Mining News: Northern Neighbors: Colorado to drill high-grade gold targets at KSP this year

Colorado Resources Ltd. Feb. 29 said it plans to carry out a 5,000-meter drill program at the KSP property in northwestern British Columbia. The company said this work will target high-grade gold zones the company has identified at the Inel zone. The company said its surface geological work and review of historical drill logs indicate that there are at least three north-trending, more than 1,000-meter-long, gently dipping, stacked target zones within a 1.5-square-kilometer (0.58 square mile) soil anomaly at Inel that are associated with the margins of mafic intrusions. Gold-in-soil anomalies upslope of known mineralization indicate that other unidentified trends remain to be discovered. A compilation of 1,215 soil samples collected over an 8.5-square-kilometer (3.28 square miles) area of Inel averaged 800 parts per billion gold, including a 1,000- by 1,500-meter area with 628 soil samples averaging 1,270 ppb (1.27 grams per metric ton) gold with a maximum value of 31,200 ppb (31.2 g/t) gold. Historical drilling at Inel was completed from 1984-1991 and consisted of both small-sized underground and surface holes. Colorado said a review of the results from these holes, in the context of new geological understanding, indicates that the favorable trends have only been drilled over roughly 25 percent of their combined more than 3,000-meter prospective strike lengths. Significant results historically encountered include: 423.8 g/t gold over 3.5 meters at the Inel Creek zone; 20.9 g/t gold over 7.4 meters at the AK zone; and 30.3 g/t gold over four meters at the Discovery Zone. Based on its surface geological work Colorado said it is now understood that these historical high-grade gold drill intercepts are located along mineralized intrusive-sediment contacts, which have good strike continuity. The presence of at least three laterally continuous intrusive bodies which are spatially associated with these large gold-in-soil anomalies provides a number of compelling near-surface drill targets. Colorado plans to target these zones with a 5,000-meter drill program using larger-size core this summer.

- Shane Lasley

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