Colibri Resource Corporation (TSXV: CBI | OTC: CRUCF | FRA: 2CO1) just dropped a strategic update — and it’s a solid one. The company is doubling down on its two flagships: the 100%-owned EP Gold Project and the 49%-owned Pilar Gold & Silver Joint Venture with Tocvan Ventures (CSE: TOC). The plan? Push EP toward discovery-scale drilling and move Pilar closer to production. It’s an aggressive roadmap aimed squarely at unlocking real value in a gold market that’s breaking records.
Company Snapshot
- Ticker: TSXV: CBI | OTC: CRUCF | FRA: 2CO1
- Share Structure (June 15, 2025): 23,083,525 issued & outstanding; 27,731,725 fully diluted
- Insider & Management Ownership: ~20%
- Jurisdiction: Sonora, Mexico — the country’s largest gold and silver producing state
- Strategy: Drill for scale at EP, build toward production at Pilar
EP Gold Project (Evelyn/Plomo) — 100% Owned
EP sits right in the middle of the Caborca Orogenic Belt, one of Mexico’s most prolific gold zones, surrounded on all sides by land controlled by Fresnillo plc (major producer in Mexico). Colibri controls 4,766 hectares here, and early work is turning heads:
- Drilling so far: 12,333m at Evelyn + 1,533m at Plomo
- Sampling: over 2,500 surface samples up to 58.9 g/t Au and 47.3 g/t Au
- Geophysics: Airborne mag + 3D IP surveys across 1,000+ hectares
- Targets: 10 high-priority zones; only 3 drill-tested so far
- Permits: Fully approved for 2025 drilling
Highlight Drills
- 14m @ 2.63 g/t Au (EVE21-027)
- 15m @ 2.36 g/t Au (EVE21-019)
- 86m @ 0.17 g/t Au (EVE22-042)
- 26m @ 0.32 g/t Au and 27m @ 0.25 g/t Au (EVE23-196)
Colibri’s goal is to prove out a +1 Moz gold system in a district that already produces millions of ounces every year.
Pilar Gold & Silver Project (49% JV with Tocvan)
If EP is the discovery play, Pilar is the near-term cash-flow angle. Located just outside Caborca, this oxidized, low-sulfidation gold-silver system has already seen over 24,000m of drilling and keeps delivering grade.
- Ownership: 49% Colibri | 51% Tocvan Ventures
- Metallurgy: 95% recovery; bulk sample head grade 1.9 g/t Au (~63% recovery)
- Development Plan:
- 50,000-tonne bulk sample in Q4 2025 / Q1 2026
- Maiden resource estimate expected around the same time
- PEA lined up for early 2026
Drilling Highlights
- 36.3m @ 1.6 g/t Au
- 67.9m @ 1.2 g/t Au
- 116.9m @ 1.2 g/t Au (incl. 10.2m @ 12 g/t Au & 23 g/t Ag)
- 94.6m @ 1.6 g/t Au (incl. 9.2m @ 10.8 g/t Au & 38 g/t Ag)
Third-Party Valuation
Atrium Research values Pilar at US$145.2M (100% basis), putting Colibri’s 49% stake at approximately US$71M / CAD $96M, or about $4.17 per share equivalent. For a company trading near pennies, that’s a striking disconnect.
The Neighborhood — Big Names, Big Mines
Colibri’s projects sit in the middle of some serious gold territory. The Caborca Orogenic Belt hosts multiple operating mines run by heavyweights like Fresnillo, Agnico Eagle, and Alamos Gold. Nearby operations run by Fresnillo, Agnico Eagle, and Alamos Gold demonstrate the belt’s scale and long mining history. Being surrounded by majors isn’t just a brag — it’s a clear sign Colibri’s geology sits in proven gold-bearing ground.
Game Plan Going Forward
Colibri’s roadmap is simple and aggressive:
- EP Project: Drill the untested targets, define scale, and chase that +1 Moz potential.
- Pilar JV: Bulk sample, resource estimate, PEA — set up for production and cash flow.
Together, these create a two-track setup: near-term development plus exploration blue-sky potential. Exactly the combo retail investors like to see.
Why Investors Are Watching
- Two Flagships, Two Angles: Pilar near production, EP early discovery.
- Prime Real Estate: Surrounded by majors like Fresnillo, Agnico, and Alamos.
- Lean Cap Table: 23M shares out, 20% insider-held.
- Third-Party Validation: Atrium’s valuation puts Pilar alone at ~$96M CAD for Colibri’s stake.
- Catalysts Incoming: Bulk sample results, maiden resource, and EP drill results lined up through 2026.
Bottom Line
Colibri (TSXV: CBI) is a small-cap explorer positioned in one of Mexico’s most active gold belts, right next to producing mines and with multiple catalysts ahead. With gold prices at record highs and drills ready to turn, 2026 could be the year this junior finally breaks out from under the radar.
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.
