COLORADO RESOURCES LTD. (TSX-V:CXO) ("Colorado" or
the "Company") is pleased to report the results of its 2,529.4m six
drillhole program on the Mabon Zone at its 100% owned North ROK
Project. North ROK is located between Imperial Metals Red Chris
Mine¹ and the village of Iskut in northwestern British
Columbia. The diamond drilling program was completed in late
November (see news release dated November 21, 2017) and was
primarily targeting mineralization at depth and to the west of the
known 2014 Inferred Resource² (see Figure 1).
Porphyry copper–gold style mineralization at the
Mabon Zone has been outlined by Colorado between 2013-2017 over
apparent widths of up to 200m, along strike for a minimum of 600m
and down to a depth of 500m. Mineralization is primarily hosted
within the northwesterly trending Mabon intrusive stock and may
also be noted in the enclosing volcanic and sedimentary rocks. The
Mabon Zone is the only area of 7 porphyry copper-gold targets,
within a 3.0 x 9.0km northwesterly trending prospective corridor,
that has seen any substantial drilling (see news release dated
November 21, 2017). The assay results of these
drillholes are summarized below.
Table 1: 2017 North ROK Drill
Results
Hole ID |
Total Length (m) |
From (m) |
To (m) |
Interval (m)* |
Au (g/t) |
Cu (%) |
NR17-035 |
699.0 |
329.4 |
383.4 |
54.0 |
0.61 |
0.22 |
and |
|
443.8 |
631.7 |
187.9 |
0.41 |
0.32 |
including |
|
447.4 |
477.4 |
30.0 |
1.38 |
0.36 |
NR17-036 |
207.0 |
161.0 |
207.0 |
46.0 |
0.35 |
0.15 |
NR17-037 |
342.0 |
2.7 |
21.0 |
18.3 |
0.42 |
0.10 |
NR17-038 |
624.4 |
360.0 |
466.0 |
106.0 |
0.21 |
0.17 |
and |
|
490.0 |
620.4 |
130.4 |
0.33 |
0.17 |
including |
|
548.0 |
558.4 |
10.4 |
1.27 |
0.44 |
NR17-039 |
300.0 |
No Significant Results |
NR17-040 |
357.0 |
168.0 |
200.0 |
32.0 |
0.15 |
0.13 |
*The intervals reported in this table represent
drill intercepts and insufficient data is available at this time to
state the true thickness of the mineralized intervals.
Adam Travis, President and CEO of
Colorado Resources states: “The 2017 drillholes at North
ROK principally targeted areas outside of the 2014 North ROK
Inferred Resource² and were successful in returning significant
copper-gold intersections on broadly based step outs beyond the
limits of this resource. In addition, our improved understanding of
the geometry of the North ROK mineralized zones will allow us to
continue to target not only extensions to the Mabon mineralized
zone but also the many other occurrences associated with similar
intrusive phases within the broader ROK–Coyote property. Colorado
Resources will continue its technical review of these results and
its broader implications for the North ROK project. We will also
continue our dialogue with the Tahltan First Nation and related
stakeholders in the Iskut area and look forward to further
development of a productive, equitable and respectful working
relationship with these groups.”
Drillhole NR17–035: This
borehole targets an untested volume of rock approximately 200 to
350m vertically below a 2013 drill hole, DDH NR13–004. The borehole
intersects a well mineralized monzodiorite from 329.4 to 383.4m and
from 443.8 to 631.7m. A lower grade late mineral dyke, or volcanic
inclusion, cuts the broader mineralized interval and forms a lower
grade interval between 383.4 and 443.8m. Strongest gold grades are
associated with sheeted grey-quartz-orthoclase veins (see Table 1
and Figures 1 & 2).
Drillhole NR17-036: This
drillhole tested a fault window between two 2013 drillholes
NR13–013 and NR13–009. The borehole cores a weakly mineralized
monzodiorite from the collar of the drillhole to 116.05m where it
enters a sequence of intensely pyritic crystal tuffs and sediments.
Much of the mineralization within this drillhole is hosted within
the tuffs which form the northeast contact of the Mabon stock. In
the sediments the best copper-gold mineralization is associated
with sheeted pyritic veinlets with strong chloritic selvedges. This
is a non-typical site for copper-gold mineralization within the
Mabon mineralized environment and suggests that mineralization
within the enclosing sediments may be more common than previously
believed (see Table 1 and Figure 1).
Drillhole NR17–037: Drillhole NR17-037 was testing
for the up-dip extension of mineralization noted in historical
drillhole NR14-031. Mineralization is cored from the collar to
21.0m, with copper-gold ratios shifting strongly in favor of gold.
If this zone is linked to the historic intersection in NR14-031
than it will have a shallow northeast dip which may leave this zone
untested to the southeast (see Table 1 and Figure 1).
Drillhole NR17-038:
NR17-038 was drilled approximately 200m below the trace of
DDH NR14-005. Much of the monzodiorite intrusion cored below 368m
is mineralized with broad zones of moderate copper-gold
mineralization separated by short, lower grade intervals. Strongest
copper-gold mineralization within this drillhole is associated with
well developed magnetite potassium feldspar breccias. Very
significantly, relative to DDH NR13-005, mineralization within the
host monzonite–monzodiorite intrusions is flaring to the northeast,
at depth, with a significantly larger mineralized interval cored in
NR17-038 than that cored in NR13-005 located approximately 200m
above the trace of NR17–038 (see Table 1 and Figure 1 & 3).
Drillhole NR17-039: This
drillhole was collared approximately 125m north of NR17-037 testing
for mineralization tracking a northwest striking, Induced
Polarization (I.P.) anomaly. The drill hole failed to return
significant results with only minor copper-gold zones associated
with intense QSP alteration encountered (see Table 1 and Figure 1
& 3).
Drillhole NR17-040:
NR17-40 was drilled approximately 500m northwest of the main
resource area, and approximately 200m to the northwest of NR13–024.
The drillhole tested an I.P. anomaly beneath 40m thick till cover.
A 32m wide mineralized zone is cored on-strike with the
dominant Mabon trend and is associated with well developed,
magnetite-potassium feldspar and chlorite breccia’s (see Table 1
and Figure 1).
Photos accompanying this announcement are available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/71304613-d479-4a12-b3a7-8df29d80fcee
http://www.globenewswire.com/NewsRoom/AttachmentNg/929851d1-49ed-4fb5-9b93-e85f5151668a
http://www.globenewswire.com/NewsRoom/AttachmentNg/25ac0bbc-fe3b-48e9-ba2b-0907a7c78e82
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.
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.
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.
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
holds approximately 1,200 sq km 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.
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
& CEO orTerese Gieselman, CFO & SecretaryT: (250)
768-1511F: (250) 768-0849TF (855) 768-1511W:
www.coloradoresources.comNR 18-02
Cautionary Note 1-3 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 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.
3 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 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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