Trading Symbols: GTP - (TSX-V)
P01 - (FRANKFURT)
COLTF - (OTCQX)
MONTREAL, Feb. 28 /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 five holes from the ongoing drilling campaign on its Boa Fé
gold project, located within the Company's 100% owned 47Km2 Boa Fé
Experimental Mining License (EML) in southern Portugal. The Boa Fé EML is completely
surrounded by the Company's 100% owned (732Km2) Montemor
exploration concession.
The results are highlighted as follows:
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Drill hole BFCH-12-002 (Vertical) - 51.25m deep
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No significant mineralization
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Drill hole BFCH-12-003 (Vertical) - 53.60m deep
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From (m) To (m) Grade g/t Au Interval (m)*
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20.80 34.30 4.23 13.50
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(Including) 30.80 34.30 7.71 3.50
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Drill hole BFCH-12-005 (Vertical) - 55.90m deep
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No significant mineralization
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Drill hole BFCH-12-006 (Vertical) - 75.20m deep
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From (m) To (m) Grade g/t Au Interval (m)*
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26.75 34.76 1.88 8.01
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Drill hole BFCH-12-007 (Vertical) - 55.45m deep
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No significant mineralization
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* True Width has not been determined at this time.
Nikolas Perrault, President and
CEO of Colt, stated, "As positive results continue to arrive, we
are confident that our team is developing a firm understanding of
this deposit which will support an acceleration of the aggressive
exploration campaign already underway designed to confirm and
expand the potential of this project."
Program Strategy
Gold mineralization has been identified in several shallow
deposits along a shear zone that extends over some 30 Kilometers
along strike (Figure 1). Previous drilling (Figure 2) was focussed
on the highest grading portions of gold anomalies that closely
follow the regional shear. The mineralisation style interpreted in
the current model (Figures 3a and 3b) is associated with shears at
low-angle to the regional shear direction (S1, S2, T and R)
developed due to contrasts in competency between granitic and
silica-rich units with pelitic schist within the main regional
shear zone. Where conjugate sets of shears (i.e. S1 and S2 with T)
the best development of mineralisation occurs. Conjugate sets of
mineralisation may occur anywhere within the regional shear zone
and are not restricted by depth. Minimal drilling has been
performed to test depth extensions below an average of 100 metres
or along strike between known mineralized deposits. Given the shear
zone style of mineralization and extensive gold anomalies in soils,
there is good potential to build upon previous work that supported
several non NI43-101 compliant resource estimates that range from
150koz to 550koz of gold as defined over the period 1991-2008 (see
press release March 7, 2011).
Colt will continue to test its current ideas on structural
interpretation against previous models and aim to finalize a 3D
model that incorporates the concept of conjugate shear orientations
reinforcing each other and leading to higher grades of gold
mineralization. The company will continue its aggressive advanced
stage exploration campaign consisting of a combination of vertical
and inclined drill holes positioned to confirm previous drilling
results at Casas Novas, Ligeiro, Braços and Banhos deposits and
investigate the gaps between Chaminé-Casas Novas and
Chaminé-Ligeiro to increase resource potential. Results currently
being interpreted from geophysical exploration (resistivity and
seismic orientation surveys across Chaminé) will greatly assist in
advancing targets in the gap areas. High priority regional targets
identified through field prospecting will also be tested. The
results of this phase of work will form the basis for an initial NI
43-101 compliant resource estimate to be prepared later in 2012
covering several previously drilled gold bearing deposits within
the Boa Fé EML.
Quality Assurance / Quality Control (QA/QC)
Sample intervals are reported as metres (m) down hole and as
such do not represent true widths of mineralized intersections. The
morphology 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.
SOURCE COLT RESOURCES INC.
PDF with caption: "Boa Fé Gold Project". PDF available at:
http://stream1.newswire.ca/media/2012/02/28/20120228_C7977_DOC_EN_10504.pdf
Copyright . 28 PR Newswire
