Vancouver – TheNewswire - June 28, 2023 – Colossus Resources Corp. (“Colossus” or the “Company”) (TSXV:CLUS) is pleased to announce that the Company has resumed trading, as of today, June 28th, 2023 and provides a corporate update on the status of its activities in recent weeks.  

First Phase Exploration Drilling Completed at the Master Copper Project, Ontario, Canada

Colossus has completed the first phase of a planned exploration drilling program over targets selected during the H2 2022 prospecting program, results of which were announced on a corporate News Release dated, January 17, 2023. The current drilling program at the Master Copper project consisted of four (4) relatively shallow, inclined, diamond core (DDH) holes, totaling 416 metres, covering a 400-metre strike length of fertile vein systems, as seen on Figure 1 below. Mineralization was observed in all holes (for an example, see Figure 2) and 103 samples have been collected. The presence of Copper was confirmed in the field using a portable XRF scanner. Samples have been submitted for assaying and analytical results will be released once available.

 

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Figure 1: Map of the completed DDH from this drill program, highlighting approximate quartz vein trends based on surface and DDH observations.

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Figure 2: Semi-massive, brecciated pyrite and chalcopyrite in a quartz vein. In hole MC-23-02, approximately 90m depth along the hole (drilled inclined at 45 degrees).

 

Mineralization on the Master Copper property consists of west-northwest oriented quartz or quartz-carbonate vein sheets, anastomosed or breccia-weld vein systems mineralized with pyrite, chalcopyrite, specularite, and occasionally bornite, galena and sphalerite. These veins are hosted by Cobalt group sediments consisting of Gowganda formation conglomerates, siltstones and hematized sandstone, and are common to the North Shore of Lake Huron, between Sault Ste. Marie and Espanola. As observed on the property, veins often have sharp contacts, steep dip with a west-northwest strike.

 

Update on the Transaction for the Acquisition of the Calvario – Mirador Copper Porphyry Projects in Chile

On April 5, 2023, Colossus announced that it has entered into a Letter of Intent (the “LOI”) dated April 4, 2023 with arm’s-length parties Austral Gold Limited and its subsidiaries Minera Mena Chile Ltda and Revelo Resources Corp. to acquire an undivided 100% interest in the Calvario and Mirador projects in the Republic of Chile (the “Transaction”). As part of this Transaction, Austral Gold will become the biggest single shareholder of Colossus. Please refer to the corporate News Release (dated April 5, 2023) for details about the Transaction and the projects.

Recent activities by Colossus in relation to this acquisition, include:

• Successful completion of technical and property due diligence, including an independent title opinion.  

• Completion and signing of an amendment to the LOI, to extend the deadline for the execution of relevant Definitive Agreements from May 30 to July 31, 2023. Discussions between the parties as well as drafting of such documentation are in progress. 

• Completion of a comprehensive NI 43-101 Technical Compliant Report for the Calvario – Mirador Projects by independent QPs (see example photo from the report as Figure 3 below). The report is currently under review by the regulators. Subject to final edits and approvals, it will be filed at Sedar.com in due time.  

 

It must be noted, that till Definitive Agreements have been signed and submitted to TSX-V, the Transaction remains subject to all applicable regulatory approvals, including acceptance by the TSX-V Exchange.

 

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Figure 3: Outcrop or rocks demonstrating intense argillic alteration and veinlets of type C and D, typical of a copper porphyry system, with a panoramic view of the northern hydrothermal zone of the Mirador project.

 

The Calvario and Mirador projects are located approximately 80 km northeast of the coastal city of La Serena in the Coquimbo Region of central-northern Chile in South America along the prolific Paleocene belt. The exploration targets within the projects are primarily porphyry Copper (+/- Molybdenum, +/- Gold) fertile systems, located within large structurally controlled, hydrothermal alteration zones of size (approximately 6.0 km x 1.0 km at Calvario and 7.0 km x 3.0 km at Mirador). With limited historical exploration work performed till 2015, including shallow scouting drilling at Calvario, (while Mirador was never tested by drilling), high quality geological, geophysical and geochemical targets/signatures over the Calvario – Mirador projects, represent an important strategic land acquisition for the Company.

 

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

A) Brian H. Newton, P.Geo and a Qualified Person as defined by National Instrument 43-101, as far as the Monster Copper Project is concerned, and by,

B) Marco Carrasco G, Reg. N° 400, and Igor Collado, Reg.  N° 336, Comisión Minera de Chile, Qualified Persons as defined by National Instrument 43-101, as far as the Calvario – Mirador Projects are concerned.

 

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

    

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.