COLORADO RESOURCES LTD. (TSX-V: CXO)
(
"Colorado" or the
"Company")
reports on the remaining 24 drillholes from the 2017 exploration
drilling program on its 100% owned KSP Property. Colorado completed
68 drillholes at KSP in 2017 for a total of 11,824m of NQ diamond
drill core. The 2017 drill program tested multiple target areas
within the Inel-Khyber zone and additionally tested the Tami zone
with 11 drillholes. The locations of these 2017 drillholes are
illustrated on Figures 1 and 2 with a summary of the new results in
Tami and Inel-Khyber as follows:
Tami: Intrusive Related Gold-Copper
Mineralization
A total of 11 drillholes were collared, with one
drillhole abandoned, in the Tami area, located 5km to the southeast
of Inel-Khyber (see Figure 1 and Table 1). At Tami, gold-copper
mineralization is associated with one or more, often magnetite
bearing intrusions, which cut intensely quartz-sericite-chlorite
and pyrite altered, fine grained volcanoclastic and sedimentary
rocks. Tami has a strong east-west structural grain which is
reflected in the east-west orientation of soil geochemical,
magnetitic anomalies and deformation zones. Drillhole coordinates
with dip-azimuths and total length of all Tami drillholes are
compiled in Appendix I. The data suggest that a thick, well
mineralized, east-west striking volume of rock with a strike length
exceeding 350m is open to the east, where it encounters an internal
property boundary approximately 400m to the east of the collar of
TMDDH17-121. The strong gold-copper intersections obtained from the
westernmost drillholes TMDDH17–114 and TMDDH17-115 also suggest the
system is open to the west.
Table 1: Tami 2017 Drill Results |
Hole ID |
Total Length (m) |
From (m) |
To (m) |
Interval¹(m) |
Au (g/t) |
Cu (%) |
TMDDH17-111 |
66.0 |
15.4 |
29.0 |
13.6 |
2.37 |
0.16 |
including |
|
18.0 |
20.0 |
2.0 |
8.18 |
0.41 |
and |
|
43.0 |
57.0 |
14.0 |
1.61 |
0.10 |
TMDDH17-112 |
15.0 |
Abandoned Drill Hole- No Assays Completed |
TMDDH17-113 |
60.0 |
5.3 |
34.0 |
28.7 |
0.74 |
0.10 |
TMDDH17-114 |
66.0 |
7.3 |
66.0 |
58.7 |
1.05 |
0.19 |
TMDDH17-115 |
60.0 |
5.0 |
45.0 |
40.0 |
1.74 |
0.24 |
TMDDH17-116 |
132.0 |
14.6 |
126.0 |
111.4 |
0.24 |
0.04 |
TMDDH17-117 |
126.0 |
15.0 |
54.0 |
39.0 |
0.24 |
0.01 |
TMDDH17-118 |
120.0 |
5.4 |
120.0 |
114.6 |
0.69 |
0.17 |
and |
|
66.0 |
105.0 |
39.0 |
1.11 |
0.18 |
TMDDH17-119 |
105.0 |
4.7 |
32.0 |
27.3 |
0.37 |
0.14 |
TMDDH17-120 |
123.0 |
11.0 |
49.0 |
38.0 |
1.00 |
0.11 |
and |
|
55.0 |
106.0 |
51.0 |
0.50 |
0.16 |
TMDDH17-121 |
114.0 |
20.0 |
80.0 |
60.0 |
0.51 |
0.13 |
and |
|
90.0 |
103.6 |
13.6 |
0.72 |
0.15 |
A photo accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/2d6be7e3-115d-4823-9e47-d84b47b043b7
KSP Inel-Khyber
A total of 57 drillholes were completed in the
Inel-Khyber area during 2017. The results of the final 12
drillholes (13 collared, one abandoned) are reported in Table 2 and
summarized below. The collar locations for these holes are
illustrated on Figure 2 and the collar coordinates, dip-azimuths
and total length of the drillholes compiled in Appendix I.
- Four drillholes tested the Camp Porphyry
occurrence, INDDH17-098 to INDDH17-100 and INDDH17–110. These holes
tested the Inel intrusion over a strike length of greater than
1,300m. The results suggest that modest to low grade gold and
copper mineralized zones occur over variable widths, with the
strongest grades related to north-south trending structural zones
and contacts between several intrusive phases or intrusive volcanic
contacts.
- Two drillholes tested the South Discovery
Zone, INDDH17–101 and INDDH17–102 with mineralization best
developed in structural sites below the footwall contact of the
mafic fragmental sequence with the underlying sediments. The
intersections in last year’s drillhole INDDH16-001 and this year’s
drillhole INDDH17–102 now extend the strike length of this zone to
550m.
- Three drillholes were collared in the Big Rock
Deformation Zone (BRDZ) with mineralization intercepted in
drillholes INDDH17-103 and INDDH17–105 (INDDH17–104 was abandoned).
Mineralization in the BRDZ has now been tracked over a distance of
450m between the collars of INDDH17-055 and INDDH17-103.
