Tocvan Ventures drills 116.9 m of 1.2 g/t Au at Pilar

Apr 14, 2022

2022-04-14 09:09 ET – News Release

Also News Release (C-CBI) Colibri Resource Corp (2)

Mr. Brodie Sutherland reports

TOCVAN DRILLS 116.9-METERS OF 1.2 G/T AU AND 7 G/T AG, INCLUDING 10.2-METERS OF 12 G/T AU AND 23 G/T AG AT PILAR.

Tocvan Ventures Corp. has released drill results from its Pilar Au-Ag Project in Sonora, Mexico. Results for drill hole JES-22-59 are provided in this release, a core twin of RC drill hole JES-20-32 which returned 94.6-meters at 1.6 g/t Au. Drill hole JES-22-59 was previously mentioned in a news release (see NR February 15, 2022) where a mineralized breccia host was observed in drill core correlating to the Main Zone at Pilar. JES-22-59 returned 116.9-meters at 1.2 g/t Au and 7 g/t Ag , including an impressive 48.1-meters at 2.8 g/t Au and 9 g/t Ag . High-grade gold-silver mineralization was recorded adjacent to a heavily faulted and altered zone returning 10.2-meters at 12.0 g/t Au and 23 g/t Ag , including 4.2-meters at 28.3 g/t Au and 49 g/t Ag .

A total of 1,562 meters of Phase III drilling has been completed in nine drill holes providing key information across the Main Zone and 4-T Trend. Results for five drill holes are pending.

Drill Highlights

JES-22-59 (Core)

116.9m at 1.2 g/t Au and 7 g/t Ag;
- Including 48.1m at 2.8 g/t Au and 9 g/t Ag;
- Including 10.2m at 12.0 g/t Au and 23 g/t Ag;
- Including 4.2m at 28.3 g/t Au and 49 g/t Ag.

“Once again core drilling has confirmed the significant grade and distribution of gold-silver mineralization at Pilar”, commented Brodie Sutherland, CEO . ” This further validates the strength of the shallow mineralized system at Pilar, especially in regard to the significant high-grade mineralization adjacent to controlling structures. We look forward to reviewing the remaining results that test the extension of these controlling faults to the southeast.”

Discussion of Significant Results

As part of the Phase III program, nine drill holes have been completed totalling over 1,562 meters (Figure 1). Drilling looked to expand the Main Zone through 25, 50 and 100-meter step-outs to the southeast in a gap zone that has seen little drilling focused on the main trend between hole JES-20-32 (94.6m at 1.6 g/t Au) and hole JES-21-50 (39.7m at 0.96 g/t Au). Drilling also covered the 4-T Trend testing below trench T-21-3, which returned 19.5 meters at 0.61 g/t Au.

Confirmation of host rock and structure through the Main Zone was completed with core drilling, targeting key areas where past RC drilling has intersected significant gold-silver mineralization. Drill hole JES-22-59 was successful in intersecting a significant zone of oxide gold with broad mineralization in a silicified brecciated andesite host (116.9 meters of 1.2 g/t Au, including 48.1 meters of 2.8 g/t Au and 9 g/t Ag). The intersection included a high-grade fault bounded zone grading 12 g/t Au and 23 g/t Ag over 10.2 meters. This broad interval correlates with mineralization seen in RC hole JES-20-32, which returned 94.6 meters at 1.6 g/t Au, including 9.2 meters at 10.8 g/t Au and 38 g/t Ag. The high-grade controlling structures indicate a high probability of continuation to the southeast, where pending drill results are located along trend.

AGM Summary and Results

The Company is pleased to announce the results of voting at its Annual General Meeting of Shareholders (“AGM”) held Friday, April 8, 2022, in Calgary, Canada.

