COLORADO RESOURCES LTD. (TSX-V: CXO)
("
Colorado" or the "
Company")
reports the results of its rock and soil sampling program completed
in June 2017 (see news release dated July 10, 2017) and
further reports the Company has recently completed 2,529m of NQ
diamond drilling at its 100% owned North ROK Property.
Adam Travis, President and CEO of
Colorado states: “We are pleased with the progress we have
made to consolidate the area, compile the historical rock and soil
sampling data together with our recent surface results and
completed 6 drillholes near the margins of the 2014 North ROK
Inferred Resource³ during the 2017 field season. The combined
surface geochemical results have highlighted multiple copper soil
anomalies and copper and gold in rock samples along a 9km favorable
trend. We acquired I.P. data from the ROK-Coyote ground that
extends the North ROK I.P. anomaly at Mabon 1.2km southeast towards
the Silver Standard Area. We will continue to work with the Tahltan
Nation on responsible mineral exploration within their traditional
territory and consult with local communities, including those
members from the Iskut area who recently circulated a petition
declaring their objection to exploration in the greater Iskut
area”.
Rock and Soil SamplingA total
of 2,208 soil samples and 159 rock samples were collected across
the ROK-Coyote portion of the North ROK Property, an area that was
acquired in the spring of 2017 (see news March 13, 2017).
Highlights of the surface sampling program include:
North ROK 2017 Rock Samples
Target |
Sample # |
Sample Type |
Au (g/t) |
Cu (%) |
O.K. Area |
1291536 |
Grab |
10.10 |
0.72 |
O.K. Area |
1291537 |
Grab |
1.59 |
0.84 |
O.K. Area |
1277495 |
Grab |
1.75 |
0.35 |
O.K. Area |
1279438 |
Grab |
0.09 |
2.19 |
West Area |
1279431 |
Grab |
0.22 |
4.03 |
Silver Standard Area |
1628006 |
Float |
0.02 |
8.98 |
Plotting up the historic and recent soil geochemical data
(>9,000 samples), has highlighted 7 anomalous areas with
>200ppm Cu plus elevated gold in soils (see Figure
1).
A photo accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/af0ee354-aa85-47ac-9f98-7f7844e87ed4
The areas are:
- Mabon Area at North ROK,
- Edon Area (1.5km to the southeast of Mabon),
- Silver Standard Area (3.0km to the southeast of Mabon),
- West Area (4.25km to the southeast of Mabon),
- MFJ Area (4.25km to the east-southeast of Mabon),
- South Area (6.5km to the east-southeast of Mabon),
- O.K. Area (6.5km to the east-southeast of Mabon).
The >200ppm Cu in soils anomalies and the
distribution of gold and copper in rock samples characterize a 9km
long favorable copper and gold mineralized trend (see Figure
1).
2017 DrillingSix drillholes
totaling 2,529m were completed in the Mabon area (see Figure 2)
primarily targeting mineralization at depth and to the west of the
known 2014 Inferred Resource³. All 2017 drillhole results are
pending.
A photo accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/2b7c2124-75df-4a4f-ab13-51e2c0b59ed2
Compilation of Previous I.P. Geophysical
SurveysIn 2012 and 2013, I.P. surveys were completed by
Colorado over the Mabon and Edon areas and show a >20 mV/V
chargeability contours that overlies and extends beyond the 2014
Inferred Resource³ at Mabon. In 2013 and 2014, OZ Minerals
completed I.P. surveys on the ROK-Coyote Property over the MFJ,
West and Coyote areas. The OZ Mineral I.P. surveys show several
chargeability anomalies, most notable the anomaly extending 1.2km
from Mabon southeast into the Silver Standard Area (see Figure
1).
QA/QC Statement On Assay
ResultsThe 2017 samples from the North ROK Property were
analyzed by Actlabs Kamloops, British Columbia. Soil samples were
prepared by the S1 method, drying (60o C) and sieving (-80 mesh),
save all portions. Rock samples were prepared by the RX1,
method crush (<7kg) up to 80% passing 10 mesh, riffle split
(250g), and pulverized to 95% passing 105 microns, save all
portions. Base metal assays were first determined using the total
digestion ICP and ICP/MS UT-1 method, which reports results as
parts per million (ppm). The gold assays were determined using the
1A2 fire assay method which reports results in ppm and are
equivalent to grams per tonne (g/t). Any samples returning greater
than 10 ppm gold were analyzed by the 1A3 fire assay method with a
gravimetric finish. The analytical results were verified with the
application of industry standard Quality Control and Quality
Assurance (QA-QC) procedures.
For more information on the North ROK Property
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 who reviewed the preparation
of the technical data in this news release.
About ColoradoColorado
Resources Ltd. is currently engaged in the business of mineral
exploration for the purpose of acquiring and advancing mineral
properties located in the “Golden Triangle” British Columbia and
holds approximately 1,200km2 of mineral claims in the Golden
Triangle. The Company’s main exploration projects within
British Columbia include KSP and North ROK.
Additionally the Company holds an option to acquire a 100% interest
in the Greensprings project located in Nevada.
Please see the Colorado web site for additional
information on these projects.
ON BEHALF OF THE BOARD OF
DIRECTORS OFCOLORADO RESOURCES
LTD.
“Adam Travis”Adam TravisPresident and Chief
Executive OfficerFor more information, please
contact:Colorado Resources Ltd.Adam Travis,
President & CEO; or Terese Gieselman, CFO T: (250)
768-1511 F: (250) 768-0849 TF: (855) 768-1511W:
www.coloradoresources.comNR 17-20
Cautionary Notes 1-4 for release and
figures¹ This news release contains information about
adjacent properties on which Colorado has no right to explore or
mine. Readers are cautioned that mineral deposits on adjacent
properties are not indicative of mineral deposits on the Company’s
properties. ² Historical information contained in this news
release, maps or figures regarding the Company’s project or
adjacent properties are reported for historical reference only and
cannot be relied upon as a Company’s QP, as defined under NI-43-101
has not prepared nor verified the historical information.³ Mineral
resources that are mineral reserves do not have demonstrated
economic viability. Mineral resource estimates do not account for
mineability, selectivity, mining loss and dilution. These mineral
resource estimates include inferred mineral resources that are
normally considered too speculative geologically to have economic
considerations applied to them that would enable them to be
categorized as mineral reserves. There is also no certainty that
these inferred mineral resources will be converted to measure and
indicated categories through further drilling, or into mineral
reserves, once economic considerations are applied. ⁴ 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 $3.25/lb of
copper and US $1,318 per troy ounce of gold using the formula CuEQ=
(Cu%+71.65)+(Au g/t *42.37)(/71.65).
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.
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