Colorado Completes Phase I Drill Programs at North ROK and Eldorado
June 19, 2014 (Source: Marketwired) — COLORADO RESOURCES LTD. (TSX VENTURE:CXO) (“Colorado” or the “Company”) is pleased to announce it has recently completed its 2014 Phase I drilling programs on its 100% owned North ROK Project and on its Eldorado Project optioned from Sunrise Resources Ltd.
North ROK 2014 Phase I Drilling (5holes, 2191 m)
As announced on May 7, 2014 the 2014 drill program followed the recommendations of the NI 43-101 report to target the expansion of the known inferred resource and drill untested kilometre scale geophysical anomalies that cluster around the existing resource.
5 diamond drillholes totalling 2191m were completed by June 15th for this initial phase, the final shipment of drill core arrived at the laboratory on June 16th with final results expected in early July.
Eldorado 2014 Phase I Drilling ( 4holes, 892 m)
As announced on May 7, 2014 the focus of drilling at Eldorado was to follow up last year’s drill intercept in EL13-004 of 0.33 g/t Au and 0.14% Cu over 71 m and to drill test adjacent altered areas for increased copper and gold values in a geological setting similar to the East Zone at Red Chris.
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4 diamond drillholes, totalling 892 m were completed by June 4th for this initial phase, the final shipment of drill core arrived at the laboratory on June 6th with final results expected in late June.
Adam Travis, President and C.E.O of Colorado commented “We are very pleased with the progress Colorado has made in the last month at both North ROK and Eldorado. Our technical team has delivered the Phase I projects on time and under budget. We eagerly await the assay results from both these projects in the Red Chris area and look forward to commencing our 2014 work program shortly at the Company’s KSP property in the Snip Camp.”
Colorado Resources Ltd. is currently engaged in the business of mineral exploration for the purpose of acquiring and advancing mineral properties located in British Columbia and is also seeking opportunities in Southwest USA and Latin America.
Colorado’s current exploration focus is to continue to advance its North ROK property, located 15 km’s northwest of the Red Chris mine development, and to commence field work on its KSP property optioned from SnipGold, located 15 km’s along strike to the southeast of the past producing Snip Mine, both located in northern central British Columbia.
ON BEHALF OF THE BOARD OF DIRECTORS OF COLORADO RESOURCES LTD.
Adam Travis, President and Chief Executive Officer
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this news release, specifically the resource estimate and any future exploration work at the North ROK project, constitute “forward-looking information” as such term is used in applicable Canadian securities laws. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions, including: that the Company’s financial condition and development plans do not change as a result of unforeseen events, that the Company obtains required regulatory approvals, that the mineralization at North ROK conforms with the geological model as described in the Report, that the Company continues to maintain a good relationship with the local North ROK project communities, and that future metal prices reflect or exceed those used in the resource estimate as a result of future demand for metals. Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to, the risk that any of the assumptions referred to prove not to be valid or reliable, which could result in delays, or cessation in planned work, that the Company’s financial condition and development plans change, delays in regulatory approval, risks associated with the interpretation of data, the geology, grade and continuity of mineral deposits, the possibility that results will not be consistent with the Company’s expectations, as well as the other risks and uncertainties applicable to mineral exploration and development activities and to the Company as set forth in the Company’s Management’s Discussion and Analysis reports filed under the Company’s profile at www.sedar.com. There can be no assurance that any forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader should not place any undue reliance on forward-looking information or statements. The Company undertakes no obligation to update forward-looking information or statements, other than as required by applicable law.
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.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>