COLORADO RESOURCES LTD. (TSX-V:CXO)
("
Colorado" or the "
Company") is
pleased to announce that it has completed the initial 2017 phase of
drilling on its 100% owned KSP Property on time and under budget.
Forty (40) drillholes totaling 8,100 meters were completed in Phase
1 drilling this year, focusing on the Inel area of the KSP
Property. Significant drill results from this drill program
have encouraged Colorado to immediately initiate a Phase 2 drill
program that will extend into the fall.
Adam Travis, President and CEO of
Colorado states: “Sound exploration by our team is being
rewarded with significant new discoveries and a better
understanding of the Inel System with high grade visible gold
discovered, the recognition of new mineralized trends at Inel Ridge
associated with the 8km long Big Rock Deformation Zone and the
discovery of porphyry style gold – copper mineralization associated
with the Inel Intrusion. These discoveries point to the fact
that Inel is a large mineralized system with the capability of
delivering high grades and large volumes of mineralized rock.
As a result of these substantial results we have commenced
immediately with a Phase 2 drill program that will continue into
the fall. With the recent completion of the $7.3M financing
we are well positioned to continue to advance KSP and our other
high quality Golden Triangle Projects.”
The assay results of the first 20 drillholes are
presented here; INDDH17-054 to INDDH17-073, as well as a special
rush services on a section of drillhole INDDH17-081. The
accompanying map as Figure
1, http://www.globenewswire.com/NewsRoom/AttachmentNg/321ba538-c447-42af-8834-aa57c02351ce,
details the locations of the highlights summarized below:
1. V.G. (Visible Gold) Zone - Coarse
Visible Gold Intersection at Inel [4,470 g/t Au
(130.38 oz/t) over 0.5m] – Coarse visible gold was
identified in drillhole INDDH17-081 (see Company website under KSP
Photo Gallery for photos) and as a result, a total of 5 samples (2
samples above and 2 samples below the visible gold interval) were
hand delivered to ALS Global Vancouver Laboratory for a coarse gold
analysis. The table below provides details of the analytical
results for these 5 samples:
Hole ID |
From(m) |
To(m) |
Interval(m)¹ |
GoldScreenMetallicFireAssay-Total
Au(g/t)² |
GoldConcentrateFire AssayAu
(g/t)² |
Gold FireAssay withGravimetricFinish
Au(g/t)² |
GoldFireAssayAu(g/t)² |
INDDH17-081 |
33.5 |
34.5 |
1.0 |
0.71 |
- |
- |
0.65 |
|
34.5 |
35.6 |
1.1 |
0.77 |
- |
- |
0.89 |
|
35.6 |
36.1 |
0.5 |
4,470.00 |
4,305.30 |
- |
- |
|
36.1 |
37.0 |
0.9 |
10.35 |
- |
8.47 |
8.95 |
|
37.0 |
38.0 |
1.0 |
0.87 |
- |
- |
0.32 |
¹ The intervals reported in this table represent
drill intercepts and insufficient data is available at this time to
state the true thickness of the mineralized intervals and all gold
values are uncut.² These samples have undergone multiple methods of
gold analyses including Fire Assay Au-AA25, Fire Assay with
Gravimetric Finish Au-Grav-21, Au-CON-01, and Screened metallic Au
AuScr21. Further details of the Screen Metallic analyses are
available for viewing on the Company website under the KSP Section,
Selected Analytical Results.
The interval from 35.6-37.0m has a
length weighted average of 1.4m of 1,670.51 g/t Au.
As a result of the identification of coarse
visible gold in INDDH17-081 six drillholes (assays not yet
received) were spaced approximately 50m apart over a 150m of strike
to the north of INDDH17–081. Drillholes were positioned to the
north where potential is open with more than 350m between
INDDH17-081 and INDDH17-078. Particular attention is being paid to
the controls of mineralization in all high grade intersections.
A review of the screen metallic assays (posted
to the Company’s website) indicate that a good portion of the gold
is in the fine fraction in both intervals from 35.6-36.1m and
36.1-37.0m and although coarse visible gold was not noted in the
adjacent drillholes (no assays yet received for these drillholes
nor in the remainder of INDDH17-081) neither was it noted in a
sample from 36.1-37.0m which returned a screen metallic assay of
10.35 g/t Au shown in the table above.
