Colorado Resources Ltd.: North ROK 2013 Project Update
December 05 2013 - 7:30AM
Marketwired Canada
COLORADO RESOURCES LTD. (TSX VENTURE:CXO) ("Colorado" or the "Company") is
pleased to announce the completion of the Company's 2013 drill program at its
North ROK property and the results of the remaining 10 holes. In the 7 months
since the discovery in March 2013, the Company has completed 11,448 m of
drilling in 29 drillholes and has also completed comprehensive programs of IP
surveying, airborne and ground magnetic surveying, geochemical surveying and
geological mapping.
Highlights of the recent results include drillhole NR13-028, which intersected
131.2 m of 0.39% Cu and 0.56 g/t Au from 4 m to 135.2 m and 225.7 m of 0.25% Cu
and 0.27 g/t Au from 207.5 m to 433.2 m. Drillholes NR13-021 and NR13-027 have
also returned permissive geological and geochemical results indicative of the
robust nature of the North ROK porphyry system more than 400 m west of NR13-001.
The intent of the 2013 drilling program was to utilize a broadly spaced drill
pattern to extend the copper-gold porphyry system discovered with DDH NR13-001
along strike. To date mineralization has been identified over a 900 m strike
length between drillholes NR13-009 & NR13-024 and continues to be open at both
ends.
Geophysical surveys and alteration mapping demonstrate that this mineralization
occurs within a larger intrusive hosted porphyry system measuring a least 1000 m
wide by 2000 m long. Significant potential therefore remains to expand the
mineralized zone.
The results of the drilling, geophysical surveying and mapping also indicate
several other untested targets remain on the North ROK property, including the
Mabon North target 1500 m north of discovery hole NR13-001, the Mabon West
targets 500-1000 m south of NR13-001 and the Lower Mabon zone under till cover
400 m west of NR13-001.
Drilling with resume in the spring of 2014 and focus on continuing to expand the
main zone mineralization as well as conducting initial testing of these three
new target areas.
2013 Drilling Results
The following table summarizes all of the results of the 2013 drilling at North
ROK. The results of holes NR13-001 to NR13-019 have been released previously.
---------------------------------------------------------------------------
NORTH ROK CU-AU PORPHYRY SYSTEM - REPORTED DRILL RESULTS TO DATE
---------------------------------------------------------------------------
Total
Collar Depth From To Interval Cu Au Cu EQ
Hole Azimuth Dip (m) (m) (m) (m) % g/t %(i)
---------------------------------------------------------------------------
NR13-001 40 -45 335.0 2.0 335.0 333.0 0.51 0.67 0.90
---------------------------------------------------------------------------
includes 2.0 244.0 242.0 0.63 0.85 1.13
---------------------------------------------------------------------------
includes 63.5 244.0 180.5 0.76 1.00 1.34
---------------------------------------------------------------------------
includes 244.0 335.0 91.0 0.20 0.19 0.31
---------------------------------------------------------------------------
NR13-002 40 -65 189.4 No Significant Results
---------------------------------------------------------------------------
NR13-003 40 -80 593.1 1.2 153.6 152.4 0.21 0.55 0.53
---------------------------------------------------------------------------
includes 43.2 95.2 52.0 0.31 1.04 0.92
---------------------------------------------------------------------------
NR13-004 40 -45 404.0 158.8 364.0 205.2 0.40 0.50 0.69
---------------------------------------------------------------------------
includes 182.8 313.8 131.0 0.56 0.68 0.96
---------------------------------------------------------------------------
NR13-005 40 -55 314.2 115.4 235.5 120.1 0.22 0.34 0.42
---------------------------------------------------------------------------
includes 160.0 202.0 42.0 0.38 0.62 0.74
---------------------------------------------------------------------------
NR13-006 40 -70 524.5 191.1 354.1 163.0 0.10 0.12 0.17
---------------------------------------------------------------------------
includes 236.1 287.1 51.0 0.13 0.14 0.21
---------------------------------------------------------------------------
NR13-007 40 -45 637.0 116.2 243.5 127.3 0.18 0.36 0.39
---------------------------------------------------------------------------
includes 119.2 159.7 40.5 0.25 0.52 0.55
---------------------------------------------------------------------------
NR13-008 40 -45 391.1 16.5 205.6 189.1 0.27 0.14 0.35
---------------------------------------------------------------------------
includes 63.2 134.2 0.7 0.41 0.20 0.53
---------------------------------------------------------------------------
NR13-009 220 -45 229.9 278.4 297.5 19.1 0.18 0.07 0.22
---------------------------------------------------------------------------
NR13-010 220 -45 32.0 Edon Target - Abandoned for Technical
Reasons
---------------------------------------------------------------------------
NR13-011 40 -45 351.4 127.9 217.9 90.0 0.23 0.15 0.32
---------------------------------------------------------------------------
includes 157.9 202.9 45.0 0.31 0.24 0.45
---------------------------------------------------------------------------
NR13-012 220 -45 300.8 No Significant Results
