Tocvan identifies target areas for Pilar drilling

Oct 10, 2023

2023-10-06 14:15 ET – News Release

Mr. Brodie Sutherland reports

TOCVAN IDENTIFIES HIGH PRIORITY TARGET AREAS TO ADVANCE GOLD-SILVER DRILL TARGETING WITHIN EXPANSION AREA

Tocvan Ventures Corp. has identified several target areas through its due diligence fieldwork completed within the Pilar expansion area in Sonora, Mexico. Due diligence including ground reconnaissance is complete for the land expansion acquisition surrounding Pilar (see news release, July 27, 2023) and the company is now finalizing a definitive agreement. Recent placer activity, historic workings and prospective geology all indicate the area is highly prospective for gold and silver. Surface samples collected during due diligence of the area have been submitted for analysis, results are pending.

“We are already seeing excellent indications of a robust mineralized system beyond Pilar,” stated Brodie Sutherland, chief executive officer. “The presence of pervasive hydrothermal alteration, silicified tourmaline breccias, along with significant historic underground workings and years of active placer gold extraction are providing key indications that the area is prospective for drill targeting. Our priority is to advance these drill targets as quickly as possible to begin the evaluation of these areas and drive new discoveries.”

Grant of options

The company is pleased to announce the grant of 500,000 stock options to consultants pursuant to the terms and conditions of the corporation’s stock option plan. The stock options are exercisable at 50 cents per share and shall expire five years from the date of grant.

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 northwest 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 northwest-southeast trend of mineralization. Mineralization extends along a 1.2-kilometre trend; only half of that trend has been drill tested so far. To date, over 23,000 metres of drilling have been completed.

2022 phase III diamond drilling highlights include (all lengths are drilled thicknesses):
- 116.9 m at 1.2 grams per tonne Au, including 10.2 m at 12 g/t Au and 23 g/t Ag;
- 108.9 m at 0.8 g/t Au, including 9.4 m at 7.6 g/t Au and five g/t Ag;
- 63.4 m at 0.6 g/t Au and 11 g/t Ag, including 29.9 m at 0.9 g/t Au and 18 g/t Ag.
2021 phase II reverse circulation drilling highlights include (all lengths are drilled thicknesses):
- 39.7 m at one g/t Au, including 1.5 m at 14.6 g/t Au;
- 47.7 m at 0.7 g/t Au, including three m at 5.6 g/t Au and 22 g/t Ag;
- 29 m at 0.7 g/t Au;
- 35.1 m at 0.7 g/t Au.
2020 phase I RC drilling highlights include (all lengths are drilled thicknesses):
- 94.6 m at 1.6 g/t Au, including 9.2 m at 10.8 g/t Au and 38 g/t Ag;
- 41.2 m at 1.1 g/t Au, including 3.1 m at six g/t Au and 12 g/t Ag;
- 24.4 m at 2.5 g/t Au and 73 g/t Ag, including 1.5 m at 33.4 g/t Au and 1,090 g/t Ag.
15,000 m of historic core RC drilling. Highlights include:
- 61 m at 0.8 g/t Au;
- 16.5 m at 53.5 g/t Au and 53 g/t Ag;
- 13 m at 9.6 g/t Au;
- Nine m at 10.2 g/t Au and 46 g/t Ag.
Bulk sample and metallurgy results:
- Head grade of 1.9 g/t Au and seven g/t Ag;
- Bulk heap leach results of coarse fraction, 62-per-cent recovery of Au and 47-per-cent recovery of Ag;
- Agitated leach results, 80-per-cent recovery of Au and 94-per-cent recovery of Ag after just 24 hours of retention time;
- Initial gravity and agitated leach tests returned over 95-per-cent recovery of Au, over 73-per-cent recovery of Ag.

About the El Picacho Property

The El Picacho gold-silver property is interpreted as an orogenic gold system within the regional Caborca orogenic gold belt known for producing gold mines that include La Herradura (greater than 10 million ounces Au) and San Francisco (greater than Moz Au). The project is 140 kilometres north of Hermosillo and only 18 kilometres southwest of the producing San Francisco mine. The project totals 24 square kilometres (2,400 hectares). Five primary zones of mineralization have been identified across the property totalling over six kilometres of prospective trends. Surface sampling and historic workings have identified high-grade gold and silver values. The project has only seen widely spaced reconnaissance drilling with no follow-up. Tocvan believes this provides an excellent opportunity for discovery of a multimillion-ounce district. In December of 2022, the company completed its first ever drill program at El Picacho, leading to the discovery of significant near-surface mineralization at the San Ramon target highlighted by 44.2 m at 0.6 g/t Au.

About Tocvan Ventures Corp.

Tocvan is a well-structured exploration development company. Tocvan was created in order to take advantage of the prolonged downturn in the junior mining exploration sector, by identifying and negotiating interest in opportunities where management feels it can build upon previous success. Tocvan has approximately 40 million shares outstanding and is earning 100 per cent 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.

Mr. Sutherland, PGeo, CEO for Tocvan Ventures and a qualified person 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/