Trading Symbols: GTP - (TSX-V)
P01 - (FRANKFURT)
COLTF - (OTCQX)
MONTREAL, March 26 /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
corresponding to four recently completed drillholes from the
ongoing drilling and trenching 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 from the Chaminé, Ligeiro and Casas Novas deposits
are highlighted as follows:
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Chaminé Deposit
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Drill hole BFCH-12-010 (Inclined -55(degrees) to 085(degrees)) -
288.15m long
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From (m) To (m) Grade g/t Au Interval (m)*
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106.50 118.24 6.78 11.74
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(Including) 114.82 118.24 8.23 3.42
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And 128.93 134.38 2.61 5.45
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Drill hole BFCH-12-012 (Vertical) - 63.00m long
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From (m) To (m) Grade g/t Au Interval (m)*
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31.50 47.98 4.11 16.48
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(Including) 43.32 47.98 9.71 4.66
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Casas Novas Deposit
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Drill hole BFCN-12-001 (Inclined -45(degrees) to 032(degrees)) -
157.55m long
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From (m) To (m) Grade g/t Au Interval (m)*
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57.70 77.30 4.46 19.60
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(Including) 57.70 61.13 14.92 3.43
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Ligeiro Deposit
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Drill Hole BFLG-12-002 (Vertical) - 94.30m long
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From (m) To (m) Grade g/t Au Interval (m)*
16.85 22.06 3.51 5.21
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* True Width has not been determined at this time.
Nikolas Perrault, President and
CEO of Colt, stated, "We have commenced the process of unlocking
value at Casas Novas, located 400m NW of the Chaminé deposit. These
initial near surface results combined with the additional positive
near surface results from Chaminé and Ligeiro being reported today,
strengthen our resolve to continue our aggressive advanced
exploration campaign designed to rapidly develop several previously
identified gold deposits located within our 100% controlled Boa Fé
project."
Program Strategy
Gold mineralization has been identified in several deposits
along a shear zone that extends over some 30 Kilometers along
strike (Figure 1). Previous shallow 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 assumes that high grade gold
mineralisation occurs where conjugate sets of shears intersect and
reinforce each other (refer to press release 15th March 2012).
Hole BFCH-12-012 was drilled on a short fence-line along section
line 6525N at Chaminé. BFCH-12-011 (reported in press release
15th March 2012) was the first hole
drilled on this fence. These holes were drilled vertically to get a
better definition of the high grade zone which was outlined in an
area previously drilled with holes inclined to the north-east
(Figure 3). The intersections increase the volume of high grade
material above 1g/t Au in this zone and also strengthen the model
concept outlined above. This model links the elevated gold
mineralization with conjugate shear sets that intersect at shallow
angles, creating more space for the passage of gold mineralising
fluids.
Hole BFCH-12-010 is a relatively deep inclined hole (deeper than
100m) drilled along section line 6600N at Chaminé which has been
successful in intersecting mineralisation in a gap in the northern
half of the deposit, where no drilling was performed previously. By
infilling this gap, confidence in the resource in this part of the
deposit has been significantly improved (see location on Figure
2).
Hole BFCN-12-001 is the first hole in the program to validate
previous historical results at Casa Novas and twins a hole
previously drilled on behalf of RioFinex. There appears to be an
acceptable correlation between the two sets of results in terms of
grade and grade distribution. Hole BFLG-12-002 confirms the
presence of significant mineralization at Ligeiro reported by the
historical drilling.
Colt will continue to test its current ideas on structural
interpretation against previous models and aims 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 at Boa Fé consisting of a combination of
vertical and inclined drill holes positioned to confirm previous
drilling results at the Chaminé, 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.
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 (see press release March 7, 2011).
Quality Assurance / Quality Control (QA/QC)
Drill sample intervals are reported as metres (m) down hole and
as such do not represent true widths of mineralized intersections.
All drill core is transported by the 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. The core is halved using a rotary diamond
blade core saw, with one half of the core sent for analysis, while
the other half is retained in the core boxes for future
reference.
All half core 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
drill 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 Managing 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: "Figure 1 - Montemor Exploration License and
Boa Fé Experimental Mining Concession Geology". PDF available at:
http://stream1.newswire.ca/media/2012/03/26/20120326_C7709_DOC_EN_11543.pdf
PDF with caption: "Figure 2 Drilling and Trenching Plan". PDF
available at:
http://stream1.newswire.ca/media/2012/03/26/20120326_C7709_DOC_EN_11544.pdf
PDF with caption: "Figure 3 Section 6525N". PDF available at:
http://stream1.newswire.ca/media/2012/03/26/20120326_C7709_DOC_EN_11545.pdf
