TSX-V: CXO
VANCOUVER, Oct. 10, 2019 /CNW/ - Colorado Resources
Ltd. (TSX.V: CXO) ("Colorado", or the "Company") is pleased to
provide exploration updates for both its Castle and Sofia projects in northwestern British Columbia, including drilling at the
Castle East target.
Castle Property Update
Further to its news release
dated September 18, 2019, the Company
has completed its field program, including 1,555 m of drilling in four holes on the Castle
East porphyry copper-gold target. All samples have been delivered
to the lab and assays will be announced once
available.
The Castle East target has had no previous drilling and is
defined by a 500 by 700 m induced
polarization (IP) chargeability anomaly, with coincident anomalous
gold, copper, and molybdenum in soils. The 19,256-hectare Castle
property is located in the Red Chris mining district within the
Golden Triangle. The geological setting is consistent with other
important porphyry Cu-Au deposits in the district, including the
Saddle North deposit of GT Gold Corp, located five kilometres to
the east1.
The four holes at Castle East were drilled at inclinations of
-45 to -70 degrees on northerly and southerly azimuths, to cross an
east-trending, sub-vertical panel of prospective rocks, anomalous
soils and the IP chargeability feature. Hole depths ranged from
272 m to 542
m. All of the holes successfully intersected variable
thicknesses of monzodiorite host rocks with porphyry-style
alteration including strong, pervasive phyllic
(quartz-sericite-pyrite), chlorite, carbonate, and local quartz and
k-feldspar. The altered rocks are cut by quartz-sulphide and
carbonate-sulphide veining. Mineralization includes disseminated
and vein-type pyrite with lesser chalcopyrite and molybdenum.
Prospecting, mapping and geophysical and geochemical surveys
were completed to advance additional targets in the northeastern
part of the Castle property, particularly along the border with the
adjoining Tatogga property of GT Gold. A total of 211 prospecting
rock samples, 913 soils samples, 23.5 km of IP surveying, and an
1,125 km high-resolution airborne magnetic survey were completed.
Together, this new data will provide important structural and
geological information that will guide future exploration on this
large property.
Sofia Property Update
On the Sofia property, located 15 km north of Kemess
deposits in the Toodoggone mining district, a 530 km
high-resolution airborne magnetic survey was completed. This
important new information will be used with past drilling results,
soil geochemistry, and IP surveys to outline targets for planned
exploration in 2020.
Please see Colorado's website
for maps and images related to the Castle and Sofia properties at
www.coloradoresources.com.
Qualified Person
The technical information in
this release has been reviewed and approved by Michael Cathro, M.Sc., P.Geo., a Colorado Director and a qualified person under
NI 43-101.
About Colorado
Colorado Resources Ltd. is
exploring high-grade gold and copper in the Golden Triangle and the
Toodoggone area of British
Columbia. The portfolio includes the 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. Other properties include the KSP, North ROK,
Kingpin, Heart Peaks and Sofia
properties in 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
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this
release.
Cautionary Notes on Release
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.
Cautionary Statement Regarding Forward-Looking
Information
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, including, without
limitation, are forward-looking statements. Although Colorado (the "Company") believe 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 Companies'
periodic filings with Canadian securities regulators. Important
factors that could cause actual results to differ materially from
Colorado expectations include
risks associated with the business of Colorado; risks related to exploration and
potential development of Colorado's projects; business and economic
conditions in the mining industry generally; fluctuations in
commodity prices and currency exchange rates; uncertainties
relating to interpretation of drill results and the geology,
continuity and grade of mineral deposits; the need for cooperation
of government agencies and native groups in the exploration and
development of properties and the issuance of required permits; the
need to obtain additional financing to develop properties and
uncertainty as to the availability and terms of future financing;
the possibility of delay in exploration or development programs and
uncertainty of meeting anticipated program milestones; uncertainty
as to timely availability of permits and other governmental
approvals; and other risk factors as detailed from time to time and
additional risks identified in Colorado's filings with Canadian securities
regulators on SEDAR in Canada
(available at www.sedar.com). 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.
SOURCE Colorado Resources Ltd.
