MINING FINANCE / INVESTMENT
Colorado Resources hits copper-gold whopper in BC - stock doubles
Colorado Resources reports its first drillhole on the North ROK property - and how.
Posted: Thursday , 25 Apr 2013
HALIFAX, NS (MINEWEB) -
Colorado Resources reported a gold-copper discovery on its North Rok property at the drillbit that sent its shareprice soaring on Thursday.
Colorado Resources was following up on a sizeable geo-chemical and -physical anomaly about 350 by 700 metres that it outlined last year and hit in its first drillhole roughly in the centre of the surface anomaly.
It yielded an impressive 333 metres @ 0.51 percent copper and 0.67 g/t gold, basically starting at surface, with as much as 180 metres @ 0.76 percent copper and 1 g/t Au starting 63 metres downhole.
The mineralization is porphyry in style, Colorado Resoruces said, with the better intersection coming in monzonite intrusion, which outcrops to south of the drillhole. The drillhole was collared in volcanics.
Colorado Resources said it had drilled another hole 350 metres west with assays pending, though it added core from this drillhole was “weakly altered” and that while assay results from the hole had yet to come “geological indications appear to indicate it is related to a different phase.”
But if this suggests less excitment about the western periphery of the anomaly, Colorado Resources, no surprise, said it plans to followup up on the discovery drillhole with more drilling.
At presstime Colorado Resources shareprice was up 209 percent to C$0.50. It had about C$8 million in cash, at last count in early January, and a burn rate of a couple hundred thousand dollars a month, according to the company's chief financial officer Teres Gieselman.
Colorado Resources says on its website that it owns 100 percent of the North Rok property which is located 190 kilometres north of Stewart BC and 15 kilometres northwest of the billion-tonne Red Chris copper-gold deposit.