WEST KELOWNA, BRITISH COLUMBIA--(Marketwired - Dec. 5, 2013) - COLORADO RESOURCES LTD. (TSX VENTURE:CXO) ("Colorado" or the "Company") is pleased to announce the completion of the Company's 2013 drill program at its North ROK property and the results of the remaining 10 holes. In the 7 months since the discovery in March 2013, the Company has completed 11,448 m of drilling in 29 drillholes and has also completed comprehensive programs of IP surveying, airborne and ground magnetic surveying, geochemical surveying and geological mapping.
Highlights of the recent results include drillhole NR13-028, which intersected 131.2 m of 0.39% Cu and 0.56 g/t Au from 4 m to 135.2 m and 225.7 m of 0.25% Cu and 0.27 g/t Au from 207.5 m to 433.2 m. Drillholes NR13-021 and NR13-027 have also returned permissive geological and geochemical results indicative of the robust nature of the North ROK porphyry system more than 400 m west of NR13-001.
The intent of the 2013 drilling program was to utilize a broadly spaced drill pattern to extend the copper-gold porphyry system discovered with DDH NR13-001 along strike. To date mineralization has been identified over a 900 m strike length between drillholes NR13-009 & NR13-024 and continues to be open at both ends.
Geophysical surveys and alteration mapping demonstrate that this mineralization occurs within a larger intrusive hosted porphyry system measuring a least 1000 m wide by 2000 m long. Significant potential therefore remains to expand the mineralized zone.
The results of the drilling, geophysical surveying and mapping also indicate several other untested targets remain on the North ROK property, including the Mabon North target 1500 m north of discovery hole NR13-001, the Mabon West targets 500-1000 m south of NR13-001 and the Lower Mabon zone under till cover 400 m west of NR13-001.
Drilling with resume in the spring of 2014 and focus on continuing to expand the main zone mineralization as well as conducting initial testing of these three new target areas.
2013 Drilling Results
The following table summarizes all of the results of the 2013 drilling at North ROK. The results of holes NR13-001 to NR13-019 have been released previously.
|NORTH ROK CU-AU PORPHYRY SYSTEM - REPORTED DRILL RESULTS TO DATE|
|Cu EQ |
|NR13-002||40||-65||189.4||No Significant Results|
|NR13-010||220||-45||32.0||Edon Target - Abandoned for Technical Reasons|
|NR13-012||220||-45||300.8||No Significant Results|
|NR13-014||220||-45||461.2||Edon Target - No Significant Results|
|NR13-015||220||-45||497.7||Edon Target - No Significant Results|
|NR13-018||220||-45||407.8||Edon Target - No Significant Results|
|NR13-019||40||-45||526.4||No Significant Results|
|NR13-020||238||-85||379.5||No Significant Results|
|NR13-022||40||-45||367.3||No Significant Results|
|NR13-023||220||-45||352.0||No Significant Results|
|NR13-025||40||-45||289.6||No Significant Results|
|NR13-026||40||-45||42.7||Abandoned Lost in Overburden|
|*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 pruposes 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 $3.00/lb of copper and US $1,200 per troy ounce of gold using the formula Cu EQ = Cu% + (Au g/t x 0.584).|
To view the map accompanying this press release, please visit the following link: http://media3.marketwire.com/docs/915981i.pdf
Note: the lengths quoted represent core lengths and do not necessarily represent the true thickness of mineralized intervals. The samples were analyzed by Acme Analytical Laboratories of Vancouver, British Columbia. Copper values were first determined using the 1DX ICP-MS method which reports values as parts per million (ppm - 10,000 ppm = 1%). Any samples containing greater than 2000 ppm copper were assayed by the 7AR method, which reports values as percent copper. The gold results were determined using the G601 Fire Assay method which reports gold results in ppm and are equivalent to grams per tonne (g/t). The analytical results were verified with the application of industry standard Quality Control and Quality Assurance (QA-QC) procedures.
With the exception of holes NR13-022, 023 and 026, holes NR13-020 to NR13 29 all intersected significant intervals of moderate to strongly altered and locally mineralized monzo-diorite intrusive. Holes NR13-022 and 023 intersected volcanic rock while NR13-026 was lost in overburden.
Company President and CEO, Adam Travis, commented: "I am extremely pleased with what our team has been able to accomplish in a little over 7 months of exploration. In this short time we have advanced North ROK from an unknown showing to one of British Columbia's best new porphyry copper gold discoveries in nearly a decade. I am very much looking forward to continuing to expand on the main zone and also test the three other new zones early next year."
In light of the significant results of the 2013 drill program the Company's technical team is proposing a staged 10,000 m drill program to commence early in the spring of 2014. The company is adequately financed to complete such a program.
Further information on the North ROK programs is contained on Colorado's website, www.coloradoresources.com.
Greg Dawson, P.Geo., is the Qualified Person as defined by National Instrument 43-101 who supervised the work program and preparation of the technical data in this news release.
Colorado is engaged in the business of mineral exploration for the purpose of acquiring and advancing mineral properties located in Canada and is also aggressively seeking quality properties in the US southwest and Latin America.
Colorado's current exploration focus is the advancement of its 100% owned North ROK and its optioned Eldorado projects, which are located within 10 to 18kms of the Red Chris mine development, in northern British Columbia.
ON BEHALF OF THE BOARD OF DIRECTORS OF COLORADO RESOURCES LTD.
Adam Travis, President and Chief Executive Officer
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking information within the meaning of Canadian securities laws. Such information includes, without limitation, information regarding proposed exploration activities. Although the Company believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors, including, but not limited to, the state of the financial markets for the Company's equity securities, the state of the market for gold or other minerals that may be produced generally, recent market volatility; variations in the nature, quality and quantity of any mineral deposits that may be located, the Company's ability to obtain any necessary permits, consents or authorizations required for its activities, to raise the necessary capital or to be fully able to implement its business strategies and other risks associated with the exploration and development of mineral properties. The reader is referred to the Company's reports filed on SEDAR at www.SEDAR.com for a more complete discussion of such risk factors and their potential effects.
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.