• TSX.V: CXO

Kinaskan-Castle Property

Property Summary

Property: 49 mineral claims covering 17,838 ha

Location: Property boundary is located 1km west of the recent GT Gold* Saddle Zone discovery on their Tatogga Property, 10km west of the North ROK Property and 25km west of Imperial Metals Red Chris Mine*

Ownership: Colorado Resources Ltd holds a 100% interest in the claims on the Property, wherein certain claims are subject to a 2% NSR

Target: Porphyry copper-gold and high grade gold veins

Rock Type: Underlain by Upper Triassic, Stuhini Group volcanic and volcanoclastic rocks intruded by numerous Late Triassic to Early Jurassic aged stocks

 

Work by Colorado

Between 2013 and 2014, Colorado conducted prospecting programs on its Kinaskan Property (exclusive of the Castle claims) as well as in 2013, conducted a 208 line km helicopter-borne high resolution aeromagnetic and radiometric survey covering the west and northwest portion on the Property.

In February 2017, Colorado acquired 100% interest in the Castle gold-silver-copper property, amalgamating the Castle Property into its Kinaskan Property. 

In September 2017, Colorado Resources commenced exploration work on its newly formed Kinaskan-Castle Property with focus on the area east of the historical Castle drilling, along the Castle Alteration Zone (“CAZ”). Colorado collected 856 soil samples east and south of the Castle minfile occurrence and 191 rock-grab samples along the 5km CAZ. Results from both soil and rock sampling show both anomalous values for gold and copper when they often track the CAZ.

In addition, Colorado geologically mapped 10 sq km which suggests that the rock alteration is associated with enhanced gold and copper geochemistry. An 11km line I.P. survey, although prematurely terminated due to weather, suggest strong chargeability responses on a single line approximately 1,500m east of the historical drilling. Colorado also flew 150 line km of airborne magnetics.


Previous Work

Since the 1960s, the area west of Lake Eddontenajon has seen several reconnaissance exploration programs consisting mostly of soil, silt, and rock sampling. Those reconnaissance exploration programs made some substantial discoveries in the area including:

  1. Both the GJ and QC occurrences, copper-gold porphyries on Skeena Resources’ Spectrum-GJ Property*.
  2. The Gordon Vein at QC-Vein Zone, a peripheral gold-silver vein system, about 3.5 km north of the QC on the north side of Quash Creek on Skeena Resources’ Spectrum-GJ Property*.
  3. The Castle, a gold-silver-copper porphyry, located in the northeast corner of Colorado Resources’ Kinaskan-Castle Property.

Castle Target

In the 1980’s, Teck worked the western portion of the Castle Property before conducting an 11 hole (1190.3m) drill program testing the surface gold showings and an intense IP anomaly in 1988. Teck drilling found high grade gold-silver mineralized zones.

In 2012 and 2013 West Cirque Resources drilled 10 holes (3,640 m). Drilling identified both broad porphyry related gold -copper mineralized zones as well higher grade  structurally controlled veins.

· DDHCA12-04 of 150m 0.35g/t Au, 1.59g/t Ag, 0.09% Cu,

· DDHCA13-03 of 2m 8.92g/t Au 129.95g/t Ag, 4.0% Cu.


Cautionary Note

Investors are cautioned that the exploration target at Kinaskan is an early-stage exploration prospect, conceptual in nature. There has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.

*This website contains information about adjacent properties on which Colorado has no right to explore or mine. Readers are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on the Company’s properties.

Qualified Persons

The above technical information has been reviewed by Company Chief Geoscientist Dr. Jim Oliver, Ph.D, P.Geo., the qualified person as defined by National Instrument 43-101.

QA/QC

The 2017 samples from the Kinaskan-Castle Property were analyzed by Actlabs Kamloops, British Columbia. Soil samples were prepared by the S1 method, drying (60C) and sieving (-80 mesh), save all portions. Rock samples were prepared by the RX1, method crush (<7kg) up to 80% passing 10 mesh, riffle split (250g), and pulverized to 95% passing 105 microns, save all portions. Base metal assays were first determined using the total digestion ICP and ICP/MS UT-1 method, which reports results as parts per million (ppm). The gold assays were determined using the 1A2 fire assay method which reports results in ppm and are equivalent to grams per tonne (g/t). Any samples returning greater than 10 ppm gold were analyzed by the 1A3 fire assay method with a gravimetric finish. The analytical results were verified with the application of industry standard Quality Control and Quality Assurance (QA-QC) procedures.

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