Colorado Drills 64 Metres of 2.63 g/t Au and Outlines Several New High Grade Trends With Greater Than 1 oz/t Gold Intercepts at KSP Project
(firmenpresse) - WEST KELOWNA, BRITISH COLUMBIA -- (Marketwired) -- 10/05/16 -- COLORADO RESOURCES LTD. (TSX VENTURE: CXO) ("Colorado" or the "Company") is pleased to announce the assay results from Inel drillholes INDDH16-46 to INDDH16-53 (see Table 1). The 2016 Inel drill program was focused in a 500 m x 600 m area (0.3 km2) within the 305.0 km2 KSP Property. The KSP Property covers one of three large (greater than 100 km2) strongly altered and mineralized districts in the Heart of the Golden Triangle. Regional gold stream geochemistry highlights the KSM and Brucejack areas, along with the Snip-Johnny Mtn and KSP areas (see Figure 1: ).
Fifty nine (59) drillholes (totaling 8,861.8 m) were completed at KSP in 2016. The emphasis was on the Inel Area where 53 holes were drilled (see Figure 2: ). Consistent with the Company's three previous news releases, Inel drillholes INDDH16-46 - INDDH16-53 returned several high grade gold intercepts, as well as significant broad intercepts at multiple horizons (as noted in Table 1).
Adam Travis, Colorado President and C.E.O. states: "Our 2016 drill program at Inel has tested on broad centres, approximately 20% of the 1.5 km2 Inel gold geochemical anomaly. These latest results continue to add to the previously released intercepts with multi-ounce gold values along with broader intervals of multi-gram gold values. This first phase of drilling in 2016 systematically tested portions of the Discovery Trend and southern extensions of the Inel Creek Trend. Overall the 53 drillholes from Inel had a 60% success rate in returning high grade (greater than 5 g/t Au) gold intercepts. Our drilling in these two zones, along with preliminary surface geological mapping, geophysics and geochemistry highlights six robust sized target zones (see Figure 2). We are continuing to advance the technical understanding of this impressive system as we work on cross sections and incorporate all the geological, geophysical and geochemical data. These developing zones are especially significant since they have only been tested, on average, to shallow depths of approximately 100 m. The Snip Mine(i),(ii),(1) located 15 km to the north of Inel hosted 1 million ounces of gold within an overall strike length of 300 metres and to 500 m depths while averaging 2.5 m in thickness." (Refer to Cautionary Language and Source as outlined hereinbelow.)
Additional surface rock chip and soil sample grids and geophysical survey results are being compiled. This data, along with the details of the 2016 geological mapping program, are being assembled with the drill results and cross sections to provide further updates on the exploration potential not only at Inel but across the greater KSP Property.
Initial observations from the 2016 work include the discovery and recognition of at least 6 zones:
Qualified Person
Dr. Jim Oliver, Ph.D, P. Geo is the Qualified Person as defined by National Instrument 43-101 who supervised the work program and/or preparation of the technical data in this news release.
QA/QC Statement on Assay Results
The 2016 samples were analyzed by ALS Minerals of Vancouver, British Columbia. Samples were prepared by the Prep-31b method, which involves crushing the entire sample to 70% passing -2mm, splitting off 1kg and pulverizing the split to better than 85% passing 75 microns. Base metal assays were first determined using the ME-ICP61 method, which reports results as parts per million (ppm). Any samples containing greater than 10,000 ppm zinc were analyzed by the Zn-OG62 method, which reports results as percent. Any samples containing greater than 100 ppm silver were analyzed by the Ag-OG62 method, which reports results as ppm. The gold assays were determined using the Au-AA25 fire assay method which reports results in ppm and are equivalent to grams per tonne (g/t). Any samples returning greater than 100 ppm gold were analyzed by the Au-GRA21 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 KSP Property the reader is directed to the Company's website at .
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 British Columbia and is also seeking opportunities in Southwest USA and Latin America. Colorado's current exploration focus is to continue to advance: the KSP property under option with Seabridge Gold Inc., located 15 km's along strike to the southeast of the past producing Snip Mine(i); its 100% owned KingPin property; its 100% owned North ROK property, located 15 km's northwest of the Red Chris(i) mine development, both located in northern central British Columbia.
ON BEHALF OF THE BOARD OF DIRECTORS OF COLORADO RESOURCES LTD.
Adam Travis, President and Chief Executive Officer
Cautionary Notes
(i) 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.
(ii) Historical information contained in this release, maps or figures regarding the Company's project or adjacent properties cannot be relied upon as the Company's QP, as defined under NI-43-101 has not prepared nor verified the historical information.
(1) Source: BC Minfile No. 104B-250; Geology of the Snip Mine, and its Relationship to the Magmatic and Deformation History of the Johnny Mountain Area, Northwestern British Columbia, prepared by David Alan Rhys, B.SC, dated October 1993.
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 . 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.
Contacts:
Colorado Resources Ltd.
Adam Travis
President and Chief Executive Officer
(250) 768-1511 or Toll Free: (855) 768-1511
(250) 768-0849 (FAX)
Colorado Resources Ltd.
Terese Gieselman
Chief Financial Officer
(250) 768-1511 or Toll Free: (855) 768-1511
(250) 768-0849 (FAX)
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Datum: 05.10.2016 - 20:05 Uhr
Sprache: Deutsch
News-ID 499024
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WEST KELOWNA, BRITISH COLUMBIA
Kategorie:
Mining & Metals
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