Colorado Announces NI 43-101 Compliant Mineral Resource Estimate for North ROK
27 Janeiro 2014 - 10:30AM
Marketwired Canada
COLORADO RESOURCES LTD. (TSX VENTURE:CXO) ("Colorado" or the "Company") is
pleased to report the results of an initial independent mineral resource
estimate recently completed on its 100% owned North ROK project located 15 km NW
of Imperial Metals Red Chris Mine development in Northern British Columbia. A
summary of the new mineral resource estimate is tabulated below:
Table 1: NORTH ROK - INFERRED RESOURCE IN MINERALIZED SOLID(i)
----------------------------------------------------------------------------
Grade Contained
greater than Cut-off Metal
Tonnes
greater than
Cut-off Cut-off Cu Au Cu Eq Cu Au
CuEq % (tonnes) (%) (g/t) (%) (lbs) (ozs)
----------------------------------------------------------------------------
0.15 205,060,000 0.18 0.21 0.31 813,883,140 1,384,494
----------------------------------------------------------------------------
0.20 142,300,000 0.22 0.26 0.37 690,297,300 1,189,512
----------------------------------------------------------------------------
0.25 96,600,000 0.26 0.31 0.44 553,807,800 962,786
----------------------------------------------------------------------------
0.30 68,620,000 0.29 0.37 0.51 438,790,590 816,288
----------------------------------------------------------------------------
0.35 51,240,000 0.33 0.41 0.57 372,847,860 675,435
----------------------------------------------------------------------------
0.40 39,870,000 0.36 0.46 0.63 316,488,060 589,651
----------------------------------------------------------------------------
(i) Mineral Resources are not Mineral Reserves and do not have demonstrated
economic viability. There is no certainty that all or any part of the Mineral
Resources estimated will be converted into Mineral Reserves estimate.
To view the North ROK 2013 Drilling Map, please visit the following link:
http://media3.marketwire.com/docs/cxo0127map.pdf.
A Copper Equivalent cut-off of 0.20 % has been highlighted as a possible open
pit cut-off. Inferred Mineral Resources using a 0.20 % Copper Equivalent (ii)
cut-off total 142.3 million tonnes averaging 0.22 % Copper and 0.26 g/t Gold
which contain 690.30 million pounds of 1.19 million ounces of gold.
Estimation Methods
The inferred resource estimate reported in this release has an effective date of
January 27, 2014 and was completed by G.H Giroux, M.A.Sc., P.Eng of Giroux
Consultants of Vancouver, B.C, Canada an Independent Qualified Person as defined
by National Instrument 43-101 Standards of Disclosure for Mineral Projects
("NI-43-101") in accordance with Canadian Institute of Mining, Metallurgy and
Petroleum ("CIM") Standards on Mineral Resources and Mineral Reserves adopted by
the CIM Council, as amended. Estimation methods are summarized below. Further
details of the estimation methods and procedures will be available in a NI
43-101 technical report, to be co-authored by Mr. Mark Rebagliati BSc., P. Eng.
an Independent Qualified Person as defined by NI 43-101 which will be filed on
SEDAR (www.sedar.com) within 45 days of this release.
Of the 29 drillholes completed to date over a 2 km strike length a total of 18
holes over a strike length of 700 metres with a cumulative length of 7,822
metres intersect the mineralized solid. Erratic outliers were capped for both
copper and gold. Capped assays were composited over 5 metre intervals honouring
the mineralized solid boundaries. The samples were analyzed by Acme Analytical
Laboratories of Vancouver, British Columbia. Copper values were first determined
using the 1DX ICP-MS method which reports values as parts per million (ppm -
10,000 ppm = 1 %). Any samples containing greater than 2,000 ppm copper were
assayed by the 7AR method, which reports values as percent copper. The gold
results were determined using the G601 Fire Assay method which reports gold
results in ppm and are equivalent to grams per tonne (g/t). The analytical
results were verified with the application of industry standard Quality Control
and Quality Assurance (QA-QC) procedures.
A block model with blocks 10 m x 10 m x 5 m in dimension was created to cover
the mineralized solid. Grades for copper and gold were interpolated into blocks
containing some percentage of mineralized solid using Ordinary Kriging.
Geologic continuity has been established from surface mapping and drillhole
interpretation. This has led to the geologic solid model which constrains the
estimate. The grade continuity has been established from the semi-variogram
analysis. The semi-variogram orientations and ranges have been used to align and
dimension the search ellipsoids, used in the grade interpolation. At this time
the density of drilling is too sparse to classify the resource as anything but
Inferred.
No metallurgical work has been undertaken to establish metal recoveries. For the
purpose of developing a copper equivalent 100% recovery of both metals is
assumed. The reader is cautioned that 100% recovery is never achieved. The metal
prices used in the copper equivalent calculation are from a 100 day moving
average and are listed below.
