Colibri Resources (TSXV: CBI | OTC: CRUCF | FRA: 2CO) has engaged TerraEye Ltd. to help advance targeting at its 100%-owned EP Gold Project in Sonora, Mexico. TerraEye specializes in geospatial and AI-driven exploration technologies designed to refine drill targets and increase the odds of discovery.
This partnership comes as Colibri is actively pushing forward at EP, surrounded on four sides by claims held by Fresnillo plc. Drilling permits are in hand, and preparations for 2025 programs are underway.
Why This Matters
- Cost Efficiency: Exploration is high-risk and capital-intensive. Improved targeting reduces the odds of “dry holes,” helping Colibri stretch its dollars further.
- Faster Resource Development: By narrowing in on higher-probability targets, the path to delivering a maiden resource or economic study could shorten considerably.
- Signals Strategic Focus: Investors want to see discipline. Partnering with TerraEye shows management is serious about leveraging modern tools rather than relying solely on legacy data.
- Peer Comparisons: Junior explorers that successfully integrate advanced targeting tech often outperform peers stuck in old survey-drill-repeat cycles.
“Our agreement with TerraEye for the EP Gold Project places Colibri among a growing group of explorers adopting next-generation remote sensing and AI tools. By combining TerraEye’s satellite analytics with our extensive exploration database, we expect to sharpen our geological modelling, refine drill targets, and accelerate the path toward discovery.”
Ian McGavney, CEO of Colibri
The EP Project Snapshot
- Location: Caborca Orogenic Belt, Sonora — one of Mexico’s most prolific gold belts.
- Size: 4,766 hectares, 100% owned by Colibri.
- Work to Date: 12,333m drilled at Evelyn and 1,533m at Plomo; more than 2,500 surface samples collected (grades up to 58.9 g/t Au).
- Next Steps: Drill program in 2025, targeting over 1Moz potential, with permits already secured.
What About Pilar?
While EP is the focus of the TerraEye partnership, Colibri also holds 49% of the Pilar Gold & Silver Project, partnered with Tocvan Ventures. Pilar is at a more advanced stage with over 24,000m drilled, strong heap-leach potential, and a bulk sample plus maiden resource estimate expected in late 2025/early 2026. Independent analysis (Atrium Research, 2024) valued Pilar at US$145M (100% basis) — implying Colibri’s 49% stake could be worth around US$71M / CAD$96M.
Upside Ahead
- EP Project Growth: With fresh TerraEye data sharpening drill targets, EP’s potential to deliver a new discovery grows. This could be the catalyst for a major rerate.
- Pilar Near-Term Milestones: Bulk sample and maiden resource are on deck, offering tangible near-term catalysts.
- Valuation Gap: Colibri’s market cap remains a fraction of Tocvan’s, despite owning nearly half of Pilar — a disconnect the market may correct.
- District-Scale Potential: Surrounded by Fresnillo, Colibri is positioned in the heart of one of Mexico’s most productive gold belts.
Share Structure & Ownership
- Issued & Outstanding: 23,083,525 (as of June 15, 2025)
- Options: 1,115,000 (various strike prices $0.30–$0.50)
- Warrants: 3,533,200 (expiries in 2026–2027 at $0.25–$0.40)
- Fully Diluted: 27,731,725
- Insiders & Management Ownership: ~20%
Bottom Line
Colibri’s decision to bring TerraEye into EP exploration is more than just window dressing — it’s a strategic move to sharpen targeting and improve discovery odds in a project with million-ounce potential. Coupled with its 49% ownership in Pilar, Colibri offers investors a blend of near-term development and grassroots exploration upside. With a tight share structure and meaningful insider ownership, the setup looks attractive: 2025 could be a defining year if the company delivers results.
Marc has been involved in the Stock Market Media Industry for the last +5 years. After obtaining a college degree in engineering in France, he moved to Canada, where he created Money,eh?, a personal finance website.
