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Step Out Drilling Confirms Mineralization, New IP Anomalies Discovered, Expanded Drill Program to Commence Shortly
June 06, 2013
COLORADO RESOURCES LTD. (TSX-V: CXO) (“Colorado” or the “Company”) is pleased to report results from three drillholes and from surface geological, geochemical and geophysical surveys recently completed on its 100% owned North ROK Property located 15 kms northwest of Imperial Metals Red Chris Mine in NW British Columbia.
As reported in news release dated May 16, 2013 a total of 1527 m of drilling in 4 holes have been completed to date on the North ROK Property including the results of Drillhole NR13-001 which returned 242 m of 0.63% copper and 0.85 g/t gold. The following table highlights the significant results of drilling to date with intervals representing length along the drillcore.
| Hole | Total Depth (m) |
Az | Dip | From | To | Interval | Cu % | Au g/t | Rock Type |
|---|---|---|---|---|---|---|---|---|---|
| NR13-002 | 189.4 | 40 | -65 | No significant results | Monzonite | ||||
| NR13-003 | 593.1 | 40 | -80 | 1.2 | 153.6 | 152.4 | 0.21 | 0.55 | Monzonite |
| including | 43.2 | 95.2 | 52.0 | 0.31 | 1.04 | Monzonite | |||
| NR13-004 | 404.0 | 40 | -45 | 158.8 | 364.0 | 205.2 | 0.40 | 0.50 | Monzonite |
| including | 182.8 | 313.8 | 131.0 | 0.56 | 0.68 | Monzonite | |||
A total of 45 line km of 3D detailed Induced Polarization surveys has been completed to date by Walcott and Associates over an area of 8.4 square km (2.8 km by 3.0 km) and is still ongoing. The geophysical work has outlined a 1200 m x 1200 m open to the south chargeability featurewhich has only been tested on its northernmost end by the three hole drill program over a 100 m area. A second 500 m x 1000 m open to the north chargeability feature, located 1 km north of the drill area has also been discovered. To date less than 5% of the area of these geophysical anomalies has been tested by drilling.
As noted in news releases dated April 25, 2013 and April 26, 2013 Drillhole NR13-002 was drilled on a secondary target 350 m west of Drillhole NR13-001 and intersected a different phase of intrusion and may have not been drilled deep enough or at the correct azimuth to adequately test the IP chargeability anomaly that is now better understood with the new detailed geophysics.
Drillhole NR13-003 was drilled at -80 degree dip at the same location as NR13-001 and intersected strong magnetite breccia zones similar to NR13-001 for the first 152 m and transitioned into quartz pyrite assemblages which returned significant gold values with the entire top 409 m of the hole returning 0.14% copper and 0.29 g/t gold.
Drillhole NR13-004 was collared 100 m southeast of NR13-001 and drilled at -45 degree dip at an azimuth of 040 degrees and intersected chlorite-quartz-pyrite mineralization followed by strong secondary magnetite associated with mineralization for over 205 m similar to NR13-001. NR13-004 then intersected epidote and quartz pyrite, with the final metres of the drillhole terminating in volcanic rocks. Overall this drillhole returned 324 m 0.29% copper and 0.36 g/t gold.Interpretation of new detailed 3D modeled magnetics suggests that NR13-004 was collared in an area of low magnetics and drilled in an area of high magnetics.
The Company is very encouraged that both of these holes encountered significant widths of copper-gold mineralization, especially early on in the exploration program as it better understands the details of this large mineralizing system.
As part of the permitting requirements for this area of British Columbia, Baseline Archeological Services Ltd, contracted on behalf of the Company completed an archeological study, results of which did not identify any archeological concerns.
Recently completed surface geological mapping indicates that the monzonite intrusion is 2000 m x 2500 m in size and is similar to the Red Stock which hosts the Red Chris Mine (mineable reserve of 301.5 mt of 0.359% copper and 0.274 g/t gold). Over much of this strike length, the North ROK intrusion has also been extensively altered by magnetite-potassium feldspar and quartz sericite pyrite mineral assemblages and appears similar to hydrothermal alteration assemblages spatially associated with copper and gold mineralization at the Red Chris mine.
Adam Travis, the Company’s President and C.E.O stated, “We are very pleased that three of the initial four holes completed at North ROK have returned very significant copper and gold drill intercepts. Our geological mapping and geophysics now suggests that drilling has only tested a very small portion of the kilometre scale alteration systems at North ROK. ”
Preliminary geophysical sections, models and drillhole assay data will be posted to the Colorado Resources website (http://www.coloradoresources.com/s/NorthRok.asp).
Given these highly encouraging results and better understanding of the system Colorado is planning an expanded drill program to commence shortly on the North ROK property.
Qualified Person
Mr. Greg Dawson, P.Geo., is the Qualified Person as defined by National Instrument 43-101 who supervised the work program and preparation of the technical data in this news release.
About Colorado
Colorado is engaged in the business of mineral exploration for the purpose of acquiring and advancing mineral properties located in British Columbia and the Yukon and is also aggressively seeking quality properties in the US southwest and Latin America. Colorado’s primary exploration focus is on the Eldorado and North Rok properties in the Red Chris area.
ON BEHALF OF THE BOARD OF DIRECTORS OF
COLORADO RESOURCES LTD.
“Adam Travis”
Adam Travis
President and Chief Executive Officer
For more information, please contact:
Colorado Resources Ltd.
