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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 Resources Commences Work on 3 Golden Triangle Projects
June 16, 2016 TSX-V: CXO COLORADO RESOURCES LTD. (TSX-V: CXO)
("Colorado" or the "Company") announces an update on the KSP
Property under option from SnipGold Corp. (see News Release dated
December 20, 2013), its 100 % owned KingPin Property (see News
Release dated April 21, 2016) and its HP Property under option to
Centerra Gold Inc. (see News Release dated November 3, 2015) all
located in the Golden Triangle area in northwestern British
Columbia (see Figure 1).
Adam Travis President and CEO of Colorado states: “What an
exciting exploration season we are kicking off drill programs
targeting high grade gold occurrences starting at the KSP- Inel
Zone and at HP under option to Centerra. With our recent
acquisition of the KingPin property which includes very prospective
areas for both high grade gold and porphyry copper +/- gold
Colorado now controls over 640 km 2 in the Heart of the Golden
Triangle. Along with our North ROK and Kinaskan Projects near
Imperial Metals Red Chris Mine* and our HP Project north of the
past producing Golden Bear Mine* Colorado controls over 1,000 km 2
in the Golden Triangle more than double the landholdings of the
next junior explorer in the region.”
KSP Field crews have been on site at KSP over the last few weeks
conducting prospecting and geological mapping at lower elevations
and preparing the Inel drill site and staging areas for the
upcoming drill program. Core logging facilities have been completed
near the end of the Alta Gas McClymont Creek access road and drill
pads are currently being constructed at the Inel Zone with diamond
drilling expected to commence this weekend. KingPin The KingPin
Property covers thirty-five BC Government Minfile (mineral)
occurrences which include copper skarns, copper +/- gold
porphyries, polymetallic veins and gold veins and favorable geology
on strike between the past producing Granduc Mine* and Colorado’s
KSP Property under option from SnipGold and on the western doorstep
to KSM* (see Figure 2). Previous explorers in the 1970’s focused on
the copper potential and later work in the 1980’s was mostly
intermittent and fractured by multiple ownership which has now been
consolidated by Colorado.
Some of the highlights based on Colorado’s review of historical
data include the following:
1. Max Area - 15 Mineral occurrences cluster within 4 km of the
Max Minfile occurrence and consist of porphyry, veins and skarn
targets which appear to have been under appreciated for their gold
potential even though areas like the Windy Tarn- Golden
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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
Jade zone reported a previous historical grab sample with a
value of 45 g/t Au (See Assessment Report 21332).
2. KingPin South - 3 Polymetallic +/- Gold Vein Mineral
Occurrences are noted in the Granduc*- Doc area in the southern
portion of the KingPin property in areas that have undergone
significant glacial retreat since last worked and offer new areas
to explore for vein targets similar to the adjacent Doc
Property.
3. Boulder Creek- 9 Mineral occurrences cluster in an area
between Boulder Creek and the Unuk River in the SW portion of the
KingPin Property. Gold potential of the vein and skarn targets is
highlighted at occurrences like “Jim” with a previous historical
grab sample which reported a value of 64 g/t Au (See Assessment
Report EMPR AR 1911-66,67).
4. KingPin West – over 15 km’s of favourable geology on trend
from the KSP property and is highlighted by gossans and at least 5
Mineral occurrences. The B.C Minister of Mines Annual Report in
1911 noted the Fewright occurrence, which was poorly documented and
located but described as “a ledge 100 feet wide that runs the
entire length of seven claims, carrying silver, copper, gold and
lead”.
Colorado intends to conduct exploration on the KingPin Property
later this summer to follow up on these areas using the knowledge
it has gained while working on the KSP Property on trend to the
northwest.
HP
Centerra Gold Inc. has informed Colorado that it intends to
shortly commence a 2,000m proposed drilling program at HP initially
targeting the high grade gold Midas Zone. Qualified Person Greg
Dawson P.Geo, is the Qualified Person (“QP”) as defined by National
Instrument 43-101 that has reviewed and approved the technical
content of this news release. Cautionary Notes *This news release
may contain 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. About Colorado 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: the KSP
property optioned from SnipGold, located 15 km’s along strike to
the southeast of the past producing Snip Mine; its 100% owned North
ROK property, located 15 km’s northwest of the Red Chris mine
development, both located in northern central British Columbia. ON
BEHALF OF THE BOARD OF DIRECTORS OF COLORADO RESOURCES LTD.
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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
“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 16-11 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 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.
http://www.sedar.com/
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COLORADO KINGPIN
Minfile Occurence Types!(Ç Porphyry Cu, +/-Mo, +/- Au!(Ç
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KingPin Property:Golden TriangleNewsRelease: 16-11Figure 2
COLUMBIA
Triassic-Jurassic Intrusive
Faults
Granite IntrusiveTertiary IntrusiveEocene IntrusiveHazelton
Volcanic RockRecent BasaltsStuhihi SedimentsBowser Group
SedimentsHazelton Sediments
BC Bedrock Geology
COL NR 16-11- KSP-KingPin Property-Upate Final 6 16
16.pdfColorado Resources Commences Work on 3 Golden Triangle
Projects
Figure1_June2016_GoldenTriangle.pdfFigure2_NewsRelease_KingPin_June2016.pdf
