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North ROK Property

Property Summary

Property: 45 Claims totaling 21,179.89 hectares

Location: 15 km northwest of Imperial Metals Red Chris Mine Development in northwestern British Columbia 

Owned: Colorado Resources Ltd (“Colorado”) holds a 100% interest in the claims on the Property, wherein certain claims are subject to a 2% NSR  (See news release “Colorado Expands North ROK Property to Include ROK-Coyote Copper Gold Property”- March 13, 2017)

Target: Porphyry copper-gold 

Rock Type: Upper Triassic Stuhini Group volcanic rocks intruded by early Jurassic monzonitic rocks 

Inferred Resource: 142.3 million tonnes averaging 0.22% Cu and 0.26 g/t Au¹ 

Work by Colorado

In 2013, Colorado drilled 29 holes (totaling 11,448 m) with drill hole NR13-001 intersecting 333 m of 0.51% Cu and 0.67 g/t Au. 

In January 2014, Colorado announced an interred resource of 142.3 million tonnes of 0.22% Cu and 0.26 g/t Au (at 0.20% CuEq cut off) (see inferred resources table below). 

In May 2014, Colorado completed a 5 hole, 2191 m drill program on the Property. The 2014 drill program followed the recommendations of the NI 43-101 report target the expansion of the known inferred resources and to drill test kilometre scale geophysical anomalies that cluster around the existing inferred resources.The 2014 drill program succeeded in intersecting new mineralization at the West Mabon Zone, demonstrating significant depth potential and continuity of gold-copper mineralization over 250m below mineralization in DDHNR13-001, defining the broad, deposit scale geometries and controls on mineralized zones, extending mineralization southwest of DDHNR13-013, and testing of other areas. 

In 2017, Colorado completed a rock and soil sampling program along with 2,529m diamond drill program. 

2017 Rock and Soil Sampling

A total of 2,208 soil samples and 159 rock samples were collected across the ROK-Coyote portion of the North ROK Property, an area that was acquired in the spring of 2017 (see news March 13, 2017).  Highlights of the surface sampling program include:

North ROK 2017 Rock Samples

Target

Sample #

Sample Type

Au (g/t)

Cu (%)

O.K. Area

1291536

Grab

10.10

0.72

O.K. Area

1291537

Grab

1.59

0.84

O.K. Area

1277495

Grab

1.75

0.35

O.K. Area

1279438

Grab

0.09

2.19

West Area

1279431

Grab

0.22

4.03

Silver Standard Area

1628006

Float

0.02

8.98

 

Plotting up the historic and recent soil geochemical data (>9,000 samples), has highlighted 7 anomalous areas with >200ppm Cu plus elevated gold in soils. The >200ppm Cu in soils anomalies and the distribution of gold and copper in rock samples characterize a 9km long favorable copper and gold mineralized trend

The areas are:

  • Mabon Area at North ROK,
  • Edon Area (1.5km to the southeast of Mabon),
  • Silver Standard Area (3.0km to the southeast of Mabon),
  • West Area (4.25km to the southeast of Mabon),
  • MFJ Area (4.25km to the east-southeast of Mabon),
  • South Area (6.5km to the east-southeast of Mabon),
  • O.K. Area (6.5km to the east-southeast of Mabon).

2017 Drilling Program

2017 North ROK Drill Results

Hole ID

Total Length (m)

From (m)

To (m)

Interval (m)*

Au (g/t)

Cu (%)

NR17-035

699.0

329.4

383.4

54.0

0.61

0.22

and

 

443.8

631.7

187.9

0.41

0.32

including

 

447.4

477.4

30.0

1.38

0.36

NR17-036

207.0

161.0

207.0

46.0

0.35

0.15

NR17-037

342.0

2.7

21.0

18.3

0.42

0.10

NR17-038

624.4

360.0

466.0

106.0

0.21

0.17

 and

 

490.0

620.4

130.4

0.33

0.17

including

 

548.0

558.4

10.4

1.27

0.44

NR17-039

300.0

No Significant Results

NR17-040

357.0

168.0

200.0

32.0

0.15

0.13

*The intervals reported in this table represent drill intercepts and insufficient data is available at this time to state the true thickness of the mineralized intervals.