Adam Travis, President and Chief Executive Officer or
Terese Gieselman, Chief Financial Officer and Secretary
T: (250) 768-1511
F: (250) 768-0020
W: www.coloradoresources.com
NR 13-07
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking information within the meaning of Canadian securities laws. Such information includes, without limitation, information regarding proposed exploration activities. Although the Company believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors, including, but not limited to, the state of the financial markets for the Company’s equity securities, the state of the market for gold or other minerals that may be produced generally, recent market volatility; variations in the nature, quality and quantity of any mineral deposits that may be located, the Company’s ability to obtain any necessary permits, consents or authorizations required for its activities, to raise the necessary capital or to be fully able to implement its business strategies and other risks associated with the exploration and development of mineral properties.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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Pistol Bay Options Summit B Property to Revolver Resources Inc.
Pistol Bay Mining Inc. (TSX VENTURE:PST) announces that it has entered into an option agreement (the “Option Agreement”) dated May 17, 2013 (the “Effective Date”) with Revolver Resources Inc. (“Revolver”) whereby Revolver may earn a 60% interest in the Summit B property (the “Property”), located in northwestern British Columbia. Under terms of the Option Agreement, subject to TSX Venture Exchange (the “Exchange”) approval, Revolver has the option to earn a 60% interest in the Property by completing $2,500,000 in exploration expenditures on the Property, making $500,000 in cash payments to Pistol Bay and issuing Pistol Bay 4,000,000 common shares over the next three years as follows:
----------------------------------------------------------------------------
Cash Expenditure
Date Payment Share Issuance Requirement
----------------------------------------------------------------------------
On the Effective Date $ 25,000 Nil Nil
----------------------------------------------------------------------------
On Exchange approval of the Option 2,000,000
Agreement $ 75,000 common shares Nil
----------------------------------------------------------------------------
On or before the date which is one 1,000,000
year from the Effective Date $ 200,000 common shares $ 250,000
----------------------------------------------------------------------------
On or before the date which is two 1,000,000
years from the Effective Date $ 200,000 common shares $ 750,000
----------------------------------------------------------------------------
On or before the date which is
three years from the Effective
Date Nil Nil $ 1,500,000
----------------------------------------------------------------------------
Total $ 500,000 4,000,000 $ 2,500,000
----------------------------------------------------------------------------
The 1,394 hectare (3,446 acre) Property is located in the Iskut area of northwestern British Columbia, Canada, and is contiguous with Colorado Resources Ltd.’s (“Colorado”) North Rok copper-gold property (the “North Rok Property”). Colorado’s recent North Rok Property discovery hole intersected 242 metres grading 0.63% copper and 0.85 g/t gold. More complete details can be found in Colorado’s news release dated April 25, 2013. The Summit B property is also 20 kilometres northwest of Imperial Metals Red Chris Copper-Gold project.
In 2010 Pistol Bay carried out preliminary surface geological mapping and geochemical sampling which outlined a gold-bearing horizon on the Summit B property. Previous programs had focused on copper exploration, outlining a trend of roughly 100 metres of strongly anomalous copper values from rock sampling. Although copper was the main focus, rock sampling also returned several high gold values, including 4.95 g/t gold, along a parallel zone roughly 30 metres southwest of the main trend.
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United Mine Services Secures Contract with Idaho Department of Environmental Quality
Vancouver, British Columbia, May 22, 2013: United Silver Corp. (“United Silver Corp.”, the “Company”, or “USC”: TSX; USC: OTC; USCZF: Frankfurt: UM8) is pleased to announce that its subsidiary, United Mine Services, Inc. (UMS) dba Stewart Contracting has secured a contract to provide ongoing environmental remediation services for the Idaho Department of Environmental Quality (DEQ) in the Coeur d’Alene Basin in Northern Idaho. The contract is for one base year and three one year options. Services will include providing labor, materials, and equipment to remove and replace contaminated soil and gravel with clean materials, restore site vegetation, and perform associated site work. Anticipated contract volume for the 2013 construction season will be approximately 1.5 million square feet which is a 7% increase over last year’s contract volume. The invoice total for UMS 2012 remediation work was $4.3 million.
Greg Stewart, CEO of UMS and President of Stewart Contracting says “Stewart Contracting is very pleased to be awarded a new contract to provide remediation services to DEQ. Over the last decade we have remediated hundreds of properties in the Coeur d’Alene Basin utilizing similar multi-year contracts with the DEQ. We look forward to continuing our long standing working relationship with DEQ by providing our services and expertise to the State of Idaho”.
ABOUT UNITED SILVER CORP.
USC is a vertically integrated Canadian mining company with operations in Idaho, USA. It has an 80% interest in the Crescent Silver Mine project in the Silver Valley’s prolific Silver Belt – directly between two of the district’s historically largest silver producing properties, the Sunshine and Bunker Hill mines. USC also offers a full suite of mining services including contract mining and providing a complete fabrication shop and service for building and repairing mining equipment to silver miners in the district. USC’s common shares trade on the Toronto Stock Exchange under the symbol “USC”. For more information about USC, please visit: www.unitedsilvercorp.com.
ON BEHALF OF UNITED SILVER CORP.
“Graham Clark”
Chairman and CEO
Investor Relations
Tel. (855) 238-0202
FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. Forward looking statements in this press release include that we can bring the Crescent Mine to commercial production with a reasonable investment, and that SRK will complete a PEA and technical report on the Crescent Mine within 5 weeks. The Company’s actual results and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company’s control. These factors include: results of exploration and development activities, mis-estimation of mineral reserves and resources, fluctuations in the marketplace for the sale of minerals, the inability to implement corporate strategies, the inability to obtain sufficient financing to pay our obligations or carry our plans, labor shortages, possible delays in completing the mill, the inability to keep key employees, currency fluctuations, general market and industry conditions and other risks disclosed in the Company’s filings with Canadian Securities Regulators.
Forward-looking statements are based on the expectations and opinions of the Company’s management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
