Company
CNSX:TOC
Tocvan Ventures Corp is a resource company that went public in February 2019 looking to take advantage of the prolonged downturn in the junior exploration sector. It is earning into what it sees as two exciting opportunities - the advanced Pilar gold project in the Sonora gold district in Mexico, and the Rogers Creek project in British Columbia Canada. In a cash-and-share deal with Colibri Resource Corp, Tocvan can buy up to 100% of Pillar, which is road accessible, has already had over 17,000 meters of drilling since the 1990s, and lies 140 kilometers south-east of the city of Hermosillo. The firm believes the project can prove up an economic resource in the short term as it must now complete C$2 million of exploration over the next several years. In addition, Tocvan has an option to earn 80% of Rogers Creek from Carube Copper - a project which has already received C$3 million for exploration.
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The drilling is focused on Main Zone expansion targets and newly identified targets, and one core drill hole has hit "a heavily oxidized and fractured mineralized breccia"
Surface sample results included 9.2 grams per tonne (g/t) gold and 279 g/t silver from the expanded Main Zone
T-21-2 hit 19.5m of 0.61 grams per ton (g/t) gold across the entire length of the trench in an area along the developing 4-Trench Trend, Tocvan said, while T-21-3 yielded 19.8m at 0.73 g/t gold and was targeted to provide key geochemical in
The company said the executive change will better align with the technical and professional expertise required to advance its two gold-silver assets in Mexico towards development
An initial phase of 3,500m is planned for the first quarter of 2022, which will be followed by up to 4,500m. The focus will be continued step-out drilling along the Main Zone Trend and new 4-Trench Trend, while exploration drilling will con
“With a first phase of trenching complete and drilling set to begin, we remain focused on the advancement of Pilar and are excited to announce the recent financing will provide the capital to see us through to our next phase of exploration,
Drilling to follow up on Phase II drill program targets is scheduled to begin within the next week
“We are now on the ground in Mexico with our exploration team and we are very much looking forward to this next phase of exploration,” said Tocvan VP Exploration, Brodie Sutherland
As reported in September this year, the firm inked a definitive agreement with Millrock Resources Inc over the asset, which hosts five main target areas so far identified called San Ramon, Cornea, Jabali, Puerto and Tortuga, which span over
"Last year was very successful in growing the potential size of the mineralized system at Pilar, we look forward to building off that success again this year with continued drilling and trenching across the property," said Sutherland
The company said a lead order for the placement has been established with a prospective long-term shareholder with extensive experience in Mexican mineral exploration and development
Previously, Tocvan had an option to buy up to an 80% stake in Rogers Creek from C3 Metals but that deal is now void, replaced by an agreement to buy all of the project
The agreement comes after a previously announced Letter of Commitment and the successful completion of a 60-day due diligence period by Tocvan
It said the agreement is a prime example of its ability to negotiate transactions which add significant accretive value to shareholders while allowing previous operators and landowners to benefit greatly from a successful outcome as it work
The 20-hole Phase 2 drill program has expanded the so-called Main zone 30 metres (m) to the northwest and 150m to the southeast and defined a new mineralized trend over a 500m strike, parallel to the Main zone
Two holes were reported, with one returning an intercept of 39.7 meters (m) at 0.96 grams per ton gold starting from 39.65m depth
The Phase II drill program was completed in June with over 3,500m of RC drilling in 20 drill holes
Results from the six holes reported included 47.3m at 0.75 g/t gold and 5 g/t silver, or 0.80 g/t gold equivalent
It drilled 35.1m of 0.72 g/t gold equivalent in a 100m step-out east of the Main Zone at Pilar in Sonora, Mexico
The company has inked a letter of commitment with Millrock Resources to acquire the option agreement on the asset
