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Tocvan Ventures Corp
Symbol TOC
Shares Issued 51,211,519
Close 2024-05-23 C$ 0.51
Market Cap C$ 26,117,875
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Tocvan Ventures drills 3.1 m of 10.9 g/t Au at Pilar

2024-05-23 13:14 ET - News Release

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

Mr. Brodie Sutherland reports


Tocvan Ventures Corp. has released drill results from its 2024 reverse circulation (RC) drill program at its road-accessible Pilar gold-silver project in mine-friendly Sonora, Mexico.


  • Second-best intersect outside of Main zone to date, 300 metres northeast of main zone;
  • 300 metres west-northwest of previously released JES-24-77, 56.4 m of one gram per tonne gold and one g/t silver;
  • Drilling intersects 42.7 metres of one g/t Au -- 22.9 metres from surface in drill hole JES-24-79;
  • Including 3.1 metres of 10.9 g/t Au -- 38.1 metres from surface;
  • Continues to build resource potential along North Hill corridor;
  • Anomalous exploration results provide key indications to trend extensions;
  • Additional results pending.

Results today are highlighted by drill hole JES-24-79, which returned 42.7 metres of one g/t Au from 22.9 metres vertical depth, including 3.1 metres of 10.9 g/t Au. Anomalous gold values averaging 50.3 metres of 0.8 g/t Au were encountered in the hole. A high-grade centre to the mineralized zone returned 10.9 g/t Au and two g/t Ag over 3.1 metres, including 1.5 metres of 21.4 g/t Au. Like the Main zone, the North Hill trend is exposed at surface along a rounded ridge top, allowing the potential for a low strip ratio during early development. The hole tested near-surface mineralization and was stopped at 125.1 metres, mineralization at North Hill remains open along trend and to the east. In addition, four exploration holes on the northeastern flanks of known mineralization (JES-24-78, JES-24-80, JES-24-81 and JES-24-82) are also included in this release.

Results for six drill holes are currently pending analysis. Drilling is continuing at Pilar.

"The results today support the significant resource potential beyond the Main zone," commented Brodie Sutherland, chief executive officer. "Today's results hit one of the best holes ever off the North Hill trend providing added confidence in identifying additional high-grade mineralization. Much of the trend has yet to be tested and remains open for expansion. The proximity to parallel trends bodes well for tying together a large, bulk-tonnage target. Early exploration results are showing great indications a larger robust mineralized system is present. With each phase, we are get closer to identifying new mineralization close to surface that can be added to our maiden resource estimate. As drilling continues, we look forward to updating our shareholders on additional results."

Discussion of results


The drill hole targeted near-surface mineralization vertically below a previous drill hole completed by Tocvan in 2021, JES-21-53, which returned 15.3 metres of 1.1 g/t Au. JES-24-79 returned 42.7 metres of one g/t Au from 22.9 metres depth, including high-grade mineralization up to 21.4 g/t Au over 1.5 metres. The hole is located 300 metres to the west-northwest of the previously announced JES-24-77 (56.4 metres of 1.0 g/t Au) and 300 metres northeast of the Main zone centred around drill hole JES-22-59 (116.9 metres of 1.2 g/t Au and seven g/t Ag). The trend remains open to the northwest, southeast and east. The North Hill corridor is a 500-metre-long trend that extends from surface mineralization to the north, southward toward past drill hole JES-22-72, which returned 10.7 metres of 0.6 g/t Au and 40 g/t Ag from 27.5 metres downhole depth. Today's result greatly increases the near-surface resource potential along this trend.

Exploration drill results

4-T trend north extensions

Drill holes JES-24-78, JES-24-81 and JES-24-82 all tested the northern extension of the 4-T trend, where little data exist. The company is encouraged by the early results of ideal host lithologies, alteration and elevated pathfinder elements. The upper part of hole JES-24-78 hosted elevated silver, arsenic and antimony -- all key pathfinder elements for close proximity to epithermal mineralization. JES-24-81 returned a zone from surface down to 42.7 metres of elevated gold, silver, arsenic and antimony -- all great indications of continued mineralization to the north. Hole JES-24-82 returned a 10.7-metre zone of elevated gold, silver and arsenic, further verifying the continuation of mineralization along trend.

