Category: Canada

CANADIAN miner Lion One Metals, owner and operator of Tuvatu Gold Mine in Nadi, has reported an operating income of $C6,302,540 ($F10.5m) on the back of a $C17,993,020 ($F28.7m) revenues from gold sales for the quarter ended December 31, 2024.

The numbers represented increases of 312per cent and 72per cent respectively compared to the previous quarter and were attributed mainly to increases in gold production at the mine.

“The company is ramping up production at the Tuvatu gold mine in Fiji and this dramatic increase in mine operating income is primarily due to an increase in gold production,” Lion One announced early this month at the Toronto Stock Exchange (TSX), where it is listed.

“The company has achieved consistent quarter-over-quarter improvements in gold grades and gold recoveries since the Tuvatu processing plant was commissioned in early 2024, culminating in the record gold revenue reported for Q4 calendar year (CY) 2024.”

Lion One, founded and chaired by global mining magnate Walter Berukoff, had struck gold bonanza during its first year of mining at its Tuvatu project last year, culminating to a record quarterly gold sales of $C17,993,020 ($F28.7m) from 4741 ounces of gold sold during Q4 CY2024, according to its TSX January filing.

“Lion One Metals sold approximately 4741 oz of gold and 841 oz of silver during the three-month period ending December 31, 2024,” the company stated.

Gold revenue for the quarter was enhanced by higher gold prices, improved gold grades and recoveries, and the addition of unsold gold from the previous quarter, the company added.

The mine, whose gold system is deemed comparable to that of regional giants such as Barrick Gold’s 25-million oz. Porgera mine and Newmont’s 40-million oz.-plus Lihir mine in Papua New Guinea, is currently being expanded to 600 tonnes daily by next year.

“2024 was a pivotal year for Lion One Metals as we brought the Tuvatu mine in Fiji into production at the pilot plant level,” chairman Berukoff said.

“We are delighted to have achieved consecutive increases in production every quarter throughout 2024, culminating in a record $C18.0M of quarterly revenue at the end of the year.

“As we continue to develop the mine and unlock the higher-grade portions of the deposit, we look forward to continuing this trend of increased production at Tuvatu, and ultimately doubling our plant capacity from 300 tpd to 600 tpd in 2026.”

Lion One Metals had also implemented an aggressive cost-cutting program during the six months ended December 2024, which it said resulted in a 13 per cent reduction in cost of sales per ounce of gold for Q4 CY2024 compared to the previous quarter, with more savings expected this year.

The Toronto Stock Exchange (“TSX”) has published for comment proposed amendments (the “Proposed Amendments”) to Part III – Original Listing Requirements and Part V – Special Requirements for Non-Exempt Issuers (“Part V”) of the TSX Company Manual (the “Manual”), including certain ancillary changes. Comments are due by May 5, 2025.

Proposed Amendments

The TSX recently conducted a review of its original listing requirements, which included a comparison of the requirements of other senior international exchanges, an analysis of previously granted waivers and exemptions and discussions with experts on sector-specific matters. The purpose of the review was to ensure that the rules: (i) continue to reflect the current needs and expectations of Canadian and global capital market participants; (ii) provide clear and pragmatic listing requirements; and (iii) reduce the need for discretionary waivers and exemptions, thereby reducing issuer burden, while maintaining sound requirements to protect marketplace quality.

Industrial companies

The TSX believes that the current subcategories under the “Industrial” category do not always align with the businesses of applicant issuers and are unconventional compared to the listing categories of the TSX’s peer exchanges. As a result, the TSX is proposing to change the name of the Industrial category to “Diversified” and to replace the existing subcategories with three new subcategories: (i) “Income & Revenue-Producing”; (ii) “Pre Income-Producing”; and (iii) “New Enterprise” (excluding special acquisition corporations (SPACs)). The TSX views the primary elements of a successful listing to be operations, adequate funding and market support, along with management and governance-related matters. The proposed new listing subcategories contain requirements that would provide applicants with flexibility to satisfy these criteria in a variety of ways that correspond to where they are in the business cycle.

The new requirements associated with the proposed subcategories are set out below.

Proposed Subcategories

Income & Revenue-Producing Companies (Exempt)

Operations

(a) annual audited pre-tax net income from continuing operations of C$750,000 (the “Income Test”); or

(b) annual audited revenue of C$10,000,000 (the “Revenue Test”).

