Colorado doubles land position in NW BC's Golden Triangle
Last updated 5/1/2016 at Noon
Colorado Resources Ltd. April 20 reported the acquisition of 32,825 hectares (81,111 acres) of prospective land in the Golden Triangle area of northwestern British Columbia.
Known collectively as KingPin, the property consists of 29,425 hectares (72,709 acres) of staked claims and 3,400 hectares (8,401 acres) purchased from a third party.
KingPin covers 35 mineral occurrences and favorable geology between the past-producing Granduc Mine and Colorado's KSP property under option from SnipGold.
The addition of KingPin, doubles Colorado Resources holding in the Golden Triangle region.
Mineral occurrences on the KingPin property include copper skarns, copper porphyries, copper-gold porphyries, polymetallic veins and gold veins.
Past exploration focused on the copper potential and may have not properly recognized or evaluated the gold potential.
Colorado intends to advance exploration on the KingPin Property following further review and compilation of the historical data by its technical team.
"We are looking forward to the upcoming drill program focused on high-grade gold targets at Inel (on the KSP property) and advancing the KingPin property in a similar manner to achieve what we have accomplished to date at KSP," said Colorado President and CEO Adam Travis.
Colorado has agreed to pay C$20,000 in cash and issue 200,000 shares to an arm's length third party to acquire full ownership of the 3,400-hectare (8,401 acres) Max property, subject to a 2 percent net smelter returns royalty retained by the vendor.
Colorado has the option to purchase 1 percent of the NSR for C$1 million within 240 days of commercial production and thereafter, at any time, the remaining 1 percent for C$5 million.
Max will form part of the overall KingPin property.