Mr. Ian McGavney reports

COLIBRI BEGINS HIGH-DEFINITION MAGNETIC SURVEY AND MAPPING OF PRIORITY TARGETS AT FLAGSHIP EP GOLD PROJECT IN SONORA, MEXICO

Colibri Resource Corp. has contracted Geo Digital Imaging de Mexico SA de CV to complete an up-to-1,373.5-hectare high-definition magnetic survey covering the highest-priority targets identified on the Plomo claims of its flagship EP gold project. In addition, company geologists are presently in the field completing an additional geological mapping and sampling study at these priority targets.

Ian McGavney, Colibri's president and chief executive officer, stated: "The data generated from these studies will be added to our already-robust data set at the EP gold project and will assist us in selecting hole locations for Colibri's inaugural drilling program at the Plomo in Q2 2024. The drill program will test several of our highest-priority targets on the Plomo (San Perfecto, Pavo Real and Banco de Oro) and also further test the West Sahuaro target area on the Evelyn claim, where the company recently announced the discovery of a zone which exhibited the most continuous and highest-grade gold mineralization intersected to date at the EP project."

The aerial magnetic survey of up to 1,373.5 hectares will be completed by way of 312 kilometres in 81 north-south lines at 50-metre separation and eight east-west tie lines at 500-metre separation using a Dronemag magnetic sensor. This plan has been designed with similar specifications used in a propertywide survey at Evelyn in 2020 so that both sets of data can be blended seamlessly. The survey is already under way and began on Jan. 15, 2024. The airborne magnetic survey is expected to take approximately 10 days to complete in the field; and the subsequent report of its results and an expert interpretation are anticipated to be delivered within two weeks.

About the EP project and next steps

The EP gold project is located within the Caborca gold belt (CGB) of northwestern Sonora and comprises the Evelyn and 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 kilometres west of EP; the greater-than-two-million-ounce Noche Buena mine, located approximately eight kilometres southwest of EP; and the past producing Soledad-Dipolos mine (greater than three million ounces), located approximately 32 kilometres 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, 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 propertywide 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, the El Sahuaro zone and the newly discovered West Sahuaro zone. 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 projectwide 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 working, and drill intercepts that are both locally high grade and consistent with grades being mined in the Caborca gold belt.

About Colibri Resource Corp.

Colibri is a Canadian-based mineral exploration company listed on the TSX Venture Exchange and is focused on acquiring and exploring prospective gold and silver properties in Mexico. The company holds six high-potential precious metal projects.

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