Funding

(a) if the Income Test is met, evidence of an appropriate capital structure; or

(b) if the Revenue Test is met,

(i) positive pre-tax cash flow from operations in the most recently completed audited annual and interim financial statements; or

(ii) 12-month run rate calculation demonstrating sufficient funding for the period.

Market support

C$100,000,000 market capitalization.

New Enterprise Companies (Non-Exempt)

Operations

(a) management experience and expertise; and

(b) proof of business concept.

Funding

(a) equity raise of C$100,000,000 in the six months preceding the filing of the listing application along with a 12-month run rate calculation demonstrating sufficient funding to advance the project per stated targets identified in a feasibility report (the “12-month Test”); or

(b) a 24-month run rate calculation demonstrating sufficient funding to advance the project as per stated targets identified in a feasibility report (the “24-month Test”).

Market support

(a) if the 12-month Test is met, C$100,000,000 market capitalization; or

(b) if the 24-month Test is met, C$200,000,000 market capitalization.

Mining companies

The Proposed Amendments for mining companies would: (i) clarify certain terms; (ii) modernize certain requirements to better align with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”); and (iii) update certain monetary requirements to account for inflation and increase the required work program spend to better reflect current project costs. Other changes would include removing the net tangible asset requirement, adding a market capitalization requirement and framing the funding requirement in terms of a run rate calculation rather than a sources and uses of funds.

The revised criteria relating to mining companies is summarized below.

Proposed Amendments

Producing Mining Companies (Non-Exempt)

(a) proven and probable reserves to provide a mine life of at least three years on a Qualifying Property, detailed in a report by an independent qualified person, together with evidence satisfactory to the TSX indicating a reasonable likelihood of future profitability supported by a feasibility study or documented historical production and financial performance;

(b) either be in production or have made a production decision on the Qualifying Property referred to above;

(c) an 18-month run rate calculation demonstrating:

(i) sufficient funding to bring the Qualifying Property into commercial production; and

(ii) adequate working capital to fund all budgeted capital expenditures and carry on the business, signed by a qualified person;

(d) evidence of an appropriate capital structure; and

(e) market capitalization of at least C$50,000,000.

Mineral Exploration and Development-Stage Companies (Non-Exempt)

(a) an advanced property, detailed in a report prepared by an independent qualified person. The TSX will generally consider a Qualifying Property to be sufficiently advanced if it has or is supported by a current mineral resource estimate and/or a current reserve estimate, as defined in NI 43-101;

(b) planned work program of exploration and/or development, of at least C$5,000,000 that is satisfactory to the TSX, will sufficiently advance the property and is recommended by a qualified person;

(c) an 18-month run rate calculation demonstrating sufficient funds to:

(i) complete the planned program of exploration and/or development on the company’s property; and

(ii) meet estimated general and administrative costs, anticipated property payments and capital expenditures for the period, signed by a qualified person;

(d) evidence of an appropriate capital structure; and

(e) market capitalization of at least C$50,000,000.

Senior Mining Companies (Exempt)

(a) annual audited pre-tax net income from continuing operations in the fiscal year immediately preceding the filing of the listing application;

(b) pre-tax cash flow from operations of C$1,250,000 in the fiscal year immediately preceding the filing of the listing application and an average pre-tax cash flow from operations of C$900,000 for the two fiscal years immediately preceding the filing of the listing application;

(c) proven and probable reserves to provide a mine life of at least three years, detailed in a report prepared by an independent qualified person;

(d) adequate working capital to carry on the business and an appropriate capital structure; and

(e) market capitalization of at least C$100,000,000.

Oil and gas companies

The TSX is proposing significant increases to the proved developed reserves requirement and intends to restructure the listing requirements for oil and gas companies in the same manner as the Diversified category (i.e., to include requirements for operations (reserves), funding (production or cash flow) and market support (market capitalization)).

The revised criteria, which would include the removal of the “Oil and Gas Development Stage Companies” subcategory, is summarized below.

