Mr. Ronald Goguen reports

COLIBRI OUTLINES MINERALIZED STRUCTURES AT BANCO DE ORO AND LA BONANCITA

Colibri Resource Corp. has released the results of recent geological mapping and outcrop sampling completed at the Banco de Oro and Bonancita targets on the Plomo property, EP gold project, Caborca gold belt, Sonora.

Ron Goguen, president and chief executive officer of Colibri, commented: "Our compilation and interpretation of exploration data covering our EP project, consisting of our Evelyn property and the newly acquired Plomo property, has provided the company with a strong foundation for continued exploration. On the Plomo property, we will swiftly continue hitting the ground and completing the necessary basic boot and hammer work required to support advanced exploration and an inaugural drill program. On the Evelyn side of the property, we are preparing for a drill program to evaluate newly acquired geochemistry results and to test targets that have already advanced through the exploration pipeline."

Banco de Oro historical summary and results

Background

The historical Banco de Oro mine is located on the southwestern part of the Plomo property and consists of a narrow south-southeast-striking and shallow west-dipping open cut developed on surface over an approximately 70-metre strike length. The full extent of underground development is unknown to the company, however, historical sampling of the fault zone exposed in the open cut at surface and underground returned 298.0 grams per tonne (g/t) gold (Au) over 2.35 metres, 15.1 g/t Au over 0.65 metre, 14.5 g/t Au over 0.80 metre and 11.0 g/t Au over 0.60 metre. A grab sample collected during due diligence fieldwork by the company assayed 12.3 g/t Au.

Numerous historical surface grab samples more than one g/t, including five samples more than five g/t Au, from the Banco de Oro target area form a north-northeast trend over an approximately one-kilometre distance. Reconnaissance-level fieldwork completed by Colibri during its due diligence process returned 7.56 g/t Au and 1.99 g/t Au from grab samples along this northeast trend.

Mineralization at Banco de Oro consists of brecciated quartz veins hosted in foliated sericitized and pyrite-bearing rhyolite. It is interpreted to be located at the intersection of a north-northwest-trending fault zone, which is mapped on the Evelyn property and extrapolated onto the Plomo property (supported by the interpretation of a resistivity survey) and the northeast-trending mineralized zone described here. The Banco de Oro is a priority target area with the objective of developing a drill plan.

Current results

Geological mapping recently completed by the company was focused on covering the northeast trend and covered an area of approximately 41 hectares, extending approximately 500 metres north of the historic Banco de Oro mine. Bedrock exposure in the map area was limited, however, several outcrops of tourmaline-quartz breccia were mapped, which form a northeast trend. Sixty-six grab samples of outcrop were collected for Au assay and the results indicate a widespread area gold enrichment; Au was detected in 46 of the samples; 14 samples returned Au assays more than 0.1 g/t Au with a high value of 1.49 g/t Au.

Bonancita summary and results

Background

The Bonancita target area is located in the north-central part of the Plomo property and consists of four prospects, all of which contain historical assays from outcrop samples more than one g/t Au. Three of the prospects, Bonancita, Bonancita NWI and Bonancita NWII, form a northwest-trending linear, approximately two kilometres in length, which is coincident with both a strong topographic lineament and with a strong, northwest-trending, regional-scale magnetic gradient lineament. Historical work in the Bonancita target area has mapped very strong northwest-trending foliation development. The prospects comprising the Bonancita target area are delineated by a number of historical outcrop grab sample assays greater than one g/t Au and include high values of 16.3 g/t Au and 6.44 g/t Au.

