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Colorado Resources Ltd.: Step Out Drilling Confirms Mineralization, New IP Anomalies Discovered, Expanded Drill Program to Commence Shortly
Marketwired
WEST KELOWNA, BRITISH COLUMBIA--(Marketwired - Jun 6, 2013) - COLORADO RESOURCES LTD. (TSX VENTURE:CXO) ("Colorado" or the "Company") is pleased to report results from three drillholes and from surface geological, geochemical and geophysical surveys recently completed on its 100% owned North ROK Property located 15 kms northwest of Imperial Metals Red Chris Mine in NW British Columbia.
As reported in news release dated May 16, 2013 a total of 1527 m of drilling in 4 holes have been completed to date on the North ROK Property including the results of Drillhole NR13-001 which returned 242 m of 0.63% copper and 0.85 g/t gold. The following table highlights the significant results of drilling to date with intervals representing length along the drillcore.
Hole
Total Depth (m)
Az
Dip
From
To
Interval
Cu %
Au g/t
Rock Type
NR13-002
189.4
40
-65
No significant results
Monzonite
NR13-003
593.1
40
-80
1.2
153.6
152.4
0.21
0.55
Monzonite
including
43.2
95.2
52.0
0.31
1.04
Monzonite
NR13-004
404.0
40
-45
158.8
364.0
205.2
0.40
0.50
Monzonite
including
182.8
313.8
131.0
0.56
0.68
Monzonite
A total of 45 line km of 3D detailed Induced Polarization surveys has been completed to date by Walcott and Associates over an area of 8.4 square km (2.8 km by 3.0 km) and is still ongoing. The geophysical work has outlined a 1200 m x 1200 m open to the south chargeability feature which has only been tested on its northernmost end by the three hole drill program over a 100 m area. A second 500 m x 1000 m open to the north chargeability feature, located 1 km north of the drill area has also been discovered.To date less than 5% of the area of these geophysical anomalies has been tested by drilling.
As noted in news releases dated April 25, 2013 and April 26, 2013 Drillhole NR13-002 was drilled on a secondary target 350 m west of Drillhole NR13-001 and intersected a different phase of intrusion and may have not been drilled deep enough or at the correct azimuth to adequately test the IP chargeability anomaly that is now better understood with the new detailed geophysics.
Drillhole NR13-003 was drilled at -80 degree dip at the same location as NR13-001 and intersected strong magnetite breccia zones similar to NR13-001 for the first 152 m and transitioned into quartz pyrite assemblages which returned significant gold values with the entire top 409 m of the hole returning 0.14% copper and 0.29 g/t gold.
Drillhole NR13-004 was collared 100 m southeast of NR13-001 and drilled at -45 degree dip at an azimuth of 040 degrees and intersected chlorite-quartz-pyrite mineralization followed by strong secondary magnetite associated with mineralization for over 205 m similar to NR13-001. NR13-004 then intersected epidote and quartz pyrite, with the final metres of the drillhole terminating in volcanic rocks. Overall this drillhole returned 324 m 0.29% copper and 0.36 g/t gold. Interpretation of new detailed 3D modeled magnetics suggests that NR13-004 was collared in an area of low magnetics and drilled in an area of high magnetics.
The Company is very encouraged that both of these holes encountered significant widths of copper-gold mineralization, especially early on in the exploration program as it better understands the details of this large mineralizing system.
As part of the permitting requirements for this area of British Columbia, Baseline Archeological Services Ltd, contracted on behalf of the Company completed an archeological study, results of which did not identify any archeological concerns.
Recently completed surface geological mapping indicates that the monzonite intrusion is 2000 m x 2500 m in size and is similar to the Red Stock which hosts the Red Chris Mine (mineable reserve of 301.5 mt of 0.359% copper and 0.274 g/t gold). Over much of this strike length, the North ROK intrusion has also been extensively altered by magnetite-potassium feldspar and quartz sericite pyrite mineral assemblages and appears similar to hydrothermal alteration assemblages spatially associated with copper and gold mineralization at the Red Chris mine.
Adam Travis, the Company's President and C.E.O stated, "We are very pleased that three of the initial four holes completed at North ROK have returned very significant copper and gold drill intercepts. Our geological mapping and geophysics now suggests that drilling has only tested a very small portion of the kilometre scale alteration systems at North ROK. "
Given these highly encouraging results and better understanding of the system Colorado is planning an expanded drill program to commence shortly on the North ROK property.
Qualified Person
Mr. Greg Dawson, P.Geo., is the Qualified Person as defined by National Instrument 43-101 who supervised the work program and preparation of the technical data in this news release.
About Colorado
Colorado is engaged in the business of mineral exploration for the purpose of acquiring and advancing mineral properties located in British Columbia and the Yukon and is also aggressively seeking quality properties in the US southwest and Latin America. Colorado's primary exploration focus is on the Eldorado and North Rok properties in the Red Chris area.
ON BEHALF OF THE BOARD OF DIRECTORS OF
COLORADO RESOURCES LTD.
Adam Travis, President and Chief Executive Officer
This news release contains forward-looking information within the meaning of Canadian securities laws. Such information includes, without limitation, information regarding proposed exploration activities. Although the Company believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors, including, but not limited to, the state of the financial markets for the Company's equity securities, the state of the market for gold or other minerals that may be produced generally, recent market volatility; variations in the nature, quality and quantity of any mineral deposits that may be located, the Company's ability to obtain any necessary permits, consents or authorizations required for its activities, to raise the necessary capital or to be fully able to implement its business strategies and other risks associated with the exploration and development of mineral properties.