Drillhole NR17–035: This borehole targets an untested volume of rock approximately 200 to 350m vertically below a 2013 drill hole, DDH NR13–004. The borehole intersects a well mineralized monzodiorite from 329.4 to 383.4m and from 443.8 to 631.7m. A lower grade late mineral dyke, or volcanic inclusion, cuts the broader mineralized interval and forms a lower grade interval between 383.4 and 443.8m. Strongest gold grades are associated with sheeted grey-quartz-orthoclase veins. 

Drillhole NR17-036:  This drillhole tested a fault window between two 2013 drillholes NR13–013 and NR13–009. The borehole cores a weakly mineralized monzodiorite from the collar of the drillhole to 116.05m where it enters a sequence of intensely pyritic crystal tuffs and sediments. Much of the mineralization within this drillhole is hosted within the tuffs which form the northeast contact of the Mabon stock. Within the sediments the best copper-gold mineralization is associated with sheeted pyritic veinlets with strong chloritic selvedges. This is a generally non-typical site for copper-gold mineralization within the Mabon mineralized environment and suggests that mineralization within the enclosing sediments may be more common than previous believed.              

Drillhole NR17–037: Drillhole NR17-037 was testing for the up-dip extension of mineralization noted in historical drillhole NR14-031. Mineralization is cored from the collar to 21.0m, with copper-gold ratios shifting strongly in favor of gold. If this zone is linked to the historic intersection in NR14-031 than it will have a shallow northeast dip which may leave this zone untested to the southeast.

Drillhole NR17-038:  NR17-038 was drilled approximately 200m below the trace of DDH NR14-005. Much of the monzodiorite intrusion cored below 368m is mineralized with broad zones of moderate copper-gold mineralization separated by short, lower grade intervals. Strongest copper-gold mineralization within this drillhole is associated with well developed magnetite potassium feldspar breccias. Very significantly, relative to DDH NR13-005, mineralization within the host monzonite–monzodiorite intrusions is flaring to the northeast, at depth, with a significantly larger mineralized interval cored in NR17-038 than that cored in NR13-005 located approximately 200m above the trace of NR17–038.

Drillhole NR17-039:  This drillhole was collared approximately 125m north of NR17-037 testing for mineralization tracking a northwest striking, Induced Polarization (I.P.) anomaly. The drill hole failed to return significant results with only minor copper-gold zones associated with intense QSP alteration encountered.  

Drillhole NR17-040:  NR17-40 was drilled approximately 500m northwest of the main resource area, and approximately 200m to the northwest of NR13–024. The drillhole tested an I.P. anomaly beneath 40m thick till cover.  A 32m wide mineralized zone is cored on-strike with the dominant Mabon trend and is associated with well developed, magnetite-potassium feldspar and chlorite breccia’s.


Inferred Resource Estimate

On January 27, 2014 the Company released the results of an inferred mineral resource. North ROK Inferred Resource.

Using a 0.20 % Copper Equivalent cut-off the inferred resource* is 142.3 million tonnes averaging 0.22 % Cu and 0.26 g/t Au containing 690.30 million pounds of copper and 1.19 million ounces of gold as follows:

* Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources estimated will be converted into Mineral Reserves estimate.

**No metallurgical work has been undertaken to establish metal recoveries. For the purpose of developing a copper equivalent and calculating contained metal 100% recovery of both metals is assumed. The reader is cautioned that 100% recovery is never achieved. The metal prices used in the copper equivalent calculation are from a 100 day moving average as of January 27, 2014 and are listed below:

  Factor
Gold (Au)US$ 1318.00 per ounce42.37 $/gm
Copper (Cu)US$ 3.25 per pound71.65 $/%

 

The equation to establish Cu Equivalent is then:
CuEq = (Cu% * 71.65) + (Au g/t * 42.37)
(71.65)

Previous Work

Although considerable exploration has taken place over the years in the area of the North ROK project, the Mabon Minfile occurrence was not identified until 1994 during a regional mapping program conducted by the British Columbia Geological Survey. A single sample taken from the showing during this program returned 0.33 % Cu and 0.42 g/t Au.

In late 2009, Brett Resources Inc. (“Brett”) staked the North ROK claim group as part of an exploration agreement with Kinross Gold Corp. and in 2010 carried out a reconnaissance program over the claims to test for possible extensions of the neighboring ROK Coyote copper-gold system to the north and west. Silt samples coming from Mabon Creek and drainages off the northern end of the ridge east of Mabon Creek yielded anomalous copper, gold and molybdenum values. Rock grabs taken from Mabon showing confirmed the results of the British Columbia Geological Survey sample.

