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Colorado Resources Ltd.
Summary
| Project: | KSP Property | |
|---|---|---|
| Deposit: | Inel | |
| Location: | Canada | |
| Commodities: | Gold-Silver-Zinc | |
| Date: | 8/8/2016 | |
| Report Code: | NI43-101 | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 8-8-2016: Colorado Resources Ltd. announces an Exploration/Drilling Update report for its Inel deposit at the KSP Property project. Drilling results incl. 49.0m @ 5.22g/t Au, 2.4% Zn from 44.0m. COLORADO RESOURCES LTD. (TSX-V: CXO) ("Colorado" or the "Com | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Greg Dawson (Internal) | |
| ABSTRACT: | COLORADO RESOURCES LTD. (TSX-V: CXO) ("Colorado" or the "Company") announces an update on drilling at the Inel and Khyber Zones on the KSP Property under option from Seabridge Gold Inc. whereby Colorado has the right to earn an 80% interest. Adam Travis President and CEO of Colorado states: “Although we started drilling only 7 short weeks ago, we already have our second set of assay results from Inel drillholes 9-30. They have clearly demonstrated some very significant high grade gold results up to 5.3 ounces/tonne gold over 1.0 m highlighted in the following table2 . We are also seeing broader intervals (20 to 99 m) returning > 1 g/t Au attesting to the robust nature of the mineralized system. We have met this year’s work commitment and given our continued success we have elected to expand our drill program and should be at the 51% earn in level expenditures by the end of this field season more than a year ahead of schedule. The expanded and accelerated program will focus on follow up of the current drill results at Inel and also commence drilling on the Khyber target located 2 km to the south of Inel. There’s plenty of room at Inel for more mineralization as our first pass drilling has tested only about 13% of this impressive soil anomaly on a very broad pattern. This will also be our first drilling in the Khyber area this year and our approach to testing this zone is based on the knowledge gained from our drilling at Inel. The Inel and Khyber Target Zones represent an area of approximately 10 km 2 of the > 300 km 2 KSP property, which has been recognized by government geologists as highly prospective with a geological setting similar to the KSM** and Pretium** camps located 30 kilometres to the east. Field crews have also been busy expanding soil coverage and examining/sampling out-crops to the north of Inel and other prospective areas of this large district under Colorado’s control. | |
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