Colibri Resource Corp Begins a High Resolution Magnetic Survey at the Evelyn Gold Project and a Mapping & Sampling Program with Its Partner at the El Mezquite Gold Project

Dieppe, New Brunswick--(Newsfile Corp. - August 12, 2020) - Colibri Resource Corporation (TSXV: CBI) ("Colibri" or the "Company") announces that in response to the recommendations from its recently received report covering its Evelyn Gold Project located in the Caborca Gold Belt in NW Sonora Mexico the Company has contracted Geo Digital Imaging de Mexico, S.A. de C.V. to complete a property wide high resolution magnetic survey of the property.

Ron Goguen, Colibri's President & CEO states, "We are excited to be completing this survey and obtaining this data. It is anticipated that recently mapped and sampled structures will have a magnetic signature which we can follow along strike and under the cover of alluvium and colluvium."

The area of north-western Sonora where the Evelyn property is located, which includes the La Herradura (25km east) and Noche Buena (9km SW), is characterized by relatively low relief and limited bedrock exposure due to weathering and alluvial and colluvial deposits.

The planned survey is an airborne magnetic survey consisting of to 150 km in 59 north-south lines at 50-meter line spacing and 5 EW tie-lines at 500-meter separation using a DRONE equipped with a mag magnetometer. The drone will follow a proposed grid at constant altitude of 20 meters above terrain at 40km/h speed and sampling to 10 Hz (obtaining one lecture each 110 cm). This plan has been suggested by the contractor as being ideal to obtain the best magnetic contrast of the in-depth magnetic response focused in an orogenic-type mineral deposit type.

The airborne magnetic survey, which is scheduled to begin today, is expected to take approximately 3 days to complete and the subsequent data processing and reporting of is expected to be completed within two weeks. This new information will be added to Colibri's data base which includes 341 surface chip and channel samples, property wide soil sampling, and 5 drill holes. The updated data set will be utilized to plan drill targets for a fall 2020 drill program.

El Mezquite Gold Project Update - Mobilization of Exploration Team

Silver Spruce Resources, who recently signed a binding Option Agreement with the Company to acquire a 50% interest in Colibri's wholly owned Mexican subsidiary Yaque Minerales S.A de C.V. (which holds the El Mezquite Gold project), has deployed an exploration team to El Mezquite and is now undertaking an exploration program which was recommended in part by an independent 43-101 report filed by Colibri in November 2019.

The work program includes a geological mapping of the entire property and collecting additional rock samples for precious metal analysis and a study of alteration intensity and style using a Terraspec hyperspectral tool.

In addition, the Company reports that it has received a payment of CDN$109,000 from Silver Spruce which has satisfied its Year 1 obligations in its agreement.

For additional information about Colibri Resource Corp please visit: www.colibriresource.com

About Colibri Resource Corporation:

Colibri is a Canadian-based mineral exploration company listed on the TSX-V (CBI) focused on acquiring and exploring properties in Mexico. The Company currently has five active exploration properties at various stages of exploration. Two projects, the Evelyn and Jackie are 100% owned and explored by the Company and the three additional projects Pilar, El Mezquite, and Pitaya are currently subject to joint venture or earn agreements to arms length parties.

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/61564