Tocvan Ventures Forms Joint Venture with Colibri Resources for Pilar Project

Tocvan Ventures Corp. (CSE:TOC)(OTCQB:TCVNF)(FSE:TV3), in a strategic move announced on March 21, 2024, from Calgary, AB, has decided to enter into a joint venture (JV) agreement with Colibri Resources for the Original Pilar Concessions, comprising just 4.6% of Tocvan's total land area. This 51% majority-owned concession with Colibri is part of Tocvan’s significantly larger exploration area, which spans over 2,100 hectares. The aim of this JV is to leverage opportunities within the Original Pilar Concessions while Tocvan maintains a 100% interest in the surrounding expansion area.

The JV arrangement is highlighted as advantageous for Tocvan shareholders for several reasons, including maintaining controlling ownership in the Pilar area, mitigating the need for excessive capital by sharing future expenditures with Colibri, and reducing share dilution. Despite this joint venture, Tocvan strategically expanded its landholdings around Pilar, underscoring the importance of the larger land package for Tocvan’s exploration scope. The company has laid out plans for extensive drilling activities, seeking to further explore and develop the Pilar Property.