Colorado Resources Announces 2020 Exploration Plans for the Golden Triangle and Toodoggone District
Colorado Resources Announces 2020 Exploration Plans for the Golden Triangle and Toodoggone District |
[19-February-2020] |
TSX-V: CXO VANCOUVER, Feb. 19, 2020 /CNW/ - Colorado Resources Ltd. (TSXV: CXO) ("Colorado", or the "Company") is pleased to provide an update on its recent activities and announce its 2020 exploration plans. The company has 128,000 hectares of mineral tenure in Northwest British Columbia (Figure 1) with significant exploration potential for the discovery of Cu-Au porphyry and high-grade Au-Ag deposits. Currently, the principal target is on the Castle property at the Moat zone along the eastern claim boundary with GT Gold Corp's (GTT) Tatogga property1. GTT is drilling a high-grade, epithermal Au-Ag system at Saddle South that is over 1,000 metres long by 300 metres wide, west-trending and west-plunging within 350 metres of a Colorado gold-in-soil anomaly at Moat. Colorado CEO Joseph Mullin comments: "We are very excited about the prospects for our projects in 2020. By advancing our highest priority prospects, Colorado will be well positioned to refine drill targets at each project. Our projects are located in a world-class destination for precious and base metals and we have one of the largest land positions of any explorer in the Golden Triangle". Management continues to see significant value in the Company's entire property portfolio and will continue to evaluate opportunities to leverage those assets in the best interest of shareholders. Castle Property The Castle property is located 22 kilometres northwest of the Red Chris mine and immediately west of the GTT Tatogga property. Castle is host to 6 kilometres of an east-west oriented, structurally disrupted, variably altered and mineralized, composite intrusive complex referred to as the Castle Alteration Zone (CAZ). Currently, there are two Early Jurassic porphyry centres identified along the CAZ with low grades of porphyry-style Cu-Au +/- Mo mineralization. The intrusive complex extends for an additional 3 kilometres east on GTT claims to a significant new porphyry Cu-Au discovery at Saddle North. GTT drill hole TTD109 at Saddle North intersected 1,150 metres of 0.36% Cu, 0.32 g/t Au1 in a steeply south plunging porphyry system with a core of higher gold grades suggesting potential for underground bulk mining. Objectives for 2020 exploration at Castle are:
Sofia Property Sofia is a 9,113-hectare claim block acquired in August 2019 through a corporate merger with Buckingham Copper and represents an excellent opportunity to test porphyry Cu-Au potential at shallow depths. The property is 35 kilometres north of the past producing Kemess porphyry Cu-Au mine straddling the eastern margin of the historic Toodoggone epithermal Au-Ag mineral district. In recent years, the Toodoggone has seen renewed exploration activity with previously unrecognized porphyry Cu-Au potential. As well, Benchmark Metals Inc. is actively exploring the historic Lawyers high-grade gold mine1, located 21 kilometres west of Sofia, targeting broad intervals of lower grade Au-Ag in composite vein-breccia corridors. Colorado will also re-evaluate the epithermal Au-Ag potential at Sofia.
Three styles of mineralization at Sofia are:
Exploration components for 2020 exploration at Sofia are:
Sofia Airborne Magnetic Survey An airborne magnetic survey was carried out in late September 2019 by Colorado Resources at Sofia (Figure 2). A total of 510 kilometres were flown on lines oriented east-west and spaced 200 metres apart.
Results of the airborne magnetic survey at Sofia are highlighted by strong northeast-trending linear magnetic highs spatially associated with the Sofia porphyry Cu-Au occurrence and a donut-shaped magnetic high. A magnetic low is centered on the Alunite Ridge occurrence, while Alexandra is situated on the magnetic high annulus to the southeast. This magnetic pattern may be indicative of an underlying porphyry system, which is the current exploration priority on the property. Geoscience BC Report 2019-08/MDRU Report 424 Results of a Toodoggone district study were published in December 2019 jointly by Geoscience BC and the UBC Mineral Deposit Research Unit, including observations and samples from Colorado's Sofia project area. Multi-parameter data collected confirms the distinct porphyry setting at Sofia and coeval porphyry affinity to mineralization at Alunite Ridge. KSP Property KSP is a 31,175-hectare district-scale claim block covering most of the Bronson Corridor mineral district in the west-central part of the mineral-rich Golden Triangle. The property is underlain predominantly by the largely unroofed Early Jurassic Lehto batholith intruding Upper Triassic Stuhini Group and overlying Lower Jurassic Hazelton volcanics. KSP is cut by regional scale low-angle deformation zones with geology and mineralization similar to the adjacent Sulphurets district. Numerous occurrences and varying styles of mineralization are known at KSP but can be broadly characterized as:
Proposed exploration for 2020 at KSP is designed to explore bulk tonnage porphyry-related Au-Cu systems in the northern property area focused and include:
North ROK The North ROK property is host to the Mabon porphyry Cu-Au deposit with a NI 43-101 inferred resource of 142.3 million tonnes of 0.22% Cu, 0.26 g/t Au for 2.2M oz Au equivalent³ (see January 2014 Resource Estimate on Colorado's website or Sedar). Colorado is in discussion with the Tahltan Nation to unlock the North ROK value. Qualified Person The technical information in this release has been reviewed and approved by Steven Kramar, P.Geo., Colorado's Senior Geologist and a qualified person under NI 43-101. About Colorado Colorado Resources Ltd. is exploring high-grade gold and copper in the Golden Triangle and the Toodoggone area of British Columbia. The portfolio includes the flagship Castle property, a porphyry copper-gold project located in the Red Chris mining district of the Golden Triangle neighbouring GT Gold's Tatogga property. Other properties include the KSP, North ROK, Kingpin, Heart Peaks and Sofia properties in British Columbia. These assets are being advanced by a newly assembled technical and management team with experience in exploration, permitting and discovery. On behalf of the Board of Directors of Colorado Resources Ltd. Cautionary Notes on Release and Figure The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Cautionary Statement Regarding Forward-Looking Information SOURCE Colorado Resources Ltd. | ||
Company Codes: Frankfurt:16C, OTC-PINK:CLASF, Stuttgart:16C, TorontoVE:CXO |
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