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Tocvan Ventures Corp
Symbol TOC
Shares Issued 27,849,179
Close 2021-05-04 C$ 0.90
Recent Sedar Documents

Tocvan Ventures recovers up to 92% Au at Pilar

2021-05-04 09:34 ET - News Release

Also News Release (C-CBI) Colibri Resource Corp (2)

Mr. Derek Wood of Tocvan Ventures reports

TOCVAN REPORTS 92% RECOVERY OF GOLD FROM PRELIMINARY METALLURGICAL RESULTS

Tocvan Ventures Corp. has released the results of continuing metallurgical work at its flagship Pilar gold-silver project in Sonora, Mexico. Preliminary results have been received from two composite samples taken from the previously released drill hole JES-20-32. Drill hole JES-20-32 is thought to be representative of the central portion of the Main zone, which during phase I drilling in December of 2020 intersected 94.6 metres at 1.6 grams per tonne gold, including 9.2 m at 10.8 g/t Au and 38 g/t silver from 57.9 to 152.5 metres. The samples consisted of a low-grade (0.63 g/t Au) and a medium-grade (1.2 g/t Au) composite to determine the susceptibility of dissolution of gold through cyanide bottle testing. The results show after a retention time of 48 hours, maximum dissolution can be reached of 91 per cent for the low-grade composite and 92 per cent for the medium-grade composite. A summary of the results is provided in the attached table. Samples were submitted to SGS Laboratories in Durango, Mexico, for analysis.

"These results are an important first step as we move towards a bulk sample at Pilar," commented vice-president of exploration Brodie Sutherland. "The results align with analysis completed by past operators which displayed similar gold recoveries of 90 to 92 per cent. With our phase II drill program well under way, we will continue to evaluate the potential of Pilar with continued exploration and metallurgical studies leading towards a bulk sample later this year."

Update on phase II drill program

A minimum of 14 drill holes totalling 2,400 metres are planned for the initial stage of the phase II drill program. Eight drill holes have been completed to date for a total of 1,394 metres. Samples for the first three holes have been submitted to ALS Labs in Hermosillo, with the remaining holes expected to be shipped and submitted this week. Early drilling has focused on the extension of the Main zone. Drill targeting is now shifting toward testing new targets in the 4-Trench extension, North-Hill and Triple Vein zone areas. A second stage of drilling totalling 1,600 metres is planned to commence mid-May which will continue to test property-wide targets and follow up on results from the initial stage.

Corporate update

Tocvan has granted 200,000 share options to a consultant of the company. The options are exercisable at 80 cents per share with a five-year term to expiry and will vest over a one-year period.

About the Pilar property

The Pilar gold-silver property is interpreted as a structurally controlled low-sulphidation epithermal project hosted in andesite rocks. 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 19,200 metres of drilling have been completed to date. Significant results are:

  • 2020 phase I reverse circulation drilling highlights include (all lengths are drilled thicknesses):
    • 94.6 m at 1.6 g/t Au, including 1.5 m at 9.2 m at 10.8 g/t Au and 38 g/t Ag;
    • 41.2 m at 1.1 g/t Au, including 3.1 m at six g/t Au and 12 g/t Ag;
    • 24.4 m at 2.5 g/t Au and 73 g/t Ag, including 1.5 m at 33.4 g/t Au and 1,090 g/t Ag.
  • 17,700 m of historic core and RC drilling. Highlights include:
    • 61 m at 0.8 g/t Au;
    • 16.5 m at 53.5 g/t Au and 53 g/t Ag;
    • 13 m at 9.6 g/t Au;
    • Nine m at 10.2 g/t Au and 46 g/t Ag.

Soil and rock sampling results from undrilled areas indicate mineralization extends toward the southeast from the Main zone and 4-Trench zone. Recent surface exploration has defined three new target areas: Triple Vein zone, SE Vein zone and 4-Trench extension.

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

Sampling methods

Samples collected for metallurgy are composites of RC chips with a minimum weight of 15 kilograms. Composites were shipped to SGS Durango, Mexico. Gold recovery was analyzed by cyanide bottle roll test.

About Tocvan Ventures Corp.

Tocvan is a well-structured exploration development company. Tocvan was created in order 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 currently has approximately 28 million shares outstanding and is earning into two exciting opportunities: the Pilar gold-silver project in Sonora, Mexico, and the Rogers Creek copper project in Southern British Columbia. Management feels both projects represent tremendous opportunity to create shareholder value.

We seek Safe Harbor.

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