---------------------------------------------------------------------------
NR13-013 40 -45 564.8 162.6 564.8 402.2 0.28 0.27 0.44
---------------------------------------------------------------------------
includes 285.6 564.8 279.2 0.33 0.23 0.46
---------------------------------------------------------------------------
includes 340.1 564.8 224.7 0.36 0.23 0.49
---------------------------------------------------------------------------
includes 379.1 540.0 160.9 0.41 0.28 0.57
---------------------------------------------------------------------------
includes 397.1 454.8 57.7 0.53 0.37 0.75
---------------------------------------------------------------------------
NR13-014 220 -45 461.2 Edon Target - No Significant Results
---------------------------------------------------------------------------
NR13-015 220 -45 497.7 Edon Target - No Significant Results
---------------------------------------------------------------------------
NR13-016 40 -45 341.2 29.2 69.8 40.6 0.17 0.34 0.37
---------------------------------------------------------------------------
and 185.8 239.3 53.5 0.23 0.29 0.40
---------------------------------------------------------------------------
NR13-017 40 -45 528.2 272.0 449.1 177.1 0.30 0.39 0.53
---------------------------------------------------------------------------
includes 335.7 403.9 68.2 0.40 0.62 0.76
---------------------------------------------------------------------------
NR13-018 220 -45 407.8 Edon Target - No Significant Results
---------------------------------------------------------------------------
NR13-019 40 -45 526.4 No Significant Results
---------------------------------------------------------------------------
NR13-020 238 -85 379.5 No Significant Results
---------------------------------------------------------------------------
NR13-021 40 -45 467.6 348.7 419.9 71.2 0.105 0.043 0.13
---------------------------------------------------------------------------
NR13-022 40 -45 367.3 No Significant Results
---------------------------------------------------------------------------
NR13-023 220 -45 352.0 No Significant Results
---------------------------------------------------------------------------
NR13-024 40 -45 422.9 259.8 301.7 41.9 0.15 0.16 0.24
---------------------------------------------------------------------------
NR13-025 40 -45 289.6 No Significant Results
---------------------------------------------------------------------------
NR13-026 40 -45 42.7 Abandoned Lost in Overburden
---------------------------------------------------------------------------
NR13-027 40 -45 404.2 171.4 213.2 41.8 0.076 0.104 0.137
---------------------------------------------------------------------------
NR13-028 90 -50 481.6 4 135.2 131.2 0.39 0.56 0.72
---------------------------------------------------------------------------
and 207.5 433.2 225.7 0.25 0.27 0.41
---------------------------------------------------------------------------
NR13-029 90 -65 532.5 380.2 519.7 139.5 0.15 0.11 0.21
---------------------------------------------------------------------------
(i)Cu EQ (copper equivalent) has been used to express the combined value of
copper and gold as a percentage of copper and is provided for illustrative
purposes only. No allowances have been made for recovery losses that may
occur should mining eventually result. Copper equivalent calculations
herein use metal prices of US $3.00/lb of copper and US $1,200 per troy
ounce of gold using the formula Cu EQ = Cu% + (Au g/t x 0.584).
---------------------------------------------------------------------------
To view the map accompanying this press release, please visit the following
link: http://media3.marketwire.com/docs/915981i.pdf
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.
With the exception of holes NR13-022, 023 and 026, holes NR13-020 to NR13 29 all
intersected significant intervals of moderate to strongly altered and locally
mineralized monzo-diorite intrusive. Holes NR13-022 and 023 intersected volcanic
rock while NR13-026 was lost in overburden.
Company President and CEO, Adam Travis, commented: "I am extremely pleased with
what our team has been able to accomplish in a little over 7 months of
exploration. In this short time we have advanced North ROK from an unknown
showing to one of British Columbia's best new porphyry copper gold discoveries
in nearly a decade. I am very much looking forward to continuing to expand on
the main zone and also test the three other new zones early next year."
In light of the significant results of the 2013 drill program the Company's
technical team is proposing a staged 10,000 m drill program to commence early in
the spring of 2014. The company is adequately financed to complete such a
program.
Further information on the North ROK programs is contained on Colorado's
website, www.coloradoresources.com.
Qualified Person
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
NR 13-20
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:
Colorado Resources Ltd.
Adam Travis
President and Chief Executive Officer
(250) 768-1511 or TF: (855) 768-1511
(250) 768-0849 (FAX)
Colorado Resources Ltd.
Terese Gieselman
Chief Financial Officer
(250) 768-1511 or TF: (855) 768-1511
(250) 768-0849 (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