Shareholders voted in favour of all items put forward:

The appointment of the Board of Directors and fixing the Board size to five.
The approval of audited Financial Statements.
The appointment of Dale Matheson Carr-Hilton Labonte LLP, as Auditors of the Company for the ensuing year with the provision that the auditors remuneration be fixed by the board of directors.
Ratifying and approving the continuation of the incentive Stock Option Plan of the Corporation.

A total of 4,055,973 Tocvan common shares were voted, representing 12.79% of total shares issued and outstanding as at the record date of the meeting.

The Company announced at the meeting a webinar will be scheduled for mid-May to go over recent drill results and outline next steps for Pilar and El Picacho. The Company also commented on the Rogers Creek Property transaction, a detailed update including the record-day to be eligible as shareholder will be provided once the deal is nearing completion. The transaction is going forward and is planned to be executed in Q2-Q3 of 2022, unlocking the value of the Rogers Creek property to all shareholders of Tocvan in a new copper focused company (see NR September 30, 2021).

About the Pilar Property

The Pilar Gold-Silver property is interpreted as a structurally controlled low-sulphidation epithermal project hosted in andesite rocks.

Three 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-Trench. Structural features and zones of mineralization within the structures follow an overall NW-SE trend of mineralization. Over 20,700 m of drilling have been completed to date. Significant results are highlighted below:

2021 Phase II RC Drilling Highlights include ( all lengths are drilled thicknesses ):
- 39.7m @ 0.96 g/t Au, including 1.5m @ 14. g/t Au;
- 47.7m @ 0.70 g/t Au including 3m @ 5.6 g/t Au and 22 g/t Ag;
- 29m @ 0.71g/t Au;
- 35.1m @ 0.66 g/t Au.
2020 Phase I RC Drilling Highlights include ( all lengths are drilled thicknesses):
- 94.6m @ 1.6 g/t Au, including 9.2m @ 10.8 g/t Au and 38 g/t Ag;
- 41.2m @ 1.1 g/t Au, including 3.1m @ 6.0g/t Au and 12 g/t Ag ;
- 24.4m @ 2.5 g/t Au and 73 g/t Ag, including 1.5m @ 33.4 g/t Au and 1,090 g/t Ag;
17,700m of Historic Core RC drilling. Highlights include:
- 61.0m @ 0.8 g/t Au;
- 16.5m @ 53.5g/t Au and 53 g/t Ag;
- 13.0m @ 9.6 g/t Au;
- 9.0m @ 10.2 g/t Au and 46 g/t Ag.

About Tocvan Ventures Corp.

Tocvan is a well-structured exploration development company. Tocvan was created in order to take advantage of the prolonged downturn the junior mining exploration sector, by identifying and negotiating interest in opportunities where management feels they can build upon previous success. Tocvan has approximately 32 million shares outstanding and is earning 100% into two exciting opportunities in Sonora, Mexico: the Pilar Gold-Silver project and the El Picacho Gold-Silver project. Management feels both projects represent tremendous opportunity to create shareholder value.

Quality Assurance / Quality Control

RC chips and core samples were shipped for sample preparation to ALS Limited in Hermosillo, Sonora, Mexico and for analysis at the ALS laboratory in North Vancouver. The ALS Hermosillo and North Vancouver facilities are ISO 9001 and ISO/IEC 17025 certified. Gold was analyzed using 50-gram nominal weight fire assay with atomic absorption spectroscopy finish. Over limits for gold (>10 g/t), were analyzed using fire assay with a gravimetric finish. Silver and other elements were analyzed using a four-acid digestion with an ICP finish. Over limit analyses for silver (>100 g/t) were re-assayed using an ore-grade four-acid digestion with ICP-AES finish. Control samples comprising certified reference samples and blank samples were systematically inserted into the sample stream and analyzed as part of the Company’s robust quality assurance / quality control protocol.

Brodie A. Sutherland, P.Geo., CEO for Tocvan Ventures Corp. and a qualified person (“QP”) as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this release.

We seek Safe Harbor.

https://tocvan.com/