Colorado Significantly Expands Its Hit Property
September 21 2011 - 6:57PM
Marketwired
COLORADO RESOURCES LTD. (TSX VENTURE: CXO) ("Colorado" or the
"Company") is pleased to announce it has signed a letter agreement
with two private individuals to acquire a 100% interest in the
8,546 hectare Aspen Grove South Property, located in southern B.C.
To earn its 100% interest, Colorado must issue 100,000 shares,
subject to TSX Venture Exchange approval and grant the vendors a
2.5% N.S.R. of which the first 1.5% may be purchased for $1 million
and the remaining 1% for $3 million.
The Aspen Grove South Property is centred around the Company's
Hit Gold Property which is located approximately 30 kilometres
north of Princeton where Copper Mountain Mining Corp. recently put
the Copper Mountain (Similco) copper-gold-silver mine back into
production. This combined property covers a 6 km x 30 km area and
along with the Company's recent claim staking acquisitions brings
the expanded Hit property to over 11,324 hectares.
The Company has recently completed a detailed trenching program
over the main occurrence on the Hit Property to better understand
the controls to mineralization. The area was mapped in detail and
over 700 channel samples were collected. The Company eagerly awaits
the results of these samples.
Although the area has seen a considerable amount of work since
the 1970's copper boom, many of the more than 19 known mineral
minfile occurrences on the expanded Hit property have seen little
detailed follow up, even when such work was recommended.
Examples of known mineral (B.C Minfile) occurrences on which
work was recommended but not completed include the Pine, which is
host to seams and disseminations of chalcopyrite and pyrite in
reddish granite and quartz monzonite. Trenches excavated in an area
270 metres long and 60 to 90 metres wide averaged 0.20, 0.19 and
0.37 per cent copper over lengths of 48.8, 42.7 and 45.7 metres,
respectively. The last recorded work on the Pine was in 1973.
At the Golden 1 occurrence, a gossanous zone up to 70 metres
wide trends 160 degrees for up to 340 metres in a section of tuff
and tuff breccia with minor lahar deposits and agglomerate.
Mineralization consists of malachite, bornite, chalcocite and
chalcopyrite. Samples taken from the zone have assayed over 1 per
cent copper (Assessment Report 9821, page 5). The last recorded
work on the Golden 1 occurrence was in 1984.
At the Vale occurrence, work by Cordilleran Engineering in 1991
defined a 400 m long gold in soil anomaly with several contiguous
high values of up to 710 ppb Au. The anomaly could be reflecting
high grade vein hosted gold mineralization similar to Gold Mountain
Mining Corporation's Elk deposit 12 km to the north of the
property.
The Company is extremely encouraged by the prospective
geological setting for both copper gold porphyries similar in
nature to the recently opened Copper Mountain Mine and the
potential for high grade gold in quartz veins like the Elk
Deposit.
Qualified Person
Mr. Greg Dawson, P.Geo., is the Qualified Person as defined by
National Instrument 43-101 who supervised the preparation of the
technical data in this news release.
About Colorado
Colorado is currently 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 properties in Latin America. Colorado's
primary focus is on the Oro Property located in the MacMillan Pass
area of the Yukon, in which it has the option to acquire a 100%
interest.
ON BEHALF OF THE BOARD OF DIRECTORS OF COLORADO RESOURCES
LTD.
Adam Travis, President and Chief Executive Officer
NR 11-13
Cautionary Note Regarding Forward-Looking Statements
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. The reader is referred to the Company's prospectus
dated September 16, 2010 for a more complete discussion of such
risk factors and their potential effects, a copy of which may be
accessed through the Company's page on SEDAR at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Colorado Resources Ltd. Adam Travis President and
Chief Executive Officer (250) 768-1511 or Toll Free: 1 888 860 2666
Colorado Resources Ltd. Terese Gieselman Chief Financial Officer
and Secretary (250) 768-1511 or Toll Free: 1 888 860 2666 (250)
768-0020 (FAX) www.coloradoresources.com
Colorado Resources (TSXV:CXO)
Historical Stock Chart
From Jun 2024 to Jul 2024
Colorado Resources (TSXV:CXO)
Historical Stock Chart
From Jul 2023 to Jul 2024