Proposed Amendments

Oil and Gas Companies (Non-Exempt)

(a) proved and probable reserves of C$100,000,000, the majority of which is proved;

(b) either (i) positive pre-tax cash flow from operations evidenced in the most recently completed audited annual and interim financial statements or (ii) a 12-month run rate calculation demonstrating sufficient funding for the period; and

(c) market capitalization of at least C$50,000,000.

Senior Oil and Gas Companies (Exempt)

(a) proved reserves of C$100,000,000;

(b) both (i) average production rate of 10,000 boepd for the most recently completed quarter and (ii) positive pre-tax cash flow from operations evidenced in the most recently completed audited annual and interim statements; and

(c) market capitalization of at least C$100,000,000.

Public float

The Proposed Amendments would remove the C$4 million public float requirement in sections 310, 315 and 320 of the Manual. Given the proposed minimum market capitalization requirements of C$50-$200 million (depending on the listing category), the TSX believes that the C$4 million public float requirement may no longer be viewed as a meaningful threshold impacting liquidity.

Sponsorship

The TSX is proposing to make the sponsorship requirements simpler and more transparent and to decouple sponsorship from the determination of whether an issuer is Exempt or Non-Exempt. Sponsorship would be required for all applications:

• submitted without the issuer having filed a prospectus for an offering of securities underwritten by a participating organization of the TSX within six months of the listing date, unless graduating from the TSX Venture Exchange;
• related to an emerging market jurisdiction;
• that involve governance issues for which the TSX requires additional commentary;
• that, based on the TSX’s review of management personal information forms and experience, require additional commentary; or
• that, based on the TSX’s review of title and ownership of a resource property, require additional commentary.

The TSX would maintain discretion to require sponsorship for other reasons.

Special requirements for Non-Exempt issuers

The TSX is proposing to remove Part V from the Manual. Part V is intended to protect minority security holders of Non-Exempt issuers in connection with transactions between the issuer and related parties that do not involve the issuance or potential issuance of listed securities. Since the implementation of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions, security holders are protected under securities law, and the TSX believes that it would be redundant and burdensome for both issuers and TSX staff to continue to comply with Part V of the Manual.

What’s Next?

Subject to regulatory approval, the Proposed Amendments are expected to become effective in the second quarter of 2025. If the Proposed Amendments are implemented, the TSX intends to conduct a similar analysis of the continued listing requirements.

[View source.]

Open this photo in gallery:

Stephen Pincus and Brad Ross are partners at law firm Goodmans LLP.

The trade war with the U.S. has drawn Canadians’ attention to the need to strengthen our economy and make it less reliant on others. That cannot be done without fixing our broken capital markets.

During the past 20 years, the number of operating companies listed on the Toronto Stock Exchange has dropped by more than 35 per cent. Over that period, the three-year average number of TSX operating company IPOs has dropped from 40 to less than two per year, and the average amount raised on those IPOs has dropped from $3.5-billion to less than $1-billion per year. The decline is stunning.

This is a major problem for Canada’s businesses and our economy as a whole. It also directly harms Canadian families and retirees. The weakness of Canada’s capital markets and resulting reliance on foreign sources of capital threatens the country’s economic sovereignty.

The lack of healthy domestic public markets hinders access to capital for Canadian businesses. This makes it more difficult for them to improve productivity and remain competitive. It also forces Canadian businesses to seek capital elsewhere. Large companies may be able to access the U.S. public markets, but this means foreign ownership and regulation by the U.S. government. Smaller and medium-sized companies must rely on private capital – often also from foreign sources – which typically involves limited investment time horizons, significant debt burdens and less transparency than the public markets.

Then things get worse. Private owners need to monetize their investments. If a Canadian IPO is not viable, the typical exit path would be the sale of the Canadian business to a foreign company or private investor. Foreign ownership costs Canada our head offices, our human capital and our intellectual property. The flight of intellectual property discourages its future development, and the knock-on effects of this may be felt for generations.

Most Canadians are not able to directly invest in private equity firms or private companies. Without a broad range of stock-exchange listed Canadian businesses to invest in, Canadian families have limited investment opportunities. This problem especially affects retired Canadians who rely on income-generating investments. The decline of Canada’s public capital markets thus increases economic inequalities between the wealthiest Canadians, who can invest privately, and average Canadians, who rely on the public markets.

