COLORADO RESOURCES LTD. (TSX-V:CXO)
("Colorado" or the "Company") reports on the
completion of its 2017 KSP drill program. As announced on September
12, 2017 drilling at KSP was expanded from the previously planned
7,500m program to 11,824m for a total of 68 new drill holes. Some
57 drillholes (10,837.2m) were completed in the Inel-Khyber region
in 7 distinct zones over a 2km x 2.5km area (see Figure 2). A
further 11 drillholes were completed at Tami (located 5km east of
Inel) over a 200m x 400m area. These drill holes will be
addressed in a separate press release when all assay results are
returned and have been reviewed for QA/QC and interpretation.
Current results include the following
highlights:
- V.G. Zone: 300m x 200m area, 10 drill holes reported, 4
pending. Results include 5.0m of 11.43g/t Au including 2.0m
of 17.65g/t Au
- Inel Ridge: 150m x 1,000m area, 4 drill holes previously
released, 3 drill holes reported here, 5 pending. Previously
reported results this year include 31.59g/t Au over
2.6m
- Upper AK: 200m x 500m area, 5 drillholes reported here. Results
include 0.96g/t Au and 21.38% Zn over 10m
- Camp Porphyry: 700m x 1,400m area, 1 drill hole previously
released, 1 reported here, 4 pending, Results include
0.28g/t Au and 0.08% Cu over 265.2m including 0.59g/t Au
and 0.13% Cu over 36m
- Khyber: 1,000m x 400m area, 5 drill holes reported here.
Results include 9.39g/t Au over 2.0m
Complete results appear below and should be viewed in
conjunction with Figures 1 and 2:
Figure
1: http://www.globenewswire.com/NewsRoom/AttachmentNg/34eff033-e8de-4a88-912a-32138595c579
Figure
2: http://www.globenewswire.com/NewsRoom/AttachmentNg/0a39ce49-f366-4e1c-8e07-4573bb6df675
CEO and President Adam Travis comments, “This
year’s drilling has greatly expanded out from last year’s testing
of multiple target areas. We continue to see high grade gold
results from the V.G and Khyber areas, a gold-copper porphyry
system developing at the Camp Porphyry, and very interesting high
grade zinc intercept at AK. We have now released results from the
first 44 holes drilled this year with results still pending for 24
drillholes. About half of these pending results are in the greater
Inel area and the rest are from the Tami Zone located 5km to the
east. KSP continues to demonstrate great exploration potential for
numerous mineralization types. Upon receipt of final results from
the 2017 program we will interpret these results and finalize a
comprehensive exploration program for the 2018 field season”.
Due to the widespread nature and differing
styles of mineralization that were drilled this year in a 25km
square area within the 308km square KSP Property, the distinct
target areas are discussed separately. Assay results are
reported for 24 holes in this news release with a further 24 holes
remaining to be reported from KSP.
KSP Inel-Khyber Region (5km square area-
see Figure 1)
Results released September 12, 2017 included the
first 20 drillholes (INDDH17-054-073) from the Camp Porphyry, Inel
Ridge, Inel Basin and V.G. Zone at Inel. A further 27
drillholes were drilled in these four areas along with 5 drillholes
also completed at the Upper AK Zone and 5 drillholes in the Khyber
area.
V.G. Zone (Structurally Controlled Gold
Target over 200m x 300m area North of 2016 drilling)
Fourteen (14) drillholes
(INDDH17-079,080,081,082,083,084,085,086,087,088,106,107,108,109)
were drilled in a 200m x 300m area. Results have been received from
Holes 79-88 (see table below). It is interesting to note that aside
from the previously reported visible gold in INDDH17-081 another
interval returning 2.0m of 19.95g/t Au was noted approximately 6m
further down the drillhole. Drillhole INDDH17-082 from the
same setup as INDDH17-081 and drilled at a steeper angle returned
5.0m of 11.43g/t Au and 2.0m of 17.65g/t Au. The relationship
between the two intersections is not well understood at this
time.
