Tocvan Retains Majority Ownership of Pilar Project; Elects to JV on the Original Pilar Concessions
In This Article:
CALGARY, AB / ACCESSWIRE / March 21, 2024 / Tocvan Ventures Corp. (the "Company") (CSE:TOC)(OTCQB:TCVNF)(FSE:TV3), has elected to enter into a joint venture arrangement with Colibri Resources ("Colibri") for the 51% owned Original Pilar Concessions. The two-concession owned jointly by Tocvan and Colibri account for just 4.6% of the total land area controlled by Tocvan where it has an ongoing 100% interest in the surrounding expansion area (over 2,100 hectares).
Why the JV Arrangement is Beneficial to Tocvan Shareholders:
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Tocvan has Controlling Ownership (51%) in the Original Pilar Area.
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Tocvan has 100% Interest in a huge land package surrounding Pilar. In 2023, Tocvan was able to successfully expand the Pilar area by acquiring a land package 20 times the size of the Original Pilar Concessions. This expansion allows Tocvan optionality with discoveries to date pointing to greater Pilar-like systems. The two concessions held jointly with Colibri account for a total of 105 hectares, just 4.6% of the total area Tocvan has controlling interest in (2,277.7 hectares). The Company believes 105 hectares is insufficient space to build a significant mine, therefore payment of $2 million CAD for the remaining interest of the small portion of the property is not in the best interest of shareholders.
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Control on Share Dilution. Future capital can be raised for project development. Expenditures on the Original Pilar Concessions will be shared with Colibri through the joint venture, greatly reducing the need for excessive capital. Details of the joint venture agreement will be disclosed once finalized.
Go Forward Plan for Pilar
This year, the Company has planned a minimum of 7,000 to 10,000 meters of drilling on the Original Pilar Concessions and will look to continue that initiative. Across the broader Pilar Property exploration work will be ongoing identifying source areas for the expansive placer gold workings and the large hydrothermal alteration cells that coincide with gold and silver mineralization. Preparation work for mine development permitting is ongoing. Updates on the LiDAR Survey, Exploration and Drilling initiatives will be provided shortly.
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 they can build upon previous success. Tocvan has approximately 43 million shares outstanding and is earning into two exciting opportunities in Sonora, Mexico. The Company has consolidated an attractive land position at its Pilar Gold-Silver Project where it holds 100% interests in over 21 square kilometers of prospective area and a majority ownership (51%) in a one square kilometer area shared with Colibri Resources. The Company also holds 100% interest in the Picacho Gold-Silver project in the Caborca Trend of northern Sonora, a trend host to some of the major gold deposits of the region. Management feels both projects represent tremendous opportunity to create shareholder value.
