Colibri Resource Corp. said Aug. 9 that it completed the previously reported acquisition of Canadian Gold Resources Ltd. from ONTOP Capital Ltd. in exchange for 24,242,425 common Colibri shares at 16.5 Canadian cents apiece, totaling C$4 million.

Following the deal, Colibri owns Minera Bestep S.A. de C.V., which holds the 105-hectare Pilar gold project and the 110-hectare Sun property in Mexico.

According to Colibri, the NI 43-101 technical report for the Pilar project recommends a two-phase exploration for the discovery of an epithermal precious metals mineral deposit.

The recommended first phase consists of early-stage exploration activities, including further geological mapping, trenching and 1,500 meters of reverse circulation drilling, among others. The second phase will be contingent upon the positive conclusion of the first phase and will include further drilling for resource delineation.