Mr. Ron Goguen reports

COLIBRI EXPANDS THE MAIN ZONE AT EVELYN - DRILLS 0.47 G/T AU OVER 29M INCLUDING 0.97 G/T AU OVER 6 M

Colibri Resource Corp. has provided assay results of recently completed exploration drilling at the company's wholly owned Evelyn gold property located in the Caborca gold belt, Sonora, Mexico.

Highlights include:

• Expansion of the Main zone: Results include a 29-metre intersection length at an average grade of 0.472 gram per tonne Au, including six m at 0.97 g/t Au.
• Extension of the West zone: An average grade of 0.47 g/t Au over an intersection length of 10 m, including two m at 1.10 g/t Au in a long-range, down-dip stepout from the West zone mineralization.
• Drill targets defined under alluvium cover: Overburden (alluvium) drilling defines areas of anomalous gold grades in bedrock, including a high value of 3.31 g/t Au.

Ron Goguen, president and chief executive officer of Colibri, commented: "The results continue to demonstrate the potential of the Evelyn property. We have stepped out down dip and have demonstrated continuity of longer mineralized intersections at the Main zone. With our increased understanding of the Main zone geology and mineralization, we have expanded our search to the north to explore under alluvial cover. With the short hole program and other ongoing work, we are developing the tools to explore the Evelyn property; our deep intercept at the West zone is an indication of this. In addition, we have developed an exploration plan for the recently acquired Plomo that will start with detailed geological mapping and sampling over selected targets. We look forward to soon having the problem of having to prioritize drilling from the numerous high-quality targets from our combined 4,766 hectare Evelyn-Plomo (EP) property position."

Drilling summary

Eight holes totalling 2,268 m were completed which include five holes at the Main zone and three holes on the western side of the property. Three core holes were drilled at the Main zone; two were drilled with a southwesterly azimuth targeting down dip on the Main zone followed by testing an induced polarization (IP) chargeability anomaly interpreted to underlie the Main zone. The third core hole was drilled with an easterly azimuth and was planned to intersect an inferred structure followed by testing the IP chargeability anomaly. The two reverse circulation (RC) holes were planned to evaluate interpretation and grade in the Main zone.

The three holes drilled on the western side of the property were planned to test targets derived from the company's IP survey completed in 2021. Hole EVE22-039 was planned to test a resistivity high located down dip of the West zone. Holes EVE22-040 and EVE22-041 were drilled to test a chargeability anomaly located on the flank of a larger resistivity high.

The company also completed a short hole drilling program. Designed to explore under the extensive alluvial cover that exists north of the Main zone, the company completed 130 vertical holes (1,548 m) at 25 m centres covering three target areas which were planned to cover interpretation of inferred structures.

Main zone discussion

All holes drilled in the Main zone intersected multiple horizons of gold mineralization. Highlights of Main zone drilling include:

• Hole EVE22-051: 34.70 m at an average grade of 0.28 g/t Au, including 5.65 m at one g/t Au;
• Hole EVE22-184: 29 m at an average grade of 0.47 g/t Au, including six m at 0.97 g/t Au;
• Hole EVE22-185: 20 m at an average grade of 0.11 g/t Au.*

*Hole EVE22-185 was terminated in the above noted mineralized zone due to drilling conditions.

The Main zone mineralization occurs as a north-northeast-striking and moderately easterly dipping quartz vein that is discontinuously exposed on surface over a strike length of approximately 120 m. The quartz vein pinches and swells along the strike length on surface, reaching a maximum exposed thickness of approximately 1.5 m. Grab samples from surface exposures of the vein have returned assay values of 43.9 g/t Au and 40.1 g/t Au. Previous drilling has intersected similar high-grade mineralization and includes 12.19 g/t Au over an intersection length of three m. Mineralization in both the hangingwall and footwall of the Main zone vein includes multiple quartz vein intersections and low- to locally moderate-grade Au assay values in chlorite-carbonate-pyrite altered host rocks.

With the addition of the four holes reported here, the Main zone is now interpreted, based on evaluation at a 0.1 g/t Au cut-off grade, as a series of moderately east-dipping lenses occurring over an approximate strike length of 250 m and drilled to a vertical depth of approximately 120 m. The lowermost of the lenses projects up dip, west of the trace of the Main zone on surface, to an area where trenches completed in 2021 returned anomalous gold values up to 1.96 g/t Au.

