Colorado Resources Ltd.: North ROK 2013 Project Update
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 |
|
Hole |
Collar Azimuth |
Dip |
Total Depth (m) |
From (m) |
To (m) |
Interval (m) |
Cu % |
Au g/t |
Cu EQ %* |
|
NR13-001 |
40 |
-45 |
335.0 |
2.0 |
335.0 |
333.0 |
0.51 |
0.67 |
0.90 |
|
includes |
|
|
|
2.0 |
244.0 |
242.0 |
0.63 |
0.85 |
1.13 |
|
includes |
|
|
|
63.5 |
244.0 |
180.5 |
0.76 |
1.00 |
1.34 |
|
includes |
|
|
|
244.0 |
335.0 |
91.0 |
0.20 |
0.19 |
0.31 |
|
NR13-002 |
40 |
-65 |
189.4 |
No Significant Results |
|
NR13-003 |
40 |
-80 |
593.1 |
1.2 |
153.6 |
152.4 |
0.21 |
0.55 |
0.53 |
|
includes |
|
|
|
43.2 |
95.2 |
52.0 |
0.31 |
1.04 |
0.92 |
|
NR13-004 |
40 |
-45 |
404.0 |
158.8 |
364.0 |
205.2 |
0.40 |
0.50 |
0.69 |
|
includes |
|
|
|
182.8 |
313.8 |
131.0 |
0.56 |
0.68 |
0.96 |
|
NR13-005 |
40 |
-55 |
314.2 |
115.4 |
235.5 |
120.1 |
0.22 |
0.34 |
0.42 |
|
includes |
|
|
|
160.0 |
202.0 |
42.0 |
0.38 |
0.62 |
0.74 |
|
NR13-006 |
40 |
-70 |
524.5 |
191.1 |
354.1 |
163.0 |
0.10 |
0.12 |
0.17 |
|
includes |
|
|
|
236.1 |
287.1 |
51.0 |
0.13 |
0.14 |
0.21 |
|
NR13-007 |
40 |
-45 |
637.0 |
116.2 |
243.5 |
127.3 |
0.18 |
0.36 |
0.39 |
|
includes |
|
|
|
119.2 |
159.7 |
40.5 |
0.25 |
0.52 |
0.55 |
|
NR13-008 |
40 |
-45 |
391.1 |
16.5 |
205.6 |
189.1 |
0.27 |
0.14 |
0.35 |
|
includes |
|
|
|
63.2 |
134.2 |
0.7 |
0.41 |
0.20 |
0.53 |
|
NR13-009 |
220 |
-45 |
229.9 |
278.4 |
297.5 |
19.1 |
0.18 |
0.07 |
0.22 |
|
NR13-010 |
220 |
-45 |
32.0 |
Edon Target - Abandoned for Technical Reasons |
|
NR13-011 |
40 |
-45 |
351.4 |
127.9 |
217.9 |
90.0 |
0.23 |
0.15 |
0.32 |
|
includes |
|
|
|
157.9 |
202.9 |
45.0 |
0.31 |
0.24 |
0.45 |
|
NR13-012 |
220 |
-45 |
300.8 |
No Significant Results |
|
NR13-013 |
40 |
-45 |
564.8 |
162.6 |
564.8 |
402.2 |
0.28 |
0.27 |
0.44 |
|
includes |
|
|
|
285.6 |
564.8 |
279.2 |
0.33 |
0.23 |
0.46 |
|
includes |
|
|
|
340.1 |
564.8 |
224.7 |
0.36 |
0.23 |
0.49 |
|
includes |
|
|
|
379.1 |
540.0 |
160.9 |
0.41 |
0.28 |
0.57 |
|
includes |
|
|
|
397.1 |
454.8 |
57.7 |
0.53 |
0.37 |
0.75 |
|
NR13-014 |
220 |
-45 |
461.2 |
Edon Target - No Significant Results |
|
NR13-015 |
220 |
-45 |
497.7 |
Edon Target - No Significant Results |
|
NR13-016 |
40 |
-45 |
341.2 |
29.2 |
69.8 |
40.6 |
0.17 |
0.34 |
0.37 |
|
and |
|
|
|
185.8 |
239.3 |
53.5 |
0.23 |
0.29 |
0.40 |
|
NR13-017 |
40 |
-45 |
528.2 |
272.0 |
449.1 |
177.1 |
0.30 |
0.39 |
0.53 |
|
includes |
|
|
|
335.7 |
403.9 |
68.2 |
0.40 |
0.62 |
0.76 |
|
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 |
|
NR13-021 |
40 |
-45 |
467.6 |
348.7 |
419.9 |
71.2 |
0.105 |
0.043 |
0.13 |
|
NR13-022 |
40 |
-45 |
367.3 |
No Significant Results |
|
NR13-023 |
220 |
-45 |
352.0 |
No Significant Results |
|
NR13-024 |
40 |
-45 |
422.9 |
259.8 |
301.7 |
41.9 |
0.15 |
0.16 |
0.24 |
|
NR13-025 |
40 |
-45 |
289.6 |
No Significant Results |
|
NR13-026 |
40 |
-45 |
42.7 |
Abandoned Lost in Overburden |
|
NR13-027 |
40 |
-45 |
404.2 |
171.4 |
213.2 |
41.8 |
0.076 |
0.104 |
0.137 |
|
NR13-028 |
90 |
-50 |
481.6 |
4 |
135.2 |
131.2 |
0.39 |
0.56 |
0.72 |
|
and |
|
|
|
207.5 |
433.2 |
225.7 |
0.25 |
0.27 |
0.41 |
|
NR13-029 |
90 |
-65 |
532.5 |
380.2 |
519.7 |
139.5 |
0.15 |
0.11 |
0.21 |
| *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.
Qualified Person
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.
About Colorado
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
NR 13-20
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.
Colorado Resources Ltd.Adam TravisPresident and Chief Executive
Officer(250) 768-1511 or TF: (855) 768-1511(250) 768-0849Colorado
Resources Ltd.Terese GieselmanChief Financial Officer(250) 768-1511
or TF: (855) 768-1511(250) 768-0849www.coloradoresources.com
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