Tocvan Ventures Corp. announced it has submitted the exercise notice to Colibri Resources Corp. for the majority ownership (51%) of the Pilar gold-silver project in Sonora, Mexico. The Company has the right to purchase the remaining 49% of the Pilar Project and plans to do so, subject to the conditions of the property option agreement. In addition, due diligence is complete for the land expansion acquisition surrounding Pilar and the Company looks to have a definitive agreement completed in the following weeks. Recent placer activity, historic workings, and prospective geology all indicate the area is highly prospective for gold and silver.
Operational Plans: Pilar Project: The Company plans to restart field operations at the close of the expansion acquisition with the primary focus to advance new target areas already identified quickly towards drill targeting. Drilling at Pilar and within the new expansion area is planned to total 2,000-meters before year end. Work related to mine permitting is also scheduled for Fourth Quarter/2023 to prepare for final permit application. Continued metallurgical work is planned to advance the understanding of gravity and agitated leach methods for gold and silver recovery. Aggressive drill targeting aimed at driving new discovery and infill drilling at Pilar is scheduled for 2024. El Picacho Project: The Company will return to El Picacho for groundwork to advance the next phase of drilling on the Project. Beyond follow up at the San Ramon target where the Company drilled 44.2-meters at 0.6 g/t Au, 6-kilometers of prospective trend remains untested and open for drilling. About the Pilar Property: The Pilar Gold-Silver property has recently returned some of the region's best drill results. Coupled with encouraging gold and silver recovery results from metallurgical test work, Pilar is primed to be a potential near-term producer. Pilar is interpreted as a structurally controlled low-sulphidation epithermal system hosted in andesite rocks. Three primary zones of mineralization have been identified in the north-west part of the property from historic surface work and drilling and are referred to as the Main Zone, North Hill and 4-T. The Main Zone and 4-T trends are open to the southeast and new parallel zones have been recently discovered. Structural features and zones of mineralization within the structures follow an overall NW-SE trend of mineralization. Mineralization extends along a 1.2-km trend, only half of that trend has been drill tested so far. To date, over 23,000-m of drilling has been completed.