COLORADO RESOURCES LTD. (TSX-V:CXO) is pleased to announce it has commenced its 2014 Exploration Field Season in northern British Columbia and provides the following updates:
North ROK 2014 Drilling
Colorado has initiated the 2014 drilling program on its 100% owned North ROK Project to follow up last year’s exciting discovery which culminated in a NI 43-101 compliant inferred resource at a 0.20 % Cu Eq cut-off of 142.3 mt at a grade of 0.22% Copper and 0.26 g/t Au containing 690.3 million pounds of copper and 1.19 million ounces of gold. The 2014 drill program will follow the recommendations of the NI 43-101 report to target the expansion of the known inferred resource and drill untested kilometre scale geophysical anomalies that cluster around the existing resource.
Eldorado 2014 Drilling
As announced on April 29th, 2014 and approved by the TSX Venture Exchange on May 6, 2014 Colorado has amended its previous agreement with Sunrise Resources Ltd. (TSX-V:SHI) and this spring will conduct a Phase 2 drilling program on its optioned Eldorado property located immediately adjacent to the east end of Imperial Metals Red Chris development. Last year Colorado reported a drill intercept in EL13-004 of 0.33 g/t Au and 0.14% Cu over 71 m. The focus will be to follow up this encouraging result and drill test adjacent areas for increased alteration and copper and gold values in a geological setting similar to the East Zone at Red Chris.
Summer fieldwork will be completed on its Snipgold (TSX-V:SGG) optioned KSP property located in the Snip area of northern British Columbia approximately 15 kilometres southeast of the past producing Snip Mine.
Compilation work to date of historical data available includes a review of over 38 minfile occurrences, 70 previous assessment reports including 230 drillholes (both underground and surface), 6000 soil samples, 2500 rock samples and 350 trench samples. Highlights of this review of work completed to date by previous operators include:
1. Khyber - 1100 soil samples over a 400 m x 1200 m open ended area
averaging 0.810 g/t Au,
2. Khyber - drill testing over a small portion of this soil anomaly
returning drill intervals of up to 74.7 m of 2.2 g/t Au,
3. Inel- 1,240 m of historical underground development, 192 drillholes with
drill intercepts up to 15.5 m of 13.2 g/t Au
4. Inel Ridge (500 m east of Inel) - veins traced for over 1000 metres with
drill results up to 29.8 g/t Au over 1.25 m.
5. Black Bluff (9 km NE of Inel) - 200 m x 800 m open ended copper (greater
than 450 ppm) and gold (greater than 90 ppb) in soil anomaly with values
up to 725 ppb Au and 7300 ppm Cu noted in areas of intense quartz-
magnetite stockwork. The zone was partially tested by a 2002 drill
program consisting of 9 short drillholes totalling 201 m. Drill results
returned values up to 15.2 m of 0.3 g/t Au and 0.55% Cu.
6. Josh (10 km NE of Inel) - a composite grab in 1987 over 15 metres
returned approximately 11.2 % Cu, 169.20 g/t Ag and 3.58 g/t Au.
The Company is extremely encouraged by its review of these historical results but cautions that they will be subject to confirmatory work this summer. Fieldwork will focus on evaluation of identified areas based on these historical results, expansion of known anomalies and prioritization of targets for future drilling.
Adam Travis, C.E.O and President of Colorado says, “We look forward to a very exciting field season as we get back to work at North ROK drilling both on trend of the existing resource and on completely new untested geophysical anomalies. We will also be drilling additional holes at Eldorado on Red Chris’ doorstep and will be following up the high grade gold, bulk tonnage gold and newly recognized copper-gold porphyry systems at KSP.”
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 aggressively seeking opportunities in the U.S. southwest and Latin America.
Colorado’s current exploration focus is advancing its 100% owned North ROK property, located 15 km’s northwest of the Red Chris mine development, and the recently acquired KSP property located 15 km’s along strike to the southeast of the past producing Snip Mine, both located in northern British Columbia.
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