Current results

Geological mapping and sampling recently completed by the company were limited to the southernmost prospect where the objective was to evaluate a northwest mineralized trend defined by historical sampling, including a high value of 7.62 g/t Au, occurring within a wider zone of vein quartz. Approximately 60 hectares were mapped and a total of 75 outcrop samples were collected for Au analyses. Au was detected in 55 of the 75 samples analyzed; 15 of the samples returned values more 0.1 g/t Au and three of the samples contained Au more than 1.0 g/t, with a high sample of 2.72 g/t Au. The mapping and sampling confirmed the previously delineated northeast mineralized structure. Mineralization within the trend is characterized by vitreous quartz with weakly disseminated but ubiquitous pyrite and oxidized pyrite and locally containing galena. This style of mineralization contrasts sharply with adjacent vein quartz, which is milky white, and contains no visible sulphide, and very low-grade Au values. Mapping has also delineated a northeast trend of anomalous to higher-grade samples within the area of historical sampling.

Colibri views the Bonancita target area as an earlier-stage opportunity to evaluate the potential for a large gold system. Work was initiated in the southern-most prospect area (Bonancita) of the Bonancita northwest trend and will be extended to the northwest.

EP project next steps

The company continues to evaluate both the Evelyn and Plomo properties of the EP gold project with the objective of advancing prospects and prioritizing drill targets. The company will continue to evaluate mineralized domains at the Banco de Oro, Bonancita and Pavo Real targets, as well as initiating work at the San Perfecto target. The company anticipates continued exploration to include geological mapping as well as trenching with a mechanical shovel. On the Evelyn side, the company is currently planning a reverse circulation (RC) drilling program to follow up on positive soil geochemistry results north and south of the main zone a well as west of El Sahuaro.

About Plomo

The newly acquired Plomo property is contiguous with the company's Evelyn property and collectively they comprise the company's EP gold project covering a total area of 4,766 hectares. The EP gold project is located in the 500-kilometre-long, northwest-trending Caborca gold belt, which includes the more-than-15-million-ounce La Herradura mine, located 25 kilometres west of EP, the more-than-two-million-ounce Noche Buena mine, located approximately eight kilometres southwest of EP, and the past-producing Soledad-Dipolos mine (more than three million ounces Au), located approximately 32 kilometres to the northwest of EP.

Highlights of the Plomo property include:

• The historical database, totalling 1,853 surface rock samples, includes 524 samples greater than 0.1 gram per tonne Au, 132 samples greater than 1.0 g/t Au and 15 high-grade samples greater than 10 g/t Au. Surface exploration, including prospecting, mapping and rock sampling since 2007, has resulted in the identification of nine target areas on the Plomo property.
• Underground sampling completed in the adit at the Banco de Oro prospect in 2008 are reported to has included 298.0 g/t Au over a chip length of 2.4 metres.
• The Plomo property has been the subject of only very limited exploration drilling, completed in 2008, with a total of 1,570 metres completed in 10 holes. Highlights of the drilling are 0.66 g/t Au over an intersection length of 11.65 metres and 0.92 g/t Au over an intersection length of four m.
• The Plomo property has had small-scale artisanal mining, including pits, adits and placer mining dating back to the 18th century. The first recorded exploration was in 2006 and the property has been the subject of only episodic exploration since that time.
• Mapping completed by Colibri geologists confirmed vein style mineralization consisting of veins, veinlets and vein stockworks, altered host rocks that include intense silicification, sericite, disseminated pyrite, and locally tourmaline-bearing stockworks and breccias.
• Sampling by Colibri completed during its due diligence evaluation confirmed the historical distribution of high-grade samples at Plomo and included 25 grab samples with values more than 1.0 g/t Au, including six samples with values more than five g/t Au. A total of 62 grab samples taken by Colibri during due diligence sampling returned Au assay values more than 0.1 g/t Au.

QA/QC (quality assurance/quality control)

Assays for the Plomo mapping and sampling program have been completed at ALS Laboratories 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

Jamie Lavigne, PGeo, 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 is focused on acquiring and exploring prospective gold and silver properties in Mexico. The company holds six high-potential precious metal projects, all of which have planned exploration programs for calendar 2023.

We seek Safe Harbor.