Mr. Ian McGavney reports

COLIBRI DISCOVERS NEW ZONE OF GOLD MINERALIZATION ON THE EP PROPERTY IN SONORA, MEXICO

Colibri Resource Corp.'s recently completed drilling program has resulted in the discovery of a promising new zone of gold mineralization on the Evelyn property at the EP gold project, located in the Caborca gold belt, northwest Sonora. The new area of mineralization has been named West Sahuaro. Drilling highlights of the West Sahuaro includes:

• Gold mineralization was intersected in all six holes that tested the target;
• Longer intercepts of continuous mineralization include:
  • 23-metre intersection length at an average grade of 0.35 gram per tonne (g/t) gold (Au) in hole EVE23-196;
  • 66 m intersection length at an average grade of 0.273 g/t Au in hole EVE23-198.
• Higher-grade intercepts included in the longer zones of mineralization include:
  • Five m intersection length at an average grade of 0.77 g/t Au in hole EVE23-196;
  • Six m intersection length at an average grade of 0.753 g/t Au in hole EVE23-198.
• Of a total of 570 assays completed on one m samples, only seven samples returned Au less than detection limit;
• The longer intercepts are apparently continuous in three shallowly east-dipping zones with a footprint of approximately 200 metres by 300 metres;
• The mineralization is open in all directions and at depth;
• Four of the six holes drilled ended in mineralization;
• The deepest intercept is at a vertical depth of approximately 125 m.

Ian McGavney, president and chief executive officer of Colibri, commented: "Our new discovery at the West Sahuaro zone is the thickest, most continuous and highest-grade gold mineralization intersected to date on the Evelyn property. We are extremely pleased with these results. The grade of mineralization discovered is approaching the reported production and resource grades at mines and development-stage projects in the Caborca gold belt. The longer intercepts calculated at a 0.1 g/t Au cut-off grade and the occurrence of pervasively anomalous Au indicates that we have moved into a favourable litho-structural setting on the property. Geophysical and surface mapping indicates that the northwesterly structure that West Sahuaro sits on extends at least 2.5 kilometres in length. We will begin building on this success with further exploration drilling in the West Sahuaro area, and by leveraging our exhaustive exploration data set to further target areas along this and other identified mineralized structures."

Recently completed drilling program

Seventeen reverse circulation (RC) drill holes totalling 2,200 metres were completed in two target areas: the West Sahuaro (WS) target located in the northeastern part of the Evelyn property immediately west of the El Sahuaro target; and the Main zone area located in the central part of the property.

West Sahuaro -- new discovery area

Six holes (764 m) were drilled on two to three hole, east-west sections, spaced at approximately 150 m. All holes intersected significant mineralization consisting of longer intersection lengths calculated at a 0.1 g/t Au cut-off grade and which include higher-grade intervals (see table of significant intercepts). Utilizing the 0.1 g/t cut-off grade intervals, the east-southwest mineralization is consistently interpreted as three shallowly east-dipping lenses with a projected to surface extent of approximately 200 m by 300 m. Intersected mineralization is open in all directions, up and down dip, and along strike. Four of the six holes ended in mineralization greater than 0.1 g/t Au. Au assays have been completed on 600 samples and only seven of these samples returned assays below detection limit.

The West Sahuaro drill target was prioritized based on a coherent Au-in-soil anomaly that trends north-northwesterly over approximately 500 m length. The Au soil anomaly is spatially associated with a similarly oriented north-northwesterly structure that has been derived from geological mapping as well as IP (induced polarization) resistivity interpretation. The interpretation of said steep resistivity gradient extends through the IP data sets to the southeast of Evelyn and onto the Plomo property over a total distance of approximately 2.5 kilometres. The trend of the resistivity gradient, when projected approximately one km farther to the southeast, intersects Banco de Oro, a historical small-scale Au mine which is a prioritized target for the company. The company is evaluating the significance of the north-northwest-trending structure and West Sahuaro mineralization spatial association, and anticipates further testing of this setting across the Evelyn and Plomo properties.

Main zone area drilling

A total of 1,436 m were drilled at the Main zone. Three separate targets were tested:

1. The northern extension of interpreted east-dipping mineralization lenses:
   • Three holes were drilled in a westerly trending drill fence to test the northern projection of moderately easterly dipping lenses of Main zone mineralization. Hole EVE23-190 and -191, collared to the east and planned to test the deeper extension of mineralization, were both terminated due to ground conditions above target depth. Both holes intersected anomalous to low-grade mineralization above target depth and both holes ended in mineralization. Hole EVE23-192 successfully intersected three zones of mineralization consistent with the up-dip projection of previously interpreted mineralization. Intersected mineralization is reported in the table entitled "Significant assays from Main zone drilling."
2. The intersection of interpreted (under alluvium cover) structures coincident with a geochemical anomaly derived from a previously reported short-hole drill program:
   • Holes EVE23-193, -194 and -195 were drilled to test this target, which is located 100 m north of the Main zone drilling. All holes intersected numerous, narrow, one m to two m zones of Au greater than 0.1 g/t Au, but failed to intersect the thicker zone characterizing the Main zone.
3. The SGH (soil gas hydrocarbon) anomaly south of the Main zone:
   • Drill hole EVE23-186 was collared adjacent (footwall) to the Main zone vein and planned for 300 m length to test the interpreted SGH anomaly and related structure at depth. The hole was terminated well above the target due to ground conditions at 137 m. EVE23-186 intersected consistently anomalous Au values from surface to a drill depth of 101 m. Assays and intercepts greater than 0.1 g/t Au are reported in the table entitled "Significant assays from Main zone drilling." Hole EVE23-202 was drilled to the south to intersect the SGH anomaly coincident with the previously interpreted (projected) structure. EVE23-202 intersected a zone containing vein quartz with disseminated pyrite over a five m interval from 173 m to 178 m, all of which contained anomalous gold values, including a high of 0.967 g/t Au over one m.

About the Main zone

The Main zone is the most advanced target on the Evelyn property. It is interpreted as a series of north-northeasterly striking and moderately east-dipping lenses occurring over an approximate strike length of 250 m, and previously 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 g/t 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 comprising the easterly dipping lenses 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.

South of the exposed Main zone vein, the north-northeast-trending structure is interpreted to extend under colluvium cover. To explore the southern extension of the Main zone, the company completed a soil gas hydrocarbon survey, which resulted in a well-defined anomaly.

About the EP project and next steps

The EP gold project is located within the Caborca gold belt (CGB) of northwestern Sonora and is composed of the Evelyn and the Plomo properties, covering a total of 4,766 hectares. The northwest-trending CGB is approximately 500 km in length and is characterized by a number of orogenic-type gold deposits, prospects and occurrences, including the more-than-15-million-ounce La Herradura mine, located 25 km west of EP, the more-than-two-million-ounce Noche Buena mine, located approximately eight km southwest of EP, and the past-producing Soledad-Dipolos mine (more than three million ounces (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 12,333 metres (total of reverse circulation and core drilling), and is advancing mineralized zones at the Main zone, El Sahuaro and the newly discovered West 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 14 target areas with recent and historical work that includes high-grade grab samples from outcrop, high-grade grab and channel samples from historical mine workings, and drill intercepts that are both locally high grade and are consistent with grades being mined in the Caborca gold belt. Current work includes interpretation and inclusion of the drill results reported here and the prioritization of future drill targets. To support this work, the company will complete an airborne (drone) magnetic survey over a selected part of the Plomo property in January, 2024, and will be completing detailed geological mapping on selected targets and areas of the EP project.

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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