Colorado Resources (CXO-V) to drill 5,000 m at North Rok
June 12, 2013 - News Release
Colorado Resources Ltd. has released the results of induced polarization geophysical surveys recently completed on its 100-per-cent-owned North Rok property, located 15 kilometres northwest of Imperial Metals' Red Chris mine in northwest British Columbia, which resulted in a new IP discovery. The company is also planning a 5,000-metre drill program at the project. A total of 84 line kilometres of detailed 3-D induced polarization has been completed to date by Walcott and Associates over an area of 10 square km (two to three km by four km). This completes coverage for a distance of over two km south of the discovery drill hole.
Colorado has also recently discovered a new IP chargeability anomaly (greater than 20 millivolts/volt) that is one km north of the discovery drill hole that is 500 metres to 800 m wide, 1,300 m long and open to the north. IP and ground magnetic surveying is now being conducted to the north to further delineate this new untested anomaly.
With the completion of the geophysical surveys to the south, the full extent of the Mabon chargeability high now measures more than 1,300 m by 2,000 m and is cored by a continuous magnetic high with dimensions of 300 m to 400 m wide by 1,200 m long. The coincident chargeability and magnetic anomaly has only been drill tested on its far northern end over a 100 m by 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, 5,000-metre drill program to concentrate on the 300 m to 400 m wide by 1,200 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 three have been used to date). The company has also applied for an expanded drill permit, allowing for a further 40 drill pads.
A 3-D modelling and sectional interpretation has been posted to the company's website, 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 drill hole 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 parts per billion) currently being compiled.
Adam Travis, the company's president and chief executive officer, 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 drill holes NR13-001, 003 and 004 correlate well with magnetic highs that occur over 1,200 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 three drill holes over 694 metres of cumulative lengths our average grade is 0.40 per cent copper and 0.60 gram per tonne gold. To put that in context, the East and Main zones at Imperial Metals' new Red Chris mine occurs in a 200 m to 500 m wide by 1,500 m long zone (301.5 million tonnes of 0.36 per cent 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
Greg Dawson, PGeo, 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.
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