Colorado Resources Ltd.
#110 - 2300 Carrington Road www.coloradoresources.com Tel: (250) 768-1511
West Kelowna, British Columbia Fax: (250) 768-0849
V4T 2N6 Canada Toll Free: 1 (855) 768-1511
News Release
Colorado and Centerra Partner to Advance the Heart Peaks (HP) Gold
Project September 14, 2015 TSX-V: CXO
COLORADO RESOURCES LTD. (TSX-V: CXO) ("Colorado" or the "Company") announces
that it has entered into an option agreement (“the Agreement”) with Centerra Gold Inc.
(“Centerra”) whereby Centerra can earn a 70 % interest in the Heart Peaks (HP) Gold
Project through making exploration expenditures totalling CAD$8.0 million by December 31,
2019.
Adam Travis, President and C.E.O of Colorado states, “We are very pleased to welcome
Centerra to B.C and to have the opportunity to partner with a strong mid- tier gold producer
who not only shares our enthusiasm for the exploration opportunities at HP but also our
commitment to responsible mineral exploration and respectful, mutually beneficial
discussions and opportunities for local communities and First Nations.”
The Agreement
Under the terms of the Agreement Centerra can earn a 70% interest by funding a total of
CAD$8.0 million in exploration expenditures on the HP Project before December 31, 2019.
Colorado will be the project manager on the HP Project for a minimum of two years and will
receive a management fee. Once Centerra earns its 70% interest, a joint venture will be
formed for the HP Project between Colorado and Centerra, and parties will be responsible
for further contributions towards exploration expenditures on a pro rata basis, or be diluted
accordingly. Should either party dilute to a 10% interest or less, their joint venture interest
will be converted to a 2% Net Smelter Royalty of which one half can be purchased by the
non-diluting party for CAD$2.0 million.
The HP Project
The HP Project is located approximately 45 kilometres northeast of the previously producing
Golden Bear Mine in northwestern British Columbia. The HP Project covers one of B.C’s
largest felsic volcanic centers and shares many geological similarities with young volcanic
centres in Nevada and globally which host multi-million ounce low sulphidation epithermal
gold deposits.
At HP felsic volcanic rocks have been highly altered over a large 20 km square area within
which at least 7 surface gold showings (see Figure 1) have been found to date. Gold
mineralization is focused along two lithologically and structurally defined corridors: the east-
west trending 2 km long Top Zone to Midas Zone corridor and the north trending 3 km long
corridor bounded by the Mogul East and Mogul West fault systems.
Gold values in surface grab samples as high as 126 g/t gold indicate there is very good
potential to find high grade mineralization at shallow to moderate depths at Heart Peaks. In
addition, historical drill testing, which returned intersections of up to 0.51 g/t gold over 115
metres in drillhole 84-4 (Daley, 1985), also demonstrates that the Heart Peaks
Colorado Resources Ltd.
#110 - 2300 Carrington Road www.coloradoresources.com Tel: (250) 768-1511
West Kelowna, British Columbia Fax: (250) 768-0849
V4T 2N6 Canada Toll Free: 1 (855) 768-1511
hydrothermal system is robust enough to generate broad zones of lithologically controlled
bulk tonnage style gold mineralization.
Previous work by Colorado in 2011 and 2012 included detailed geological mapping, soil and
rock sampling, alteration and Terraspec mapping along with 12 km of I.P geophysics. This
work suggests that some of the best targets have not yet been drill tested.
Exploration fieldwork on the HP Project is scheduled to commence shortly and is expected to
include expansions of the soil geochemical and I.P geophysical surveys to cover open ended
targets along with detailed geological and alteration mapping in preparation for finalizing
proposed drill sites.
The rock and soil samples reported by Colorado in 2012 were analyzed by Agate
Laboratories Ltd of Mississauga, Ontario. Samples were analyzed for 46 elements using an
Aqua Regia Digest with an ICP‐OES finish (AGAT Analysis Code 201073) and for gold by fire
assay fusion with an AAS finish (AGAT Analysis code 202051).
For more information on the Heart Peaks (HP) Project the reader is directed to the
company’s website at www.coloradoresources.com.
Qualified Person Greg Dawson, P.Geo is the Qualified Person as defined by National Instrument 43-101 who
supervised the preparation of the technical data discussed in this news release.
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 T: (250) 768-1511
F: (250) 768-0849 TF (855) 768-1511
W: www.coloradoresources.com
NR 15-04 Cautionary Note Regarding Forward-Looking Statements Certain statements contained in this news release, 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 Company continues to maintain a good relationship
with the local project communities.. 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
Colorado Resources Ltd.
#110 - 2300 Carrington Road www.coloradoresources.com Tel: (250) 768-1511
West Kelowna, British Columbia Fax: (250) 768-0849
V4T 2N6 Canada Toll Free: 1 (855) 768-1511
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.
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TOP ZONE
END ZONE
MIDAS ZONE
STEEP ZONE
MOGUL ZONE
BOTTOM ZONE
QUARTZ HILL DDH96-2
DDH96-1
DDH87-M
DDH84-8
DDH84-7
DDH84-6
DDH8
4-5DD
H84-4
DDH84-3DDH84-2DDH84-1
669500
669500
670000
670000
670500
670500
671000
671000
671500
671500
672000
672000
672500
672500
6496
500
6496
500
6497
000
6497
000
6497
500
6497
500
6498
000
6498
000
6498
500
6498
500
6499
000
6499
000
6499
500
6499
500
6500
000
6500
000
6500
500
6500
500³Heart Peaks Project
NewRelease 15-040 400200
Meters
Geophycial Survey Extent
ID Au g/t Ag g/t6652 5.10 6.006651 3.60 32.006648 1.80 25.006550 1.21 100.00
END ZONE ID Au g/t Ag g/t25780 9.00 16.0027714 6.50 33.0025789 0.40 109.00
1282182 0.20 80.00
MOGUL ZONE
ID Au g/t Ag g/t67777 4.50 26.00
5533166 2.00 25.8067776 0.30 76.00
STEEP ZONE
ID Au g/t Ag g/t116180 1.00 2.70
1282181 0.20 27.00
QUARTZ HILL
ID Au g/t Ag g/t5546911 126.00 158.005546910 8.40 20.401282358 10.40 32.001282357 8.50 60.005547004 3.90 338.00
MIDAS ZONE
ID Au g/t Ag g/t1282031 31.60 783.001282032 7.00 1732.001282035 0.07 42820.00
TOP ZONE
ID Au g/t Ag g/t84156 28.60 155.0084119 4.80 100.0084135 2.50 1219.0084132 2.40 100.00
BOTTOM ZONE
Heart Peaks GroupTakwahoni-Inklin GroupLevel Mountain Group
Mafic Dyke IntrusiveQuartz Feldspar IntrusiveRock Debris
"/
"/
"/
#*
_̂Golden Bear
Atlin
Dease Lake
Telegraph Creek
HEART PEAKS
Yukon
BC
Alaska
Quaternary Cover/Till
Gold in Soils: 90th Percentile >39ppbSilver in Soils: 90th Percentile >2.0ppm
! Historic Drill HolesChargeability HighResistive High
OPEN
OPEN
OPEN
OPEN