Factor
Au - US$1318.00 per ounce 42.37 $/gm
Cu - US$3.25 per pound 71.65 $/%
The equation to establish Cu Equivalent is then:
(ii)CuEq = (Cu% x 71.65) + (Au g/t x 42.37)
------------------------------------
(71.65)
Company President and CEO Adam Travis commented: "In less than 9 months since we
announced our discovery drillhole on April 25, 2013 we have now released the
first inferred resource estimate containing over a million ounces of gold and
nearly 700 million pounds of copper. It's been an honour to have such
distinguished professionals as Mr. Giroux and Mr. Rebagliati who completed some
of the initial resource estimates at Red Chris prior to Imperial Metals
involvement, complete our first mineral resource estimate. Compilation of our
2013 program and this resource estimate indicates that the current resource
continues to be open in the main zone and that only approximately 25% of the
priority geophysical targets have been tested. Taking into account that the main
zone is still open and that many alkalic porphyry copper gold deposits occur in
clusters we hope to continue to increase this resource in 2014 as we continue to
explore North ROK's potential."
The Company's technical team will use the recommendations from the 43-101 report
to plan further drilling in the spring of 2014 to continue to enlarge the
resource. The Company is adequately financed to complete such a program.
Qualified Persons and Technical Report
Mr. Giroux, who is responsible for the mineral resource estimate of this report,
and Mr. Mark Rebagliati, who co-authored the report, are the Qualified Persons
as defined in NI 43-101 and are independent of the Company.
Mr. Giroux and Mr. Rebagliati have reviewed and approved the technical
information of this news release and have consented to the disclosure of such
information and of their names in this release.
Cautionary Notes
Mineral resources that are not mineral reserves do not have demonstrated
economic viability. Mineral resource estimates do not account for mineability,
selectivity, mining loss and dilution. These mineral resource estimates include
inferred mineral resources that are normally considered too speculative
geologically to have economic considerations applied to them that would enable
them to be categorized as mineral reserves. There is also no certainty that
these inferred mineral resources will be converted to measured and indicated
categories through further drilling, or into mineral reserves, once economic
considerations are applied. The mineral resource estimate referenced in this
press release uses the term "Inferred Mineral Resources". While this terms is
defined in and required by Canadian regulations (under NI 43-101), this term is
not recognized by the U.S. Securities and Exchange Commission ("SEC"). "Inferred
Mineral Resources" have a great amount of uncertainty as to their existence, and
great uncertainty as to their economic and legal feasibility. The SEC normally
only permits issuers to report mineralization that does not constitute SEC
Industry Guide 7 compliant "reserves" as in-place tonnage and grade without
reference to unit measures. U.S. investors are cautioned not to assume that any
part or all of mineral deposits in these categories will ever be converted into
reserves. Colorado is not an SEC registered company.
About Colorado
Colorado is engaged in the business of mineral exploration for the purpose of
acquiring and advancing mineral properties located in Canada and is also
aggressively seeking quality properties in the US southwest and Latin America.
Colorado's current exploration focus is the advancement of its 100% owned North
ROK located 15 km's NW of the Red Chris mine development, in northern 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
This news release contains forward-looking information within the meaning of
Canadian securities laws. Such information includes, without limitation,
information regarding proposed exploration activities. Although the Company
believes that such information is reasonable, it can give no assurance that such
expectations will prove to be correct. Forward-looking information is typically
identified by words such as: believe, expect, anticipate, intend, estimate,
postulate and similar expressions, or are those, which, by their nature, refer
to future events. The Company cautions investors that any forward-looking
information provided by the Company is not a guarantee of future results or
performance, and that actual results may differ materially from those in
forward-looking information as a result of various factors, including, but not
limited to, the state of the financial markets for the Company's equity
securities, the state of the market for gold or other minerals that may be
produced generally, recent market volatility; variations in the nature, quality
and quantity of any mineral deposits that may be located, the Company's ability
to obtain any necessary permits, consents or authorizations required for its
activities, to raise the necessary capital or to be fully able to implement its
business strategies and other risks associated with the exploration and
development of mineral properties. The reader is referred to the Company's
reports filed on SEDAR at www.SEDAR.com for a more complete discussion of such
risk factors and their potential effects.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Colorado Resources Ltd.
Adam Travis
President and Chief Executive Officer
(250) 768-1511 or Toll Free: (855) 768-1511
(250) 768-0849 (FAX)
Colorado Resources Ltd.
Terese Gieselman
Chief Financial Officer
(250) 768-1511 or Toll Free: (855) 768-1511
(250) 768-0849 (FAX)
www.coloradoresources.com
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