Investment firm puts Colorado Resources CXO-V) on its radar screen
stockhouse.com
PI Financial was responding to drill results from Colorado’s North Rok project in northern B.C.
Shares of Colorado Resources (CXO-V) were up sharply Monday after a Vancouver-based brokerage firm said investors should keep the junior on their radar screens.
PI Financial was responding to recent assay results from Colorado’s North Rok project in northern British Columbia, which is located about 15 kilometres northwest of Imperial Metals (III-T) Red Chris project.
Drill hole NR13-001 was designed to test the northern part of the coincident soil geochemical, magnetic, and chargeability anomalies.
It returned economical copper grades over the entire length of 335 metres, including copper grades ranging from 0.20-0.76% and associated gold grades ranging from 0.19-1.00 grams per tonne.
Writing in a report, PI's Aleem Ladak said the copper grade is economical and "certainly supports open pit mining at least."
“This copper grade is also higher than those of other British Columbia porphyry projects, including Gibraltar, Copper Mountain, Mount Polley and Huckleberry Mines,’’ Ladak wrote.
PI says an investment in Colorado should be considered speculative. “[But] given these drill results and the location of the North Rok project in relation to Red Chris, we suggest risk tolerant investors to keep this on their “radar screen,” Ladak added.
Colorado Resources rose 8.6% Monday to $1.14, leaving the junior with a market cap of $44.5 million, based on 39 million shares outstanding. The 52-week range is $1.11 and 14 cents. |