Hole ID |
From |
To |
Interval¹ |
Au g/t |
INDDH17-079 |
207.0 |
227.3 |
20.3 |
0.77 |
INDDH17-080 |
137.0 |
148.0 |
11.0 |
0.93 |
and |
188.0 |
252.0 |
64.0 |
0.47 |
INDDH17-081 |
14.9 |
35.6 |
20.7 |
0.97 |
and |
35.6 |
37.0 |
1.4 |
1,670.51 |
and |
37.0 |
42.0 |
5.0 |
0.59 |
and |
42.0 |
44.0 |
2.0 |
19.95 |
INDDH17-082 |
25.0 |
40.0 |
15.0 |
5.52 |
including |
25.0 |
30.0 |
5.0 |
11.43 |
including |
25.0 |
27.0 |
2.0 |
10.70 |
including |
28.0 |
30.0 |
2.0 |
17.65 |
including |
30.0 |
40.0 |
10.0 |
2.57 |
INDDH17-083 |
62.2 |
70.3 |
8.1 |
0.51 |
INDDH17-084 |
66.7 |
68.0 |
1.3 |
2.13 |
INDDH17-085 |
90.0 |
91.5 |
1.5 |
2.47 |
INDDH17-086 |
No Significant Results |
INDDH17-087 |
5.0 |
16.05 |
11.05 |
1.03 |
INDDH17-088 |
4.0 |
19.0 |
15.0 |
0.68 |
Inel Ridge (Structurally Controlled
Gold Target over 150m x 1,000m area)
Twelve (12) drillholes
(INDDH-055,056,057,058,090,091,092,101,102,103,104,105) were
completed at Inel Ridge along a 1,000m northwesterly trend
associated with the Big Rock Deformation Zone (“BRDZ”). As
announced on September 12, 2017 INDDH-055 reported both high grade
(31.59g/t Au over 2.6m including 63.30g/t Au over 1.1m and 10.45g/t
over 2.0m) and broader lower grade (1.71g/t Au over
73.0m). Drillholes INDDH17-056 and INDDH17-057 were
drilled to the west away from the BRDZ and therefore subsequent
drillholes INDDH17-090,091 & 093 were sited at 100m step outs
to the northeast and drillholes INDDH17-103&104 were sited 400m
to the southeast to test potential associated with the BRDZ.
Drillholes INDDH17-090,091 & 092 to the
northeast encountered weaker alteration and mineralization than the
initial drillholes as can be seen on the table below. Results are
pending for drillholes INDDH17-101,102,103,104&105 drilled
approximately 400m to the southeast near the BRDZ.
Hole ID |
From |
To |
Interval¹ |
Au g/t |
INDDH17-090 |
162.0 |
165.0 |
3.0 |
0.95 |
INDDH17-091 |
31.0 |
36.9 |
5.9 |
0.98 |
INDDH17-092 |
57.0 |
60.0 |
3.0 |
0.74 |
Upper AK (Gold in Soil Geochemistry
Target over a 200m x 500m area and New Zinc Mineralization Downdip
of AK Adit)
Five (5) drill holes
(INDDH17-074,075,076,077,078) were sited above the AK Zone to test
soil geochemical anomalies north of Inel Ridge.
INDDH17-075 returned 10m of 0.96g/t Au and 21.38% Zn
from 307.0m to 317.0m.
Hole ID |
From |
To |
Interval¹ |
Au g/t |
Zn % |
INDDH17-074 |
87.0 |
91.0 |
4.0 |
1.28 |
0.18 |
and |
304.0 |
330.9 |
26.9 |
1.34 |
0.06 |
INDDH17-075 |
307.0 |
328.0 |
21.0 |
0.57 |
11.16 |
including |
307.0 |
317.0 |
10.0 |
0.96 |
21.38 |
INDDH17-076 |
No Significant Results |
INDDH17-077 |
85.0 |
91.0 |
6.0 |
2.36 |
0.17 |
and |
98.0 |
100.0 |
2.0 |
1.49 |
0.38 |
INDDH17-078 |
No Significant Results |
Camp Porphyry (Porphyry Gold-Copper
Target over 700m x 1,400m area)
Six (6) drillholes
(INDDH-054,089,098,099,100,110) were completed over a 700m x 1,400m
area as an initial test of its gold-copper porphyry potential. As
announced on September 12, 2017 INDDH-054 reported 195.4m of
0.43g/t Au and 0.11% Cu in a newly discovered porphyry gold +/-
copper setting. Drillhole INDDH17-089 (located
approximately 100m north of INDDH17-054) has now returned, across
the entire hole, 265.2m at 0.28g/t Au and 0.08% Cu including 36m of
0.59g/t Au and 0.13% Cu and 11m of 0.93 g/t Au and 0.32%
Cu.
