Colorado Drills 177M of 0.55% Cu Eq at North Rok Property, BC
October 01 2013 - 8:30AM
Marketwired Canada
COLORADO RESOURCES LTD. (TSX VENTURE:CXO) ("Colorado" or the "Company") is
pleased to announce the results of a further five diamond drill holes completed
at North ROK, including hole NR13-17 with 177m of 0.55% Cu Eq that included 68m
of 0.79% Cu Eq. Of the five holes two were completed on the Mabon Zone and three
on the Edon Zone.
MABON ZONE
Drill hole NR13-016, which was drilled between NR13-005 and NR13-008 (see News
Release August 28, 2013), confirmed the continuation of mineralization between
these holes. Drill hole NR13-017, which was drilled vertically 170m beneath and
on the same sectional plane as drill hole NR13-011, demonstrated the mineralized
zone as cored in drill hole NR 13-17 has significantly increased in grade and
width relative to the shallower drill hole NR 13-11. Drill hole NR13-017 also
demonstrated the mineralized system remains open to the northwest.
Drill testing of the on-strike continuation of the mineralized zone to the
northwest of drill hole NR13-017 and to the southeast of drill hole NR13-013 is
in progress with 2 diamond drill rigs currently on the property.
Table 1: MABON ZONE DRILLING NR13-016 and NR13-017
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Hole Azimuth Dip Length From To Interval Cu % Au g/t Cu Eq %
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NR13-016 40 -45 341.2 29.2 69.8 40.6 0.169 0.341 0.385
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185.8 239.3 53.5 0.226 0.293 0.411
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NR13-017 40 -45 528.2 272.0 449.1 177.1 0.301 0.394 0.550
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includes 335.7 403.9 68.2 0.402 0.615 0.791
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(i)Copper equivalent grades are based on metal prices of: US$3.00/lb of
copper and US$1,300 per troy ounce of gold using the formula Cu Eq = Cu % +
Au g/t(i)0.632). No provision was made for metallurgical recoveries for the
metals.
Note: the lengths quoted represent core lengths and do not necessarily represent
the true thickness of mineralized intervals. The samples were analyzed by Acme
Analytical Laboratories of Vancouver, British Columbia. Copper values were first
determined using the 1DX ICP-MS method which reports values as parts per million
(ppm - 10,000 ppm = 1 %). Any samples containing greater than 2000 ppm copper
were assayed by the 7AR method, which reports values as percent copper. The gold
results were determined using the G601 Fire Assay method which reports gold
results in ppm and are equivalent to grams per tonne (g/t). The analytical
results were verified with the application of industry standard Quality Control
and Quality Assurance (QA-QC) procedures.
To view the Map, please visit the following link:
http://media3.marketwire.com/docs/COLORADO-RESOURCES.pdf.
EDON ZONE
Three reconnaissance drill holes in the Edon Zone, located approximately 1.5
kilometres SE of the Mabon Zone near the property's southeast boundary, were
completed near the end of Phase II drilling. The purpose of these holes was to
test areas of anomalous copper and gold in soils located within a large area of
strong alteration on the periphery of the main Mabon 1 km x 2 km sulphide
system.
Reconnaissance holes NR13-014, 015 and 018 did not intercept significant copper
or gold mineralization, but did encounter sizeable intercepts of the favourable
monzodiorite host displaying alteration patterns commonly associated with the
margins of copper-gold porphyry systems. The results of these holes demonstrate
that the Mabon discovery occurs within a very large hydrothermal system. The
results further demonstrate that the main potential of the North Rok property is
at lower elevations within the chargeability anomaly that extends an overall
distance of 2 km from the Edon Zone to 500m northwest of the Mabon Zone.
AIRBORNE SURVEY
Precision GeoSurveys of Vancouver, B.C. recently completed a high resolution
airborne magnetic and radiometric survey over the North Rock property. The
results of this survey will assist the Company in mapping the geology and
magnetite associated mineralization beneath glacial cover on the northern and
western extents of the property.
Adam Travis, President and CEO of Colorado Resources, commented: "We continue to
drill at both ends of this robust mineralized system with two drill rigs now
more than 1300m apart. Drill hole NR13-17, drilled 170m below hole NR13-011,
highlights the fact that the system is very much open and on this section higher
grade at depth".
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
T: (604) 697-0028
C : (604) 614-2999
www.sterlingmarketingcorp.com
Colorado Resources Ltd.
Adam Travis
President and Chief Executive Officer
T: (250) 768-1511
(250) 768-0849 (FAX)
Toll Free: (855) 768-1511
Colorado Resources Ltd.
Terese Gieselman
Chief Financial Officer
T: (250) 768-1511
(250) 768-0849 (FAX)
Toll Free: (855) 768-1511
www.coloradoresources.com
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