WEST KELOWNA, BRITISH COLUMBIA--(Marketwired - Dec. 20, 2013) - COLORADO elements LTD. (TSX challenge:CXO) ("Colorado" or the "enterprise") and SnipGold Corp. (TSX venture:SGG) ("SnipGold") are comfortable to announce they've entered into an choice contract, the place Colorado has the right to purchase up to an eighty% activity within the southeastern quarter of SnipGold's Iskut Property. The optioned enviornment, which encompasses 6,745 ha and comprises the Khyber flow, Sericite Ridge, Inel and Pyramid Hill copper-gold mineral occurrences, may be explored collectively with an adjoining area of 22,201 ha recently got by Colorado.
When taken together, these two areas (mutually referred to as the "KSP Property", (see connected determine), will encompass 38 Minfile mineral occurrences and canopy approximately 300 km2. The KSP Property is discovered approximately 15 km along strike to the southeast of the past producing Snip Mine which, from 1991-1999, produced over 1 million ounces of gold at a recovered head grade of 24.5 g/t Au (BC Minfile).
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At Khyber move, SnipGold has mentioned exploration work from 1983-1990 outlined an open-ended, four hundred m wide x 1,200 m lengthy gold in soil anomaly. Of the 1,100 soil samples taken, the typical assay outcomes changed into 810 ppb Au with individual samples returning assays as much as 60 g/t Au. a total of 29 short drill holes totaling three,241 m have been achieved in 1985, 1987 and 1990. These holes had been drilled in distinctive orientations over three small aims, each measuring below one hundred fifty m x a hundred and fifty m. Drill gap GO85-three again 74.7 m of 2.19 g/t Au and KB87-17, lower back sixty one.3 m of 1.83 g/t Au. greater grade intercepts encompass drill hole GO85-three which lower back three m of 9.5 g/t Au).
Sericite Ridge and Pyramid Hill can be found between 2-7 km east of Khyber pass and canopy giant alteration systems with enormous copper and gold values.
At Inel, exploration work from 1980-1991 peaked in 1988 with 570 m of underground building and fifty four underground drill holes totaling 4,258 m which confirmed the invention zone. inside the centre component to this zone, underground drill hole U88-three lower back four.1 m of 26.37 g/t Au (BC Minfile).
historic technical statistics imply that the KSP Property has first rate expertise to host each high grade gold as well as bulk tonnage copper-gold mineral programs. SnipGold and Colorado now handle more desirable than 90% of the customary mineral occurrences within a 600 km2 district of very excessive mineral competencies.
The alternative settlement includes combination money funds by Colorado of $500,000 ($50,000 on signing) and exploration work commitments of $6,000,000 ($500,000 in 12 months one), over a 4-year duration to earn an preliminary fifty one% activity ("initial interest"). Colorado may additionally earn an additional 29% interest through making additional work commitments of $4,000,000 (the "further pastime"). Upon Colorado buying an initial activity, the events will kind a conventional, taking part joint-assignment under which should still either party dilute their pastime below 15%, that birthday party's interest might be decreased to a 1.5% NSR, one-half of which can be purchased for $2,000,000.
discipline to TSX venture change ("change") approval, Colorado has agreed to make contributions $a hundred and fifty,000 in a SnipGold fairness financing on a non-brokered deepest placement basis in response to policies of the trade.
Adam Travis, President and CEO of Colorado materials, pointed out "Snipgold's founders are to be commended for assembling one of the most huge mineral landholdings in northwestern British Columbia. Exploring the KSP Property suits neatly with our group's technical electricity. Our deliberate exploration software will be aided each by new geological fashions developed within the Kerr Sulphurets Camp by each Seabridge Gold Inc. and Pretium resources Inc. as well as by fresh infrastructure building which has introduced roads and power strains to the enviornment's doorstep. We seem ahead to an exciting 2014 container season, one during which we plan to continue to develop exploration on the North ROK Property as well as undertake preliminary exploration on the KSP Property with a view to prioritizing a lot of goals for future drilling. Colorado is presently funded to meet both of those exploration pursuits for the 2014 box season."
SnipGold's CEO John Zbeetnoff reports, "i am very joyful to enter this contract with Colorado. Colorado is neatly funded and their technical crew has proven exploration knowledge that, I believe, will advantage shareholders of both agencies. This alternative agreement marks the first transaction that offers SnipGold the chance to advance a element of our Iskut Property with significant expenses while, maintaining minimal share dilution. SnipGold will proceed to are seeking further strategic alliances through different earn-in preparations or undertake exploration via self-funded work classes on the remaining portions of its huge land equipment."
qualified person
Dr. Jim Oliver, Ph.D, P.Geo. is the qualified person as described via country wide Instrument 43-one zero one who supervised the practise of the technical information during this news free up.
About Colorado
Colorado is engaged within the enterprise of mineral exploration for the intention of buying and advancing mineral residences determined in Canada and is also aggressively in search of nice residences in the US southwest and Latin the usa.
Colorado's existing exploration focal point is the advancement of its 100% owned North ROK property, observed 15 kms northwest of the pink Chris mine building, in northern British Columbia.
About SnipGold
SnipGold Corp. is a Canadian junior exploration business concentrated on the exploration and enlargement of gold components in northwest British Columbia. SnipGold's board and management have big journey in both the invention and construction of gold projects.
ON BEHALF OF THE BOARD OF administrators OF COLORADO elements LTD.
Adam Travis, President and Chief government Officer
NR 13-21
Cautionary note related to ahead-searching Statements
This news liberate incorporates forward-looking information inside the that means of Canadian securities legal guidelines. Such suggestions contains, devoid of issue, counsel related to proposed exploration activities. youngsters the enterprise believes that such information is reasonable, it may give no assurance that such expectations will prove to be proper. ahead-searching information is usually identified by using phrases similar to: consider, expect, expect, intend, estimate, postulate and equivalent expressions, or are those, which, through their nature, seek advice from future events. The enterprise cautions traders that any ahead-looking counsel provided by means of the business isn't a guarantee of future results or efficiency, and that specific consequences may additionally range materially from these in ahead-searching tips as a result of various elements, including, however not restricted to, the state of the financial markets for the enterprise's equity securiti es, the state of the marketplace for gold or different minerals that may be produced generally, contemporary market volatility; adaptations within the nature, excellent and amount of any mineral deposits that can be found, the business's capacity to reap any crucial makes it possible for, has the same opinion or authorizations required for its actions, to raise the essential capital or to be totally in a position to put into effect its company recommendations and other hazards associated with the exploration and development of mineral homes. The reader is spoke of the company's reviews filed on SEDAR at www.SEDAR.com for a extra complete dialogue of such risk components and their knowledge effects.
Neither the TSX assignment exchange nor its legislation capabilities issuer (as that term is defined within the policies of the TSX undertaking exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact:Colorado supplies Ltd.Adam TravisPresident and Chief government Officer(250) 768-0849(250) 768-1511Toll Free: (855) 768-1511www.coloradoresources.comSnipGold Corp.John ZbeetnoffChief government Officer(604) 681-3557(604)681-3989www.snipgoldcorp.com
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