Colorado Reports Final 2017 Drill Results at KSP and Identifies New Gold-Copper System at Tami

by pmnationtalk on December 7, 201726 Views

COLORADO RESOURCES LTD. (TSX-V: CXO) (“Colorado” or the “Company”) reports on the remaining 24 drillholes from the 2017 exploration drilling program on its 100% owned KSP Property. Colorado completed 68 drillholes at KSP in 2017 for a total of 11,824m of NQ diamond drill core. The 2017 drill program tested multiple target areas within the Inel-Khyber zone and additionally tested the Tami zone with 11 drillholes. The locations of these 2017 drillholes are illustrated on Figures 1 and 2 with a summary of the new results in Tami and Inel-Khyber as follows:

Tami: Intrusive Related Gold-Copper Mineralization
A total of 11 drillholes were collared, with one drillhole abandoned, in the Tami area, located 5km to the southeast of Inel-Khyber (see Figure 1 and Table 1). At Tami, gold-copper mineralization is associated with one or more, often magnetite bearing intrusions, which cut intensely quartz-sericite-chlorite and pyrite altered, fine grained volcanoclastic and sedimentary rocks. Tami has a strong east-west structural grain which is reflected in the east-west orientation of soil geochemical, magnetitic anomalies and deformation zones. Drillhole coordinates with dip-azimuths and total length of all Tami drillholes are compiled in Appendix I. The data suggest that a thick, well mineralized, east-west striking volume of rock with a strike length exceeding 350m is open to the east, where it encounters an internal property boundary approximately 400m to the east of the collar of TMDDH17-121. The strong gold-copper intersections obtained from the westernmost drillholes TMDDH17–114 and TMDDH17-115 also suggest the system is open to the west.

Table 1: Tami 2017 Drill Results

Hole ID Total
Length
(m)
From (m) To (m) Interval¹(m) Au (g/t) Cu (%)
TMDDH17-111 66.0 15.4 29.0 13.6 2.37 0.16
  including 18.0 20.0 2.0 8.18 0.41
  and 43.0 57.0 14.0 1.61 0.10
TMDDH17-112 15.0 Abandoned Drill Hole- No Assays Completed
TMDDH17-113 60.0 5.3 34.0 28.7 0.74 0.10
TMDDH17-114 66.0 7.3 66.0 58.7 1.05 0.19
TMDDH17-115 60.0 5.0 45.0 40.0 1.74 0.24
TMDDH17-116 132.0 14.6 126.0 111.4 0.24 0.04
TMDDH17-117 126.0 15.0 54.0 39.0 0.24 0.01
TMDDH17-118 120.0 5.4 120.0 114.6 0.69 0.17
  and 66.0 105.0 39.0 1.11 0.18
TMDDH17-119 105.0 4.7 32.0 27.3 0.37 0.14
TMDDH17-120 123.0 11.0 49.0 38.0 1.00 0.11
  and 55.0 106.0 51.0 0.50 0.16
TMDDH17-121 114.0 20.0 80.0 60.0 0.51 0.13
  and 90.0 103.6 13.6 0.72 0.15

KSP Inel-Khyber
A total of 57 drillholes were completed in the Inel-Khyber area during 2017. The results of the final 12 drillholes (13 collared, one abandoned) are reported in Table 2 and summarized below. The collar locations for these holes are illustrated on Figure 2 and the collar coordinates, dip-azimuths and total length of the drillholes compiled in Appendix I.

  • Four drillholes tested the Camp Porphyry occurrence, INDDH17-098 to INDDH17-100 and INDDH17–110. These holes tested the Inel intrusion over a strike length of greater than 1,300m. The results suggest that modest to low grade gold and copper mineralized zones occur over variable widths, with the strongest grades related to north-south trending structural zones and contacts between several intrusive phases or intrusive volcanic contacts.
  • Two drillholes tested the South Discovery Zone, INDDH17–101 and INDDH17–102 with mineralization best developed in structural sites below the footwall contact of the mafic fragmental sequence with the underlying sediments. The intersections in last year’s drillhole INDDH16-001 and this year’s drillhole INDDH17–102 now extend the strike length of this zone to 550m.
  • Three drillholes were collared in the Big Rock Deformation Zone (BRDZ) with mineralization intercepted in drillholes INDDH17-103 and INDDH17–105 (INDDH17–104 was abandoned). Mineralization in the BRDZ has now been tracked over a distance of 450m between the collars of INDDH17-055 and INDDH17-103. Mineralization within the BRDZ appears to be weakening to the northeast of the collar of INDDH17-055 but remains open and untested to the southwest of the collar of INDDH17-103.
  • Four drillholes tested the V.G. Zone and mineralization was intercepted in drillholes INDDH17-106 and INDDH17–107. Mineralization in this zone appears to be associated with either narrow, steeply dipping, high grade vein sets or by broader mineralized intervals which may have a sub-horizontal geometry. Drillholes INDDH17–108 and INDDH17–109 at the northern end of the trend returned only modest gold values over short intervals. The currently known strike length of the V.G. Zone is approximately 200m.