Hole EVE22-53 was drilled with an eastern azimuth to test a north-northeast-trending fault zone constrained by limited outcrop exposure and inferred from a magnetic lineament. A fault zone characterized by strong foliation, fault breccia and strong silicification with minor pyrite and trace chalcopyrite was intersected over an approximately five m interval from approximately 88 m down hole. The silicified fault is mineralized as follows:

• Hole EVE22-053: 4.05 m at an average grade of 1.52 g/t Au, including 0.75 m at 7.54 g/t Au.

Hole EVE22-053 was deepened to test the IP chargeability anomaly underlying the Main zone at a deeper position relative to holes EVE22-051 and 052. All holes intersected long intercepts of weakly disseminated pyrite which is interpreted to be the source of the chargeability anomaly; however, only slightly anomalous Au grades were realized. EVE22-053 contained an approximately 165 m intercept characterized by fracture-controlled to pervasive epidote-chlorite alteration commonly with weakly disseminated pyrite. The company is currently completing whole-rock and trace element geochemistry on selected intervals of hole EVE22-053 and is evaluating the epidote-chlorite intercept in the context of an intrusion-related or porphyry-related copper-gold system.

West zone discussion

The West zone is located in the northwestern quadrant of the property and is characterized by north-northeast-trending magnetic highs which appear to be overprinted by north-northwest-trending structures. Eight holes totalling 723 m were completed at the West zone during the winter of 2022 (Colibri news release date Aug. 25, 2022). Narrow mineralization characterized by vein quartz was intersected in five of the eight holes. Highlights of the winter 2022 drilling include intersections of 1.92 g/t Au over one m in hole EVE22-033 and 1.30 g/t Au over one m in hole EVE22-036.

A north-northeastern strike and moderate easterly dip is interpreted from the airborne magnetic survey and modelling magnetic susceptibility measurements completed on RC drill chips. The drill intercepts combined with lower-grade to anomalous Au intersections have been interpreted as two subparallel north-northeast-striking and easterly dipping zones. The company has projected this orientation down dip to the east where it intersects a flat-lying apparent resistivity feature.

Hole EVE22-039 tested this target. Significant assays from the drilling on the western Evelyn property is summarized:

• Hole EVE22-039: 10 m at an average grade of 0.47 g/t Au, including two m at 1.10 g/t Au.

Holes EVE22-040 and EVE22-041 were planned to explore an arcuate large-scale chargeability anomaly on the western side of the Evelyn property south of the West zone. These holes returned isolated, narrow and low-grade intercepts.

Short hole program discussion

To explore under extensive alluvial cover north of the Main zone, 130 holes were drilled in a grid-like fashion at 25 m spacing. The grids were planned to cover three interpreted (inferred) structures. Vertical holes were drilled through the alluvium and generally a few metres into bedrock. A total of 1,548 metres were drilled and 954 1 m samples of bedrock were recovered. A total of 295 samples have been analyzed for Au. Sixty (or 20 per cent) of the samples analyzed returned values over 0.05 g/t Au, 33 (11 per cent) samples returned values over 0.1 g/t Au and four samples have Au values over 0.7 g/t with a high value of 3.31 g/t Au.

Preliminary interpretation of the data, taking a geochemical approach to evaluate the spatial distribution of anomalous to low-grade Au values in the first bedrock sample in each hole, indicates the presence of clusters and trends of Au. Although somewhat unconstrained by the current short hole drilling distribution, the trends evident in the analysis to date are consistent with structural orientations mapped and inferred on the property. Assays are pending from additional selected samples from the deeper holes drilled in the short hole program. The company will be evaluating extension of the Main zone to the northwest and testing lithostructural settings with the objective of intersecting more pervasively developed and potential higher-grade mineralization.

Quality assurance/quality control

Assays for the Evelyn phase 1 drilling program have been completed at ALS Laboratories (ALS) with sample preparation completed in Hermosillo, Sonora, and atomic absorption and fire assay analyses completed in Vancouver, Canada. Colibri employs industry-standard QA/QC protocol, including the use of control samples (certified standards and blanks) and check assays. Jamie Lavigne, PGeo, has supervised the drilling program at Evelyn.

Qualified person

Mr. Lavigne, PGeo and a director for Colibri, is a qualified person as defined in National Instrument 43-101 and has reviewed and approved the technical information in this press release.

About Colibri Resource Corp.

Colibri is a Canadian-based mineral exploration company listed on the TSX Venture Exchange (CBI) and focused on acquiring and exploring prospective gold and silver properties in Mexico. The company holds seven high-potential precious metal projects, of which six have planned exploration programs for calendar 2023.

We seek Safe Harbor.