Most junior miners talk a big game. Colibri Resource (TSXV: CBI) is doing something a little different — letting the rocks speak first.
While the company has flown under the radar for years, its portfolio in Sonora, Mexico — particularly the El Pilar Gold & Silver Project and the EP Gold Project (Evelyn/Plomo) — is starting to attract attention from retail investors looking for early-stage leverage in a gold market that’s heating up again.
With joint venture exposure at Pilar alongside Tocvan Ventures, a portfolio totaling more than 7,000 hectares across Sonora, and fresh technical progress at Evelyn/Plomo, this could be a well-timed sleeper play for those willing to get in before the herd.
Why Look at Colibri Resource Now?
- 🥇 Location, location, location: operating in one of the most prolific gold belts in North America.
- 🔬 Exploration programs have highlighted bulk tonnage and near-surface oxide potential.
- 🤝 Pilar Project is a JV with Tocvan Ventures (CSE: TOC), who operate as majority owner.
- ⚡ Project generator model allows Colibri to minimize risk and accelerate development with partners.
- 📈 Still trading at microcap levels, but with catalysts ahead in 2025–2026.
Project Highlights: Pilar and EP (Evelyn/Plomo)
Pilar Gold & Silver Project
- Ownership: 49% Colibri, 51% Tocvan Ventures (CSE: TOC)
- Advanced stage exploration with open pit heap leach potential.
- Bulk sample completed: head grade of 1.9 g/t Au, ~63% recovery.
- Metallurgy: bottle roll tests show >95% Au recovery.
- 2025 Phase V drilling: 36.3m @ 1.6 g/t Au, 67.9m @ 1.2 g/t Au.
- 2025 diamond drilling (North Hill trend): 83.5 m @ 1.3 g/t Au incl. 9.7 m @ 10.3 g/t Au; 64.9 m @ 1.2 g/t Au incl. 3.0 m @ 21.6 g/t Au.
- Resource estimate planned in the near term, with PEA targeted for early 2026.
- Bulk sample of up to 50,000 tonnes scheduled for 2025/2026.
- Pilot mine permit received (Aug 2025) for 50,000-tonne pilot leach facility, de-risking development.
Atrium Research values Pilar at USD ~$145M (NPV8, assuming 100% Tocvan ownership). Colibri’s 49% stake could equate to significant upside if these assumptions are realized.
EP Gold Project (Evelyn/Plomo)
- Ownership: 100% Colibri.
- Covers 4,766 hectares in the Caborca Orogenic Belt.
- Drilling: 12,333m at Evelyn, 1,533m at Plomo.
- High-grade surface samples: 58.9 g/t Au and 47.3 g/t Au.
- Multiple targets (Main Zone, West Sahuaro, San Perfecto, Banco de Oro, Pavo Real).
- Drill permits in hand, with programs scheduled for 2025.
- Surrounded on multiple sides by Fresnillo Plc claims.
Share Structure and Market Metrics
- Ticker: CBI.V (TSX Venture)
- Shares Outstanding: ~23.1M (June 2025)
- Fully Diluted: ~27.7M
- Insider & Management Ownership: ~20%
- Market Cap: ~CA$4.6M (Sept 2025)
- Stock Price: $0.20 CAD (+81.82% over the past month)
- 52-week range: $0.095 – $0.25
- Peer comparison: Colibri’s market cap is ~5% of Tocvan’s, despite holding a 49% stake in Pilar.
This is a true microcap with asymmetric potential — but also means volatility. For investors specializing in juniors, the mismatch between asset ownership and current valuation is striking.
What Could Spark a Rerate?
Colibri’s valuation doesn’t reflect:
- ✅ Near-term bulk sample and maiden resource estimate at Pilar
- ✅ High-grade drill results and upcoming exploration at Evelyn/Plomo
- ✅ JV exposure with Tocvan Ventures at Pilar
- ✅ Strategic project generator model and prime location in Mexico’s most prolific gold belt
Upcoming 2025 catalysts include:
- 🔄 Bulk sample and metallurgy results at Pilar
- 🧪 Drill results from Evelyn/Plomo
- 📊 Resource estimate and PEA updates
This is not a promotional play — the company’s IR remains low-key, and retail chatter is minimal. That could be the opportunity for early investors.
Final Thoughts
Recent reports show spot gold holding firm above $3,640 per ounce, hovering close to record highs as markets anticipate a dovish Federal Reserve move. With gold this elevated and macro tailwinds still supportive—think central bank buying, inflation anxiety, and persistent rate cut speculation—miners like Colibri Resource could see sentiment shift dramatically faster than expected.
If gold breaks out sustainably above $3,650–$3,700, it might trigger a rerating phase for early-stage explorers. Colibri ticks the boxes for asymmetric upside: JV exposure at Pilar, drill-ready permits at Evelyn/Plomo, and a market cap that doesn’t yet reflect the value of its assets.
In short: Gold is near its peak—and if it rallies higher, a small-cap like Colibri could be one of the first juniors to catch fire.
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.
