Mr. Adam Travis reports
COLORADO ANNOUNCES RESULTS OF THE 2017 FIELD PROGRAM ON THE KINASKAN-CASTLE PROPERTY
Colorado Resources Ltd. has provided the results of its fall 2017 rock, soil and geophysical programs completed at the Castle target on its 100-per-cent-owned 17,839-hectare Kinaskan-Castle (K-C) property. The Castle portion of the property was acquired by Colorado in February, 2017 (see news release dated Feb. 6, 2017).
2017 Colorado exploration work
As a result of GT Gold's Saddle discovery (1), work by Colorado on K-C focused on the four-kilometre-long central and eastern end of the Castle alteration zone (CAZ). Colorado collected soil and rock samples, geologically mapped a 10 square km area and completed 11 line km of IPand 150 line km of airborne magnetics in September. The programs were prematurely terminated in late September with the arrival of winter conditions.
Soil and Rock sampling programs
During the 2017 field program, 856 reconnaissance soil samples were collected on 200-metre line spacings with 50 m centres on north-south-orientated lines south and east of the Castle Minfile occurrence. Prospecting covered much of the five km strike of the CAZ and resulted in the collection of 191 rock samples (73 chips, 15 composites and 103 grabs). The merged data from the 2017 program along with the historic (2) soil samples (1,242 soil samples) are illustrated in figures available on-line. Of the 191 rock samples collected in 2017, 34 returned over five grams per tonne gold and 35 returned over 3 per cent copper. Individual higher grade samples for both gold and copper are plotted on these figures.
A figure, available on-line, illustrates that anomalous gold soil geochemical data closely track the CAZ. Gold geochemistry over 200 parts per billion Au in soils forms a series of well-defined segments, from a few hundred metres to over 600 m in strike length within the broader CAZ. The over 200 ppb Au contour is superimposed on a broader 100 ppb Au in soil anomaly.
A figure, available on-line, shows that strongly elevated copper geochemical data, defined by the over 300-part-per-million-Cu contour tracks portions of the CAZ over its five km strike length. Elevated copper values are also noted to the east where copper mineralization is hosted by structural zones which may be both concordant and discordant to coarse grained mafic fragmental volcanic and intrusive contacts.
Geological mapping
The results of geological mapping suggest that rock alteration is associated with enhanced gold and copper geochemistry, with multiple intrusive phases and brittle deformation zones.The CAZ forms a slightly arcuate shaped east-west-trending corridor which has a strike length of approximately five km. The CAZ continues to the eastern property boundary and is overlain to the west by younger volcanic cover. Within the CAZ, rock alteration is characterized by both enhanced QSP and locally potassic alteration. Mineralization has affinities to both porphyry gold-copper systems and intermediate sulphidation structurally controlled gold-silver veins.
IP and airborne magnetic programs
A total of 11 km of ground IP and 150 km of airborne magnetic surveys were flown across much of the Castle portion of the K-C property.Ground IP, although prematurely terminated, suggests that strong chargeability responses have been identified on a single line 1,500 m to the east of the historic drilling. The airborne magnetic data indicate that the CAZ is defined in part by an east-west-striking magnetic high anomaly. Historic drill results suggest that better mineralized zones may be associated with the margins of magnetic highs.
Historical (2) drill programs (1988 to 2013)
Approximately 1.2 km of the western part of the CAZ was tested by 21 diamond drill holes (4,805 m) between 1988 and 2013.Only 48 per cent of the core from the 11 drill holes completed in 1988 was sampled. All drill core (3,605 m) from the 2012 and 2013 West Cirque Resources drill programs was sampled. The results of these historical exploration drill programs provide strong initial evidence that both high-grade structurally controlled gold-silver veins as well as intrusive hosted porphyry gold-copper mineralization is associated with the CAZ.Structurally controlled gold-silver veins would be exemplified by the results of West Cirque's DDH CA13-03 (3), 8.92 g/t Au and 129.95 g/t Ag and 4.0 per cent Cu over two m and with intrusive hosted gold-copper mineralization characterized by West Cirque Resources' DDH CA12-04 (3) coring 150 m of 0.35 g/t Au, 1.59 g/t Ag and 0.09 per cent Cu.Further information on the results of the 1988 to 2013 drilling, the collar locations, a detailed plan map and a summary of significant drill results have been compiled and are presented on the company's website under the Kinaskan historical drill results section.
Adam Travis, Colorado president and chief executive officer, states: "The Castle mineralized trend strikes east-west for at least five km and the historical drill results in the western one km indicate that the CAZ has the potential to host significant gold-copper mineralization. The focused 2017 field program, although terminated prematurely due to winter weather, has provided the initial geological and structural framework which defines and characterizes the Castle mineralized trend, and confirms and expands upon the historical results in this area. We view the results of the 2017 preliminary exploration program at Castle as encouraging and fully anticipate undertaking a much more extensive field program at Castle during 2018."
Quality assurance/quality control statement on assay results
The 2017 samples from the Kinaskan-Castle property were analyzed by Actlabs Kamloops, British Columbia. Soil samples were prepared by the S1 method, drying (60 C) and sieving (minus 80 mesh), save all portions. Rock samples were prepared by the RX1, method crush (less than seven kilograms) up to 80 per cent passing 10 mesh, riffle split (250 g), and pulverized to 95 per cent passing 105 microns, save all portions. Base metal assays were first determined using the total digestion ICP and ICP/MS UT-1 method, which reports results as parts per million (ppm). The gold assays were determined using the 1A2 fire assay method which reports results in ppm and are equivalent to grams per tonne (g/t). Any samples returning greater than 10 ppm gold were analyzed by the 1A3 fire assay method with a gravimetric finish. The analytical results were verified with the application of industry standard quality control and quality assurance (QA-QC) procedures.
For more information on the Kinaskan-Castle property the reader is directed to the company's website.
Qualified persons
Dr. Jim Oliver, PhD, PGeo, the company's chief geoscientist, is the qualified person as defined by National Instrument 43-101 who reviewed the preparation of the technical data in this news release.
About Colorado Resources Ltd.
Colorado Resources is currently engaged in the business of mineral exploration for the purpose of acquiring and advancing mineral properties located in the Golden Triangle of British Columbia and holds approximately 1,200 square km of mineral claims in the Golden Triangle.The company's main exploration projects within British Columbia include KSP and North ROK. Additionally the company holds an option to acquire a 100-per-cent interest in the Greensprings project located in Nevada.
(1) This news release 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.
(2) Historical information contained in this news release, maps or figures regarding the company's project or adjacent properties are reported for historical reference only and cannot be relied upon as a company's QP, as defined under National Instrument 43-101 has not prepared nor verified the historical information.
(3) The intervals reported represent drill intercepts and insufficient data are available at this time to state the true thickness of the mineralized intervals and all gold values are uncut.
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