Mr. Ron Goguen reports

COLIBRI DEFINES A STRONG SOIL ANOMALY ALONG STRIKE OF THE MAIN ZONE AT EVELYN PROPERTY

Colibri Resource Corp. has identified the occurrence of a soil gas hydrocarbon (SGH) gold anomaly located south of the Main zone on the company's Evelyn-Plomo (EP) project located in the Caborca gold belt, Sonora, Mexico.

Ron Goguen, president and chief executive officer of Colibri, commented: "SGH is a soil geochemistry exploration method that has been successfully used for the detection of precious and base metal mineralization buried under glacial sediments in the Abitibi region of Quebec and Ontario. We are very pleased to have applied this method and generated such a high-quality target at the Main zone on our EP project in the Sonoran Desert. We look forward to drill testing this new target with the hopes of expanding the Main zone and plan to continue evaluating the SGH method as a tool for future exploration on the EP project."

Main zone and SGH survey

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 metres. 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 grams per tonne gold and 40.1 g/t Au. Previous drilling has intersected similarly 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-sericite-carbonate-pyrite altered host rocks. Wider intersections of mineralization at the Main zone include: 0.47 g/t Au over an intersection length of 29 m, 0.28 g/t Au over an intersection of 34.7 m (including one g/t Au over 5.65 m) and 0.17 g/t Au over an intersection length of 86 m (including 0.55 g/t Au over 10 m). To the south, the Main zone is projected under an apron of colluvium derived from the higher terrain to the east.

The SGH soil sample grid was laid out to explore the interpreted Main zone vein projection and consisted of 110 soil samples collected at 25 m stations along 100 m spaced lines. The interpretation of the SGH data includes two anomalous areas on the SGH gold pathfinder class map, predicted gold mineralization domains with a SGH signature rating of five out of a possible six, and a redox zone coincident with the SGH gold anomalies. The northernmost grid line and resulting anomaly overlie the exposed Main zone, whereas the remaining southern lines and the resulting anomaly are located in an undrilled area over colluvium. Collectively, these interpreted features indicate a robust SGH response with a high degree of confidence that it is indicative of blind mineralization underlying the southern SGH gold anomaly.

About SGH

SGH is a deep-penetrating geochemical exploration method that involves the analysis of surficial samples from over potential (buried) mineral or petroleum targets. The analysis involves the testing for 162 hydrocarbon compounds in the C5-C17 carbon series range applicable to a wide variety of sample types. Samples are collected over the target in a systematic manner such as the sample grid employed on the EP project. Analysis and interpretation of the results have been completed at Activation Laboratories Inc. (Actabs) located in Ancaster, Ont. Actlabs has developed an in-depth understanding of the unique SGH signatures associated with different metals, deposit types and commodity targets. Using a forensic approach based on scientific research, orientation surveys over known (buried) mineralization and the results of a high number of exploration projects, Actlabs has developed commodity target signatures, or templates, for identification and interpretation of analytical results. The results and interpretation of the SGH survey reported here have been summarized from the interpretation report provided to the company by Actlabs.

Qualified person

Jamie 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 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.

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