Colorado Resources Ltd. [CXO-TSXV; CLASF-OTC] has completed the initial 2017 phase of drilling on its 100%-owned KSP property in the Golden Triangle region of northwestern British Columbia on time and under budget. Forty drill holes totaling 8,100 metres were completed in Phase 1 drilling this year, focusing on the Inel area of the KSP property. Significant drill results from this drill program have encouraged Colorado to immediately initiate a Phase 2 drill program that will extend into the fall.
Adam Travis, President and CEO, said, “Sound exploration by our team is being rewarded with significant new discoveries and a better understanding of the Inel System with high-grade visible gold discovered, the recognition of new mineralized trends at Inel Ridge associated with the 8km long Big Rock Deformation Zone and the discovery of porphyry-style gold-copper mineralization associated with the Inel Intrusion. These discoveries point to the fact that Inel is a large mineralized system with the capability of delivering high grades and large volumes of mineralized rock. As a result of these substantial results, we have commenced immediately with a Phase 2 drill program that will continue into the fall. With the recent completion of the $7.3M financing we are well positioned to continue to advance KSP and our other high quality Golden Triangle Projects.”
The assay results of the first 20 drill holes are presented here in the current press release, the complete version of which is available on the company website at www.coloradoresoureces.com
Highlights of Phase I drilling:
- Hole INDDH1-081 returned 4,470.00 g/t gold over 0.5 metres and 10.35 g/t gold over 0.9 metres
- Hole INDDH17-055 on the Inel Ridge Zone retuned 31.59 g/t gold over 2.6 metres, including 63.30 g/t gold over 1.1 metres, and 10.45 g/t gold over 2.0 metres