Globe Newswire 14-Sep-2018 5:01 PM
VANCOUVER, British Columbia, Sept. 14, 2018 (GLOBE NEWSWIRE) -- Colorado Resources Ltd. ("Colorado" or the "Company") (TSXV – CXO) is pleased to announce diamond drilling results from its 100% owned KSP property located in British Columbia's prolific Golden Triangle region. As previously announced on July 16, 2018, diamond drilling on the 308 sq. km KSP Property has tested two step-out targets around the historic Inel basin area, including the Big Rock Deformation Zone (BRDZ) to the east, and Inel Zn to the north.
Along the Big Rock Deformation Zone (Figure 1), four oriented-core holes tested the continuity of Inel-type mineralization over a north-east strike length of approximately 400 m. Results include significant intercepts in holes INDDH-124 (32 m grading 0.32 g/t Au and 1.64% Zn) and INDDH-125 (50 m grading 2.28 g/t Au including 6 m grading 7.36 g/t Au; see Table 1 for complete results1).
Based upon preliminary oriented-core studies (the first to be undertaken on the Inel occurrence), Inel-type mineralization is characterized by relatively shallow dipping structural corridors containing tectonic arrays of pyrite +/- sphalerite-bearing quartz-carbonate veins and veinlets associated multi-metre scale halos of sericite-pyrite alteration and hosting anomalous Au values. Sheeted, extensional, gold-bearing veins are developed between north-east-striking, planar, brittle-ductile high strain zones over significant widths within Stuhini siliclastic wackes and monzonites.
|Total Length (m)||From (m)||To (m)||Interval (m)¹||Au (g/t)|
1 Widths (m) reported are drilled core lengths. True widths are estimated at 50 to 70 per cent of drilled lengths.
2 For hole location, inclination and azimuth, refer to the drilling plan view and drill section, as well as another table, on the Company's website.
With respect to the Inel Zn target (Figure 1), Colorado completed 4 step-out holes, INDDH-126 to INDDH-129, attempting to test for mineralization delimiting the northern margin of the Inel Basin. No significant results were recorded in these holes.
Colorado President and CEO, Robert Shaw, states: "Colorado is pleased to receive positive results along the BRDZ. Our oriented-core studies have significantly improved our understanding of structurally controlled gold mineralization along the BRDZ, indicating the potential for Inel-style mineralization to the east of previous drilling in the Inel basin".
Complete results for Colorado's 2016, 2017 and 2018 exploration and drilling programs can be found at www.coloradoresources.com.
Quality assurance/quality control procedures
Colorado Resources Ltd. has implemented a rigorous quality assurance/quality control (QA/QC) program to ensure best practices in sampling and analysis of diamond drill core, the details of which can be viewed on the company's website.
All assays are performed by ALS Canada Ltd., with sample preparation carried out at the ALS facility in Terrace, B.C., and assays at the North Vancouver laboratory. Assay values are uncut. For gold, fire assays are performed as per ALS method Au-AA26 (0.01 to 100.00 g/t Au) using 50 grams of sample measured by atomic absorption (AA). Assays equal to or greater than 10.0 g/t Au are reanalyzed gravimetrically by method Au-GRA22. Silver, copper and zinc are analyzed by ALS method ME-MS61 with a four-acid digestion followed by ICP-MS (inductively coupled plasma mass spectrometry) analysis. ME-MS61 Values greater than the upper detection limit are continued with ore grade analysis (OG62).
Bill Yeomans, P. Geo., the Company's consulting geologist, is the Qualified Person as defined by National Instrument 43-101 who reviewed the preparation of the technical data in this news release.
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. The Company's main exploration projects within British Columbia include KSP, North ROK, and Kinaskan-Castle.
ON BEHALF OF THE BOARD OF DIRECTORS OF
COLORADO RESOURCES LTD.
President and Chief Executive Officer
For more information, please contact:
Colorado Resources Ltd.
Robert Shaw, President & CEO
T: (250) 768-1511
F: (250) 768-0849
TF (855) 768-1511
Cautionary Notes (1) for Figures
¹ The Figures in this news release contain information about adjacent properties on which Colorado has no right to explore or mine. Readers are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on the Company's properties.
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.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/80e887f8-d5f6-49a8-aac9-3955e54b7ce2
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