by Greg Klein | January 27, 2014
Just over nine months after reporting North ROK’s phenomenal first hole Colorado Resources TSXV:CXO delivered its maiden resource on January 27—but to an indifferent market. Using a 0.2% copper-equivalent cutoff, the inferred resource shows 142.3 million tonnes averaging 0.22% copper and 0.26 grams per tonne gold for 690.3 million pounds copper and 1.19 million ounces gold.
So far 29 holes have been sunk, with 18 holes hitting mineralization over a 700-metre strike.
Last April, when North ROK’s very first hole hit 0.51% copper and 0.67 g/t gold over 333 metres, the company set stratospheric expectations. In less than a month Colorado Resources shot from $0.16 to a 52-week high of $1.74. Other companies crowded in, setting off an area play near the northwestern British Columbia discovery, about 15 kilometres from Imperial Metals’ TSX:III Red Chris mine, scheduled to begin copper-gold production this year.
But by late May and especially last June, investors expressed disillusion with Colorado. The sentiment stuck as subsequent assays fell short of phenomenal. Apathy greeted the January 27 resource announcement as the company opened at $0.26, briefly touched $0.275, dropped to $0.24 and settled on a $0.25 close.
Still, whether in effort to repeat past glory or meet more realistic hopes, work continues. “Taking into account that the main zone is still open and that many alkalic porphyry copper-gold deposits occur in clusters, we hope to continue to increase this resource in 2014,” said president/CEO Adam Travis.