North Hill extension

Drill hole JES-24-80 tested the northeastern edge of the North Hill trend. Elevated values of silver, copper, zinc, molybdenum and antimony were reported. A 13.7-metre zone of elevated silver, copper, arsenic, molybdenum and antimony was reported from 80.8 metres vertical depth -- an excellent indicator to close proximity to mineralization and elevated copper as seen at surface and across other drill holes at North Hill.

About the Pilar property

The Pilar gold-silver property has returned some of the regions best drill results. Coupled with encouraging gold and silver recovery results from metallurgical test work, Pilar is primed to be a potential near-term producer. Pilar is interpreted as a structurally controlled low-sulphidation epithermal system hosted in andesite rocks. Initially three primary zones of mineralization were identified on the original property from historic surface work and drilling and are referred to as the Main zone, North Hill and 4-T. Each trend remains open to the southeast and north and new parallel zones have been discovered. Structural features and zones of mineralization within the structures follow an overall northwest-southeast trend of mineralization. Mineralization extends along a 1.2-kilometre trend, only half of that trend has been drill tested so far. The company has now expanded its interest in the area by consolidating 22 square kilometres of highly prospective ground where it has already made significant surface discoveries.

Pilar drill highlights:

2022 phase III diamond drilling highlights include (all lengths are drilled thicknesses):

  • 116.9 m at 1.2 g/t Au, including 10.2 m at 12 g/t Au and 23 g/t Ag;
  • 108.9 m at 0.8 g/t Au, including 9.4 m at 7.6 g/t Au and five g/t Ag
  • 63.4 m at 0.6 g/t Au and 11 g/t Ag, including 29.9 m at 0.9 g/t Au and 18 g/t Ag.

2021 phase II RC drilling highlights include (all lengths are drilled thicknesses):

  • 39.7 m at one g/t Au, including 1.5 m at 14.6 g/t Au;
  • 47.7 m at 0.7 g/t Au, including three m at 5.6 g/t Au and 22 g/t Ag;
  • 29 m at 0.7 g/t Au;
  • 35.1m at 0.7 g/t Au.

2020 phase I 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 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.

15,000 m of historic core and RC drilling -- highlights include:

  • 21 m at 38.3 g/t Au and 38 g/t Ag;
  • 13 m at 9.6 g/t Au;
  • Nine m at 10.2 g/t Au and 46 g/t Ag;
  • 61 m at 0.8 g/t Au.

Pilar bulk sample summary:

  • 62-per-cent recovery of gold achieved over 46-day leaching period;
  • Head grade calculated at 1.9 g/t Au and seven g/t Ag; extracted grade calculated at 1.2 g/t Au and three g/t Ag;
  • Bulk sample only included coarse fraction of material (three-quarters inch to one-eighth inch);
  • Fine fraction (minus-one-eighth inch) indicates rapid recovery with agitated leach:
    • Agitated bottle-roll test returned rapid and high recovery results: 80-per-cent recovery of gold and 94-per-cent recovery of silver after rapid 24-hour retention time.

Additional metallurgical studies:

  • Gravity recovery with agitated leach results of five composite samples returned:
    • 95-per-cent to 99-per-cent recovery of gold;
    • 73-per-cent to 97-per-cent recovery of silver;
    • Includes the recovery of 99 per cent Au and 73 per cent Ag from drill core composite at 120-metre depth.

About Tocvan Ventures Corp.

Tocvan is a well-structured exploration and 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 51 million shares outstanding and is earning into two exciting opportunities in Sonora, Mexico. The company has consolidated an attractive land position at its Pilar gold-silver project where it holds 100-per-cent interests in over 21 square kilometres of prospective area and a majority ownership (51 per cent) in a one-square-kilometre area shared with Colibri Resources. The company also holds a 100-per-cent interest in the Picacho gold-silver project in the Caborca trend of northern Sonora, a trend host to some of the major gold deposits of the region. Management feels both projects represent tremendous opportunity to create shareholder value.

Quality assurance/quality control

RC 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 (greater than 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 inductively coupled plasma finish. Overlimit analyses for silver (greater than 100 g/t) were reassayed using an ore-grade four-acid digestion with 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.

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

We seek Safe Harbor.

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