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The company has signed an additional LOI with Export Development Canada worth $300 million.
Colibri Resource Corporation reports final results from a 2400 meter drill program at the Ramard silver project, in Sonora, Mexico. The Ramard property consists of over 4000 hectares of mineral concessions located 100 km north of the city of Hermosillo, Sonora, wholly owned by Colibri’s Mexican subsidiary, Minera Halcones. The Ramard property contains numerous historical artisanal silver mine workings. Assays have been returned from holes 17-28 of 28 drill holes. These results provide infill data for previously reported holes from the main ridge of La Bronca Zone (see May 17, 2011 and May 27, 2011 news releases and drill location map posted at (http://www.colibriresource.com/s/Ramard.asp).
All holes were drilled across a gently dipping skarn/manto formation and are believed to be close to true width (within 10%).
Holes BRAPD18, BRAPD19, BRAPD20, BRAPD21 all intersected intervals of low grade disseminated silver-lead-zinc mineralization, (see attached table) within broad intervals of abundant, dense, visible sulphide, as yet unidentified. BRAPD22 cut 4 meters of 52.7 parts per billion (ppb) gold, 57.1 grams per tonne (gpt) silver, 0.67% lead, 3.04% zinc between 44 and 48 meters depth. BRAPD23 cut two significant intervals, between 1 and 3 meters below surface, 21 ppb gold, 86.1 gpt silver, 0.055% copper, 3.1% lead, 1.5% zinc, and 105ppb gold, 311.3 gpt silver, 2.01% lead, 3.41% zinc between 37 and 38 meters depth. BRAPD27 cut 10 meters of 38.5ppb gold, 49.6 gpt silver, 0.06% copper, 0.55% lead, 4.87% zinc between 2 and 12 meters depth including 2 meters of 86.5 ppb gold, 182 gpt silver, 0.195% copper, 2.0 % lead, 10.44% zinc between 3 and 5 meters.
The company is in the process of compiling and integrating all results from the 2007 and 2011 drill programs to develop a three-dimensional structural interpretation that incorporates multiple high-grade rock chip samples collected away from the drilled areas.
Drilling was conducted using a direct circulation, rotating hammer, track mounted rig and Ingersoll Rand 750 cfm compressor. Drill hammer width is 4.5 inches. Samples were collected in a cyclone at one meter intervals and split with a Jones splitter. All samples were split on site with half of the sample kept for archival purposes. At least one duplicate sample was collected from all holes. Samples were taken directly to Inspectorate Laboratory sample preparation lab in Hermosillo, Sonora at the end on each days drilling. Sample pulps were analyzed by Inspectorate in their laboratory in Richmond, British Columbia using AuAg-1AT-GV for gold and silver and BM-AR-OR for copper, lead and zinc, quantitative procedures designed for ore grade samples.
Read the full news release here.
