Colorado Successfully Extends Inel-Type Mineralization to East at KSP
September 14 2018 - 4:01PM
Colorado Resources Ltd. (“Colorado” or the “Company”) (TSXV – CXO)
is pleased to announce diamond drilling results from its 100% owned
KSP property located in British Columbia’s prolific Golden Triangle
region. As previously announced on July 16, 2018, diamond drilling
on the 308 sq. km KSP Property has tested two step-out targets
around the historic Inel basin area, including the Big Rock
Deformation Zone (BRDZ) to the east, and Inel Zn to the north.
Along the Big Rock Deformation Zone (Figure 1),
four oriented-core holes tested the continuity of Inel-type
mineralization over a north-east strike length of approximately 400
m. Results include significant intercepts in holes
INDDH-124 (32 m grading 0.32 g/t Au and 1.64% Zn) and INDDH-125 (50
m grading 2.28 g/t Au including 6 m grading 7.36 g/t Au;
see Table 1 for complete results1).
Based upon preliminary oriented-core studies
(the first to be undertaken on the Inel occurrence), Inel-type
mineralization is characterized by relatively shallow dipping
structural corridors containing tectonic arrays of pyrite +/-
sphalerite-bearing quartz-carbonate veins and veinlets associated
multi-metre scale halos of sericite-pyrite alteration and hosting
anomalous Au values. Sheeted, extensional, gold-bearing veins are
developed between north-east-striking, planar, brittle-ductile high
strain zones over significant widths within Stuhini siliclastic
wackes and monzonites.
Hole ID2 |
Total Length (m) |
From (m) |
To (m) |
Interval (m)¹ |
Au (g/t) |
|
|
|
|
|
|
INDDH18-122 |
207 |
179.0 |
193.5 |
14.5 |
2.04 |
INDDH18-123 |
204 |
78.0 |
81.0 |
3.0 |
0.69 |
and |
|
108.0 |
118.0 |
10.0 |
0.23 |
INDDH18-124 |
216 |
70.0 |
102.0 |
32.0 |
0.36 |
and |
|
114.0 |
167.0 |
53.0 |
0.78 |
including |
|
129.0 |
139.0 |
10.0 |
2.23 |
INDDH18-125 |
234 |
77.0 |
87.0 |
10.0 |
0.53 |
and |
|
116.0 |
119.0 |
3.0 |
1.05 |
and |
|
158.0 |
161.0 |
3.0 |
0.92 |
and |
|
171.0 |
221.0 |
50.0 |
2.28 |
including |
|
201.0 |
207.0 |
6.0 |
7.38 |
1 Widths (m) reported are drilled core lengths.
True widths are estimated at 50 to 70 per cent of drilled
lengths.2 For hole location, inclination and
azimuth, refer to the drilling plan view and drill section, as well
as another table, on the Company's website.
With respect to the Inel Zn target (Figure 1),
Colorado completed 4 step-out holes, INDDH-126 to INDDH-129,
attempting to test for mineralization delimiting the northern
margin of the Inel Basin. No significant results were recorded in
these holes.
Colorado President and CEO, Robert Shaw, states:
“Colorado is pleased to receive positive results along the BRDZ.
Our oriented-core studies have significantly improved our
understanding of structurally controlled gold mineralization along
the BRDZ, indicating the potential for Inel-style mineralization to
the east of previous drilling in the Inel basin”.
Complete results for Colorado’s 2016, 2017 and
2018 exploration and drilling programs can be found at
www.coloradoresources.com.
Quality assurance/quality control
procedures
Colorado Resources Ltd. has implemented a
rigorous quality assurance/quality control (QA/QC) program to
ensure best practices in sampling and analysis of diamond drill
core, the details of which can be viewed on the company's
website.
All assays are performed by ALS Canada Ltd.,
with sample preparation carried out at the ALS facility in Terrace,
B.C., and assays at the North Vancouver laboratory. Assay values
are uncut. For gold, fire assays are performed as per ALS method
Au-AA26 (0.01 to 100.00 g/t Au) using 50 grams of sample measured
by atomic absorption (AA). Assays equal to or greater than 10.0 g/t
Au are reanalyzed gravimetrically by method Au-GRA22. Silver,
copper and zinc are analyzed by ALS method ME-MS61 with a four-acid
digestion followed by ICP-MS (inductively coupled plasma mass
spectrometry) analysis. ME-MS61 Values greater than the upper
detection limit are continued with ore grade analysis (OG62).
Qualified Person
Bill Yeomans, P. Geo., the Company’s consulting geologist, 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. The
Company’s main exploration projects within British Columbia include
KSP, North ROK, and Kinaskan-Castle.
ON BEHALF OF THE BOARD OF DIRECTORS
OFCOLORADO RESOURCES LTD.
“Robert Shaw”
Robert ShawPresident and Chief Executive
Officer
For more information, please
contact:Colorado Resources Ltd.Robert Shaw, President
& CEOT: (250) 768-1511F: (250) 768-0849TF (855) 768-1511W:
www.coloradoresources.com
NR-18-13
Cautionary Notes (1) for
Figures¹ The Figures in this news release 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.
A photo accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/80e887f8-d5f6-49a8-aac9-3955e54b7ce2
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