WEST KELOWNA, BRITISH COLUMBIA--(Marketwired - Feb. 13, 2017) - COLORADO RESOURCES LTD. (TSX VENTURE:CXO) ("Colorado" or the "Company") announces further to its news release of January 20, 2017 it has received the approvals from the Ely Ranger District of the United States Forest Service for the updated drill permits for the Green Springs Property and drilling has now commenced.
Colorado has contracted HD Drilling LLC out of Winnemucca for the RC drilling for the initial 4,000 ft phase which will consist of approximately 10 holes. The drill program has two principle goals:
- To test the nature of gold mineralization at the lower Chainmen Shale - Joana Limestone contact south of the historic mine workings and along the trend of a north-south striking structural corridor. This productive contact was exploited at the Green Spring mine where 1.1 million tons of rock averaged 2.1 g/t Au1; and
- To test the nature of gold mineralization associated with the lower Pilot Shale - Guilmette Limestone contact. This contact is well exposed to the north and to the east of the mine workings and is associated with jasperoidal bodies which both historic1 RC boreholes and surface rock samples had demonstrated to be significantly gold mineralized. The Colorado RC program is designed to test both of these permissive stratigraphic and structural contacts over a combined strike length of approximately 3.0 km.
About Green Springs
The Green Springs Property is currently under option with Ely Gold & Minerals Inc. ("ELY") to acquire a 100% interest in 193 unpatented claims (1,416.2 hectares) held or under option by ELY and is located in the eastern Great Basin approximately 50 miles south of Kinross 's Bald Mountain/Alligator Ridge Mine2 and 35 miles west of Ely Nevada. It is a classic Carlin-style gold system that represents part of a growing number of Carlin-type systems and new discoveries located outside the main Carlin and Cortez camps in largely underexplored parts of Nevada.
Dr. Jim Oliver, Ph.D, P. Geo., the Company's Chief Geoscientist, is the Qualified Person as defined by National Instrument 43-101 who reviewed the preparation of the technical data in this news release.
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 Nevada.
Colorado's main BC exploration projects include the KSP property currently under option with Seabridge Gold Inc., the 100% owned Kingpin property and the 100% owned North ROK property. Additionally Colorado holds an option on the Green Springs Property (Nevada) from Ely Gold & Minerals Inc.
ON BEHALF OF THE BOARD OF DIRECTORS OF COLORADO RESOURCES LTD.
Adam Travis, President and Chief Executive Officer
Cautionary Notes 1 - 2
1 Historical information contained in this release cannot be relied upon as the Company's QP, as defined under NI-43-101 has not prepared nor verified the historical information and are treated as historical exploration information
2 This news release contains 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.
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.