Provincial securities regulators can help by removing some of the barriers to companies going public and remaining public in Canada. These changes are important, but studies have shown that alone they are unlikely to reverse the downward trend.

We need our federal government to kick-start the reversal by using fiscal and tax policy to encourage businesses to list and stay listed on Canadian stock exchanges, and to incentivize Canadians to invest in them. A range of potential creative solutions – some based on adapting successful precedents – are available for different types of businesses and industries.

Investors in some resource exploration and development companies, for example, can convert potential future losses into current capital where the companies “flow through” those losses to their shareholders. Such “flow through” structures could be adapted to encourage investment in publicly listed technology and other growth-oriented companies. This could ignite fresh capital markets activity in a critical sector of the Canadian economy.

On the other hand, for retirees and other Canadians who need investments that yield steady cash flow, it may be worth adapting a “made in Canada” capital markets product that was highly popular in the early 2000s: the income trust. The vast majority of TSX IPOs in this period used this structure, which not only enabled mature Canadian businesses to access capital and grow but also attracted non-Canadian businesses to list on the TSX. Concerns about potential tax leakage could be addressed by limiting the use of this structure to smaller and medium-sized companies.

Other potential solutions could include reduced corporate tax rates for companies that go public, capital-gains tax relief for share sales after an IPO, accelerated tax deductions for IPO costs, and other tax credits or incentives for investment in small and medium-sized public companies.

So long as our capital markets are unattractive to companies and investors, the Canadian economy will remain vulnerable to attack. If we soon head into a federal election as expected, we should call on all parties to seize this opportunity and propose ways to revitalize our Canadian capital markets. Our economic sovereignty depends on it.

Swiss Re has entered an agreement to sell its entire 10.05% stake in Definity Financial, comprising 11,647,217 common shares.  

The shares are being sold by Swiss Re Investment Holdings Company through an underwritten block trade, with the deal closing on 19 March 2025. 

Swiss Re sold the shares at C$56.20 apiece, resulting in total proceeds of approximately C$655m.  

This transaction is underwritten by CIBC Capital Markets and National Bank Financial.  

In March 2024, Swiss Re and its subsidiary, Swiss Re Investments Holding Company, acquired 197,217 common shares of Definity through the Toronto Stock Exchange at an average price of C$46.25 each. 

Before the March 2024 acquisition, Swiss Re’s stake in Definity was approximately 9.88%. The purchase increased its holding to the current 10.05%.  

Swiss Re Group CEO Andreas Berger said: “We are very impressed with the significant progress Definity has made since its IPO [initial public offering] in November 2021 and continue to value the ongoing business relationship with the company.  

“Swiss Re continues to be a strong believer in Definity’s path towards becoming a leading P&C [property and casualty] insurer in Canada. The sale was done in the context of a regular review and rebalancing of Swiss Re’s investment portfolio and is consistent with the Group’s overall investment strategy across equity and alternative investments.” 

Swiss Re reported net income of $3.2bn (SFr2.82bn) in 2024, with the fourth quarter contributing $1.1bn.  

The P&C Reinsurance division reported net income of $1.2bn for the year, while the Life & Health Reinsurance division’s net income stood at $1.5bn. 

Earlier this month, the company appointed Kera McDonald as its new group chief underwriting officer, with her tenure set to commence on 1 June 2025.  

Canadian e-commerce giant Shopify is moving its U.S. stock market presence from the New York Stock Exchange (NYSE) to the Nasdaq. 

The transition will take effect on Monday, 31 March 2025, with trading on the NYSE ceasing at market close on Friday, 28 March. However, Shopify’s listing on the Toronto Stock Exchange (TSX) will remain unchanged, while the company continues to trade under the ticker symbol “SHOP” on both exchanges.

The statement read: “Shopify expects that its Class A Subordinate Voting Shares will cease trading on the NYSE at market close on Friday, March 28, 2025 and that its Class A Subordinate Voting Shares will commence trading on the Nasdaq on Monday, March 31, 2025.

Shopify’s listing on the Toronto Stock Exchange (“TSX”) will not be impacted, and its Class A Subordinate Voting Shares will continue to be listed under the ticker symbol “SHOP” on both the TSX and Nasdaq.”

The company did not provide a specific reason for the switch in its filing with the U.S. Securities and Exchange Commission (SEC). However, a spokesperson for Shopify stated, “We’re excited to join the Nasdaq community and be listed among the most innovative tech companies in the world.”