Table 2: Inel-Khyber 2017 Drill Results

Zone Hole ID Total Length (m) From (m) To (m) Interval¹ (m) Au (g/t) Cu (%)
Camp Porphyry INDDH17-098 300.0 70.0 202.0 132.0 0.41 0.02
Camp Porphyry INDDH17-099 170.7 81.0 108.2 27.2 0.18 0.14
Camp Porphyry INDDH17-100 150.0 42.0 57.0 15.0 0.14 0.13
South Discovery INDDH17-101 150.0 36.0 94.0 58.0 0.59
  including 52.0 68.0 16.0 1.07
South Discovery INDDH17-102 177.0 22.0 88.5 66.5 0.46
BRDZ INDDH17-103 170.0 6.9 133.9 127.0 0.49
  including 15.0 33.0 18.0 1.13
  and 78.0 80.0 2.0 5.92
BRDZ INDDH17-104 24.0 Abandoned Drill Hole- No Assays Completed
BRDZ INDDH17-105 177.0 5.0 52.9 47.9 0.55
  including 13.0 25.0 12.0 1.51
V.G. Zone INDDH17-106 161.0 16.0 17.0 1.0 8.48
  and 85.0 94.3 9.3 1.42
V.G. Zone INDDH17-107 96.0 15.0 56.0 41.0 0.36
V.G. Zone INDDH17-108 153.0 71.0 75.0 4.0 0.85
V.G. Zone INDDH17-109 120.0 79.0 85.0 6.0 0.57
Camp Porphyry INDDH17-110 201.0 46.0 48.0 2.0 2.42

CEO and President Adam Travis comments, “The 2017 drill program at the KSP Project was successful in identifying new discoveries at the Camp Porphyry, West Khyber and Tami Zones. We expanded our original 7,500m program to nearly 11,824m in 68 drillholes. Most (52) of our drillholes targeted outlying areas within a 500m radius of our 2016 drilling at the Upper AK, Inel Ridge, BRDZ, South Discovery, Inel Basin, V.G and Camp Porphyry Zones over a 1km square area. We also drilled 5 drillholes in two areas at Khyber and 11 drillholes at Tami approximately 2km to the southwest and 5km to the southeast of Inel respectively. Drilling completed at the Camp Porphyry and West Khyber areas reported gold +/- copper and molybdenum mineralization. At the Tami Zone, our 2017 program has outlined a new and encouraging gold-copper intrusive related system. We look forward to further review and analysis of all of the 2017 results and effectively using those interpretations in next year’s program”.

QA/QC Statement on Assay Results
Colorado inserts certified standards, blanks, and field duplicates consisting of half core samples into each batch of samples at regular intervals. The 2017 samples were analyzed by ALS Global of Vancouver, British Columbia. Samples are prepared by crushing the entire sample to 70% passing -2mm, riffle splitting of 1kg and pulverizing the split to better than 85% passing 75 microns. The core samples also undergo a robust duplicate assay program that tests rejects and pulps for reproducibility. Samples are also sent to an umpire lab.

The gold assays are determined by Au-AA25 fire assay method which reports in parts per million (ppm) (equivalent to grams per tonne (g/t)). Any samples greater than 5.0g/t gold are analyzed by Au-GRA21 fire assay method with a gravimetric finish. Sample with a fire assay or gravimetric finish that report gold values equal to or higher than 10.0g/t Au are analyzed by screen metallic method (Au SCN-21). Samples with coarse visible gold are fire assayed using the Au-CON-01 method and then undergo Au-SCN-21 procedure. Colorado inserts coarse partical-sized blank material before and after coarse gold samples to assess any carry over of gold to next sample.

Base metal assays are first determined using the ME-ICP61 method, which reports results as part per million (ppm). All analyses that reach the overlimits of ME-ICP61 are reanalyzed with an Ore Grade method. The analytical results are verified with the application of industry standard Quality Control and Quality (QA/QC) procedures.

Qualified Person
Dr. Jim Oliver, Ph.D, P. Geo., the Company’s Chief Geoscientist, is the Qualified Person as defined by National Instrument 43-101 who reviewed the preparation of the technical data in this news release.

About Colorado
Colorado 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 and holds approximately 1,200km2 of mineral claims in the Golden Triangle. The Company’s main exploration projects within British Columbia include KSP and North ROK.  Additionally the Company holds an option to acquire a 100% interest in the Greensprings project located in Nevada.

Please see the Colorado web site for additional information on these projects.

ON BEHALF OF THE BOARD OF DIRECTORS OF
COLORADO RESOURCES LTD.
“Adam Travis”
Adam Travis
President and Chief Executive Officer

For more information, please contact:
Colorado Resources Ltd.
Adam Travis, President and CEO
T: (250) 768-1511
F: (250) 768-0849
TF (855) 768-1511
W: www.coloradoresources.com

NT4

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