Step Out Drilling Confirms Mineralization, New IP Anomalies Discovered, Expanded Drill Program to Commence Shortly
June 06 2013 - 8:28AM
Access Wire
COLORADO RESOURCES LTD. (TSX-V: 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|Az|Dip|From |To |Interval|Cu %|Au g/t|Rock Type|
| |Depth| | | | | | | | |
| |(m) | | | | | | | | |
|-----------------------------------------------------------------|
|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.
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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. "
Preliminary geophysical sections, models and drillhole assay
data will be posted to the Colorado Resources website
(http://www.coloradoresources.com/s/NorthRok.asp).
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"
Adam Travis
President and Chief Executive Officer
For more information, please contact:
Colorado Resources Ltd.
Adam Travis, President and Chief Executive Officer or
Terese Gieselman, Chief Financial Officer and Secretary
T: (250) 768-1511
F: (250) 768-0020
W: www.coloradoresources.com
NR 13-07
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.
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.
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