Trading Symbols: GTP - (TSX-V)
P01 - (FRANKFURT)
COLTF - (OTCQX)
MONTREAL, Jan. 18 /PRNewswire/ - Colt Resources Inc.
("Colt" or the "Company") (TSXV: GTP) (FRA: P01) (OTCQX: COLTF) is
pleased to announce that it has received final analytical results
for the first four holes of its ongoing drilling campaign on its
Boa Fé gold project, located within the Company's 100% owned Boa Fé
Experimental Mining License ("EML") in southern Portugal.
Colt's initial work program is designed to confirm and expand
upon extensive historical drilling and trenching performed by
previous operators. The results of this initial phase of drilling
will form the basis for an initial NI 43-101 resource estimate
covering several previously drilled gold bearing deposits within
the Boa Fé EML which is to be published by mid 2012.
The results are highlighted as follows:
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Drill hole BFCH-11-001 (Vertical) - 58.74m deep
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From (m) To (m) Grade g/t Au Interval (m)*
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7.20 8.95 15.77 1.75
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Drill hole BFCH-11-002 (Inclined -45o to 084) -190.05m deep
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From (m) To (m) Grade g/t Au Interval (m)*
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27.00 43.40 9.98 19.40
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(Including) 43.40 46.40 45.07 3.00
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54.35 64.20 11.02 9.85
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(Including) 58.55 62.20 15.53 6.85
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Drill hole BFCH-11-003 (Vertical) - 51.14m deep
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No significant mineralization
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Drill hole BFCH-11-004 (Vertical) - 50.84m deep
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From (m) To (m) Grade g/t Au Interval (m)*
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7.85 33.36 2.93 25.51
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(including) 24.24 32.36 7.42 8.12
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* True Width has not been determined at this time.
Nikolas Perrault, President and
CEO of Colt, stated, "We are delighted with these extremely
positive initial results which give us a good degree of comfort on
the quality of the database we obtained as part of our acquisition
of this concession. Our exploration and mine development teams have
been given clear instructions to fast track these projects towards
the mining phase and these initial results go a long way in
supporting us in this decision".
Program Strategy
The company has commenced the implementation of an aggressive
advanced stage exploration campaign consisting of a combination of
vertical and inclined drill holes positioned to confirm previous
drilling results at the Chaminé and Casas Novas deposits. This work
will greatly expand the geological, geotechnical and metallurgical
knowledge base. Our geological team is testing the geological
models proposed by previous operators so as to move forward with
increased confidence towards resource delineation and mine
development. High priority regional targets identified through
field prospecting will also be tested.
Quality Assurance / Quality Control (QA/QC)
Sample intervals are reported as metres (m) downhole and as such
do not represent true width. The actual orientation of the gold
mineralization is yet to be determined.
All drill core is transported by Company personnel from drill
site to a nearby secure storage facility for logging and sampling.
Sampling intervals are defined after core logging and determination
of probable high grade zones based on visible mineralisation and
favourable structure. One half of the core is sent for analysis,
while the other half is retained in the core boxes for future
reference.
All samples are sent by courier to ALS Chemex's facility in
Seville, Spain, where they undergo
sample preparation. The resulting pulps are shipped by ALS to their
laboratory in Romania for gold
assay and routine ICP multi-element analysis. Gold analysis for all
samples is done via method "Au - AA23" (Au by fire assay and AAS,
30g nominal sample weight). The detection limit for this method is
5 ppb. For every sample with Au values over 3 ppm, the pulp is
re-analyzed by method "Au - GRA21" (Au by fire assay and
gravimetric finish, 30g nominal sample weight). The detection range
for this method is 0.05-1000 ppm
A set of standards and blanks has been inserted by Colt into the
sample stream on a regular basis in addition to the laboratory's
own internal QA/QC standards and duplicates. QA/QC results to date
are well within the accepted norm.
About Colt Resources Inc.
Colt Resources Inc. is a Canadian junior exploration company
engaged in acquiring, exploring, and developing mineral properties
with an emphasis on gold and tungsten. It is currently focused on
advanced stage exploration projects in Portugal, where it is the largest lease holder
of mineral concessions.
SRK ES Director - Gareth O'Donovan CEng MSc BA (Hons) FIMMM FGS,
is the independent qualified person, as defined in NI 43‐101, for
Colt's projects in Portugal. Mr.
O'Donovan has reviewed the content of this press release, and
consents to the information provided in the form and context in
which it appears.
The Company's shares trade on the TSX‐V, symbol: GTP; the
Frankfurt Stock Exchange, symbol: P01; and, the OTCQX, symbol:
COLTF.
FORWARD-LOOKING STATEMENTS: Certain of the information contained
in this news release may contain "forward-looking information".
Forward-looking information and statements may include, among
others, statements regarding the future plans, costs, objectives or
performance of Colt Resources Inc. (the "Company"), or the
assumptions underlying any of the foregoing. In this news release,
words such as "may", "would", "could", "will", "likely", "believe",
"expect", "anticipate", "intend", "plan", "estimate" and similar
words and the negative form thereof are used to identify
forward-looking statements. Forward-looking statements should not
be read as guarantees of future performance or results, and will
not necessarily be accurate indications of whether, or the times at
or by which, such future performance will be achieved.
Forward-looking statements and information are based on information
available at the time and/or management's good-faith belief with
respect to future events and are subject to known or unknown risks,
uncertainties, assumptions and other unpredictable factors, many of
which are beyond the Company's control. These risks, uncertainties
and assumptions include, but are not limited to, those described
under "Risk Factors" in the Company's revised annual information
form dated April 20, 2011 available
on SEDAR at www.sedar.com and could cause actual events or results
to differ materially from those projected in any forward-looking
statements. The Company does not intend, nor does the Company
undertake any obligation, to update or revise any forward-looking
information or statements contained in this news release to reflect
subsequent information, events or circumstances or otherwise,
except if required by applicable laws.
Neither the 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.
To view the maps, follow the links below:
http://files.newswire.ca/357/boa-fe.docx
http://files.newswire.ca/357/Chamine.docx
SOURCE COLT RESOURCES INC.
Copyright . 18 PR Newswire
