Jul 18 2013
Colorado Resources Ltd. ("Colorado" or the "Company") is pleased to announce that Gold Fields Selwyn Exploration Corporation ("Gold Fields"), a wholly owned subsidiary of Gold Fields Limited, and current operator on the Oro Property, has commenced a $2 million exploration program, which is to include 3,000 metres of diamond drilling.
Colorado recently entered into an Option Agreement whereby Gold Fields can earn up to a 70% interest in the Oro Property, located in the MacMillan Pass area of the Yukon (se CXO NR13-05, May 7, 2013 for details).
Gold Fields' efforts will be focused on the Oro Main Zone, a 800m x 4,000m area containing a large number of multi-element soil geochemical anomalies, which have been defined by over 19,000 soil samples, 1,900 rock samples, 2,000 line kilometres of airborne geophysical data, the excavation of 15 trenches and the completion of detailed property scale geologic mapping by Colorado in the 2011 and 2012 exploration seasons.
"We look forward to continuing to build our good relationship and collaborating with Gold Fields on drill testing these significant multi-kilometre and multi-element geochemical anomalies, which we think represent some of the best, only partially tested Carlin-style gold targets in the Yukon," commented Adam Travis, Colorado Resources' President and CEO.
The Oro Property, covering approximately 36,000 hectares, is located in the mineral-rich MacMillan Pass area of the Yukon Territory. Nearby and adjacent properties are owned by Newmont, HudBay, Teck, Carlin-Constantine, Golden Predator and Ryan Gold. The property was originally acquired due to its favourable geological setting along the Yukon "Carlin Gold" Trend, which also hosts ATAC's Rau, Osiris and Tiger Zones.
The Oro Property hosts the historic Neve occurrence, located within the Oro Main Zone, with previous drill results up to 0.50 g/t gold over 65.9 metres and has documented comparisons to Nevada's prolific Carlin belt.
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 and its optioned Eldorado projects which are located within 10 to 15km of the Red Chris mine development in northern British Columbia.
ON BEHALF OF THE BOARD OF DIRECTORS OF
COLORADO RESOURCES LTD.
"Adam Travis"