Trading Symbols: GTP - (TSX-V)
P01 - (FRANKFURT)
COLTF - (OTCQX)
MONTREAL, May 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 four
holes from its ongoing drilling campaign at its Tabuaço tungsten
project (São Pedro das aguias and Aveleira deposits), located in
the Company's wholly owned Armamar-Meda concession in northern
Portugal.
The results from Tabuaço (Figure 1, Tabuaço current resource
area) are highlighted as follows:
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Zone From (m) To (m) Grade % WO3 Interval (m) True Width (m)*
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Drill hole DHT-52 (Vertical) - 87.50m deep
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Main 54.20 61.20 1.31% 7.00 6.58
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Drill hole DHT-55 (Inclined 80 degrees to 030 ) - 197.05m deep
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No significant mineralisation
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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
The Company also announces that it has received final analytical
results for 2 holes from its ongoing drilling campaign at its
recently discovered Aveleira tungsten deposit, located in the same
concession and approximately 700m north of the delineated resource
at Tabuaço (Figure 1).
The results for these two holes are highlighted as follows:
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Zone From (m) To (m) Grade % WO3 Interval (m) True Width (m)*
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Drill hole DHT-50 (Vertical) - 78.00m deep
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Main 15.00 24.00 Significant mineralization
but poor core recovery due to natural cavities
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Lower 53.40 58.40 0.63% 5.00 4.70
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Drill hole DHT-53 (Vertical) - 66.50m deep
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Main 32.70 34.90 0.46% 2.20 2.07
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Lower 55.35 57.75 0.80% 2.40 2.26
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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
Nikolas Perrault, President and
CEO of Colt, stated, "Shallow step-out drilling at our Aveleira
discovery has demonstrated the presence of a deposit similar to
Tabuaço. As we drill deeper holes, we anticipate being able to
report intersections unaffected by near surface weathering. Our
infill drilling program at Tabuaço, designed to upgrade resources,
is delivering results as anticipated."
At Tabuaço, the results from DHT-52, which was drilled as an
infill hole on vertical section line 1250, continue to show
continuity of strong, tabular scheelite mineralization downdip from
outcrop in the resource area (Figure 2).
Hole DHT-55 was drilled to test for extension of the inferred
resource area at its western edge below the granite contact. Weak
skarn development was observed in this hole.
At the Aveleira exploration area, poor core recovery was
experienced in the upper portion of the main mineralized horizon in
hole DHT-50. This poor recovery was caused by natural dissolution
cavities. It is anticipated that this natural weathering process
will diminish down dip and will not impact the economic potential
of this mineralized horizon.
The results obtained from holes DHT-50 and DHT-53, together with
those from the Aveleira discovery hole DHT-49 (see Colt's previous
announcements of February 22nd and
March 20th, 2012) already indicate a
strike length for the Aveleira deposit in excess of 60 metres
(Figure 3).
Drilling is continuing at this new discovery to delineate its
full extent.
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.
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 available at:
http://stream1.newswire.ca/media/2012/05/18/20120518_C8961_DOC_EN_13929.pdf
