COLORADO RESOURCES LTD. (TSX-V: CXO) (“Colorado” or the “Company”) is pleased to announce the results of the Company’s 2014 Phase 1 drill program at its Eldorado property which it has under option with Sunrise Resources Ltd.
Highlights of the recent results include drillhole EL14-008, which intersected 196.5 m of 0.19 g/t Au and 0.06% Cu over the entire length of the drillhole from bedrock onward. This hole is located 300 metres west of drillhole EL13-004 reported last year with an intercept of 71.3 m of 0.34 g/t Au and 0.13% Cu.
|ELDORADO CU-AU PORPHYRY SYSTEM - 2014 DRILL RESULTS|
|Hole||Collar Azimuth||Dip||Total Depth (m)||From (m)||To (m)||Interval (m)||Au g/t||Cu %||*Cu EQ %|
*Cu EQ (copper equivalent has been used to express the combined value of copper and gold as a percentage of copper and is provided for illustrative purposes only. No allowances have been made for recovery losses that may occur should mining eventually result. Copper equivalent calculations herein use metal prices of US $3.00/lb of copper and US $1,300 per troy ounce of gold using the formula CuEQ= (Cu%+(Au g/t *0.632).
Note: the lengths quoted represent core lengths and do not necessarily represent the true thickness of mineralized intervals. The samples were analyzed by Acme Analytical Laboratories of Vancouver, British Columbia. Copper values were first determined using the 1DX ICP-MS method which reports values as parts per million (ppm - 10,000 ppm = 1 %). The gold results were determined using the G601 Fire Assay method which reports gold results in ppm and are equivalent to grams per tonne (g/t). The analytical results were verified with the application of industry standard Quality Control and Quality Assurance (QA-QC) procedures.
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The intent of the 2014 drilling program was to utilize a broadly spaced drill pattern to extend the gold – copper+/- molybdenum porphyry system first discovered with DDH EL13-004 along strike. To date mineralization has been identified over a 1000 m strike length between drillholes EL13-005 & EL14-007.
Geophysical surveys and current drilling demonstrate that this mineralization occurs within a larger intrusive hosted porphyry system measuring a least 1000 m wide by 2000 m long. Significant potential therefore remains to expand the mineralized system.
Company President and CEO Adam Travis commented: “We continue to efficiently and systematically explore and advance Eldorado on the eastern doorstep of Red Chris and have continued to identify the presence of significantly mineralized intrusives with highly anomalous gold and copper values along trend of Red Chris in a similar geological setting.
The Company will review these results in the context of its other significant projects and consider future drilling.
Further information on the Eldorado program is contained on Colorado’s website, www.coloradoresources.com.
As announced in our news release of June 19, 2014 results from its North ROK 2014 drill program are pending receipt of final assays and QA/QC review by the Company’s technical team and are anticipated early July.
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 Resources Ltd. is currently engaged in the business of mineral exploration for the purpose of acquiring and advancing mineral properties located in British Columbia and is also seeking opportunities in Southwest USA and Latin America.
Colorado’s current exploration focus is to continue to advance its North ROK property, located 15 km’s northwest of the Red Chris mine development, and to commence field work on its KSP property optioned from SnipGold, located 15 km’s along strike to the southeast of the past producing Snip Mine, both located in northern central British Columbia.
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
T: (250) 768-1511
F: (250) 768-0849
TF (855) 768-1511
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this news release, specifically the resource estimate and any future exploration work at the North ROK project, 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 mineralization at North ROK conforms with the geological model as described in the Report, that the Company continues to maintain a good relationship with the local North ROK project communities, and that future metal prices reflect or exceed those used in the resource estimate as a result of future demand for metals. 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.