Mr. Ronald Goguen reports

COLIBRI BEGINS PHASE 3 DRILLING AT THE EVELYN PROPERTY

Colibri Resource Corp. has received permission from the Mexican environmental authority (Secretaria del Medio Ambiente y Recursos Naturales (SEMARNAT)) to drill up to 2,000 metres (m) on the Evelyn property at the EP gold project on targets in the Main zone and West El Sahuaro areas. Mobilization of Colibri's reverse circulation drill rig took place over the past weekend and is scheduled to begin work today.

Main zone drill plan and description

The drill plan for the Main zone will test northwesterly trending fault zones located to both the south and north of the already defined Main zone lenses. These faults zones are interpreted to be controls on the occurrence of the north-northeast-trending mineralization in the Main zone.

To the south of the Main zone, the mapped fault/structure is approximately coincident with a well-defined soil gas hydrocarbon (SGH) anomaly. To the north of the Main zone, the drilling will test a geochemical anomaly resulting from a recently completed short-hole drill program coincident with a northwest structure inferred under alluvium. A total of 1,200 metres of RC drilling is planned for the Main zone targets.

If results of this drilling program at the Main zone further validate the company's current interpretation and geological model it has the potential to double, or more, the footprint of the Main zone. Northwest-trending structures are very important at established gold mines in the Caborca gold belt and if they are confirmed with the company's Main zone drilling it may provide the structural setting required to realize increased average grades.

The Main zone is located in the central part of the Evelyn property. It is interpreted as a series of north-northeasterly striking and moderately east-dipping lenses occurring over an identified strike length of approximately 250 m and drilled to a vertical depth of approximately 120 m.

Mineralization exposed on surface and in historical mine workings consists of a north-northeast-striking and moderately easterly dipping quartz vein that is discontinuously exposed 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 grams per tonne Au 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-carbonate-pyrite altered host rocks. Longer mineralized intercepts of veined and altered host rock at the Main zone include:

• 87 m at an average grade of 0.13 g/t Au, including an interval of eight m at 0.34 g/t Au;
• 86 m at an average grade of 0.17 g/t Au, including an interval of 10 m at 0.55 g/t Au;
• 34.7 m at an average grade of 0.28 g/t Au, including 5.65 m at one g/t Au;
• 29 m at an average grade of 0.47 g/t Au, including six m at 0.97 g/t Au.

West El Sahuaro drill target and description

The drill plan at West El Sahuaro targets a large gold-in-soil anomaly spatially associated with a northwest-trending structure that was derived from mapping as well as induced polarization resistivity interpretation. An additional interpretation of the newly acquired Plomo property data suggests that the company can trace this northwest-trending structure onto the Plomo property and success with its West Sahuaro drill program could significantly expand the exploration potential at the EP project as a whole.

The El Sahuaro zone is located in the northeastern part of the property and is a priority target area for the company. West of the El Sahuaro zone, a sharp north-northwest-trending gradient in apparent resistivity is interpreted as a fault zone that separates dominantly rhyolite to the southwest with a mixed succession of rhyolite and andesite with Proterozoic metamorphic rocks to the northeast.

To further explore the interpretation of apparent resistivity, the company completed infill soil sampling of the historical soil geochemistry survey which resulted in a coherent soil anomaly over an approximately 500 m length and 200 m width with a north-northwest trend, parallel to the resistivity gradient. Anomalous soil samples in the anomaly area are interpreted to be locally derived. The plan at El Sahuaro includes drilling a series of holes in a southwest direction across the soil anomaly and through the resistivity gradient. Eight hundred metres of RC drilling is planned for the West Sahuaro target.

El Sahuaro is characterized by north-northeast-trending magnetic anomalies. Detailed structural mapping in the northeast part of the property indicates a dominant north-northwestern strike and easterly dip to foliation and veins. The structural orientations observed are consistent with north-northwest-trending structures interpreted from magnetic intensity contrasts and an apparent dislocation and offset of the north-northeastern magnetic trend. The El Sahuaro area is underlain by Jurassic rhyolite and andesite and by Proterozoic (?) metasedimentary rocks. All holes drilled at El Sahuaro have intersected Au mineralization. Highlights of drilling at El Sahuaro include:

• 15 m at an average grade of 2.36 g/t Au;
• 22 m at an average grade of 0.17 g/t Au;
• 25 m at an average grade of 0.10 g/t Au;
• Three m at an average grade of 0.92 g/t Au;
• Six m at an average grade of 0.627 g/t Au;
• Two m at an average grade of 1.943 g/t Au.

About the EP gold project

The EP gold project is located within the Caborca gold belt (CGB) of northwestern Sonora and comprises the Evelyn and the Plomo properties covering a total of 4,766 hectares. The northwest-trending CGB is approximately 500 kilometres in length and is characterized by a number of orogenic-type gold deposits, prospects and occurrences, including the greater-than-15-million-ounce La Herradura mine located 25 km west of EP, the greater-than-two-million-ounce Noche Buena mine located approximately eight km southwest of EP and the past-producing Soledad-Dipolos mine (greater than three Moz Au) located approximately 32 km to the northwest of EP.

The Evelyn property was acquired by the company in 2012 and the acquisition of the Plomo property was completed in March of 2023. On the Evelyn property, Colibri has completed comprehensive surface exploration including soil sampling, geological mapping and outcrop sampling, an airborne magnetic survey, and a property-wide induced polarization survey. Since February, 2020, Colibri has drilled a total of 10,133 metres (total of reverse circulation and core drilling) and is advancing mineralized zones at the Main zone and El Sahuaro. On the Plomo property, the company has compiled historical exploration data and has completed its first exploration program which included geological mapping and outcrop sampling at selected target areas on the property. The company is continuing to advance its EP project-wide interpretation and exploration model and has identified 13 target areas with historical work that includes high-grade grab samples from outcrop, high-grade grab and channel samples from historical mine working, and drill intercepts that are both locally high grade and are consistent with grades being mined in the Caborca gold belt. In addition to the plans reported here, the company is prioritizing additional target areas on the EP property for drilling and is also planning further fieldwork to evaluate and advance earlier-stage targets and to comprehensively evaluate and explore the complete project area.

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 (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.

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