Jan 12 2016
COLORADO RESOURCES LTD. announces the results of its fall exploration program recently completed at its 100% owned Hit Property located in southeastern British Columbia.
The Hit Property covers over 23,339 hectares and is located approximately 45 km north of the Copper Mountain Mine in Princeton, B.C and between the Axe Property under option to Copper Mountain Mining Corporation and Kaizen Discovery Inc.'s Aspen Grove Project.
The fall 2015 exploration program at Hit involved the completion of approximately 15 line kilometres of Induced Polarization Geophysical Surveys, the compilation of hundreds of kilometres of historical geophysical surveys and previous results and further field examinations and rock sampling by Colorado.
Adam Travis, President and CEO of Colorado states, "We are finding significant gold values and new I.P anomalies associated with the copper porphyries on our Hit Property in a geological setting similar to Copper Mountain Mine* at Princeton or the New Afton Mine* at Kamloops. We have assembled a large land package over a geologically significant belt of rocks in an area of ever expanding forestry road networks and good infrastructure. Great access and good geology will allow for very cost effective future exploration programs to test these new targets."
The results of this recent work are highlighted below:
- Previously Unrecognized Gold Potential: Previous work from the 1960's to 1980's focussed on the copper potential and in many cases did not assay or explore for gold. Colorado's 2015 sampling at the Coke occurrence, where historical values of 0.41 % copper over 25 metres (with no gold assays mentioned) were reported, in a now mostly filled in old trench in an area of poor exposure, has returned 15.5 metres of 0.29 g/t gold and 0.36 % copper and 6.0 metres of 0.54 % copper and 0.55 g/t gold from chip sampling. These new results highlight the gold potential of this copper porphyry setting with a gold:copper ratio > 1. Similar copper values have been reported in historical trenches > 1 km away with gold also not assayed and attest to the larger exploration potential of the area.
- IP Chargeability Anomalies: Compilation of previous geophysical surveys completed by Colorado (2010-2015), Orofino (2012) and Kaizen Discovery (2015) along and within Colorado's property have highlighted a > 1 km wide x 4 km long north trending belt of anomalous I.P chargeability highs. These I.P anomalies are often associated with known mineral occurrences and anomalous copper +/- gold geochemistry. More importantly, in many instances only the margins of the anomalies were tested, leaving large 1-2 km2 untested areas at Sadim East and Rum West.
- Extensive Till Cover: Large portions of the chargeability anomalies have seen little to no exploration and are covered by glacial till which may be masking the full surface geochemical expression of potentially mineralized underlying rocks as we have noted <100 ppm copper values in soils directly overlying areas in bedrock returning historical values in excess of >1000 ppm.
Source: http://www.coloradoresources.com/