2. Inel Ridge Zone (31.59 g/t Au over
2.6m) – INDDH17-055 (total length 249m) was drilled on
Inel Ridge to test an area 50m below a 2016 intersection of 1.0m of
53.10 g/t Au in INDDH16-042. Drillhole INDDH17-055
intersected 2.6m of 31.59 g/t Au, including 1.1m of 63.30 g/t Au
and also returned 73.0m of 1.71 g/t Au1 and ended in
mineralization:
Hole ID |
From (m) |
To(m) |
Interval(m)¹ |
Au g/t |
INDDH17-055 |
102.0 |
175.0 |
73.0 |
1.71 |
including |
104.3 |
111.0 |
6.7 |
4.61 |
including |
135.0 |
143.0 |
8.0 |
4.32 |
including |
143.0 |
175.0 |
32.0 |
1.00 |
and |
175.0 |
191.9 |
16.9 |
0.40 |
and |
191.9 |
194.5 |
2.6 |
31.59 |
including |
191.9 |
193.0 |
1.1 |
63.30 |
including |
193.0 |
194.5 |
1.5 |
7.28 |
and |
194.5 |
219.0 |
24.5 |
2.37 |
including |
209.0 |
211.0 |
2.0 |
10.45 |
including |
215.0 |
217.0 |
2.0 |
6.95 |
and |
219.0 |
249.0 |
30.0 |
0.64 |
including |
231.0 |
249.0 |
18.0 |
0.91 |
INDDH17-056 was also drilled from the same setup
as INDDH17-055 but at a different azimuth and failed to return
significant results suggesting that the probable trend of
mineralization is sub-parallel to the >8 kilometer (“Km”) Big
Rock Deformation Zone (“BRDZ”).
INDDH17-057 was abandoned due technical
problems, no samples were collected and it was re-collared as
INDDH17-058 which was drilled approximately 300m northeast of
INDDH17-055 on a different target and away from the BRDZ.
INDDH17-058 returned 7.48 g/t Au over 0.9m from 151.8m to
152.7m1.
Three additional new drillholes have been
collared to test a 300m strike extension of the BRDZ to the
northeast along Inel Ridge as shown on the Figure 1.
The gold mineralization encountered in
drillholes INDDH16-042 and INDDH17-055 is interpreted to parallel
the BRDZ and has encouraged Colorado to also layout additional
holes to the south of the historic Discovery Zone (South Discovery
Target) 450m southwest of Inel Ridge.
3. Camp Porphyry Zone (0.43 g/t Au and
0.11% Cu over 195.4m) – INDDH17-054 (total length
279m) Colorado’s first drillhole of the 2017 field season was sited
to investigate the eastern edge of the Inel intrusion where an
Induced Polarization (I.P.) Chargeability Anomaly coincides with
the contact between the volcanics and sediments (see news release
dated May 11, 2017).
The results for drillhole INDDH17-054 indicate
that portions of the Inel intrusion contain broad intervals of
disseminated gold–copper mineralization:
Hole ID |
From (m) |
To (m) |
Interval (m)¹ |
Au g/t |
Cu % |
INDDH17-054 |
5.8 |
279.0 |
273.2 |
0.32 |
0.08 |
including |
5.8 |
201.2 |
195.4 |
0.43 |
0.11 |
including |
32.0 |
54.0 |
22.0 |
0.72 |
0.15 |
Four new drillholes, at approximately 200m
centers, are also planned for this year’s Phase 2 program to
further test the broad zones of gold–copper mineralization
associated with the Inel Intrusion.
Inel BasinThe Company also
completed 15 Phase 1 drillholes sited primarily on a prominent gold
in soil anomaly downslope of the 2016 drilling towards the Inel
intrusion, in an area called Inel Basin. Six³ of these
drillholes failed to return significant results but the other nine
drillholes encountered broad intervals of lower grade gold and
copper (see following table). These results suggest that this area
is a weaker part of the system and has been downgraded to allow
greater focus on other areas:
Hole ID |
From (m) |
To (m) |
Interval (m)¹ |
Au g/t |
Cu % |
INDDH17-059 |
6.0 |
174.0 |
168.0 |
0.36 |
0.03 |
including |
9.0 |
70.0 |
61.0 |
0.55 |
0.04 |
including |
40.0 |
60.0 |
20.0 |
0.93 |
0.03 |
INDDH17-060 |
9.0 |
62.0 |
53.0 |
0.75 |
0.03 |
including |
9.0 |
54.0 |
45.0 |
0.85 |
0.04 |
INDDH17-061 |
7.6 |
130.0 |
122.4 |
0.68 |
0.03 |
including |
34.3 |
48.0 |
13.7 |
1.66 |
0.05 |
INDDH17-064 |
16.4 |
83.0 |
66.6 |
0.35 |
0.02 |
INDDH17-065 |
19.0 |
91.0 |
72.0 |
0.27 |
0.03 |
INDDH17-066 |
14.0 |
94.0 |
80.0 |
0.74 |
0.02 |
INDDH17-067 |
8.3 |
20.0 |
11.7 |
0.45 |
0.03 |
and |
69.1 |
93.0 |
23.9 |
0.31 |
0.05 |
and |
183.0 |
189.0 |
6.0 |
1.11 |
0.18 |
INDDH17-069 |
5.1 |
39.0 |
33.9 |
0.53 |
0.02 |
and |
89.0 |
226.0 |
26.0 |
0.32 |
0.06 |
INDDH17-070 |
48.0 |
60.0 |
12.0 |
0.79 |
0.09 |
and |
112.0 |
156.9 |
44.9 |
0.25 |
0.24 |
³Note: INDDH17-062, 063,068,071,072 & 073
drillholes reported no significant results
QA/QC statement on Assay
ResultsColorado inserts certified standards, blanks, and
field duplicates consisting of half core samples, into each batch
of samples at regular intervals. The 2017 samples were
analyzed by ALS Global of Vancouver, British Columbia. Samples are
prepared by crushing the entire sample to 70% passing -2mm, riffle
splitting off 1kilogram and pulverizing the split to better than
85% passing 75 microns. The core samples also undergo a
