Trading Symbols: GTP - (TSX-V)
P01 - (FRANKFURT)
COLTF - (OTCQX)
MONTREAL, Feb. 22 /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 11 holes from its ongoing drilling campaign at its Tabuaço (São
Pedro das Aguias) tungsten project, located in the Company's wholly
owned Armamar-Meda concession in northern Portugal.
These results represent both resource confirmation drilling at
the main Tabuaço resource area and regional exploration to test a
previously identified zone that is known to outcrop at Quinta das
Herédias, approximately 200 metres to the southeast of Tabuaço.
In addition, a scout drill hole (DHT-49) recently completed by
Colt Resources to test a soil geochemical anomaly at Quinta da
Aveleira, approximately 750 metres northwest of the Tabuaço
resource area, has intersected previously undiscovered, scheelite
mineralized skarn horizons similar to those intersected at Tabuaço.
These represent a grey metasomatized main unit and a pink/green
banded lower unit in proximity to a granite contact. Although assay
results for this new mineralization are still pending, Colt
believes that this new discovery may represent an opportunity to
significantly increase resources.
The collection of bulk samples using large diameter core to
allow more detailed metallurgical testwork to improve recoveries
and assist in designing optimal processing methods has also
commenced. Colt announced the initial NI 43-101 estimate for the
Tabuaço deposit in November 2011
(Press Release November 7th,
2011).
Nikolas Perrault, President and
CEO of Colt, stated, "The discovery of a new zone of mineralization
provides a strong indication that the Tabuaço deposit will grow. We
are very pleased with this latest development and look forward to
being able to release results as soon as possible."
These results are part of an ongoing drilling program designed
to provide data on the internal grade and structural consistency of
the main Tabuaço skarn hosted tungsten deposit and to test
extensions and nearby mineralized skarn horizons with similar
characteristics to the main deposit.
The results are highlighted as follows:
Tabuaço main resource area
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From (m) To (m) Grade % WO3 Interval (m) True Width (m)*
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Drill hole DHT-31 (Inclined -60 degrees to 126 degrees) - 180.20m deep
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121.60 134.60 0.29% 13.00 10.93
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Including 122.60 128.60 0.49% 6.00 5.88
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139.00 156.20 0.41% 17.20 14.46
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Including 147.75 154.75 0.74% 7.00 5.88
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Drill hole DHT-34 (Inclined -55 degrees to 030 degrees) - 79.85m deep
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30.70 35.10 0.89% 4.40 4.22
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42.80 47.80 0.55% 5.00 4.80
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Drill hole DHT-36 (Vertical) - 163.35m deep
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65.25 71.25 0.31% 6.00 5.64
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124.33 131.10 0.52% 6.77 6.36
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Drill hole DHT-37 (Vertical) - 102.60m deep
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79.10 80.10 0.54% 1.00 0.94
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Drill hole DHT-38A (Vertical) - 65.50m deep
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19.95 25.40 0.46% 5.45 5.12
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Drill hole DHT-39A (Inclined -73 degrees to 300 degrees) - 171.00m deep
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125.45 132.90 0.38% 7.45 6.88
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137.50 140.80 0.42% 3.30 3.05
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Drill hole DHT-40 (Vertical) - 108.35m deep
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84.70 88.05 0.22% 3.35 3.15
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Drill hole DHT-41 (Vertical) - 221.45m deep
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155.00 156.0 0.58% 1.00 0.94
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Drill hole DHT-46 (Vertical) - 61.90m deep
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13.25 16.40 0.73% 3.15 2.96
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21.40 24.40 0.45% 3.00 2.82
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Quinta das Herédias area
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Drill hole DHT-42 (Vertical) - 61.20m deep
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10.45 11.50 0.11% 1.05 0.99
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Drill hole DHT-44 (Vertical) - 68.60m deep
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23.60 25.20 0.24% 1.60 1.51
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* True Width was determined assuming the mineralization has an average
strike of 315 degrees and an average dip of-20 degrees.
Quality Assurance / Quality Control (QA/QC)
Sample intervals are reported as both metres (m) downhole and as
true thickness, which have been calculated using cross sectional
interpretation of the mineralized intercepts in three dimensions.
The actual dip of the skarn controlled mineralization is generally
shallow with an average dip of-20 degrees.
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 scheelite content by examination under short-wave UV-light. One
half of the core is sent for analysis, while the other half is
retained in the core boxes for future reference.
Samples are sent by courier to ALS Laboratory Group,
Seville, Spain. Samples are
analyzed for W and Sn using a metaborate fusion followed by XRF.
Assay results for tungsten are reported by the laboratory as W%.
WO(3) values are calculated using a conversion factor of
1.2611.
A set of standards, duplicates and blanks is 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.
SOURCE COLT RESOURCES INC.
PDF with caption: "Tabuaço Exploration Summary". PDF available
at:
http://stream1.newswire.ca/media/2012/02/22/20120222_C6279_DOC_EN_10297.pdf
Copyright . 22 PR Newswire
