The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
CXO: TSX-V
President and CEO: Adam Travis
Executive Chairman: Larry Nagy
Vice President, Exploration: Greg Dawson
Colorado Resources Ltd. had drills turning two copper-gold properties in northern British Columbia and geologists identifying targets for potential future drilling at a third.
In January, Colorado reported the result of an inaugural NI 43-101-compliant resource estimate for its North ROK project located 15 kilometers (nine miles) northwest of Imperial Metals' Red Chris copper-gold mine project.
At a 0.20 percent copper-equivalent cut-off, North ROK has an inferred resource of 142.3 million metric tons averaging 0.22 percent (690.3 million pounds) copper and 0.26 grams per metric ton (1.19 million ounces) gold.
Following up on the recommendations in the accompanying technical report, Colorado completed a phase 1 2014 drill program of 2,191 meters in five holes, three of which cut significant copper-gold mineralization.
DDH NR14-034, the best hole of the program, cut 199 meters grading 0.21 percent copper and 0.42 g/t gold, including 100.4 meters grading 0.31 percent copper and 0.74 g/t gold.
Colorado said the phase-1 drilling established the continuity of higher grade copper-gold mineralization at North ROK, expanded the size of the known zones and greatly expanded the projects potential.
At Eldorado, located adjacent to the east side of the Red Chris property, Colorado completed 892 meters of drilling in four holes.
This second phase of exploration was a follow-up on a 2013 drill intercept of 0.33 g/t gold and 0.14 percent copper over 71 meters.
EL14-008, drilled 300 meters to the west, cut 0.19 g/t gold and 0.06 percent copper over 196.5 meters.
The company said the nine holes it has drilled at Eldorado have identified copper-gold mineralization over a strike of 1,000 meters within a larger porphyry system that measures 1,000 by 2,000 meters.
The company said it will review its results from Eldorado in the context of its other project when considering future drilling.
Colorado's portfolio includes the Kinaskan (copper-gold), KSP (copper-gold), Hit (copper gold), and Heart Peaks (gold) properties in northern British Columbia; and the Sol (gold) property in the Yukon Territory.
KSP, located roughly 15 kilometers (nine miles) southeast of the past-producing Snip Mine, is one such project.
Late in 2013, Colorado entered into an option agreement with SnipGold Corp. to earn an 80 percent in the southeastern quarter of SnipGold's Iskut property.
This property, along with 22,201 hectares of adjoining land owned by Colorado, has been merged into a property referred to as KSP. The first order of business was to compile historical data from more than 38 minfile occurrences, 230 drill holes (both underground and surface), 6,000 soil samples, 2,500 rock samples and 350 trench samples.
Colorado said it is extremely encouraged by its initial review of this data and have sent crews to the property to evaluate prospects identified during the review of historical data, expand known anomalies and prioritize targets for future drilling.
This work included the collection of 684 rock and 1,247 soil samples; 600 line-kilometers of airborne magnetics; and detailed geological mapping over a 40-square-kilometer-area.
Based on this work, Colorado's technical team said KSP shares many traits to Kerr-Sulphurets-Mitchell camp some 45 kilometers (28 miles) to the east.
Based on the encouraging results from the initial exploration at KSP, Colorado has remobilized crews to carry out detailed geological mapping, rock channel sampling, drill site selection and preparation.
If permits are approved in time, the company plans to carry out drilling before winter weather sets in at KSP.
Cash and short-term deposits: C$4.3 million (June 30, 2014)
Working capital: C$4.8 million (June 30, 2014)
Market capitalization: C$7.9 million (Sept. 10, 2014)
110 - 2300 Carrington Road,
West Kelowna, BC
Canada V4T 2N6
Tel: 250-768-1511
Fax: 250-768-0849
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