robust duplicate assay program that tests rejects and pulps for
reproducibility. Samples are also sent to an umpire lab. The
gold assays are determined by Au-AA25 fire assay method which
reports results in parts per million (ppm) (equivalent to grams per
tonne (g/t)). Any samples returning greater than 5.0 g/t gold
are analyzed by Au-GRA21 fire assay method with a gravimetric
finish, samples with a fire assay or gravimetric finish that report
values gold equal to or higher than 10.0 g/t Au are analysed by
screen metallic method (Au-Scn-21). Samples with coarse
visible gold are fire assayed using the Au-CON-01 method and then
undergo Au-SCN-21 procedure. Colorado inserts coarse
particle-sized blank material before and after coarse gold samples
to assess any carry over of gold to the next sample.
Base metal assays are first determined using the
ME-ICP61 method, which reports results as parts per million (ppm).
All analyses that reach the overlimits of ME-ICP-61 are
reanalyzed with an Ore Grade method. The analytical results are
verified with the application of industry standard Quality Control
and Quality Assurance (QA-QC) procedures.
For more information on the KSP Project the
reader is directed to the Company’s website at
www.coloradoresources.com.
Qualified
Persons Dr. Jim Oliver, Ph.D, P. Geo.,
the Company’s Chief Geoscientist, is the Qualified Person as
defined by National Instrument 43-101 (“QP”) who approved the
scientific and technical disclosure in this news release.
John Zbeetnoff, P.Geo., is a QP and a consultant
to the Company who provides oversight on the QA/QC program for
Colorado and designed in concert with ALS Global Vancouver the
process for the handling of the selected samples from drillhole
INDDH17-081.
About ColoradoColorado
Resources Ltd. is currently engaged in the business of mineral
exploration for the purpose of acquiring and advancing mineral
properties located in British Columbia and Nevada. Colorado’s
main BC exploration projects include the KSP property, the North
ROK Property, the Kinaskan-Castle Property and the KingPin
Property, all 100% owned by Colorado. Additionally Colorado holds
an option on the Green Springs Property in Nevada from Ely Gold
& Minerals Inc.
ON BEHALF OF THE BOARD OF DIRECTORS
OFCOLORADO RESOURCES LTD.
“Adam Travis”
Adam TravisPresident and Chief Executive
Officer
For more information, please
contact:Colorado Resources Ltd.Adam Travis, President
& CEO; or Terese Gieselman, CFO T: (250) 768-1511F: (250)
768-0849TF: (855) 768-1511W:
www.coloradoresources.comNR 17-18
Cautionary Note Regarding
Forward-Looking StatementsCertain statements contained in
this news release, constitute "forward-looking information" as such
term is used in applicable Canadian securities laws.
Forward-looking information is based on plans, expectations and
estimates of management at the date the information is provided and
is subject to certain factors and assumptions, including: that the
Company's financial condition and development plans do not change
as a result of unforeseen events, that the Company obtains required
regulatory approvals, that the Company continues to maintain a good
relationship with the local project communities. Forward-looking
information is subject to a variety of risks and uncertainties and
other factors that could cause plans, estimates and actual results
to vary materially from those projected in such forward-looking
information. Factors that could cause the forward-looking
information in this news release to change or to be inaccurate
include, but are not limited to, the risk that any of the
assumptions referred to prove not to be valid or reliable, which
could result in delays, or cessation in planned work, that the
Company's financial condition and development plans change, delays
in regulatory approval, risks associated with the interpretation of
data, the geology, grade and continuity of mineral deposits, the
possibility that results will not be consistent with the Company's
expectations, as well as the other risks and uncertainties
applicable to mineral exploration and development activities and to
the Company as set forth in the Company's Management’s Discussion
and Analysis reports filed under the Company's profile at
www.sedar.com. There can be no assurance that any forward-looking
information will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, the reader should not place any undue
reliance on forward-looking information or statements. The Company
undertakes no obligation to update forward-looking information or
statements, other than as required by applicable law.
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.
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