This change comes as Shopify stands on strong financial performance. In its latest quarterly report, the company posted a 31% year-on-year revenue increase, bringing in $2.8 billion in Q4 2024. Shopify’s market capitalisation now stands at $121 billion, a 55% surge compared to the previous year.

The move to Nasdaq places Shopify alongside some of the world’s biggest technology firms. Nasdaq is often favoured by tech companies due to its high concentration of growth-oriented businesses and advanced trading infrastructure. 

While companies switch exchanges for various reasons, ranging from cost savings to strategic positioning, Shopify’s decision is in alignment with Nasdaq’s reputation as a hub for innovation-driven firms.

Shopify, which provides digital infrastructure for millions of businesses globally, has been steadily expanding its influence in the e-commerce sector. The company’s platform powers brands like SKIMS, Supreme, and Meta.

(MENAFN– Newsfile Corp)
Dieppe, New Brunswick–(Newsfile Corp. – March 19, 2025) – Colibri Resource Corporation (TSXV: CBI) (“Colibri” or the “Company”) is pleased to share the assay results from the next two holes drilled in its recent 10 hole diamond drilling program (1,167.5 metres) at the El Pilar Gold & Silver Project in Sonora Mexico. Colibri holds 49% interest of the El Pilar along side its partner Tocvan Ventures, which holds a 51% ownership in this advanced stage exploration project. Tocvan is the operator of the El Pilar.

“We are very happy with the assay results from hole JES-25-105. The hole is highlighted by 36.3 metres of 1.6 g/t gold (starting at surface and is contained within a longer intercept of 66 metres at 1.0 g/t gold). These are extremely favorable grades to encounter when looking for an open pitable gold deposit in Sonora and confirms the site as a source of moderate grade material for the planned 50,000 tonne test mine/bulk sample . We look forward to releasing the results from the remaining 6 holes of this program in due course as the data is received.” commented, Colibri President & CEO Ian McGavney.

Figure 1: Planview of Main Zone Area – today’s results highlighted in red. Intervals reported are drilled lengths, the Company will update on estimated true thickness once all new drill data has been processed.

To view an enhanced version of this graphic, please visit:

Figure 2. 3D North to South Long-Section of the drilled Main Zone area. Drill results announced today are in red.

To view an enhanced version of this graphic, please visit:

Tocvan – News Release – March 19 ^th , 2025

Highlights:

Main Zone Infill Provides Upgrade to Historic Drilling

1.6 g/t Au over 36.3 meters from surface within 66 meters of 1.0 g/t Au (Hole JES-25-105)

including 15.2 g/t Au over 1.2 meters, from 35.1 meters depth

and 5.8 g/t Au over 3.0 meters, from 9.0 meters depth

Mineralization from surface to 97.4 meters averaging 0.7 g/t Au

Results Pending for Six Additional Holes

Calgary, Alberta – March 19, 2025 – Tocvan Ventures Corp. (CSE: TOC) (OTCQB: TCVNF) (WKN: TV3/A2PE64) (the ” Company “), is pleased to announce results the latest core drilling at the Gran Pilar Gold Silver Project in mine-friendly Sonora, Mexico. Ten core drillholes totalling 1,167.5 meters were completed earlier this year within the majority owned (51%) Main Zone held in partnership with Colibri Resource Corp. Today’s results are highlighted by 1.6 g/t Au over 36.3 meters from surface, including 15.2 g/t Au over 1.2 and 5.8 g/t Au over 3.0 meters, starting from 9.0 meters vertical depth (JES-25-105). Mineralization correlates with at surface mineralization and lies within a broader anomalous zone drilled that averages 0.7 g/t Au over 97.4 meters . The result from JES-25-105, is a notable improvement from local historic drilling that returned 76.6 meters of 0.5 g/t Au (hole J-7) and 83.8m of 0.5 g/t Au (hole JESP-10), both drilled vertical from surface. To the southeast 100 meters, core hole JES-25-106 returned anomalous mineralization from surface to 122.2 meters depth with the most significant interval returning 3.45 meters of 0.4 g/t Au. Mineralization is known to weaken through this zone. More testing is required to determine the orientation of higher-grade zones known to occur in the area. Results for four core drillholes have now been released, results are pending for the remaining six holes.

