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Tocvan, Colibri drill 39.7 m of 0.96 g/t Au at Pilar

2021-07-29 06:06 ET - News Release

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

Mr. Derek Wood of Tocvan Ventures reports

TOCVAN DRILLS 39.7 METERS OF 0.96 G/T AU INCLUDING 12.2 METERS OF 3 G/T AU IN MAIN ZONE STEP-OUT ALSO HITS AT TRIPLE VEIN ZONE 400 METERS TO THE EAST, OPENS UP NEW TARGET AREA

Tocvan Ventures Corp. and Colibri Resource Corp. have released final drill results from their phase 2 drill program at the Pilar gold-silver project in Sonora, Mexico. A phase 2 drill program was completed in June with over 3,500 metres of reverse circulation (RC) drilling in 20 drill holes. Final results are included in this release, highlighted by drill hole JES-21-50, which returned 39.7 metres at 0.96 gram per tonne gold in a 50-metre stepout to the Main zone on trend with drill hole JES-21-47, which intersected 47.3 metres at 0.75 g/t Au. In addition, the first reconnaissance drill hole at the Triple Vein zone (TVZ) was completed 400 metres to the east (JES-21-56) and was successful in intersecting mineralization at depth, returning 1.5 metres at 0.6 g/t Au and 139 g/t silver.

Tocvan is now preparing plans for the next steps at Pilar, which will include continued expansion drilling, exploration drilling at 4-Trench and TVZ and trenching followed by preliminary bulk sampling through key sections of the Main zone.

Drill result highlights

JES-21-50:

  • 39.7 metres at 0.96 g/t Au and two g/t Ag from 39.7 to 79.3 metres:
    • Including 12.2 metres at 3.0 g/t Au and six g/t Ag from 39.7 to 51.9 metres;
    • Including 1.5 metres at 14.6 g/t Au and 11 g/t Ag from 48.8 to 50.3 metres.

JES-21-56:

  • 1.5 metres at 0.57 g/t Au and 139 g/t Ag from 216.6 to 218.1 metres.

"During our phase 1 and 2 drill programs we have been extremely successful in steadily increasing the known size of our Main zone," commented vice-president, exploration, Brodie Sutherland. "JES-21-50 clearly shows the trend remains open to the southeast, and we are excited to drill test this further later in the year. Beyond that we are seeing great indications that the Triple Vein zone is developing into a new area for drill targeting. Surface sampling, mapping and geophysics are all aligned and with JES-21-56 intersecting mineralization at depth we are excited to see how this new trend can develop."

Results discussion

JES-21-50

The hole was planned to test the continuation of the Main zone to the southeast, as a 50 m stepout to JES-21-47, which intersected 47.7 m of 0.75 g/t Au. Drilling in JES-21-50 intersected a broad zone of mineralization in altered andesites over 39.7 metres of 0.96 g/t Au, including a vein zone grading 1.5 metres of 14.6 g/t Au and 11 g/t Ag. The Main zone continues to extend to the southeast and remains open as an expansion target for the next phase of drilling.

JES-21-56

The hole was planned to test the eastern most extent of the Triple Vein zone where surface sampling recovered 4.5 g/t Au and 735 g/t Ag from a rock chip along an artisanal working. Drilling intersected a silver-rich zone grading 0.57 g/t Au and 139 g/t Ag, 216.6 metres downhole. Hitting mineralization at depth now opens this target area up for further exploration drilling along the 400-metre trend.


Hole ID             From          To      Width*          Au          Ag        AuEq
                     (m)         (m)         (m)       (g/t)       (g/t)       (g/t)

JES-21-50          39.65        79.3       39.65        0.96           2        0.99
including          39.65       51.85       12.20        3.04           6        3.10
including           48.8       50.33        1.53       14.55          11       14.67
JES-21-51                                              no significant mineralization
JES-21-56         216.55      218.07        1.52        0.57         139        2.04

* Insufficient drilling has been undertaken to determine true widths. All widths 
reported are core length. Gold equivalent is calculated using metal prices of 
$1,700 (U.S.) per ounce gold and $18 (U.S.) per ounce silver.

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 m of drilling have been completed to date. Significant results are highlighted below.

  • 2020 phase 1 RC drilling highlights include (all lengths are drilled thicknesses):
    • 94.6 m at 1.6 g/t Au, including 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 6.0 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:
    • 61.0 m at 0.8 g/t Au;
    • 16.5 m at 53.5 g/t Au and 53 g/t Ag;
    • 13.0 m at 9.6 g/t Au;
    • 9.0 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.

Brodie A. Sutherland, PGeo, vice-president of 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.

Quality assurance/quality control

RC chips were shipped for sample preparation to ALS Ltd. in Hermosillo, Sonora, Mexico, and for analysis at the ALS laboratory in North Vancouver. The ALS Hermosillo and North Vancouver facilities are International Organization for Standardization 9001 and International Organization for Standardization/International Electrotechnical Commission 17025 certified. Gold was analyzed using 50-gram nominal weight fire assay with atomic absorption spectroscopy finish. Overlimits for gold (over 10 g/t) were analyzed using fire assay with a gravimetric finish. Silver and other elements were analyzed using a four-acid digestion with an ICP (inductively coupled plasma) finish. Overlimit analyses for silver (over 100 g/t) were reassayed using an ore-grade four-acid digestion with ICP-AES (inductively coupled plasma atomic emission spectroscopy) finish. Control samples comprising certified reference samples and blank samples were systematically inserted into the sample stream and analyzed as part of the company's robust quality assurance/quality control protocol.

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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