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Tocvan Ventures Corp
Symbol TOC
Shares Issued 24,546,437
Close 2020-12-21 C$ 0.425
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Tocvan finishes drilling at Pilar

2020-12-22 06:06 ET - News Release

Mr. Derek Wood reports

TOCVAN COMPLETES PHASE ONE DRILLING AND PROVIDES UPDATE

Tocvan Ventures Corp. has completed its maiden drill program at the Pilar gold-silver project in Sonora, Mexico. A total of 1,505 metres of reverse circulation (RC) drilling was completed in nine drill holes. All samples have been submitted to the lab in Hermosillo; results are expected in early 2021 and will be released in batches as they are received.

The phase 1 program was designed to provide important structural information for defining drill targets along the main mineralized trend and across the deep-seated feeder-pipe like structures interpreted from geophysics. As the corporation looks to continue the advancement of the Pilar project, a phase 2 drill program to test these targets is planned for early 2021.

"The ability to efficiently execute our first drill program at Pilar is an important milestone for Tocvan," commented president and chief executive officer Derek Wood. "As we await drill results, planning has begun for the next phase of exploration. Two thousand twenty-one will be an important year for the corporation as we look forward to the continued advancement of Pilar."

Review of 2020

Just a little over a year ago Tocvan finalized its agreement to acquire up to 100 per cent of the Pilar gold project located in the Sonora state of Mexico. What attracted Tocvan to the Pilar property was the amount of successful drilling that had occurred on a very concentrated area of the Pilar property. Seventeen thousand seven hundred metres of previous drilling from surface to a maximum depth of just 150 metres led management to believe the property likely contained an at surface deposit amenable to an open pit within the known mineralized zone. Tocvan completed detailed geophysical and ground analysis of the property prior to defining drill targets and making application for drilling. Most of the year was spent gaining valuable information relating to structure of the epithermal system as well as identifying brand new targets never explored on the property. Exploration progress at Pilar over the last year included:

  • Discovery of high-grade gold and silver surface mineralization at two new showings, extending known mineralized trends: highlights included 323 grams per tonne silver and 9.3 g/t gold;
  • Geophysical survey results identified several new targets not previously explored;
  • Results from property-scale soil survey, included highest soil results to date with eight g/t gold and 317 g/t silver at New East zone discovery;
  • Initial results from structural analysis; identified possible major structures or plumbing for gold-silver-mineral-rich fluids;
  • Commenced drill program at the Pilar project in Sonora.

Tocvan also had great corporate developments over the past year, these included:

  • Adding depth to the board of directors with the appointment of Fred Jones;
  • In February, Tocvan closed on the first private placement financing since its initial public offering;
  • In August, approximately 95 per cent of the outstanding IPO warrants exercised. Providing necessary working capital;
  • Appointment of Brodie Sutherland to vice-president, exploration;
  • Adding Donn Lovett as strategic adviser.

Derek Wood, chief executive officer, commented that: "We are very pleased with the success Tocvan has enjoyed over the last year in terms of derisking the Pilar project while strengthening management and managing finances to minimize shareholder dilution. Although the shares have already rewarded early investors, we still believe that the current valuation represents tremendous value as we continue to derisk the pilar project and move towards demonstrating Pilar as both near-term production story and an exciting exploration opportunity. Tocvan also plans to move forward this year advancing the Roger Creek property located in Southern British Columbia. Rogers Creek is a large property showing promise for a potential porphyry copper-gold discovery. Tocvan remains committed to maximizing shareholder value by further derisking advanced explorations assets with minimal dilution to their enviable capital structure."

Exploration and work toward the development of Pilar will continue in 2021. Following the receipt of phase 1 drill results expected early in the new year, a phase 2 drill program will be designed to test deeper drill targets and continue the expansion of the known mineralized trends. In addition, metallurgical work to determine the amenability for potential heap leaching is planned. Surface exploration work will continue with mapping and sampling along the expanded mineralized trends recently defined by soil and rock sampling.

About the Pilar property

The Pilar gold-silver property is interpreted as a structurally controlled low-sulphidation epithermal project hosted in andesite and rhyolite rocks. Hydrothermal fluids carrying gold, silver and other elements are transported through the pre-existing structures and precipitate from the fluids to become mineralized veins within the structures and surrounding host rock.

Three zones of mineralization have been identified in the northwest part of the property from historic surface work and drilling and are referred to as the Main zone, North Hill and 4 trench. Structural features and zones of mineralization within the structures follow an overall northwest-southeast trend of mineralization. Over 17,700 m of drilling have been completed to date. Significant results are highlighted below from previous operators:

  • 17,700 m of core and RC drilling; highlights include (all lengths are drilled thicknesses):
    • 0.73 g/t Au over 40 m;
    • 0.75 g/t Au over 61 m;
    • 17.3 g/t Au over 1.5 m;
    • 5.27 g/t Au over three m;
    • 53.47 g/t Au and 53.4 g/t Ag over 16 m;
    • 9.64 g/t Au over 13 m;
    • 10.6 g/t Au and 37.8 g/t Ag over nine m;
  • 2,650 m of surface and trench channel sampling; highlights include:
    • 55 g/t Au over three m;
    • 28.6 g/t Au over six m;
    • 3.39 g/t Au over 50 m;
  • Soil sampling results from undrilled areas indicating mineralization extends toward the southeast from the Main zone, North Hill zone and 4 trench zone.

Additional areas of mineralization have been identified from surface rock grab sample assay results that extend known mineralized trends and show a second northwest-southeast trend of mineralization to the east parallel to the trending zone described above; gold-silver mineralization is indicated across the property from the north to the south; see press release dated Jan. 7, 2020.

Brodie A. Sutherland, PGeo, vice-president, exploration, for Tocvan Ventures, and a qualified person (QP) as defined by Canadian National Instrument 43-101, has reviewed, and approved the technical information contained in this release.

About Tocvan Ventures Corp.

Tocvan is a well-structured exploration mining company. Tocvan was created to take advantage of the prolonged downturn in the junior mining exploration sector by identifying and negotiating interest in opportunities where management feels it can build upon previous success. Tocvan Ventures currently has approximately 17.7 million shares outstanding and is earning into two exiting opportunities: the Pilar gold project in the Sonora state of Mexico and the Rogers Creek project in Southern British Columbia. Management feels both projects represent tremendous opportunity.

We seek Safe Harbor.

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