18:16:46 EST Fri 23 Feb 2024
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Tocvan Ventures Corp
Symbol TOC
Shares Issued 42,869,828
Close 2024-01-22 C$ 0.315
Market Cap C$ 13,503,996
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Tocvan samples up to 15.9 g/t Au, 32 g/t Ag at Picacho

2024-01-23 12:54 ET - News Release

Mr. Brodie Sutherland reports


Tocvan Ventures Corp. has released results from its road-accessible Picacho gold-silver project in the mine-friendly state of Sonora, Mexico. A short surface program was completed at Picacho to assess additional potential across the large 24-square-kilometre property. A total of 75 rock chip samples were collected, averaging 0.6 gram per tonne (g/t) gold (Au) and two g/t silver (Ag), with the values up to 15.9 g/t Au and 32 g/t Ag. A new mineralized trend extending over 1.6 kilometres in length has been discovered, marked by old historic workings and exposure of mineralized veins and shear zones. The results are summarized in the table entitled "Highlights from the recent surface sample program."

"Picacho continues to provide excellent targets and validation for drill testing across the extensive property," commented Brodie Sutherland, chief executive officer. "We now have defined over seven kilometres of prospective trend that has seen little to no drilling, leaving the area as one of the most prospective and untested exploration properties in the Caborca gold belt. The discovery by our local rancher of a quartz vein rock fragment along a fresh bulldozer track displays the coarse high-grade gold potential at Picacho. The proximity of the specimen sample to our San Ramon prospect, where we drilled and discovered near-surface gold-silver mineralization in our first drill program at Picacho, indicates the potential to extend known mineralization in the area. Fresnillo, the world's largest silver producer, and Mexico's largest gold producer, controls the mineral concession title along the eastern border of Picacho. Picacho will provide us with continued exploration upside for our shareholders as we remain focused on the development of Pilar. We are pleased to be in the position to have two projects with immense upside. At Pilar, the data processing of the lidar [light detection and ranging] survey is complete for the southern half of the property, with the remaining northern half expected to be complete in February."

About the Picacho property

The Picacho gold-silver property is interpreted as an orogenic gold system within the regional Caborca gold belt, known for producing gold mines that include La Herradura (more than 10 million ounces (Moz) Au) and San Francisco (more than three Moz Au). The project is 140 kilometres north of Hermosillo and only 18 kilometres southwest of the past-producing San Francisco mine. The project totals 24 square kilometres. Six primary zones of mineralization have been identified across the property totalling over seven kilometres of prospective trends. Surface sampling and historic workings have identified high-grade gold and silver values. In 2022, Tocvan drilled a maiden drill program at the San Ramon prospect, returning 12.2 metres of two g/t Au and seven g/t Ag. Tocvan believes Picacho provides an excellent opportunity for discovery of a multimillion-ounce district.

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 has approximately 43 million shares outstanding and is earning 100 per cent into two exciting opportunities in Sonora, Mexico: the Pilar gold-silver project and the El Picacho gold-silver project. Management feels both projects represent tremendous opportunity to create shareholder value.

Quality assurance/quality control

Channel samples 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 ISO 9001 and ISO/IEC 17025 certified. Gold was analyzed using 50-gram nominal weight fire assay with atomic absorption spectroscopy finish. Overlimits for gold (more than 10 grams per tonne) 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 (more than 100 g/t) were reassayed using an ore-grade four-acid digestion with ICP-AES 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.

Mr. Sutherland, chief executive officer 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.

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