Colibri Option Partner Announces Semarnat Approval for Trenching and Drilling Permit at the Jackie Au-Ag Project, Sonora, Mexico

Dieppe, New Brunswick--(Newsfile Corp. - March 31, 2022) - Colibri Resource Corporation (TSXV: CBI) ("Colibri" or the "Company") reports that its option partner Silver Spruce Resources has received an Informe Preventivo by the Mexican government environmental authority, SEMARNAT, approving a trenching and drilling permit for the Jackie Gold and Silver Project project.

Silver Spruce is in the second year of a two-year agreement to earn 50% of the Jackie Gold & Silver Project. For full details of the agreement please see Colibri's news release dated October 15, 2020.

Silver Spruce Resources Reports: (March 31, 2022)

"We are pleased to confirm that the permitting documents were approved by SEMARNAT. As expected, the environmental report prepared by Saul Ruiz and his team at Green and Ceo clearly demonstrated their high-quality technical expertise and was approved on schedule," stated Greg Davison, Silver Spruce Vice-President Exploration and Director. "These approvals clear the way for Silver Spruce and our partner, Colibri Resource Corp. ("Colibri") to move forward with our jointly funded trenching and drilling program. The Phase 1 trenching is scheduled to start in April and be completed in May. Receipt of assays are anticipated during May and June."

"The field team will have access to a portable X-ray fluorescence tool ("PXRF") which will be used to test trenching areas for metals and pathfinder elements in parallel with optimization of the anomalous rock sampling locations," stated Mr. Davison. "We believe that the PXRF, in conjunction with rock hyperspectral analysis, will provide excellent preliminary geochemical data to assist with vectoring towards alteration and mineralization while helping to prioritize trail preparation and pad building for the Phase 1 drilling program."

Figure 1. Jackie Concession Location Map. Note adjacent El Mezquite and Diamante 1 and 2.

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The 1,130-hectare Jackie Au-Ag property ("Jackie") is a precious metal project located 8 km west-southwest of the town of Tepoca, and 170 km southeast of the capital city of Hermosillo, eastern Sonora, Mexico (Figure 1). Jackie is situated within the west-central portion of the Sierra Madre Occidental Volcanic Complex of northern Mexico. Mining and exploration in the surrounding area is active with adjacent and nearby properties held by Alamos Gold, Argonaut, Agnico Eagle, Evrim, Newmont, Garibaldi, Kootenay Silver and Penoles among others.

Jackie Exploration

Exploration plans were submitted for a 500-1,000-metre trenching program followed by an initial 1,000-2,000-metre reverse circulation drill program to evaluate the principal targets located near the centre of the concession. The proposed scope is designed to provide significant flexibility during the life of the initial permit and includes thirteen (13) trench track locations and thirty (36) drill pads. The trenching and drilling plans are shown in Figures 2 and 3, respectively, with Au and Ag assays from recent rock sampling. High grades of mineralization to 9.65 g/t Au and 515 g/t Ag, with coincident alteration and geochemical features, are transected by a NW-trending faults (see Press Release of December 29, 2021).

Figure 2. Line profiles for trenching planned on Jackie shown with Au and Ag assays. Individual trenches up to 20 metres in length located on Priority 1 (red) and 2 (yellow) lines.

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Ground truthing of the Au-Ag system was completed in campaigns between January 2021 and July 2021 (see Press Releases of February 5, May 20 and August 26, 2021). The airborne and satellite survey data were acquired between April 2021 and September 2021 (see Press Releases of February 17, June 30 and September 9, 2021).

The prospecting and mapping clearly identified a strong Au-Ag anomaly, commonly though not exclusively, associated with elevated Hg, Pb, Zn, Cd, As, Sb and Cu with spatial distribution and trends like the multi-element data recorded for the nearby El Mezquite property. The anomaly is the focus area of the trenching (Figure 2) and drilling (Figure 3) plans.

Figure 3. Jackie drilling area location map (1:4,000 scale, 100 metre grid) with Au and Ag in proportional symbol layers on LiDAR 20cm hill shade model from the high-resolution LiDAR survey data. Proposed drill collars in fuschia-coloured circle with cross.

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A northwesterly trend of anomalous precious metal, base metal and heavy metal pathfinder elements runs parallel to and transverse to local and regional lineaments which provides new untested targets for sampling and mapping both north and northwest of the target (Figure 2). The patterns indicated by cryptic structural features interpreted from the LiDAR maps and surface contours include a steeply dipping scarp of 5-15 metres located by mapping within 10-20 metres of the highest Au grade. Transverse ENE-trending features aligned as extensional arrays remain to be corroborated by detailed LiDAR analysis.

Rock sampling identified a distinctive andesite ridge with intense oxidation, silicification and argillic alteration, with low grade or bleached metals, and a notable paucity of vegetation. The alteration was noted during aerial photograph reconnaissance, and ASTER and LANDSAT 8 interpretation and confirmed by aiSIRIS outcrop sampling results for hyperspectral analysis.

All aspects of the Company's exploration programs are conducted with strict adherence to COVID-19 protocols for personal safety.

Project Background

The Jackie project is currently subject to an option agreement with Colibri wherein SSE can earn up to 50% of the gold and silver projects by meeting specific criteria over periods of two years. Silver Spruce has completed the earn-in terms for cash and share payments and work expenditures and a 50:50 joint venture agreement is expected to be completed in short order.

Jackie is well situated in logistics for exploration and located six kilometres west and northwest of the Nicho deposit of Minera Alamos east of Highway #117. The Property is located ten kilometres southwest of Tepoca located on Highway #16 and is easily accessible to the west of Highway #117 via trails and dry riverbed access from the pueblo of La Quema with vehicles and pack teams. High voltage power lines are located on Highway #16.

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 has six exploration projects of which five currently have exploration programs being executed in 2022. (1) The flagship Evelyn Gold Project is 100% owned and explored by Colibri, (2) the Pilar Gold & Silver Project (optioned to Tocvan Ventures- (CSE: TOC), (3) the El Mezquite Gold & Silver Project , (4) the Jackie Gold & Silver Project, and (5) the Diamante Gold & Silver Project. 3,4, and 5 are subject to earn-in agreements by Silver Spruce Resources - (TSXV: SSE).

For more information about all Company projects please visit: www.colibriresource.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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.

For information contact: Ronald J. Goguen, President, Chairperson and Director, Tel: (506) 383-4274, rongoguen@colibriresource.com

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