TSX-V: CXO
VANCOUVER, BC, Sept. 3, 2020 /CNW/ - COLORADO RESOURCES
LTD. (TSXV: CXO) ("Colorado" or the "Company") is
pleased to announce that exploration on their 100% owned
Sofia property in the Toodoggone
District of British Columbia,
Canada, has commenced.
The objective of the 2020 exploration program at Sofia is to better define and refine drill
targets to be tested in 2021. The current exploration program
includes:
- 10.4 line-kilometres ("km") of new induced polarization ("IP")
geophysical surveys
- Soil sampling (approximately 850 samples to be collected)
- Geological and alteration mapping with the aid of a TerraSpec
hyperspectral survey instrument
Tony Barresi, President of
Colorado Resources comments: "Our technical team is very encouraged
by the exploration opportunities being identified on the Sofia
Property. Sofia was last drilled
in 2007, and since then 510 line-km of airborne magnetics and 16.4
line-km of new IP survey data, including 10.4 km that were
completed earlier this season, have been collected. These
geophysical data are critical to targeting near-surface epithermal
gold, and often related, underlying porphyry copper-gold systems.
Our experienced field crew has been deployed to Sofia and will be conducting follow-up
geological and geochemical work necessary to better interpret the
new geophysics and to plan a thoroughly geologically justified
drill program for 2021."
Colorado's 100% owned, 91
square km, Sofia Property in the Toodoggone District of
British Columbia is strategically
situated 35 km north of the historic Kemess mine and less than 20
km east of the historic Lawyers, Baker and Shasta mines. It
occupies strategic and prospective ground in a district that is
being actively explored by world class miners including Freeport
McMoRan, Centerra, and Hunter
Dickinson (HDI), and numerous junior explorers including
Benchmark Metals and Evergold Corp.
The 2020 field campaign will focus on a 6.5 by 4.0 km
hydrothermal system (Figure 1) that is represented by i) a broad
gold in soil anomaly, ii) intense phyllic and argillic (e.g.
lithocap-style) alteration at elevation towards the southeast side
of the system, and iii) a strong (>30 mV/V) chargeability
anomaly in the valley along the Toodoggone River to the northeast.
A limited amount of historical drilling intersected epithermal gold
mineralization flanking the southwestern edge of the high-elevation
alteration zones (e.g. 3.51 grams/tonne ["g/t"] gold ["Au"], and
33.06 g/t silver over 11.6 metres ["m"] from 18.3 m in drill hole SG-04-04) and low-grade
porphyry copper-gold style stockwork veining and alteration
coincident with the chargeability anomaly located in the Toodoggone
river valley (e.g. 0.12% copper and 0.08 g/t Au over 39 m from 121 m in
drill hole BCG-07-01). These mineralized domains have only been
tested by very limited historical drilling, and an intervening 1.5
by 6.5 km area between the mountain-tops and the Toodoggone River
valley is entirely untested by drilling. The 2020, 10.4 line-km IP
survey extends beneath this intervening area, testing the
hypothesis that porphyry copper-gold mineralization in the valley
extends to the southeast, and underlies the lithocap-style
alteration and epithermal gold mineralization that is exposed at
higher elevation.
We seek safe harbor.
Qualified Person
The Qualified Person responsible for the technical information
in this news release is Tony
Barresi, P.Geo., Ph.D., President of Colorado Resources, who
has approved the technical information included herein.
About Colorado
Colorado Resources Ltd. is exploring for high-grade gold and
copper with a focus on the Golden Triangle and Toodoggone areas of
British Columbia. The property
portfolio includes the Company's flagship Castle property, a
porphyry copper-gold project located in the Red Chris mining
district of the Golden Triangle neighbouring GT Gold's Tatogga
property, and Newcrest Mining's GJ property. Other properties
include KSP, North ROK, Coyote, and Kingpin in the Golden Triangle,
Sofia in the Toodoggone district,
and Heart Peaks and Hit in other strategic districts within
British Columbia. These assets are
being advanced by a newly assembled technical and management team
with experience in exploration, permitting and discovery.
ON BEHALF OF THE BOARD OF DIRECTORS OF COLORADO RESOURCES LTD.
"Joseph
Mullin"
Joseph Mullin
Chief Executive Officer and Director
For more information:
T: (250) 768-1511
TF: (855) 768-1511
W: www.coloradoresources.com
Cautionary Note Regarding Forward-Looking
Statements
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, are forward-looking statements.
Although the Company believes 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 Company's periodic filings with
Canadian securities regulators as well as the risk that the ongoing
COVID-19 pandemic may have on the Company's business. Important
factors could cause actual results to differ materially from
Colorado expectations.
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.
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.
SOURCE Colorado Resources Ltd.