Colorado Announces: Geophysical Surveys Completed South of Discovery Drillhole 5,000 m Drill Program Approved by Board
WEST KELOWNA, BRITISH COLUMBIA -- (Marketwired) -- 06/12/13 -- COLORADO RESOURCES LTD. (TSX VENTURE: CXO) ("Colorado" or the "Company") is pleased to report the results of Induced Polarization geophysical surveys recently completed and announce a new I.P discovery and a 5,000 m drill program on its 100% owned North ROK Property located 15 kms northwest of Imperial Metals Red Chris Mine in NW British Columbia.
A total of 84 line km of detailed three dimensional (3D) Induced Polarization (I.P) has been completed to date by Walcott and Associates over an area of 10 square km (2-3 km by 4.0 km). This completes coverage for a distance of over 2 km south of the discovery drillhole.
Colorado has also recently discovered a new I.P chargeability anomaly (greater than 20 mv/v) that is 1 km north of the discovery drillhole that is 500-800 m wide and 1300 m long and open to the north. I.P and ground magnetic surveying is now being conducted to the north to further delineate this new un-tested anomaly.
With the completion of the geophysical surveys to the south, the full extent of the Mabon chargeability high now measures more than 1300 m x 2000 m, and is cored by a continuous magnetic high with dimensions of 300-400 m wide x 1200 m long. The coincident chargeability and magnetic anomaly has only been drill tested on its far northern end over a 100 m x 300 m area and has demonstrated a very strong correlation with well mineralized copper-gold drill intercepts as previously reported.
Based on these highly encouraging geophysical results the Company is pleased to report that its board has approved a $2 million dollar, five thousand (5,000) metre drill program to concentrate on the 300-400 m wide x 1200 m long magnetic anomaly. Geological crews are currently on site with the drilling program to start next week. These holes will be drilled utilizing the permitted 10 drill pad program (only 3 have been used to date). The Company has also applied for an expanded drill permit, allowing for a further 40 drill pads.
A 3D modeling and sectional interpretation has been posted to the company website (www. coloradoresources.com) with sections displaying strong magnetic highs up to 300 m widths and over 500 m depths (open to depth). Some of the largest magnetic features occur up to 500 m southeast of discovery Drillhole NR13-001 and have not yet been tested by drilling.
Separate magnetic high features within the southern portion of the chargeability anomaly up to 200 m widths and 400 m lengths are also noted and remain untested. These magnetic anomalies have a strong correlation with new gold in soil anomalies (gold greater than 56 ppb) currently being compiled.
To view a map of the area, please visit the following link: http://media3.marketwire.com/docs/cxo612i.pdf.
Adam Travis, the Company's President and CEO stated, "We have been very busy over the last few weeks completing ground geophysical, geochemical and geological surveys in preparation for future drilling. We now have extensive technical data for the southern portion of our property in hand that will allow for an effective drill campaign to begin. Significant mineralized intercepts from Drillholes NR13-001, 003 and 004 correlate well with magnetic highs that occur over 1200 m lengths and up to 400 m widths and deeper than our surveys can detect at 500 m depths. Where we have intersected the magnetic high feature in 3 drillholes over 694 metres of cumulative lengths our average grade is 0.40 % copper and 0.60 g/t gold. To put that in context, the East and Main Zones at Imperial Metals new Red Chris Mine occurs in a 200-500 m wide by 1500 m long zone (301.5 mt of 0.36% copper and 0.27 g/t gold). We are also seeing other very prospective anomalies both to the north and south which indicate to me that we may also have the start of a mineralized trend not unlike the satellite zones at Red Chris."
Qualified Person
Mr. 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 British Columbia and the Yukon and is also aggressively seeking quality properties in the US southwest and Latin America. Colorado's primary exploration focus is on the Eldorado and North Rok properties in the Red Chris area.
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.
Contacts:
Colorado Resources Ltd.
Adam Travis
President and Chief Executive Officer
(250) 768-1511 or Toll Free: 1 888 860 2666
Colorado Resources Ltd.
Terese Gieselman
Chief Financial Officer and Secretary
(250) 768-1511 or Toll Free: 1 888 860 2666
(250) 768-0020 (FAX)
www.coloradoresources.com