Bedford - Colibri Resource Corp. (TSXV: CBI) ('Colibri' or the 'Company'), with its partner Silver Spruce Resources Inc., announces that they have collared the first hole of a 2,000 metre reverse circulation ('RC') drill program at the Companys Diamante Project.

The first holes will be testing the Pillado Zone which is a Au-Ag-Pb-Zn-Cu target.

Silver Spruce is in the second year year of a two year agreement to earn up to 50% of the Diamante Project.

Program operations at Diamante are jointly managed by Silver Spruce and Colibri. Reporting drill program planning and results including assays and QA/QC will be the responsibility of Silver Spruce.

Silver Spruce Reports: (June 20th, 2022)

'We are pleased to begin our maiden exploration drilling program on several highly prospective areas of Diamante. Our first two targets, Pillado and La Prieta, exhibit multiple vein, breccia, disseminated and manto-style mineralization, locally with fault controls parallel to and intersecting high grade polymetallic, silver-gold and base metal-bearing occurrences with historical artisanal mining. Importantly, despite the number and quality of known mineralization targets, there is no recorded historical drilling on Diamante to date,' stated Greg Davison, Silver Spruce Vice-President Exploration and Director.

Mr. Davison added, 'TRAX equipment and personnel have conducted activities for two weeks on the Pillado and La Prieta targets, under the direction of our exploration point team, to clear access routes and prepare the requisite drill pads. Minera Drilling mobilized from Hermosillo to site on June 15th and currently are collared on Pillado pad #40 located north of the portal. The initial three holes at this location will target the E-W trending, northerly-dipping mineralization. Six additional holes are proposed at Pillado and another eight holes at La Prieta, all of which are oriented to intersect depth projections of known surface and shallow underground mineralization. The program is anticipated to continue for four to five weeks through mid-July 2022. Samples will be screened using pXRF analyses during the on-site logging to provide rapid qualitative data for dynamic decision-making on drill hole planning and depth targeting. Sample shipments to ALS Global in Hermosillo will be delivered on a weekly basis.'

The drill-ready Diamante gold-silver (Au-Ag) property ('Diamante' or the Property') is located 5 km northwest of the town of Tepoca, and 165 km southeast of the capital city of Hermosillo, eastern Sonora, Mexico.

Constructora Trax ('TRAX') and Minera Drilling, both from Hermosillo, Mexico, respectively, were contracted for the preparation of access trails and pads, and drilling 2,000 metres of reverse circulation drill holes on the principal drilling target areas of the Diamante 1 and 2 concessions, specifically on the first-priority targets at Pillado and La Prieta with Calton, Aguaje, El Chon-El Chon Oeste and Mezquite Raizudo next in line.

Project Geology

The Property is located within the west-central portion of the Sierra Madre Occidental Volcanic Complex within the northwest-trending 'Sonora Gold Belt' of northern Mexico. Diamante offers strong precious metal tenor with a polymetallic endowment, multiple quality targets, styles of mineralization, of particular significance for our exploration moving forward, no records of drilling. Historical exploration and artisanal activities are indicated by surface trenches and subsurface workings parallel to and cutting the vein mineralization were measured up to 100 metres in length, with the latter showing shafts and short lateral drifts.

Geological features of epithermal Au, low to intermediate sulphidation Ag-Au (Pb-Zn), high sulphidation Au-Cu, and potential porphyry style Au-Cu occur as disseminated, stockwork and vein styles. Silicification with sericitic, argillic and propylitic alteration were accompanied by drusy to vuggy quartz, black tourmaline, multiple disseminated to vein sulphides with incipient to pervasive oxidation to carbonates, sulphates such as jarosite, hematite and iron hydroxide. Recent exploration verified pathfinder elements including As, Sb, Hg, Cd and Bi.

Mineralization is reported visually as pyrite, arsenopyrite, chalcopyrite, sphalerite, argentiferous galena, argentite, hematite and probable metal oxides, carbonates and sulphates, including copper carbonate (malachite), copper sulphates and plumbojarosite.

Structural lineaments show intersecting and splaying vein patterns with steep to moderately dipping northwest, northeast and north-striking orientations were confirmed and spatially coincident with parallel to oblique faults and shears which control and locally offset the mineralization.

Project Background

Silver Spruce can acquire up to 50% interest in four Diamante concessions with a cumulative land position of 1,057 hectares.

The Property is well situated in terms of logistics for exploration and is easily accessible from Mexican Highway #16 which transects Diamante 1 and along several trails and dry river beds southward to Diamante 2.

Mining and exploration in the surrounding area is very active with adjacent and nearby properties held by Alamos Gold, Argonaut, Agnico Eagle, Evrim, Newmont, Garibaldi, Kootenay Silver and Penoles among others.

About Minera Drilling

Minera Drilling, offering reverse circulation, has its drilling equipment and technical team based in Hermosillo, Sonora, Mexico.

About Constructora Trax

TRAX offers a comprehensive, high-level response for civil engineering, construction and development in the states of Sonora, Sinaloa, Chihuahua, Zacatecas, Guerrero among others. TRAX has extensive project experience since 1990 specializing in earthworks, demolition, explosives, drilling and blasting, mineral exploitation in both underground and open pit mines, feasibility analysis of mining projects and a wide range of infrastructure projects.

ABOUT COLIBRI RESOURCE CORPORATION

Colibri is a Canadian-based mineral exploration company listed on the TSX-V (CBI) and is focused on acquiring and exploring prospective gold & silver properties in Mexico. The Company has six exploration projects of which five currently have exploration programs being executed in 2022. (1) The flagship Evelyn Gold Project is 100% owned and explored by Colibri, (2) the Pilar Gold & Silver Project (optioned to Tocvan Ventures- (CSE: TOC), (3) the El Mezquite Gold & Silver Project , (4) the Jackie Gold & Silver Project, and (5) the Diamante Gold & Silver Project. 3,4, and 5 are subject to earn-in agreements by Silver Spruce Resources - (TSXV: SSE).

Notice Regarding Forward-Looking Statements

This news release contains 'forward-looking statements'. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that the plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that they will prove to be accurate.

Contact:

Ronald J. Goguen

Tel: (506) 383-4274

Email: rongoguen@colibriresource.com

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