agitated leach and gravity tests are recommended to further evaluate the ability to utilize rapid recovery methods in lieu of the slower heap leach method. The Company is extremely pleased with the analytical results and insights gained through the bulk sample process which will guide future development and provide added confidence in the optimal extraction method.

'The Bulk Sample process has been extremely important to the understanding of the surface expression of mineralization at Pilar along with defining a path towards optimal gold and silver recovery.' Stated Brodie Sutherland, CEO. 'We are encouraged by the strong heap leach results for gold where the data suggests recovery can be improved through increased leaching solution flowrate over a consistent and longer leaching period. Perhaps the most encouraging development from the study is the characterization of exposed gold and silver amenable to rapid gravity and agitated leach recovery. A quicker turnaround for metal extraction at very high recovery rates adds a new positive factor to the development path of the relatively high-grade nature of Pilar. Having optionality to explore both methods as viable extraction techniques makes Pilar a unique and standout deposit for the region and with the potential now to explore an even greater area around to add to the potential resource size makes us even more excited for the future of the project.'

About the Pilar Property

The Pilar Gold-Silver property has recently returned some of the regions best drill results. Coupled with encouraging gold and silver recovery results from metallurgical test work, Pilar is primed to be a potential near-term producer. Pilar is interpreted as a structurally controlled low-sulphidation epithermal system hosted in andesite rocks. Three primary zones of mineralization have been identified in the north-west part of the property from historic surface work and drilling and are referred to as the Main Zone, North Hill and 4-T. The Main Zone and 4-T trends are open to the southeast and new parallel zones have been recently discovered. Structural features and zones of mineralization within the structures follow an overall NW-SE trend of mineralization. Mineralization extends along a 1.2-km trend, only half of that trend has been drill tested so far. To date, over 23,000 m of drilling has been completed.

Quality Assurance / Quality Control

Oversight and management of the Bulk Sample was completed by an independent group of qualified professionals at LTM (Laboratorio Tecnologico de Metalurgia) of Hermosillo. As part of the Company's robust QA/QC procedures, duplicate samples of cyanide solutions are submitted to LTM in Hermosillo, Sonora. LTM facilities are an ISO 17025 and ISO 9001:2015 certified lab. A second duplicate of cyanide solutions are submitted to SGS in Durango. Gold and silver are analyzed using 30g nominal weight fire assay with AA finish for Au and gravimetric determination for Ag. Other elements are analyzed using aqua regia digestion with an ICP finish.

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 & silver properties in Mexico. The Company holds six highly prospective precious metal properties, all of which have planned exploration programs for calendar 2023.

Notice Regarding Forward-Looking Statements

This news release contains 'forward-looking statements.' Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that the plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that they will prove to be accurate.

Contact:

Tel: (506) 383-4274

Email: rongoguen@colibriresource.com.

(C) 2023 Electronic News Publishing, source ENP Newswire