Colossus Resources Provides Analytical Results from Phase One Prospecting Field Program at its Master Copper Project, Ontario, Canada
Colossus Resources Provides Analytical
Results from Phase One Prospecting Field
Program at its Master Copper Project, Ontario,
Canada
Vancouver, British Columbia--(Newsfile Corp. - January 17, 2023) -
Colossus Resources Corp.
(TSXV: CLUS) ("Colossus" or the "Company") is pleased to provide positive analytical results from
channel sampling during the inaugural prospecting geological field program on its 100% controlled
Master Copper Project ("Master Copper" or the "Project") which was completed in Q4 2022. One
Channel (Samples 81720-81729) returned 1.316% Cu and 0.210 grams per ton ("gpt") Au over 6.9
metres, including 2.565% Cu and 0.419 gpt Au over 3.2 metres.
The Master Copper Property is located 38 km west of Elliot Lake and approximately 90 km east of Sault
Ste. Marie in the Algoma District of Northern Ontario and consists of 15 mining claims (See Figure 1).
The property is accessible via a series of all-weather roads and ATV trails. The Property covers an area
of approximately 1,143 hectares. For Project details, one can refer to the compliant NI 43-101 Technical
Report with an effective date of November 18, 2021 titled
"NI 43-101 Technical Report on the Master
Copper Property, Algoma, Ontario for Colossus Resources Inc."
, which can be found at
www.Sedar.com
.
Figure 1. Master Copper Property Location
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/8652/151514_8cb6be9694246892_001full.jpg
Historical mineralization on the Master Copper property consists of quartz or quartz-carbonate vein
sheets, anastomosed or breccia-weld vein systems mineralized with pyrite, chalcopyrite, specularite,
and occasionally bornite, galena and sphalerite. Colossus with the assistance of Minroc Management
Limited ("Minroc") of Ontario, familiar with and successful at "grass roots prospecting" in the 2022 field
program has compiled available data, worked on geological mapping of any encountered outcrops over
parts of the property and sampled geologically prospective areas and identified veins.
The Minroc prospecting program confirmed that two Cu-bearing vein systems are present on the Master
Copper Property. Both were channel-sampled. The main Master Copper veins, which historically saw
some limited development, appear to have more potential for Cu mineralization than the Gagne Veins.
One channel across the Master Copper veins also returned an appreciable Au interval, the first recorded
on the Property, although other samples returned generally weak Au elevations whether mineralized or
not. (see Figures 2 and 3).
Figure 2. Known mineralized vein trends and potential vein trends based on field observations and
geophysical data
To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/8652/151514_8cb6be9694246892_002full.jpg
The following shows assay highlights (with samples above cut-off values)
UTM E
UTM N
Samp.
L'th m
Description
Au ppm
Cu %
334566
5144858
81555
Grab
0.004
0.552
334566
5144860
81556
Grab
0.003
0.536
334050
5144882
81570
Grab
0.019
1.415
333992.4
5144851
81603
0.3
White qv, most rusty with up to 3 % malachite staining and
crystals, around darker mineral, possibly Fe from Cpy to
malachite transform
0.044
0.821
334066
5144829
81621
0.45
QV with greenish grey patches engulfing med to coarse
20-
30% cpy, bornite? Sharp northern and southern
contacts, qv
slightly topo higher than the adjacent qvs,
contacts oriented
110/70 S, few greenish-buff grey
feldspar/ser veinlets XRF
on duplicate pc: 4.3,8,20 % Cu
and 6,9,18 % Fe
0.016
2.02
334268
5144978
81648
Grab
Qv with 30% med to coarse cpy
0.028
1.515
334269.9
5144941
81675
0.45
Grey qv brecciated, hematite fractures, feldspar/ser
fragments and veinlets, 20% med to coarse cpy, darker
sulphide (specularite) or cpy alteration
0.025
1.415
334269.7
5144940
81676
0.4
Grey qv, brecciated shear at southern contact at 300/80N,
25-30% cpy overall XRF shows Cu, and 2-300 ppm Pd with
some Cd, Massive clot of cpy
0.041
3.63
334402
5144929
81711
Grab
Qv with massive to semi massive sulphides
0.634
7.31
334505
5144882
81712
Grab
0.046
2.93
334397
5144927
81723
0.7
Hematitized qv. Pink, whiite fractures, trace clotty hem, cpy,
py
0.106
0.244
334396.3
5144925
81725
0.7
Blue-grey qv, 2-5 % coarse clotty, cpy, py, hm
1.035
2.13
334396
5144925
81726
0.5
Blue-grey qv, 2-5 % coarse clotty, cpy, py, hm
0.136
2.38
334395.7
5144924
81727
0.7
Blue-grey qv, 2-5 % coarse clotty, cpy, py, hm, 10 cm clot
of semi-massive sulphide from 7.1-7.2 m
0.734
4.31
334395.4
5144924
81728
0.7
Blue-grey qv, 2-5 % coarse clotty, cpy, py, hm
0.032
2.99
334395.1
5144923
81729
0.6
Blue grey qv, 20-30% cpy+py, trace bornite, and malachite
along fractures, semi massive at 8.9-91 m at bottom contact
0.021
0.693
Table A. Samples from Master Copper Property (Cu > 0.5%, Au > 0.1gpt)
As observed on the property, veins often have sharp contacts, steep dip with a west-northwest strike.
Prospecting did not reveal any new mineralized vein systems, and it was not possible to identify the
historic Hoyle or Harbinson mineralized veins in the field. This could easily be a function of outcrop
availability; stripping/trenching and/or drilling may reveal veins in areas that currently lack outcrop. A total
of 212 samples were taken during the prospecting program.
Figure 3. Location of grab and channel samples.
To view an enhanced version of Figure 3, please visit:
https://images.newsfilecorp.com/files/8652/151514_8cb6be9694246892_004full.jpg
The results from the geological prospecting work and relevant analytical sampling results from this initial
work has provided guidance in order to locate and prioritize targets, allowing for the planning of a follow-
up drill program of approximately 1,000-1,200m to be executed in H1 2023. A drill permit application is
in progress with the relevant authorities in Ontario.
ABOUT COLOSSUS RESOURCES CORP
Colossus Resources is a relatively young junior mineral exploration company focused on maximizing
shareholder value through the acquisition, discovery and advancement of high-quality copper - gold
projects in the Americas.
Qualified Person
Technical information in this news release has been approved by Brian H. Newton, P.Geo and a
Qualified Person as defined by National Instrument 43-101. Mr. Newton is a consultant to the Company.
Note: The reader is cautioned that Colossus Resources' projects are early-stage exploration projects,
and reference to existing mines and deposits, or mineralization hosted on adjacent or nearby
properties, is not necessarily indicative of any mineralization on Colossus Resources' properties.
ON BEHALF OF THE BOARD
Charalambos (Harry) Katevatis
|
CEO & Director | 604 836-6667
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
FORWARD-LOOKING STATEMENTS
This news release contains certain statements that may be deemed "forward-looking statements". All
statements in this release, other than statements of historical fact, which address events or
developments that Colossus Resources expects to occur, are forward-looking statements. Forward-
looking statements are statements that are not historical facts and are generally, but not always,
identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects",
"potential", "indicate" and similar expressions, or that events or conditions "will", "would", "may", "could"
or "should" occur. Although Colossus Resources believes the expectations expressed in such forward-
looking statements are based on reasonable assumptions, such statements are not guaranteeing of
future performance and actual results may differ materially from those in forward-looking statements.
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