“Infill drilling through the Main Zone is identifying precisely where we can source moderate to high-grade ore during pilot and full-scale mining.” commented, CEO Brodie Sutherland. “Positioned directly below surface trenching, we have a high degree of confidence in the extension of significant mineralization at Pilar. We are excited to evaluate the results for the remaining core holes as they will provide insight towards future development along parallel trends across the property. All information will be fed into our planned maiden resource estimate that will look to outline the resource potential across the Main Zone, an important milestone leading towards unlocking the full property potential.”

Hole ID	From (m)	To (m)	Interval (m)	Au (g/t)	Ag (g/t)
JES-25-105	0.00	97.35	97.35	0.65	3.60
including	0.00	66.00	66.00	0.95	4.93
including	0.00	36.30	36.30	1.59	8.08
including	9.00	12.00	3.00	5.75	5.60
and	35.1	36.3	1.20	15.35	4.30
JES-25-106	0.00	122.20	122.20	0.03	0.98
including	112.60	122.20	9.60	0.15	0.64

Table 1. Summary of Drill Results in today’s release. Intervals reported are drilled lengths, the Company will update on estimated true thickness once all new drill data has been processed.

Photo 1. Close up of high-grade gold sample (JES-25-105, 1.2 meters of 15.4 g/t Au and 4 g/t Ag, from 35.1m depth vertically from surface).

To view an enhanced version of this graphic, please visit:

Sample ID	From (m)	To (m)	Interval (m)	Au (g/t)	Ag (g/t)
675107	0.00	2.55	2.55	2.09	18.7
675108	2.55	5.60	3.05	1.29	11.5
675109	5.60	9.00	3.40	0.29	24.3
675110	9.00	10.30	1.30	8.00	7.0
675111	10.30	11.20	0.90	1.75	5.7
675112	11.20	12.00	0.80	6.61	3.2
675113	12.00	13.85	1.85	0.95	2.6
675114	13.85	15.75	1.90	2.34	5.7
675115	15.75	16.90	1.15	1.03	18.4
675116	16.90	18.05	1.15	0.10	14.9
675117	18.05	20.80	2.75	0.19	1.6
675118	20.80	22.85	2.05	0.10	1.2
675119	22.85	23.50	0.65	2.34	3.7
675120	23.50	26.25	2.75	0.05	0.7
675121	26.25	27.45	1.20	0.15	1.9
675123	27.45	29.00	1.55	0.22	3.8
675124	29.00	30.45	1.45	0.23	2.2
675125	30.45	32.50	2.05	0.22	6.7
675126	32.50	33.40	0.90	0.08	10.0
675127	33.40	35.10	1.70	0.26	4.0
675128	35.10	36.30	1.20	15.35	4.3

Table 2. Summary of Results from JES-25-105 from surface to 36.3m downhole.

Hole ID	Easting	Northing	Elevation (m)	Depth (m)	Azimuth	Dip
JES-25-105	617423	3144555	407.70	125.50	0	-90
JES-25-106	617469	3144471	430.85	149.60	055	-80

Table 3. Summary of drill collar locations and orientations. Coordinates are in UTM NAD 27, Zone 12N

Pilar Drill Highlights:

2024 RC Drilling Highlights include ( all lengths are drilled thicknesses ):

42.7m @ 1.0 g/t Au, including 3.1m @ 10.9 g/t Au

56.4m @ 1.0 g/t Au, including 3.1m @ 14.7 g/t Au

16.8m @ 0.8 g/t Au and 19 g/t Ag

2022 Phase III Diamond Drilling Highlights include ( all lengths are drilled thicknesses ):

116.9m @ 1.2 g/t Au, including 10.2m @ 12 g/t Au and 23 g/t Ag

108.9m @ 0.8 g/t Au, including 9.4m @ 7.6 g/t Au and 5 g/t Ag

63.4m @ 0.6 g/t Au and 11 g/t Ag, including 29.9m @ 0.9 g/t Au and 18 g/t Ag

2021 Phase II RC Drilling Highlights include ( all lengths are drilled thicknesses ):

39.7m @ 1.0 g/t Au, including 1.5m @ 14.6 g/t Au

47.7m @ 0.7 g/t Au including 3m @ 5.6 g/t Au and 22 g/t Ag

29m @ 0.7 g/t Au

35.1m @ 0.7 g/t Au

2020 Phase I RC Drilling Highlights include ( all lengths are drilled thicknesses ):

94.6m @ 1.6 g/t Au, including 9.2m @ 10.8 g/t Au and 38 g/t Ag;

