TSX-V: CXO
VANCOUVER, Sept. 18, 2019 /CNW/ - Colorado Resources Ltd.
(TSX.V: CXO) ("Colorado", or the "Company") is pleased to
announce that, further to its news release of September 3, 2019, the Company has commenced a
drill program on its Castle copper-gold property, located in the
Red Chris mining district within the Golden Triangle of
northwestern British Columbia.
An initial drill program totaling approximately 1,500 m in four holes is planned for the Castle
East porphyry target. Castle East has had no previous drilling but
is defined by a 500 by 700 m induced
polarization (IP) chargeability anomaly, with coincident anomalous
gold, copper, molybdenum in soils. This target is associated with
quartz-sericite-pyrite-altered monzodiorite, a geological setting
similar to other important porphyry copper-gold deposits in the
district, including the Saddle North deposits of GT Gold Corp,
located five kilometers ("km") to the east1. The drill
holes are designed to provide important structural and geological
information that will guide future exploration on this and other
targets on Colorado's
19,256-hectare property.
The Company also reports that 23.5 km of IP and 1,125 km of
high-resolution airborne magnetic surveying have been completed,
and results are being processed. Prospecting and soil sampling work
is nearly complete and a total of 838 soil samples and 178
prospecting rock samples have been submitted to lab for analyses.
The sampling was focused on high-priority targets defined by 2019
and older surveys, as well as areas not previously sampled,
particularly along the eastern border of the Castle property where
it adjoins the Tatogga property of GT Gold1.
Results of the aforementioned surveys and drilling will be
released as soon as they are ready.
Please see Colorado's website
for maps and images related to the Castle property at
www.coloradoresources.com.
Qualified Person
The technical information in
this release has been reviewed and approved by Michael Cathro, M.Sc., P.Geo., a Colorado Director and a qualified person under
NI 43-101.
About Colorado
Colorado 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 and the
Toodoggone area" of British
Columbia. Colorado's main
exploration projects include Castle, KSP, North ROK, Kingpin, Heart
Peaks and Sofia.
On behalf of the Board of Directors of Colorado Resources
Ltd.
"Joseph Mullin"
Joseph
Mullin
Chief Executive Officer
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this
release.
Cautionary Notes on Release
1 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.
Cautionary Statement Regarding Forward-Looking
Information
All statements, trend analysis and other
information contained in this press release about anticipated
future events or results constitute forward-looking statements.
Forward-looking statements are often, but not always, identified by
the use of words such as "seek", "anticipate", "believe", "plan",
"estimate", "expect" and "intend" and statements that an event or
result "may", "will", "should", "could" or "might" occur or be
achieved and other similar expressions. All statements, other than
statements of historical fact, included herein, including, without
limitation, are forward-looking statements. Although Colorado (the "Company") believe that the
expectations reflected in such forward-looking statements and/or
information are reasonable, undue reliance should not be placed on
forward-looking statements since the Company can give no assurance
that such expectations will prove to be correct. These statements
involve known and unknown risks, uncertainties and other factors
that may cause actual results or events to differ materially from
those anticipated in such forward-looking statements, including the
risks, uncertainties and other factors identified in the Companies'
periodic filings with Canadian securities regulators. Important
factors that could cause actual results to differ materially from
Colorado expectations include
risks associated with the business of Colorado; risks related to exploration and
potential development of Colorado's projects; business and economic
conditions in the mining industry generally; fluctuations in
commodity prices and currency exchange rates; uncertainties
relating to interpretation of drill results and the geology,
continuity and grade of mineral deposits; the need for cooperation
of government agencies and native groups in the exploration and
development of properties and the issuance of required permits; the
need to obtain additional financing to develop properties and
uncertainty as to the availability and terms of future financing;
the possibility of delay in exploration or development programs and
uncertainty of meeting anticipated program milestones; uncertainty
as to timely availability of permits and other governmental
approvals; and other risk factors as detailed from time to time and
additional risks identified in Colorado's filings with Canadian securities
regulators on SEDAR in Canada
(available at www.sedar.com). Forward-looking statements are based
on estimates and opinions of management at the date the statements
are made. Colorado does not
undertake any obligation to update forward-looking statements
except as required by applicable securities laws. Investors should
not place undue reliance on forward-looking statements.
SOURCE Colorado Resources Ltd.