Another Colorado Resources?
Management from Revolver Resources got in touch with me after the latest drill results from Colorado Resources (CXO-V). They sent me a map showing Colorado’s intended drill program is approaching their southern boundary.
(Click on image to enlarge)
Colorado Resources was the company that released interesting drill results on April 25th, 2013 and promptly shot up from $.16 to $1.74. Colorado released more results a week ago and the price of the shares came back closer to earth closing at $.84 on June 13. Their first hole showed 242 meters of .63% copper and .85 g/t gold. Later drill holes came in at .40% copper and .5 g/t gold over 205 meters.
Imperial Metals is building a mine at Red Chris 15 km to the Southeast on tread with both Colorado and Revolver. Red Chris shows just over 300 million tons at .359% copper and .274 g/t gold.
After seeing the drill results from Colorado and subsequent share action, Revolver was quick to cut a JV with Pistol Bay Mining, owner of the Summit B property on trend with Colorado and just on the north boundary of Colorado Resources’ North Rok project. Colorado Resources has just announced a 5000-meter drill program that takes them to their border with the Summit B project JVed by Revolver.
Revolver Resources has about $300,000 in cash and a market cap as of today of just $750,000. It’s been said that close only counts in horseshoes and hand grenades but in this case, close may be good enough.
Revolver is not an advertiser. I have participated in a PP last December, before this project came up. I am biased as I own shares.