Property: 3 claims totaling 1,052 ha
Location: 30 km north of Princeton, 43 km north of Copper Mountain, 37 km southwest of past producing Brenda Mines, 100 km southeast of Highland Valley and 105 km south of New Afton in southwestern British Columbia
Owned: 100% owned by Colorado Resources Ltd (“Colorado”)
Colorado Resources Ltd (“Colorado”) holds a 100% interest in the claims on the property, wherein certain claims are subject to a 2.5% NSR of which the first 1.5% of the NSR may be purchased for $1,000,000 and the remaining 1% NSR for $3,000,000 and certain claims are subject to a 2.5% NSR of which 2% of the NSR may be purchased for $4,000,000.
Good to Date: Claims are in good standing until 2023
Target: Epithermal gold in quartz veins, porphyry copper-gold and volcanic redbed copper
Rock Type: Nicola Group Volcanic Arc portion of the Upper Triassic Quesnel Terrane Lithologies include alkali to calc-alkalic subaqueous to subareal volcanic rocks, coeval intrusive bodies and associated sedimentary rocks including limestone
Work by Colorado
In 2010-2011, exploration work was conducted on the original Hit Claims (752.4 ha) covering the Hit and Miss Minfile occurrences. In 2011 the main focus of the work was a trenching program that exposed a 120 m by 25 m area of the Hit quartz vein system. This work succeeded in:
- Exposing 26 m of well mineralized multi-episodic quartz veins averaging 5.58 g/t Au and 56.8 g/t Ag over an average horizontal width of 1.4 m and,
- Identifying higher grade mineralization within the veins wish samples returning values up to 11.9 g/t Au and 152.0 g/t Ag over 0.75 m.
|Colorado trenching program on the Hit Property|
|Trench||Sample||From||To||Width||Gold (g/t)||Silver (g/t)|
|Trench 90-07 SE wall||170606||2.40||3.00||0.60||9.80||122|
|Trench 90-07 NWwall||170615||4.30||5.30||1.00||7.40||76.0|
In the fall of 2011, Colorado acquired additional property by purchase agreements and staking around the original Hit claims, increasing the Property size to 11,785.5 ha and covering 18 Minfile occurrences.
In the spring of 2012, Colorado continued to acquire property through staking and option agreements, creating two claims blocks: Hit-Aspen Grove North and South and increasing the property size to 14,291.3 ha and covering an additional 20 Minfile occurrences.
Colorado completed an extensive property wide exploration program including:
- The collection of 3,582 soil and till samples taken from road cuts and a 1,700 by 800 m east-west soil grid north of Dillard Lake; all of the samples were analyzed by XRF with 323 samples selected for follow-up analysis,
- The collection of 31 rock samples,
- The completion of 45 line kilometers of IP along road cuts and three east-west grid and,
- The completion of a surficial geology study by Quaternary Geosciences Inc.
This work resulted in:
- The identification of multiple copper and gold anomalous areas throughout the property,
- The identification of four chargeability anomalies and,
- A better understanding of the glacial cover and its constraints on exploration.
In the spring of 2014, Colorado completed a small work program on the Property. This program consisted of:
- The collection of 646 soil samples which were analyzed by XRF with 232 samples selected for follow-up analysis and,
- The collection of 9 rock samples.
The exploration program resulted in:
- The discovery of one new area of zinc geochemistry in the eastern portion of the property,
- The identification of a multi-element XRF anomaly at the Rum & Coke minefile occurrence with high copper and zinc values (greater than 95 percentile threshold); lead, molybdenum and gold values were also noted and,
- The identification by XRF of high arsenic and molybdenum values (64 ppm and 65.9 ppm respectively) near Stringer and MacKenzie Lakes; the area is also prospective for calc-alkalic copper, +/- molybdenum, +/- gold and +/- silver style mineralization.
1990-91 Vanco Exploration Corp
- Extensive Trenching Program over the Hit and Miss Minfile occurrences with samples from quartz veins ranging from trace to 22.4 g/t Au,
- Two short drill holes (totalling 185.93 m) were drilled at the Hit Minfile occurrence.
2007 Avanti Mining Inc
- Ground IP survey over the property covering the Hit and Miss Minfile occurrences,indicated various chargeable and resistive targets,
- Soil sampling program indicated sporadic, isolated gold and mutli-element anomalies.
Investors are cautioned that the exploration target at Hit 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.
The above technical information was prepared under the supervision of Greg Dawson, P.Geo. currently an independent contractor and Colorado’s previous VP of Exploration, a Qualified Person as defined in National Instruments 43-101 - Standards of Disclosure for Mineral Projects.
The 2011 trench samples were sent to Ecotech Laboratory Ltd. (now Activation Laboritories) in Kamloops for 30 gram gold fire assay and 28 elements ICP analyses. National Instrument 43-101 compliant procedures included laboratory standards and blanks inserted into the sample stream and locked sample chain of custody from the sample site to the analytical laboratory.
The 2012 and 2014 soil samples were all initially analyzed by an Niton Model: XL3t 950 X-ray Fluorescence (XRF) analyzer. This method provides a reliable semi-quantitative estimate of the most metals and pathfinder elements such as copper, lead, zinc, arsenic and antimony, but does not generally give a reliable estimate of gold and silver quantities. Rock samples and soil samples selected for follow-up analysis were sent to Acme Analyitical Laboratories in Vancouver (now Bureau Veritas) for analysis by the 1DX1 ICP-MS method (Bureau Veritas code AQ200), which provides a quantitative analysis of 36 elements including gold and silver.