Canaco confirms Colchester mineralization

Junior Canaco Resources (CSE-M) has wrapped up a successful exploration program at the wholly owned Colchester property near Springdale, Nfld.

The Colchester property contains several known copper-gold showings and four historical mines spread over an area measuring 7 km long by 3- m wide. Geologically, mineralization is associated with two high-level, felsic-to-mafic plutons known as Colchester and Coopers Cove, the former of which has an associated mineralized zone hosting drill-indicated resources of 1 million tonnes grading 1.3% copper and minor gold.

Drilling east of the Main zone, Canaco intersected 22.4 metres averaging 0.25% copper, including 2 metres grading 1.39% copper and 0.13 gram gold per tonne. A geophysical survey indicates the possible extension of that mineralization 800 metres to the northeast.

A second hole, collared 400 metres to the south, identified a new horizon, intersecting 22.8 metres averaging 0.24% copper. As well, several samples taken at the nearby Old English mine returned up to 12.3% copper and 2.14 grams gold.

Prospecting and mapping also confirmed mineralization along the eastern faulted margin of the Coopers Cove intrusion. Samples, which were taken from an old trench containing narrow silica-sericite-pyrite mineralization and which is associated with geophysical anomalies, assayed as high as 15.77 grams gold, 16.45 grams silver, 2.27% zinc and 1.51% lead.

Canaco plans to follow with a program of induced-polarization surveys.

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