Let the games (circa 2016) begin:
Colorado acquires 32,825 hectares in Golden Triangle
2016-04-21 12:40 ET - News Release
Mr. Adam Travis reports
COLORADO RESOURCES DOUBLES LAND POSITION IN BC'S GOLDEN TRIANGLE
Colorado Resources Ltd. has acquired a 100-per-cent interest in 32,825 hectares in the Golden Triangle area in northwestern British Columbia through a combination of staking (29,425 hectares) and purchase of the Max claims (3,400 hectares) from a third party (collectively referred to as the KingPin property).
The KingPin property covers 35 B.C. government Minfile (mineral) occurrences and favourable geology on strike between the past-producing Granduc mine and Colorado's KSP property under option from SnipGold. With the addition of the KingPin property, Colorado now joins the ranks as one of the largest landholders in the region with claims covering approximately 65 kilometres of prospective geology.
Adam Travis, president and chief executive officer of Colorado, states: "Colorado's management and technical team's experience in the region spans over 50 years combined, and resulted in the strategic decision in 2013 to pursue the option to acquire an 80-per-cent interest in the KSP property. Since 2013, Colorado has worked alongside B.C. government geologists to bring further attention to this prominent belt that shares many geological similarities to the KSM/Pretium camp located 30 kilometres to the southeast. We look forward to the upcoming drill program focusing on the high-grade gold targets at Inel (see news release of Feb. 29, 2016) and advancing the KingPin property in a similar manner to achieve what we have accomplished to date at KSP."
Mineral occurrences on the KingPin property include copper skarns, copper porphyries, copper gold porphyries, polymetallic veins and gold veins.
Previous explorers in the 1970s focused on the copper potential, and may have not properly recognized or evaluated the gold potential. Colorado intends to advance exploration on the KingPin property following further review and compilation of the historical data by its technical team.
Pursuant to an arm's-length purchase agreement dated April 20, 2016, between the company and a third party, the vendor has agreed to sell its 100-per-cent interest in the Max property to Colorado subject to a retained 2-per-cent net smelter return royalty for the following consideration:
- On signing, a $20,000 cash payment to the vendor;
- 200,000 common shares of Colorado to be issued to the vendor within 10 days of TSX Venture Exchange approval.
The company has the option to purchase from the vendor 1 per cent of the NSR for $1-million within 240 day of commercial production and thereafter, at any time, the remaining 1 per cent for $5-million. The Max property will form part of the KingPin property, and the agreement is subject to exchange approval.
Qualified person
Greg Dawson, PGeo, is the qualified person as defined by National Instrument 43-101 that has reviewed and approved the technical content of this news release. |
