WEST KELOWNA, BRITISH COLUMBIA–(Marketwired – Oct. 8, 2015) – COLORADO RESOURCES LTD. (TSX VENTURE:CXO) (“Colorado” or the “Company”) announces the results of its 2015 summer exploration program from the Pins Area on the KSP Property (“the Property”), located 12 km SW of Alta Gas’ road accessible McClymont Creek hydroelectric project. Colorado acquired claims over the Pins Area by staking in November of 2013 significantly expanding the size of the original claim groups held by SnipGold. The KSP Property under option from SnipGold now totals over 33,593 hectares covering approximately 33 1/2 square kilometres.
Adam Travis, President and C.E.O of Colorado states, “Since 2013 we recognized the exploration potential of the larger district, and quadrupled the size of the original Property. Our theories were confirmed by our 2014 fieldwork completed in conjunction with important work conducted by B.C Geological Survey Geologists Joanne Nelson and Jeff Kyba. The recognition of regional thrust faults spatially associated with large alteration systems favourable for mineral occurrences led us back to many areas this year, including the Pins area. The NGU (Never Give Up) Porphyry discovery demonstrates the calibre and persistence of our exploration team and the validity of our exploration model. There’s lots of room within the > 5 kilometres of favourable strike at Pins to expand the current 500 metre trend of copper and gold mineralized rocks found in our initial work at NGU as highlighted by the regional geology, geochemistry and airborne magnetic data”
The 2015 field program at Pins consisted of the collection of 79 rock chip, channel and grab samples, 10 soil samples, detailed geological mapping and prospecting; 17.5 km of ground magnetometer surveying and compilation of historical data. Highlights of this work include:
- NGU Porphyry Discovery hosted within a >5 km thrust panel and adjacent to the 2 x 3 km Pins Alteration System (see Figure 1 – http://media3.marketwire.com/docs/1028036a.pdf) which has only been moderately explored to date within a 500 m area with rock, chip and channel samples returning up to 2.44% copper and 1.13 g/t gold in grab samples and up to 0.93% copper and 0.28 g/t gold across one metre in limited channel sampling to date. Just as importantly, the mineralization occurs within quartz and magnetite, stockwork veined monzodiorites typical of porphyry systems in zones that trend under gravel cover to the northwest and into tree covered slopes to the southeast.
- The recognition of a > 5 km Highly Prospective Trend in the Pins area associated with the Sky Thrust Fault which is highlighted by anomalous copper and gold results in rock samples of up to 3.6 % copper and 88.2 g/t gold located as much as 2 1/2 kilometres away from the NGU Porphyry Discovery.
- Large portions of the Pins alteration system and surrounding areas on trend of the NGU Porphyry remain both under explored or totally unexplored, providing exploration upside to continue to expand upon known mineralization and make new discoveries.
The rock samples reported by Colorado in 2015 were analyzed by Activation Laboratories Ltd. of Kamloops, B.C for 68 elements using an Aqua Regia digest with an ICP-MS finish (Code UT-1) and for gold by fire assay fusion with an AA finish (Code 1A2).
For more information on the KSP Project the reader is directed to the company’s website at www.coloradoresources.com.
Greg Dawson, P.Geo is the Qualified Person as defined by National Instrument 43-101 who supervised the preparation of the technical data discussed in this news release.
ON BEHALF OF THE BOARD OF DIRECTORS OF COLORADO RESOURCES LTD.
Adam Travis, President and Chief Executive Officer
Cautionary Note Regarding Forward-Looking Statements
Certain 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.
President and Chief Executive Officer
(250) 768-1511 or TF (855) 768-1511
(250) 768-0849 (FAX)
Colorado Resources Ltd.
Chief Financial Officer
(250) 768-1511 or TF (855) 768-1511
(250) 768-0849 (FAX)