ROK-Coyote- Previous operators

The ROK- COYOTE porphyry copper – gold prospect has been intermittently explored since the late 1960’s. Work on the ROK portion of the property over the years 1976 – 1991  included geological mapping, geochemical surveys, grid-based geophysics (magnetics, IP, and VLF-EM), surface trenching (18 trenches totalling 1,184 m in length), 5 percussion drill holes totaling 293 m and a total of 1,533.7 m of diamond drilling in 17 holes. Work was concentrated on the Main and South Zone targets where trenching in 1990 returned values of 0.45% copper and 0.38 g/t gold over 114 m and diamond drilling in 1990 returned 1.03% copper and 1.54g/t gold over 38.37 m4.

Little exploration was carried out from 1992-2013.  Exploration activity increased in the area with the discovery of the North ROK porphyry in 2013. Five diamond drillholes (2582.15 m), an  airborne magnetic survey and ground based I.P Surveys were completed in 2013 and 2014. The 2013 and 2014 drilling consisted of deep (up to 749 m) near vertical conceptual drillholes.  This drilling did not test the obvious targets on trend of North ROK.


Cautionary Notes

¹Mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral resource estimates do not account for mineability, selectivity, mining loss and dilution. These mineral resource estimates include inferred mineral resources that are normally considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is also no certainty that these inferred mineral resources will be converted to measured and indicated categories through further drilling, or into mineral reserves, once economic considerations are applied. The mineral resource estimate referenced above uses the term “Inferred Mineral Resources”. “Inferred Mineral Resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. The SEC normally only permits issuers to report mineralization that does not constitute SEC Industry Guide 7 compliant “reserves” as in-place tonnage and grade without reference to unit measures. U.S. investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves. Colorado is not an SEC registered company.

Qualified Persons

Dr. Jim Oliver, Ph.D., P.Geo., Company Chief Geoscientist is the Qualifed Person as defined by National Instrument 43-101 who supervised the work program and preparation of the technical data on this webpage.

QA/QC Statement

The 2013 and 2014 samples were analyzed by Acme Analytical Laboratories of Vancouver, British Columbia. Copper values were first determined using the AQ200 ICP-MS method which reports values as parts per million (ppm). Any samples containing greater than 2,000 ppm copper were assayed by the AQ370 method, which reports values as percent copper. The gold results were determined using the FA430 Fire Assay method which reports gold results in ppm and are equivalent to grams per tonne (g/t). The analytical results were verified with the application of industry standard Quality Control and Quality Assurance (QA-QC) procedures.

The 2017 soil and rock samples from the North ROK Property were analyzed by Actlabs Kamloops, British Columbia. Soil samples were prepared by the S1 method, drying (60o C) and sieving (-80 mesh), save all portions. Rock samples were prepared by the RX1, method crush (<7kg) up to 80% passing 10 mesh, riffle split (250g), and pulverized to 95% passing 105 microns, save all portions. Base metal assays were first determined using the total digestion ICP and ICP/MS UT-1 method, which reports results as parts per million (ppm). The gold assays were determined using the 1A2 fire assay method which reports results in ppm and are equivalent to grams per tonne (g/t). Any samples returning greater than 10 ppm gold were analyzed by the 1A3 fire assay method with a gravimetric finish. The analytical results were verified with the application of industry standard Quality Control and Quality Assurance (QA-QC) procedures.

The 2017 drill core samples were analyzed by ALS Global of Vancouver, British Columbia.

Drill core samples- Prep:

-          Crushing entire sample to 70% passing -2mm

-          Riffle split

-          Pulverize better than 80% passing 75 microns

Gold Assays:

-          Fire assay method (Au-AA25) reporting in part per million (ppm) (equivalent to grams per tonne( g/t))

-          Any samples >5 g/t, additional analysis Au-GRA21, fire assay with gravimetric finish

-          Any samples >10 g/t additional analysis Au-SCN21 screen metallic method

-          Samples with coarse visible gold, analyzed using Au-CON01 then Au-SCN21

Base Metals:

-          Analyzed by ME-ICP61 method, reporting in ppm

-          Any analyses that reaches overlimit are reanalyzed by Ore Grade Methods

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