cCOLORADO RESOURCES LTD. (TSX-V: CXO) (“Colorado” or the “Company”) is pleased to report the results of ground magnetic geophysical surveys recently completed and also announce the start of a 5,000 m drill program on its 100% owned North ROK Property (the “Property”) located 15 kms northwest of Imperial Metals Red Chris Mine in NW British Columbia.
As previously reported in news release dated June 12, 2013 Colorado discovered a new Induced Polarization (I.P) chargeability anomaly that is 1 km north of the discovery drillhole in an area of limited outcrop. Preliminary modeling of the recently completed geophysics indicates that this new I.P chargeability anomaly measures 500-800 m wide and 1400 m long. Ground magnetic surveys conducted over the same area revealed two anomalies flanking the I.P chargeability anomaly and one anomaly in the core of the I.P anomaly. The magnetic anomalies flanking the I.P anomaly measure approximately 300 m by 750 and 200 m by 700 m; the magnetic anomaly in the core of the I.P chargeability anomaly measures approximately 500 m by 700 m. See map attached and Company’s website www.coloradoresources.com for details.
The Company is encouraged that these new coincident I.P and magnetic anomalies appear to have a similar geophysical signature to areas of known mineralization on the Property.
The Company is also pleased to announce that a 5000 m diamond drill program has commenced on the property within the existing permits.
Adam Travis, the Company’s President and CEO stated “I’m very pleased with the progress our technical team has made on our North ROK property to not only fine tune our next phase of drilling but to also advance other exploration targets on our claims. I look forward to a very exciting next round of drilling.”
Mr. Greg Dawson, P.Geo., 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.
Colorado is engaged in the business of mineral exploration for the purpose of acquiring and advancing mineral properties located in British Columbia and the Yukon and is also aggressively seeking quality properties in the US southwest and Latin America. Colorado’s primary exploration focus is on the Eldorado and North Rok properties in the Red Chris area.
ON BEHALF OF THE BOARD OF DIRECTORS OF
COLORADO RESOURCES LTD.
President and Chief Executive Officer
For more information, please contact:
Colorado Resources Ltd.
Adam Travis, President and Chief Executive Officer or
Terese Gieselman, Chief Financial Officer and Secretary
T: (250) 768-1511
F: (250) 768-0020
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking information within the meaning of Canadian securities laws. Such information includes, without limitation, information regarding proposed exploration activities. Although the Company believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors, including, but not limited to, the state of the financial markets for the Company’s equity securities, the state of the market for gold or other minerals that may be produced generally, recent market volatility; variations in the nature, quality and quantity of any mineral deposits that may be located, the Company’s ability to obtain any necessary permits, consents or authorizations required for its activities, to raise the necessary capital or to be fully able to implement its business strategies and other risks associated with the exploration and development of mineral properties. The reader is referred to the Company’s reports filed on SEDAR at www.SEDAR for a more complete discussion of such risk factors and their potential effects.
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.