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Mining Explorers 2011: Colorado Resources Ltd.

 

Last updated 11/6/2011 at Noon



Cxo: TSX-V

President and CEO:

Adam Travis, B.Sc. Geology

Executive Chairman:

Larry Nagy, B.A. Geology

Exploration Manager - B.C. & Yukon:

Linda Dandy, P.Geo.

Colorado Resources Ltd. focused on exploring mineral properties in northern British Columbia, Yukon Territory, El Salvador and Nicaragua.

The company commenced surface exploration of the Oro Property located in the Macmillan Pass area, about 165 kilometers (103 miles) northeast of Ross River, Yukon, including detailed airborne geophysical work conducted in early July.

Oro gold property consists of 330 contiguous claims covering 6,683 hectares (8,287 acres) with known "Carlin-style" gold occurrences.

Colorado Aug. 12 reported completion of a helicopter-borne EM/magnetic survey with 2,000 line kilometers and collection of 7,000 soil samples, 300 silt samples, 500 rock samples collected to date along with ongoing geological mapping of favorable lithologies and structures and trenching programs.

Based on results of the surface program, which was designed to confirm previously known mineralization and identify new targets on the remaining 27-kilometer (17-mile) area, the explorer planned a 2,500-meter drill program that included some drilling on the Sol property, one of three other properties it acquired in the MacMillan Pass area.

The company also planned other exploration in 2011 including C$100,000 in work on two of the Selwyn properties - Nid and Bach - consisting of soil sampling and early geophysical examination and a C$100,000 on the Al Property located about 170 kilometers (105 miles) northwest of Whitehorse to follow up early-stage work completed in the 1980s.

In British Columbia, Colorado said it completed a 977-line-kilometer helicopter-borne EM/magnetic survey at its Heart Peaks gold and silver property located about 45 kilometers (28 miles) northeast of the past-producing Golden Bear Mine.

The company also started preliminary geological mapping and sampling and expanded claims significantly on the property to more than 14,396 hectares (35,573 acres).

At Heart Peaks, the company had planned a C$300,000 work program for 2011.

Colorado also said work on its Hit property in British Columbia, including geological mapping, trenching of a vein structure and channel sampling was underway.

The company also planned further surface exploration and a 1,500-meter diamond drill program in 2011 with total estimated budget of C$526,000.

At its Red Sky Property, a 50-50 joint venture with Kinross Gold Corp., Colorado said by Aug. 12, it had completed 25 line kilometers of induced polarization geophysical survey which outlined a 600-meter-by-1,000-meter anomaly, and geological mapping and rock chip sampling is ongoing, while a diamond drilling program is was being permitted.

Red Sky (formerly the Redstone Property) is located about 150 kilometers (93 miles) west of Williams Lake south of the community of Redstone.

Colorado acquired the property under an assignment agreement in March from Osisko Mining Corp., which recently acquired Brett Resources.

Colorado was completing C$500,000 in expenditures required under an exploration agreement with Kinross to fund the 50/50 JV earn-in.

Cash and short-term deposits:

C$2.29 million (at March 31, 2011)

Working capital: C$2.09 million (at March 31, 2011) (raised C$16.32 million in private placements in April 2011)

Market capitalization: C$26.79 million (at Sept. 2, 2011)

110 - 2300 Carrington Rd.

West Kelowna, B.C., Canada V4T 2N6

Ph: 250-768-1511 • Fax: 250-768-0020

http://www.coloradoresources.com

 

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