Mr. Ian McGavney of Colibri reports

COLIBRI AND PARTNER SILVER SPRUCE FILE APPLICATION FOR DRILLING PROGRAM AT DIAMANTE PROJECT, SONORA, MEXICO

Colibri Resource Corp., along with its joint venture partner, Silver Spruce Resources Inc., has made an application to the SEMARNAT (Mexico environment authority) to drill up to 1,000 metres on the Diamante gold and silver project in eastern Sonora. The drill program is planned to test newly prioritized target areas and follow up on positive drill results from the 2022 drill campaign. The companies have been advised that the permission to drill should be granted within the next three weeks. It is anticipated that the drilling program will begin soon after receipt of the permit.

Ian McGavney, president and chief executive officer of Colibri, commented: "Our work on the Diamante property during the past few months provides an excellent foundation for our drill plan. We are very pleased to be kick-starting 2024 with this drill program, and we are looking forward to a very active and successful year at our various projects in Sonora, including our flagship EP gold project."

About the Diamante property

The Diamante property hosts numerous historical artisanal and small-scale mining sites and combined with mineralization on the Mezquite and Jackie properties exhibit the geological characteristics of epithermal low to intermediate sulphidation silver/gold (lead/zinc), high-sulphidation gold/copper, and potential transition zones within and peripheral to porphyry-style gold-copper mineralization.

Sporadic surface exploration since 2011 has resulted in several surface showings comprising epithermal precious and base metal mineralization (gold/silver plus or minus copper/lead/zinc). Colibri and Silver Spruce commenced exploration on the Diamante property during 2021, and, during 2022, Colibri (operator) and Silver Spruce completed the first-ever drill program on the Diamante property at the El Pillado and La Prieta targets located on Diamante I. Results from the 2022 drilling include 2.48 grams per tonne gold and 56.7 grams per tonne silver over an intersection length of 9.0 metres from La Prieta and 0.26 gram per tonne gold and 184.5 grams per tonne silver over an intersection length of 6.0 metres from El Pillado. Drilling at both targets intersected highly anomalous base metals in highlighted drill assay intervals. Through the fall of 2022, Colibri and Silver Spruce completed a program of geological mapping, rock sampling and stream sediment sampling on the Diamante property resulting in the discovery of two new surface showings. The prioritization of targets and drill plan for the Diamante property is based on this work combined with comprehensive compilation and interpretation of historical exploration information.

The Diamante property is located within a belt of epithermal gold-silver mineralization hosted by the Sierra Madre Occidental volcanic complex. Major gold mining operations in the area include Alamos Gold's Los Mulatos mine as well as Agnico Eagle's El India and Pinos Altos mines. Diamante is located approximately 12 kilometres northeast of Minera Alamos's Santana gold development project, which is nearing commercial production.

The Diamante property consists of the Diamante I and Diamante II concessions covering a total area of 1,057 hectares, located adjacent to the company's Mezquite and Jackie properties, which cover 180 hectares and 1,113 hectares, respectively, providing the company with a total of 2,351 hectares of exploration ground. The property is located approximately 170 kilometres southeast of Sonora's state capital, Hermosillo, and approximately 10 kilometres northwest of the town of Tepoca. The property is accessed directly from Sonora state Highway 16.

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 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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