2022-09-06 06:08:06
Vancouver, British Columbia–(Newsfile Corp. – September 6, 2022) – Colossus Resources Corp. (TSXV: CLUS) (“Colossus” or the “Company”) is pleased to announce that following a successful listing on the TSX Venture Exchange (“TSX-V”) and the subsequent commencement of trading on August 4, 2022, the Company has just commenced its inaugural geological field program on its 100% controlled Master Copper Project (“Master Copper” or the “Project”). 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. The property is accessible via a series of all-weather roads and ATV trails. The Property covers an area of approximately 1,143 hectares.
On Project details, one can refer to the compliant NI 43-101 Technical Report with an effective date of November 18, 2021 and the title “NI 43-101 Technical Report on the Master Copper Property, Algoma, Ontario for Colossus Resources Inc.”, which can be found at www.Sedar.com.
Highlights of the Current Exploration Program
- Detailed review of all available historic data to clearly identify past work locations, historic sample points when possible, DDH collar locations etc.
- A field prospecting, mapping and sampling program to cover the entire property. Coverage by systematic traverses along virtual grid lines. Particular attention will be paid to the examining obvious outcrop and searching for extensions to mineralized veins previously identified and searching for strike extensions of these veins systems.
- A three-man crew comprised of experienced geologists, inclusive of a P.Geo., will carry out this program. Geological services will be provided by Minroc Management Services (“Minroc”) of Ontario, familiar with and successful at “grass roots prospecting”.
- Sampling of mineralized outcrops to be completed as necessary. The Company has budgeted for up to 400 samples to be taken for analytical sampling. Channel sampling will be carried out where feasible with an aim of sampling the entire width of veins and into the surrounding host rock on each side.
- A drone will be used in the field with the crew to investigate access, identify outcrop and to capture visuals of certain areas. If deemed reasonable, an orthophoto of parts of the property can be created. Handheld magnetic susceptibility meter and an XRF unit will be deployed with the field crew. The latter is a unique tool used in the field to provide instant feedback on the presence of mineralization.
- Results from this initial work will provide the required detail to locate and prioritize targets, allowing for the planning of a future follow-up drill program.
Brief Description of the Master Copper Property
The earliest recorded exploration on the Master Copper Property dates back to approximately 1930, although undocumented exploration may have occurred since the 19th Century. The majority of the historic work dates from the early 1940s to the 1970s. A portal and an adit are present on the property; little historic information is available regarding the amount of development underground nor the date or operator. A minimum of 63 diamond drill holes totaling 4,200 m and a number of trenching programs were undertaken, but the low quality of historic data makes it difficult to reconstruct the exact locations of much of this work. More recent, better documented work was completed by prospectors Yvon and Michel Gagne in 2011-14 which included trenching, blasting and “backpack” type drilling.
Recent work by Colossus includes an heli-borne magnetic survey and a ground VLF-EM survey. On December 20th, 2020 Colossus retained Prospectair of Gatineau, Quebec to perform a heli-borne high resolution magnetic survey. The survey was intended to assist with mapping geologic contacts and structural features which may correlate with mineralized vein systems. A total of 250-line kilometers were flown. The survey revealed a number of features which were preliminarily interpreted by Dynamic Discovery Geoscience as follows (see Figure 1 below):
- A highly magnetic north-northwest trending dyke interpreted as part of the Matachewan diabase swarm (~2.45 Ga), and intruded into the Huronian sediments;
- West-northwest trending dykes attributed to the Sudbury event (~1.25 Ga) highlighted by high magnetic intensity that have intruded all rock-types;
- Large expanses of higher magnetic intensity, coinciding with higher topography, interpreted to represent Nipissing diabase sills (~2.15 Ga) that have intruded the Huronian sediments.
- West-northwest trending linear magnetic lows interpreted to represent potentially copper-mineralized quartz veins.
Figure 1 Geological interpretation of the heliborne total field magnetic survey. From Dynamic Discovery Geoscience
In April of 2021, Colossus retained DPE Exploration Ltd of Massey, Ontario to perform a ground VLF geophysical electromagnetic survey over portions of the property. A total of 55 km of the ground geophysical survey was completed at 100 m line-spacings with readings every 25 m. The objective of the survey was to verify known copper mineralization trends on the property and to search for potential strike extensions and parallel vein systems. The transmitter station at Cutler, Maine (NAA) was utilized as the VLF signal source. See Figure 2 below for VLF interpreted conductors and also known Cu mineralization locations.
Figure 2 VLF conductors with known mineralization locations. From DPE Exploration
A preliminary interpretation was completed, and findings were summarized as follows. VLF anomalies are visible in the data over known mineral copper-sulphide occurrences. Applying this model to the rest of the property revealed numerous other linear anomalies, broadly parallel to the Master Copper vein. A cluster of east-west conductors in the northeast of the Property are of particular interest since there is little to no historic exploration work in this area.
The current field program will investigate this unexplored target area in detail. During the site visit for the recently written 43-101 report fifteen grab and two chip samples were taken from quartz veins seen in the Gagne trenches and outcrops on the main Master Copper vein trend, and two parallel veins to the southwest. Confirmatory assays taken from the Master Copper vein include 1.45% Cu and 0.83 g/t Au (sample w708681). Assays from one of the parallel veins (possibly the Werner Lake Mines vein) include a value of 5.04% Cu (sample w708675). All data are detailed in the November 2021 NI 43-101 Technical Report.
Conclusion
The property has not been adequately mapped and prospected in detail, Colossus with the assistance of Minroc in the current field program will compile data, and create a map, of any outcrop encountered and sampled. Several known Cu-mineralized vein systems are present on the property. Their lateral extensions have not been explored or sampled in detail and are high priority targets. The Company believes that an initial exploration program should be carried out in advance of any drilling to better delineate the mineralized veins systems on the property. Grab and channel samples can be taken from existing exposures and any new outcrops exposures that are uncovered. Results from this initial work will provide the required detail to locate and prioritize targets, allowing for the planning of a future follow-up drill program. Figure 3 below indicates among others, the current field exploration program target areas.
Figure 3 Target areas in 2022 summer field program
ABOUT COLOSSUS RESOURCES CORP
Colossus Resources is a 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
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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.