Property: The Castle property (formerly known as Kinaskan-Castle) covers 19,269 Ha. This includes the Moat Option acquired by Colorado through the acquisition Buckingham Copper Corp. (the “Transaction”) on August 20, 2019.
Location: The Property is located in the Red Chris mining district of the Golden Triangle of northwestern British Columbia. It adjoins the Tatogga Property of GT Gold Corp, which hosts the Saddle North Cu-Au and Saddle South Au-Ag mineral systems.
Ownership: Colorado Resources Ltd holds a 100% interest in the claims on the Property, wherein certain claims are subject to a 2% NSR. In addition, he Moat claims are subject to an Option Agreement whereby Buckingham (now Colorado) may earn up to 100%.
Good to Date: Claims are in good standing until 2029
Target: Porphyry copper-gold and high-grade gold-silver veins.
Rock Type: Underlain by Upper Triassic, Stuhini Group volcanic and volcanoclastic rocks intruded by numerous Late Triassic to Early Jurassic aged stocks.
The newly interpreted Castle-Saddle trend crosses from west to east for 6.5 kilometres across Colorado’s Castle property onto GT Gold’s Tatogga property. The trend is defined geologically by a zone of structural disruption, pervasive quartz-sericite-pyrite (“QSP”) alteration and local potassic alteration that follows an elongate intrusion of Lower Jurassic monzodiorite and monzonite. This trend includes several known Au-Ag vein and Cu-Au porphyry occurrences including Castle, Castle Central, Castle East, A9 and Tuk on Colorado’s Castle Property, and Saddle South and Saddle North on GT Gold’s Tatogga Property*. Deposits can be identified with kilometre-scale geochemical, magnetic and Induced Polarization (IP) chargeability anomalies.
The exploration potential of the trend is demonstrated by the Saddle North discovery of GT Gold. Diamond drilling by GT Gold has intersected long intervals of porphyry copper-gold mineralization exemplified in hole TTD112 that intersected 0.70 g/t Au, 0.44 % Cu, 1.09 g/t Ag over 685 metres from 21 to 706 metres, including 0.91g/t Au, 0.55% Cu, 1.34g/t Ag over 500 metres from 206 to705 metres* (GT Gold’s news release of July 17, 2019).
Work by Colorado
Between 2013 and 2014, Colorado conducted prospecting programs on its Kinaskan Property (exclusive of the Castle claims) and a 208 line-km helicopter-borne high resolution aeromagnetic and radiometric survey covering the west and northwest portion of the project area.
In February 2017, Colorado acquired a 100 % interest in the Castle property, amalgamating the Castle Property into its Kinaskan Property. In September of 2017, Colorado commenced exploration work on the Kinaskan-Castle Property with focus on the area east of the historical Castle drilling, along the Castle Alteration Zone (“CAZ”) also known as the Castle-Saddle Trend. Colorado collected 856 soil samples east and south of the Castle mineral occurrence and 191 rock-grab samples along the 6.5 km CAZ. Results from both soil and rock sampling show both anomalous values for copper, gold, silver and molybdenum where they often track the CAZ.
In addition, Colorado geologically mapped approximately 10 square km in 2017 and conducted ground and airborne-based geophysical surveys. This work suggests that the rock alteration is associated with enhanced gold and copper geochemistry. The IP survey, although prematurely terminated due to weather, suggests the presence of a strong chargeability response on a single line approximately 1,500 m east of the historical drilling. Colorado also flew 150 line-km of airborne magnetics.
In 2018 Colorado completed additional IP lines to the east of Castle, defining a chargeability anomaly over Castle East, with associated copper, gold and porphyry pathfinder elements.
In August 2019, the Moat Option was added through the Buckingham Transaction. The newly consolidated property package is now called ‘Castle’. In late summer 2019, exploration field surveys: Geological, geochemical and geophysical were focused within high-priority portions of the 19,256 hectare property. In addition, Colorado drilled four diamond drill holes for a total of 1,555 m into the Castle East Cu-Au-Mo porphyry target. Porphyry style mineralization was encountered in three of the four holes (Colorado’s news release of December 9, 2019).
Since the 1960s, the area west of Lake Eddontenajon has seen several reconnaissance exploration programs consisting mostly of soil, silt, and rock sampling. This work resulted in some substantial discoveries in the area including:
- The GJ, Donnelly and QC occurrences, Cu-Au porphyries on Skeena Resources’ (pending Newcrest Mining’s acquisition of the property) GJ Property*.
- The Gordon Vein on the north side of Quash Creek is a Au-Ag vein system, located about 3.5 km north of the QC porphyry on Skeena Resources’ (pending Newcrest Mining’s acquisition of the property) GJ Property*.
- The Castle prospect, a Cu-Au porphyry, located in the central part of Colorado’s Castle Property.
In the 1980’s, Teck worked the western portion of the Castle Property before conducting an 11- hole (1,190 m) drill program testing the surface gold showings and an intense IP anomaly in 1988. Teck drilling found high-grade Au-Ag mineralized zones.
In 2012 and 2013 West Cirque Resources drilled 10 holes (3,640 m). Drilling identified both broad porphyry related Cu-Au mineralized zones as well higher-grade, structurally controlled veins:
· DDHCA12-04: 150 m of 0.35 g/t Au, 1.59 g/t Ag, 0.09 % Cu,
· DDHCA13-03: 2 m of 8.92 g/t Au 129.95 g/t Ag, 4.0 % Cu
Investors are cautioned that the exploration target at Castle 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.
The above technical information has been reviewed and approved by Steven Kramar, MSc., P.Geo., Colorado’s Senior Geologist and a qualified person under NI 43-101.
Colorado utilizes laboratories registered with current ISO accreditation. The International Organization for Standardization/International Electronic Commission (ISO/IEC) adopted a series of guidelines for the global standardization of Quality Assurance for products and services.
In 2013, analysis of samples from the surface exploration program was performed by Acme Laboratories Ltd. (now Bureau Veritas) in Vancouver, B.C for all preparation and analysis of rock and soil samples. At all times, samples were under control of Colorado employees or contractors. For detailed laboratory and QA/QC procedure, please refer to BC Geological Survey Assessment Report #34300.
All Castle soil and rock samples collected during the 2017 field program on the Castle Property were forwarded to Actlabs in Kamloops B.C for preparation and analysis. Samples were under control of Colorado employees or contractors at all times. For detailed laboratory and QA/QC procedure, please refer to BC Geological Survey Assessment Report #37464.
All Castle soil, rock and drill core samples collected during the 2019 field program on the Castle Property were forwarded to Actlabs in Kamloops B.C for preparation and analysis. Samples were under control of Colorado employees or contractors at all times. For detailed laboratory and QA/QC procedure, please refer to BC Geological Survey Assessment Report #38897 (under confidentiality).