Colibri Resource Completes Phase 1 Reconnaissance Drilling at the San Perfecto / Banco de Oro Targets at the EP Gold Project, Sonora, Mexico; Initial Assays Received and Additional Sampling Underway
Drills Stop Turning at El Plomo but Lack of Assay Data Leaves Investors Waiting for the Grade
The news release dated January 28, 2026, announces the completion of a Phase 1 reconnaissance drilling program at the San Perfecto and Banco de Oro targets within the 100%-owned EP Gold Project in Sonora, Mexico. Key operational facts include: - Total drilling: 1,815 metres across 23 Reverse Circulation (RC) holes. - Findings: Gold mineralization was intersected in multiple holes at shallow depths. - Status: Initial assays for "pre-holiday" holes have been received, but specific intercepts (grades and widths) were not disclosed in this release. - Ongoing Work: Additional "shoulder" sampling is underway, and assays for the post-holiday drilling remain pending. - CEO Outlook: Management expresses satisfaction with the "high rate of mineralized intersections" and claims a solid geological foundation has been established.
The impact of this news is Routine - Positive. While it confirms the company has successfully executed its planned exploration program and found mineralization, the release is a "progress report" rather than a "discovery report." - Lack of Specificity: For an exploration company, the primary driver of market capitalization is grade and width (e.g., 10m at 2.0 g/t Au). By omitting the actual assay results received to date, the company prevents a quantitative assessment of the project's economic potential. - Geological Validation: The confirmation of shallow gold across multiple targets validates the targeting model (which used AI and satellite imagery via TerraEye), but until the "high rate of intersections" is quantified, the news remains speculative. - Operational Momentum: This news follows a period of heavy capital raising and debt restructuring in late 2025. It shows that the capital raised is being deployed into the ground, which is necessary to maintain its listing and investor interest.
Colibri Resource Corp. is a junior explorer focused on gold in Sonora, Mexico. - Flagship Project: EP Gold Project (100% ownership). It is located in the Caborca Gold Belt, near Fresnillo’s La Herradura mine. The project is 4,766 hectares and is characterized by structurally controlled mineralization. - Secondary Asset: Pilar Gold & Silver Project (49% interest). This is a Joint Venture with Tocvan Ventures (51%). Pilar is more advanced, with a prior 1,400-tonne bulk sample showing 1.9 g/t Au. - Realignment: In 2025, the company consolidated ownership of the Diamante Project (60%) and divested the Jackie Project to simplify its portfolio.