Trading Symbols: GTP - (TSX-V)
P01 - (FRANKFURT)
COLTF - (OTCQX)
MONTREAL, May 10, 2012 /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, Casas Novas, Ligeiro and Braços
deposits are highlighted as follows:
------------------------------------------------------------------------
Chaminé Deposit
------------------------------------------------------------------------
Drill hole BFCH-12-020 (Vertical) - 98.04m long
------------------------------------------------------------------------
From (m) To (m) Grade g/t Au Interval (m)*
------------------------------------------------------------------------
30.53 37.99 3.37 7.46
------------------------------------------------------------------------
(Including) 30.53 32.62 7.38 2.09
------------------------------------------------------------------------
Casas Novas Deposit
------------------------------------------------------------------------
Drill hole BFCN-12-003
(Inclined -45 degrees to 030 degrees) - 152.60m long
------------------------------------------------------------------------
From (m) To (m) Grade g/t Au Interval (m)*
------------------------------------------------------------------------
58.25 70.32 1.77 12.07
------------------------------------------------------------------------
80.0 89.63 8.40 9.63
------------------------------------------------------------------------
(Including) 82.05 84.20 31.70 2.15
------------------------------------------------------------------------
Ligeiro Deposit
------------------------------------------------------------------------
Drill hole BFLG-12-004 (Vertical) - 75.95m long
------------------------------------------------------------------------
From (m) To (m) Grade g/t Au Interval (m)*
------------------------------------------------------------------------
69.20 70.15 2.25 1.75
------------------------------------------------------------------------
Braços Deposit
------------------------------------------------------------------------
Drill hole BFBR-12-001 (Vertical) - 52.65m long
------------------------------------------------------------------------
From (m) To (m) Grade g/t Au Interval (m)*
------------------------------------------------------------------------
3.05 22.70 1.36 19.65
------------------------------------------------------------------------
(Including) 8.65 11.10 4.48 2.45
------------------------------------------------------------------------
(X) True Width has not been determined at this time.
Nikolas Perrault, President and
CEO of Colt, stated, "We are reporting results from four drillholes
from four of the deposits known to exist at our Boa Fé property
including the first results from the Braços deposit located in the
south of the Boa Fé EML. Our programs designed to twin holes
drilled by previous companies and to infill previously drilled
deposits have been generating positive results. We are very pleased
to see these initial results from Braços that build upon the
positive results from drilling campaigns by previous owners."
Program Strategy
Gold mineralization has been identified in several deposits
along a shear zone that extends over some 30 kilometres along
strike (Figure 1). Previous shallow drilling 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-12-020 (Figure 2) was drilled vertically on section
6375N to test structural continuity of the model and represents the
infill hole which is furthest to the east on this section line.
Results from this hole demonstrate continuity of high-grade
mineralisation near surface to the north of holes BFCH-12-017 and
BFCH-12-018 (refer to press release 17th
April 2012) and further increases the resource potential in
the south-eastern quadrant of the Chaminé deposit.
Hole BFCN-12-003 is a twin hole drilled to validate integrity of
assay data and grade distribution of a previously drilled RioFinEx
hole at Casas Novas and as part of Colt's ongoing program to twin
10% of cored holes used in previous resource estimates.
Hole BFLG-12-004 is a vertical hole that was drilled at the
Ligeiro deposit as a step-out hole to confirm the presence of
mineralization down-dip from shallow mineralisation outlined in
previous resource estimates. Results demonstrate continuity of
grade in keeping with the global grade of the deposit.
Hole BFBR-12-001 (Figure 3) is a twin hole drilled as part of
Colt's ongoing validation program as outlined above. This is the
first hole drilled at the Braços deposit, which is located in the
south of the Boa Fé licence area and has a previously reported
resource estimate calculated. The structure from previous workers
has been interpreted as shallow-dipping to the east. A
significantly higher density of quartz veining is suspected from
previous logging and with it the potential for a higher proportion
of coarse free gold relative to the Chaminé and Casa Novas
deposits.
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, Braços, Banhos and
Covas deposits and will investigate the gaps between Chaminé-Casas
Novas and Chaminé-Ligeiro in order 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 historical data assessment and
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, which will cover
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 available at:
http://stream1.newswire.ca/media/2012/05/10/20120510_C6304_DOC_EN_13534.pdf
