Thursday 27th October 2016

Resource Clips

North ROK rocks the market

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Colorado Resources’ copper-gold discovery heats up B.C.’s Golden Triangle

Colorado Resources’ chart for the month ending
May 6, 2013, shows the stock’s dramatic ascent.

The 1,394-hectare property saw “a lot of soil sampling and grab samples in 2010 and what we did was quite interesting. There were good numbers like 17.9 grams per tonne gold with 18.5 grams per tonne silver, a 10.9-gram-per-tonne gold sample with 15.9 grams per tonne silver, and a pretty good-sized trend there. We’ve identified three zones but the most southerly zone is probably three by 700 metres or so. So it’s looking pretty interesting.”

Pistol Bay also holds the Summit A and D blocks, over 7,000 hectares adjacent to Imperial Metals’ Red Chris copper-gold project, a potential open pit which could spend 28 years mining reserves of 301 million tonnes averaging 0.359% copper and 0.274 g/t gold.

Summit A and D have also been revitalized, Desjardins points out. “We’re looking at everything right now. We got all the historic government mag data that was done probably in the 1990s. Usually government mag spacing is three, four hundred metres but this stuff was quite tight and quite valuable. So we’re looking at all that right now.” Work will follow in spring or early summer, he adds.

On Pistol Bay’s C5 uranium project in Saskatchewan, meanwhile, assays are pending from six holes totalling 2,760 metres sunk by the JV partner, a Rio Tinto subsidiary. South of C5, Pistol Bay has optioned its C3 property to Actus Minerals TSXV:AAC. Desjardins says Pistol Bay management and geos like C3 even better than C5. “I wouldn’t mind getting it back, but it’s nice to use other people’s money too,” he says.

[The Summit Lake B property is] definitely a project that needs to be worked right now, with the signatures that the Colorado guys have shown us.—Charles Desjardins,
president/director of
Pistol Bay Mining

As for Summit B, Desjardins isn’t yet sure whether his company will finance the project itself or JV it. “But it’s definitely a project that needs to be worked right now, with the signatures that the Colorado guys have shown us.” Like Teuton’s Assaly, Desjardins says his phone’s been flooded with calls.

The North ROK news diverted Serengeti Resources TSXV:SIR from its flagship Kwanika copper-gold deposit in central B.C. long enough to stake Red Chris North. Announced May 1, the 5,675-hectare property sits eight to 10 kilometres north of Colorado’s discovery. It features a “strong gold-copper in-stream sediment geochemical anomaly from Geoscience B.C.’s northern B.C. dataset, as well as coincident magnetic anomalies from the Geoscience B.C. Quest NW airborne geophysical survey with geological settings favourable for porphyry-style copper-gold mineralization,” according to Serengeti.

That same day the company also reported staking the 2,469-hectare Smoke property contiguous with its Kwanika East property and the 2,078-hectare Rottacker property, contiguous with the southeastern part of Kwanika itself.

Bordering Imperial Metals’ Red Chris project to the northwest, the 6,891-hectare ROK Coyote property bounced back to Firesteel Resources TSXV:FTR last January after an option with Lions Gate Metals TSXV:LGM fell through. Historic work at the copper-gold project includes 18 trenches totalling 1,184 metres and 19 shallow holes for 1,792 metres. Lions Gate, however, has since turned to another hot area with a March option on the Whitford Lake uranium project in the Athabasca Basin.

Nevertheless, the Red Chris area competes even with North ROK for Colorado Resources’ attention. The company’s determined to drill out the rest of a 1,500-metre program at its Eldorado project, which features copper-gold showings about seven kilometres along strike with the Imperial Metals deposit. Colorado picked up a 75% option on the property last October from Sunrise Resources TSXV:SHI.

Back in November, Colorado president/CEO Adam Travis stated, “I have been working in the Red Chris area now for over 25 years and am confident that this untested geophysical anomaly is one of the better alkalic copper-gold porphyry drill targets I have seen, given its location and geological setting next door to Red Chris.”

But now the market’s mostly focused about 15 kilometres west, the site of North ROK.

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