41.2m @ 1.1 g/t Au, including 3.1m @ 6.0 g/t Au and 12 g/t Ag ;

24.4m @ 2.5 g/t Au and 73 g/t Ag, including 1.5m @ 33.4 g/t Au and 1,090 g/t Ag

15,000m of Historic Core & RC drilling. Highlights include:

61.0m @ 0.8 g/t Au

21.0m @ 38.3 g/t Au and 38 g/t Ag

13.0m @ 9.6 g/t Au

9.0m @ 10.2 g/t Au and 46 g/t Ag

Pilar Bulk Sample Summary:

62% Recovery of Gold Achieved Over 46-day Leaching Period

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

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

Additional Metallurgical Studies:

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.

Based on management’s strong belief in the project’s potential, the Company is outlining a permitting and operations strategy for a pilot facility at Pilar. The facility would underpin a robust test mine scenario with aims to process up to 50,000 tonnes of material. Timelines and budget are being prepared with the aim of moving forward with the development early in 2025. With gold prices hitting all-time highs, the Company believes the onsite test mine will provide key economic parameters and showcase the mineral potential of the area. In 2023, the Company completed an offsite bulk sample that produced important data showcasing the potential to recover both gold and silver through a variety of methods including heap leach, gravity and agitated leach (see August 22, 2023, news release for more details).

Quality Assurance / Quality Control

Rock and Drill samples were shipped for sample preparation to ALS Limited in Hermosillo, Sonora, Mexico and for analysis at the ALS laboratory in North Vancouver. The ALS Hermosillo and North Vancouver facilities are ISO 9001 and ISO/IEC 17025 certified. Gold was analyzed using 50-gram nominal weight fire assay with atomic absorption spectroscopy finish. Over limits for gold (>10 g/t), were analyzed using fire assay with a gravimetric finish. Silver and other elements were analyzed using a four-acid digestion with an ICP finish. Over limit analyses for silver (>100 g/t) were re-assayed using an ore-grade four-acid digestion with ICP-AES finish. Control samples comprising certified reference samples and blank samples were systematically inserted into the sample stream and analyzed as part of the Company’s robust quality assurance / quality control protocol.

Brodie A. Sutherland, CEO for Tocvan Ventures Corp. and a qualified person (” QP “) as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this release.

ABOUT COLIBRI RESOURCE CORPORATION:

Colibri is a Canadian-based mineral exploration company listed on the TSX-V (CBI) and is focused on acquiring, exploring, and developing prospective gold & silver properties in Mexico. The Company holds four high potential precious metal projects: 1) 49% Ownership of the Pilar Gold & Silver Project which is believed to hold the potential to be a near term producing mine, 2) 100% of EP Gold Project in the significant Caborca Gold Belt which has delivered highly encouraging exploration results and is surround by Mexico’s second largest major producer of gold on four sides, and 3) two highly prospective interests in the Sierra Madre (Diamante Gold & Silver Project and Jackie Gold & Silver Project.

For more information about all Company projects please visit: .

Contact:

Ian McGavney, President, CEO and Director
Tel: (506) 383-4274
…

Forward-Looking Statements

Neither the 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 news release.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release includes certain “forward-looking statements”. These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management’s expectations. Forward- looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, project development, reclamation and capital costs of the Company’s mineral properties, and the Company’s financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements. These and other factors should be considered carefully, and readers should not place undue reliance on the Company’s forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.

To view the source version of this press release, please visit

SOURCE: Colibri Resource Corporation

MENAFN19032025004218003983ID1109332181

Trusted News Since 1995

A service for global professionals
·
Wednesday, March 19, 2025

·
795,231,736
Articles


·
3+ Million Readers

Trusted News Since 1995

A service for global professionals
·
Wednesday, March 19, 2025

·
795,231,665
Articles


·
3+ Million Readers