Mineralization within the BRDZ appears to be weakening to the
northeast of the collar of INDDH17-055 but remains open and
untested to the southwest of the collar of INDDH17-103.
- Four drillholes tested the V.G. Zone and
mineralization was intercepted in drillholes INDDH17-106 and
INDDH17–107. Mineralization in this zone appears to be associated
with either narrow, steeply dipping, high grade vein sets or by
broader mineralized intervals which may have a sub-horizontal
geometry. Drillholes INDDH17–108 and INDDH17–109 at the northern
end of the trend returned only modest gold values over short
intervals. The currently known strike length of the V.G. Zone is
approximately 200m.
Table 2: Inel-Khyber 2017 Drill
Results |
Zone |
Hole ID |
Total Length (m) |
From (m) |
To (m) |
Interval¹(m) |
Au (g/t) |
Cu (%) |
Camp Porphyry |
INDDH17-098 |
300.0 |
70.0 |
202.0 |
132.0 |
0.41 |
0.02 |
Camp Porphyry |
INDDH17-099 |
170.7 |
81.0 |
108.2 |
27.2 |
0.18 |
0.14 |
Camp Porphyry |
INDDH17-100 |
150.0 |
42.0 |
57.0 |
15.0 |
0.14 |
0.13 |
South Discovery |
INDDH17-101 |
150.0 |
36.0 |
94.0 |
58.0 |
0.59 |
- |
|
including |
|
52.0 |
68.0 |
16.0 |
1.07 |
- |
South Discovery |
INDDH17-102 |
177.0 |
22.0 |
88.5 |
66.5 |
0.46 |
- |
BRDZ |
INDDH17-103 |
170.0 |
6.9 |
133.9 |
127.0 |
0.49 |
- |
|
including |
|
15.0 |
33.0 |
18.0 |
1.13 |
- |
|
and |
|
78.0 |
80.0 |
2.0 |
5.92 |
- |
BRDZ |
INDDH17-104 |
24.0 |
Abandoned Drill Hole- No Assays Completed |
BRDZ |
INDDH17-105 |
177.0 |
5.0 |
52.9 |
47.9 |
0.55 |
- |
|
including |
|
13.0 |
25.0 |
12.0 |
1.51 |
- |
V.G. Zone |
INDDH17-106 |
161.0 |
16.0 |
17.0 |
1.0 |
8.48 |
- |
|
and |
|
85.0 |
94.3 |
9.3 |
1.42 |
- |
V.G. Zone |
INDDH17-107 |
96.0 |
15.0 |
56.0 |
41.0 |
0.36 |
- |
V.G. Zone |
INDDH17-108 |
153.0 |
71.0 |
75.0 |
4.0 |
0.85 |
- |
V.G. Zone |
INDDH17-109 |
120.0 |
79.0 |
85.0 |
6.0 |
0.57 |
- |
Camp Porphyry |
INDDH17-110 |
201.0 |
46.0 |
48.0 |
2.0 |
2.42 |
- |
A photo accompanying this announcement is
available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/17f08e34-2b9d-4201-8fa4-408f8cbeca0d
CEO and President Adam Travis
comments, “The 2017 drill program at the KSP Project was
successful in identifying new discoveries at the Camp Porphyry,
West Khyber and Tami Zones. We expanded our original 7,500m
program to nearly 11,824m in 68 drillholes. Most (52) of our
drillholes targeted outlying areas within a 500m radius of our 2016
drilling at the Upper AK, Inel Ridge, BRDZ, South Discovery, Inel
Basin, V.G and Camp Porphyry Zones over a 1km square area. We also
drilled 5 drillholes in two areas at Khyber and 11 drillholes at
Tami approximately 2km to the southwest and 5km to the southeast of
Inel respectively. Drilling completed at the Camp Porphyry and West
Khyber areas reported gold +/- copper and molybdenum
mineralization. At the Tami Zone, our 2017 program has outlined a
new and encouraging gold-copper intrusive related system. We look
forward to further review and analysis of all of the 2017 results
and effectively using those interpretations in next year’s
program”.
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
of 1kg 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 in parts per million (ppm) (equivalent to grams per
tonne (g/t)). Any samples greater than 5.0g/t gold are
analyzed by Au-GRA21 fire assay method with a gravimetric
finish. Sample with a fire assay or gravimetric finish that
report gold values equal to or higher than 10.0g/t Au are analyzed
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 partical-sized
blank material before and after coarse gold samples to assess any
carry over of gold to next sample.
Base metal assays are first determined using the ME-ICP61
method, which reports results as part per million (ppm). All
analyses that reach the overlimits of ME-ICP61 are reanalyzed with
an Ore Grade method. The analytical results are verified with
the application of industry standard Quality Control and Quality
(QA/QC) procedures.
Qualified Person 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 Officer
For more information, please
contact:Colorado Resources Ltd.Adam Travis, President and
CEOT: (250) 768-1511F: (250) 768-0849TF (855) 768-1511W:
www.coloradoresources.comNR 17-21
Cautionary Notes 1-3
1 The intervals reported in these tables
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 This news release and maps contain 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.
3 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.
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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