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The latest results from phase one RC drilling include 1.5m at 17.3g/t gold as part of a wider 61m at 0.75g/t, which is understood to be the longest intersection at the property to date.
The company plans to complete the remainder of a 10,000m programme this year to determine a maiden resource for Pilar in the area known for small-scale, high-grade historic mining.
It acquired Pilar in August 2017.
Colibri has two fully-owned exploration projects and a joint venture with Agnico Eagle Mines in the Sonora state.
The company had about C$850,000 (US$650,000) in working capital at the end of February and completed a $1.2 million (US$0.9 million) equity raising in March to fund phase one drilling at Pilar.
Shares in the company, which were trading at C20c a year ago, were unchanged yesterday at a 52-week low of 2.5c.
