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Centerra options Northwest BC gold property

 

Last updated 9/20/2015 at Noon



Colorado Resources Ltd. Sept. 14 reported that Centerra Gold Inc. has entered into an option agreement to earn an interest in Colorado's Heart Peaks gold project, which is located roughly 45 kilometers (28 miles) northeast of the historical Golden Bear Mine in northwestern British Columbia.

Under the terms of the agreement, Centerra can earn a 70 percent interest by funding C$8 million of exploration expenditures at Heart Peaks before the end of 2019.

Colorado will be the project manager on the project for at least two years and will receive a management fee.

Once Centerra earns its 70 percent interest, a joint venture will be formed for the HP Project between Colorado and Centerra.

Colorado says the Heart Peaks property covers large felsic volcanic centers and shares many geological similarities with young volcanic centers in Nevada and globally, which host multimillion-ounce low sulfidation epithermal gold deposits.

Surface grab samples with up to 126 grams per metric ton gold indicate the potential to find high-grade mineralization at shallow to moderate depths.

In addition, historical drill intercepts of up to 0.51 g/t gold over 115 meters suggests that the hydrothermal system found there is robust enough to generate broad zones of bulk tonnage style gold mineralization.

Previous work by Colorado includes detailed geological mapping, soil and rock sampling, alteration and Terraspec mapping along with induced polarization geophysics.

A field program of soil geochemical and geophysical surveys to cover open ended targets along with detailed mapping in preparation for finalizing proposed drill sites is scheduled for this fall.

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