Hole ID |
From |
To |
Interval¹ |
Au g/t |
Cu % |
KBDDH17-089 |
7.8 |
273.0 |
265.2 |
0.28 |
0.08 |
including |
99.0 |
135.0 |
36.0 |
0.59 |
0.13 |
including |
221.0 |
232.0 |
11.0 |
0.93 |
0.32 |
Three other drillholes (INDDH-098,099 & 100)
were drilled at approximately 200m, 400m and 600m to the south
testing the eastern margins of the Inel Intrusion with results
pending. One drillhole (INDDH17-110) was also completed
approximately 800m to the north, also at the eastern margins of the
Inel Intrusion, with results also pending. These 6
drillholes over a 700m x 1,400m area will provide an initial test
for large porphyry gold potential along the eastern margins of the
Inel Intrusion.
Khyber (Structurally Controlled Gold
Target)
Five (5) drillholes
(INDDH17-093,094,095,096,097) were drilled in the Khyber and West
Khyber areas over a 1km strike.
Three (3) drillholes (INDDH17-093,094,095) were
completed in the main Khyber area this year from one location.
Previous drilling by Colorado in 2014 in the area was highlighted
by KSP14-003 which returned 2.98g/t Au over 34m including 18.1g/t
Au over 2.4m. KBDDH17-093 was drilled approximately 400m to the
northeast of this hole and returned 1.87g/t Au over 20.4m from
32.0-52.4m including 2m of 9.39g/t Au from 38-40m
with the drillhole ending in 20.4m of 0.72g/t Au including the last
5m of 1.43g/t Au from 121-126m. KBDDH17-094 drilled vertically from
this same location failed to return significant results.
KBDDH17-095 was drilled northwesterly from the same location and
returned 1m of 1.69g/t Au from 147-148m.
Two (2) drillholes (KBDDH17-096&097) were
drilled in the West Khyber area approximately 1km to the west of
the Khyber drillholes (KBDDH17-093 to 095). KBDDH17-096 was drilled
to the north towards the BRDZ and KBDDH17-097 was drilled
vertically from the same location. INDDH17-096 returned 34m of
0.70g/t Au including 1m of 10.60g/t Au and KBDDH17-097 returned
anomalous gold and copper values throughout much of the drillhole
and ended in 24m of 0.78g/t Au and 0.09% Cu. The intrusive
phases, alteration patterns, and gold-copper geochemical signatures
at West Khyber may suggest proximity to an intrusive related
gold-copper system.
Hole ID |
From |
To |
Interval¹ |
Au g/t |
Cu % |
KBDDH17-093 |
32.0 |
52.4 |
20.4 |
1.87 |
- |
including |
38.0 |
40.0 |
2.0 |
9.39 |
- |
and |
105.6 |
126.0 |
20.4 |
0.72 |
- |
including |
121.0 |
126.0 |
5.0 |
1.43 |
- |
KBDDH17-094 |
No Significant Results |
KBDDH17-095 |
147.0 |
148.0 |
1.0 |
1.69 |
- |
KBDDH17-096 |
17.0 |
51.0 |
34.0 |
0.70 |
- |
including |
37.0 |
38.0 |
1.0 |
10.60 |
- |
and |
85.0 |
92.6 |
7.6 |
0.87 |
- |
KBDDH17-097 |
99.0 |
150.0 |
51.0 |
0.49 |
0.07 |
including |
126.0 |
150.0 |
24.0 |
0.78 |
0.09 |
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
Nevada.
The Company holds approximately 1,200km squared
of mineral claims in the Golden Triangle. Assembling this
land package has been a major focus of the Company since Colorado
was founded. The board and management of Colorado have many
years of experience in the Golden Triangle and a commitment to
exploration there.
Active exploration projects in BC’s Golden
Triangle include:
- The KSP Property;
- The North ROK Copper-Gold Property,
- The Kinaskan-Castle Copper-Gold Property; and
- The KingPin Copper-Gold Property,
All of these projects are 100% owned by
Colorado. 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 17-19
Cautionary Notes 1& 2
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.
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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