Colorado Completes Drilling on Red Sky Property, West Central, British Columbia
November 17 2011 - 2:24PM
Marketwired
COLORADO RESOURCES LTD. (TSX VENTURE:CXO) ("Colorado" or the
"Company") is pleased to announce completion of a drilling program
on its Red Sky property ("Red Sky" or the "Property") located
approximately 150 kilometres by road west of Williams Lake and
south of the community of Redstone. The Property has the potential
to host copper-gold porphyry style mineralization similar to
Taseko's Prosperity deposit as well as bulk tonnage gold
mineralization similar to that found on Amarc's Newton property
located approximately 30 kilometres southeast of Red Sky.
The Property is being explored under the terms of an Exploration
Agreement with Kinross Gold Corporation (TSX:K)(NYSE:KGC), one of
the world's leading senior gold producers. The Company has now
completed the $500,000 of expenditure requirements under the
Exploration Agreement to complete a 50/50 JV earn in. The work
program consisted of geological mapping, till and rock chip
sampling, induced polarization and magnetometer geophysical
surveying and drilling.
Drilling was undertaken to test a partially open, 600 x 1,000
metre chargeability anomaly in an area covered by glacial
overburden. This chargeability anomaly coincides with a copper,
zinc, gold and silver geochemical anomaly defined earlier through
detailed till sampling. The drill program was comprised of 4 holes
totaling 628 metres. Geological observations of the drill core note
multiple phases of intrusions into volcanic rocks displaying a
variety of textures and compositions. All of the rocks have been
cut by extensive faults with associated clay alteration and
variable sulphide accumulations.
Company President Adam Travis states, "I am very pleased that we
were able to complete an initial drill program to test the large
coincident chargeability and till anomaly before the onset of
winter. We have observed areas of alteration in the drill core and
eagerly await assay results. Results from our 2011 work program
will provide a good base upon which to plan for next year's program
on the Property."
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 11-17
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
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