Colorado Announces Results of Eldorado Property Drilling
July 23 2013 - 4:15PM
Marketwired Canada
Colorado Resources Ltd. (TSX VENTURE:CXO) ("Colorado" or the "Company") is
pleased to announce the results of its recently completed diamond drilling
program on the Eldorado Property (see CXO NR13-01, April 17, 2013).
Eldorado is a 3,600 hectare property covering the Eldorado and Bonanza Cu-Au
showings in northern British Columbia. The property, one of three separate
properties held by Colorado in the area, is located approximately 10 kms along
strike NE of the Red Chris Cu-Au porphyry mine construction project ("Red
Chris"), and approximately 18 kms SE of Colorado Resources' recent North Rok
Cu-Au porphyry discovery (see CXO NR13-02, April 25, 2013).
As announced on October 4, 2012 Colorado has an Option Agreement with Sunrise
Resources ("Sunrise") to acquire up to a 75% interest in the Eldorado Property.
This drilling program completed on the Eldorado property was a 1,431 metre, 5
hole first pass test of 600m x 2,000m chargeability (IP) anomaly that extends to
at least 500m in depth and is coincident in part with historic copper and gold
soil anomalies. The targeted IP anomaly for this program shows marked
similarities to the IP signature of Red Chris, where the bulk of the deeper
mineralization corresponds to a strong chargeability anomaly.
Results and Interpretation
Assay results from the drilling program are summarized in the table below.
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From To Interval Cu Au
Hole (m) (m) (m) (%) (g/t) Rock Type / Comments
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EL13-001 0 449 No significant results
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Hole lost in overburden at
EL13-002 0 183 183m
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Hole lost in overburden at
EL13-003 0 96 96m
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Monzonite / volcanics
Mineralization begins at
EL13-004 52.4 259.0 206.6 0.09 0.17 bedrock surface
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Potassically altered
including 52.4 144.0 91.6 0.12 0.28 monzonite
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Potassically altered
52.4 123.7 71.3 0.14 0.33 monzonite
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Potassically altered
EL13-005 108.8 263.4 153.6 0.06 0.16 monzonite
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The first two holes of the program, EL13-001 and EL13-002, were designed to test
the eastern portion of the anomaly, deeper than the 3 short holes completed in
1980 by Esso minerals. The other three holes drilled by Colorado, EL13-003 to
EL13-005, were designed to test the central and western portions of the anomaly
that had only previously been tested by a single short drill hole. Thick
accumulations of overburden and post-mineral sediments resulted in two of the
five holes (EL13-002 and EL13-003) failing to reach bedrock and being stopped
short of their target depth.
EL13-004 tested a 150m by 900m magnetic high in the central portion of the IP
anomaly and was successfully completed to a depth of 360m. This hole intersected
91.6m of strongly potassically altered, copper and gold mineralized monzonite
immediately from the overburden-bedrock interface (52.4m to 140m). The hole then
intersected volcanic rock with locally strongly anomalous copper and gold values
from 140m to 210m, and then strongly potassically altered monzonite with
moderately anomalous copper and gold values to the end of the hole at 360m.
EL13-005 tested this same magnetic feature, and was successfully completed to
343m. EL13-005 intersected strongly potassically altered monzonite from 92m to
262m that was also anomalous in copper and gold.
The altered monzonites seen in holes EL13-004 and EL13-005 are similar to those
hosting the Red Chris deposit, located along strike, 10kms away.
To see the map associated with this release, please select the following link:
http://media3.marketwire.com/docs/723cxo.pdf
Further Work
Colorado management are very encouraged by the insight gained from this first
pass test of the deep chargeability anomaly at Eldorado, and are currently
preparing a follow-up exploration plan, including further drilling, for the
property.
Adam Travis, Colorado Resources' President and CEO commented "Although only
three of five planned holes were completed, we are extremely encouraged by these
early results from our Eldorado drilling. The geology, mineralogy and assay
results from Hole EL13-004 in particular are consistent with the margins of a
Red Chris type copper-gold porphyry body.
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 Canada and is also
aggressively seeking quality properties in the US southwest and Latin America.
Colorado's current exploration focus is the advancement of its 100% owned North
ROK and its optioned Eldorado projects, which are located within 10 to 18kms of
the Red Chris mine development, in northern British Columbia.
ON BEHALF OF THE BOARD OF DIRECTORS OF
COLORADO RESOURCES LTD.
Adam Travis, President and Chief Executive Officer
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
reports filed on SEDAR at www.SEDAR.com for a more complete discussion of such
risk factors and their potential effects.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Sterling Marketing Corp.
John Foulkes
President
(604) 697-0028 or Cell: (604) 614-2999
www.sterlingmarketingcorp.com
Colorado Resources Ltd.
Adam Travis
President and Chief Executive Officer
(250) 768-1511 or Toll Free: (855) 768-1511
(250) 768-0849 (FAX)
Colorado Resources Ltd.
Terese Gieselman
Chief Financial Officer
(250) 768-1511 or Toll Free: (855) 768-1511
(250) 768-0849 (FAX)
www.coloradoresources.com
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