High-grade gold spurs quicker earn-in at KSP
Last updated 8/14/2016 at Noon
Colorado Resources Ltd. Aug. 8 reported that it has already completed 5,482 meters of drilling in 40 holes this year at the KSP gold-silver property in northwestern British Columbia and drilling continues.
Colorado is working toward earning up to an 80 percent interest in KSP from Seabridge Gold Inc., which recently acquired the property as part of its purchase of SnipGold Corp. Though Colorado has met its 2016 work commitments, the company is continuing work towards earning an initial 51 percent interest in KSP by the end of this year's program.
Upon satisfying the 51 percent earn-in requirements, Colorado would have the right to earn up to 80 percent interest in the property by investing another C$4 million there within a year.
Colorado has received assay results from 30 of the holes drilled at KSP's Inel zone.
The best intercept cut one meter of 165.5 grams per metric ton gold, 37.1 g/t silver and 2.5 percent zinc inside 25.7-meter section of hole INDDH16-029 that averaged 9.24 g/t gold, 36.6 g/t silver and 3.3 percent zinc.
"We are also seeing broader intervals (20 to 99 meters) returning greater than one g/t gold, attesting to the robust nature of the mineralized system," said Colorado President and CEO Adam Travis.
The company has begun drilling at Khyber, a zone situated about 2,000 meters south of Inel.
Initial drilling at Khyber will focus on a 500- by 1500-meter gold-in-soil anomaly that coincides with the well-mineralized volcanic-sediment contact that also was noted at Inel.
Work also will continue at Inel, targeting extension drilling in areas that are returning high-grade results.