President and CEO: Adam Travis, B.Sc. Geology,
Exploration Manager – B.C. & Yukon: Linda Dandy, P.Geo.
Vice President, Exploration: Greg Dawson, MSc
Chief Geoscientist: Jim Oliver, Ph.D., P.Geo
In 2012 Colorado Resources said its primary focus for the foreseeable future will be on advancing the Hit Property and following up work on the Hearts Peak Property in northwestern British Columbia, extensively exploring the Oro and Selwyn properties in Yukon Territory and pursuing a joint venture with Kinross Gold Corp. on the Red Skye Property. The junior planned to spend C$2.5 million on exploration in 2012, averaging about C$500,000 for work at four major projects, continue to acquire property in Yukon, B.C. and Latin America through options to purchase, joint ventures and strategic alliances, and use its strong cash position to maximum advantage. At the road-accessible Hit Property, located about 27 kilometers (17 miles) north of Princeton, B.C., Colorado Resources has increased its holdings to more than 16,594 hectares and by July 27, had collected has 3,282 soil and till samples at 50-meter intervals throughout the entire claim group from logging road cut banks. Using a portable Niton XRF analyzer, the company found that the samples show evidence of several new and previously known areas of anomalous copper which require further investigation. At Heart Peaks located about 45 kilometers (28 miles) northeast of the past-producing Golden Bear Mine, Colorado aimed to follow up known areas of high-grade epithermal gold mineralization in 2012 as well as prospect the rest of the 14,400-hectare (35,582 acres) property for additional areas of gold mineralization by collecting 2,000-plus soil samples and completing geological mapping in anticipation of future drilling. The junior also won conditional approval from the B.C Ministry of Energy and Mines for a permit to drill up to 10 holes. At the Oro Property located about 165 kilometers northeast of Ross River, Yukon, the junior completed infill soil sampling (5,000 samples collected over the entire property) and geological mapping to follow up significant soil anomalies reported in January. In July Colorado said it was excited about the exploration potential of the 360-square-kilometer (139 square miles) Oro Property and was reviewing joint venture opportunities with major companies as it contemplated multimillion-dollar drill programs. At the Red Sky property located south of the community of Redstone about 150 kilometers (93 miles) by road west of Williams Lake, BC., Colorado entered a joint venture agreement with Kinross Gold Corp. in February. The property has the potential to host copper-gold porphyry style mineralization similar to Taseko’s Prosperity deposit as well as bulk tonnage gold mineralization similar to that found on Amarc’s Newton property located about 30 kilometers (19 miles) southeast of Red Sky. Colorado, as the operator, completed a 26-kilometer induced polarization and magnetometer survey along with the collection of 288 soil samples. This work included the expansion of previous grids and new grids and outlined a number of geophysical targets including a cohesive 1 kilometer by 1.5 kilometer northwest trending anomaly defined by a strong (>25 mv) chargeability zone flanked by zones of decreased resistivity. In late July, Kinross and Colorado were evaluating the geophysical and geochemical data in more detail in order to determine if high-priority drill targets can be defined for testing later in 2012.
Cash and short-term deposits: C$11.53 million (March 31, 2012)
Working capital: C$11.18 million (March 31, 2012)
Market capitalization: C$8.46 million (Aug. 29, 2012)
#110 - 2300 Carrington Road
West Kelowna, B.C. Canada V4T 2N6
Tel: 250-768-1511 • Fax: 250-768-0849