COLORADO RESOURCES LTD. (TSX-V: CXO)
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 Sampling
A 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
Silver Standard Area
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).
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).
Six 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.
Compilation of Previous I.P. Geophysical Surveys
In 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 Results
The 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.
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.
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” 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 OF
COLORADO RESOURCES LTD.
President and Chief Executive Officer
For 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) 768-1511
Cautionary Notes 1-4 for release and figures
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.
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 Statements
Certain 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.