Trading Symbols: GTP - (TSX-V)
P01 - (FRANKFURT)
COLTF - (OTCQX)
MONTREAL, June 13 /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 seven 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 Company is also pleased to announce
that it has received final analytical results from the first of its
exploration holes at Monfurado in the Montemor concession.
The results from the Chaminé, Braços, Banhos deposits and
Monfurado exploration target are highlighted as follows:
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Chaminé Deposit
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Drill hole BFCH-12-026 (Vertical) - 80.60m long
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From (m) To (m) Grade g/t Au Interval (m)*
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16.15 21.70 0.95 5.55
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and 36.00 39.40 3.10 3.40
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(Including) 37.71 38.50 10.85 0.79
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Drill hole BFCH-12-029 (Vertical) - 66.00m long
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From (m) To (m) Grade g/t Au Interval (m)*
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43.37 52.32 3.09 8.95
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(Including) 45.27 47.90 10.09 2.63
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Drill hole BFCH-12-030 (Inclined -45 degrees to 084 degrees) - 122.34m
long
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From (m) To (m) Grade g/t Au Interval (m)*
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16.00 32.00 1.21 16.00
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and 46.95 52.80 1.66 5.85
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Drill hole BFCH-12-031 (Vertical) - 61.20m long
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From (m) To (m) Grade g/t Au Interval (m)*
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20.75 24.65 0.74 3.90
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Braços Deposit
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Drill hole BFBR-12-002 (Vertical) - 66.75m long
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From (m) To (m) Grade g/t Au Interval (m)*
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26.69 28.16 2.41 1.47
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and 39.25 48.84 1.44 9.59
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(Including) 40.30 44.35 3.12 4.05
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Banhos Deposit
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Drill hole BFBH-12-001 (Inclined -45 degrees to 060 degrees) - 126.40m
long
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From (m) To (m) Grade g/t Au Interval (m)*
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70.50 96.6 1.70 26.10
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(Including) 76.5 80.05 4.63 3.55
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Drill hole BFBH-12-002 (Inclined -45 degrees to 058 degrees) - 110.80m
long
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From (m) To (m) Grade g/t Au Interval (m)*
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24.22 69.00 2.63 44.78
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(Including) 48.85 58.5 8.19 9.65
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Monfurado Exploration Target (Montemor Concession)
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Drill hole MOMF-12-001 (Vertical) - 98.40m long
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From (m) To (m) Grade g/t Au Interval (m)*
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15.55 29.80 0.52 14.25
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(Including) 15.55 18.00 1.33 2.45
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* True Width has not been determined at this time.
Colt is also very pleased to announce the receipt of preliminary
results from a helicopter borne aeromagnetic survey over the Boa Fé
EML and Montemor Exploration concession. Early indications are that
these results will greatly assist the identification of areas
likely to host similar structures that are known to host gold
mineralization elsewhere in the 100% controlled properties.
Nikolas Perrault, President and
CEO of Colt, stated, "Drilling at Boa Fé continues to deliver
impressive gold grades close to surface. This data will be included
in the initial NI 43-101 resource statement, which is scheduled to
be completed by month end. Our confidence in the regional potential
has supported our decision to commence our expanded exploration
campaign in the Montemor exploration concession that surrounds Boa
Fé. Initial results for this new campaign at Monfurado have been
positive. This new campaign will be greatly assisted by the
regional geophysics results that we have just received. This will
lead to deeper and on strike drilling to test for extensions of
known deposits."
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 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).
The Chaminé Deposit holes BFCH-12-026, BFCH-12-029 and
BFCH-12-031 (Figure 2) were all drilled vertically on section lines
6425N (Figure 3) and 6450N (Figure 4) respectively. These holes
were all drilled at the eastern side of their section lines and
test the same shear zone, which appears to gently dip to the
north-east. This demonstrates continuity of this shallow feature
between sections over at least a 50m strike length.
Hole BFCH-12-030 was drilled to twin a former RioFinEx hole
(T047) and is the last hole planned to validate the previous
drilling carried out at Chaminé. The hole was designed to confirm
mineralisation in hole T047, found at depths between 15m and 101m.
Visual comparison of the two sets of results shows that whilst the
significant grade zones in BFCH-12-030 broadly correlate with
higher grade in the RioFinEx twin, overall the grade distribution
in the RioFinEx hole was broader, more nuggety and of higher grade
on average over the comparable intercept than BFCH-12-030.
Hole BFBR-12-002 (Figure 5) is the second twin hole drilled to
validate integrity of assay data and grade distribution of a
previously drilled hole at Braços. BFBH-12-001 and BFBH-12-002 are
also validation holes drilled to twin a Portoglobal-MRI hole and a
RioFinEx hole respectively at Banhos Deposit in the northern part
of Boa Fé EML (Figure 6). These holes are drilled as part of Colt's
ongoing program to twin 10% of cored holes used in previous
resource estimates. Visual comparison of the grade distribution
down-the-hole shows good correlation in all three sets of twins
between occurrence of zones of significant gold grade but
variability between higher grade individual intercepts (greater
than)5 g/t Au, which is not unexpected due to higher variance with
coarser gold particles.
On the Monfurado Exploration Target (Montemor Exploration
Concession, Figure 7) hole MOMF-12-001 is a vertical hole designed
to test gold-bearing sulphide mineralization reported from a nearby
RioFinEx hole drilled to test a gold anomaly in soils. This target
is located in a Cambrian metamorphosed volcano-sedimentary
formation and along the Monfurado shear corridor, which is distinct
and found parallel to the Boa Fé shear zone where all the formerly
referred deposits are located. The lithological sequence and
mineralization intersected by the current hole correlate well with
the reported information from RioFinEx's historical hole drilled
nearby. Gold mineralization is associated with a late-stage brittle
zone of vertical shearing, brecciation and minor stockwork. The
vertical orientation of shearing near surface differs from the
structure observed in the rest of the metasediments and
metavolcanics in this hole. This zone of stockwork/brecciation
marks a clear boundary to mineralisation and the highest grades of
gold occur where the breccia is best developed along with
sulphides. Further step-out drilling is currently being carried out
to determine the extents of this zone.
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 investigate the gaps between Chaminé-Casas Novas
and Chaminé-Ligeiro to increase resource potential. The Company has
concluded a new drilling contract with internationally-recognised
contractors, which will considerably increase its capacity to
quickly bring additional areas into its resource base and
aggressively test new targets. Preliminary results have been
reported from geophysical exploration (resistivity and seismic
orientation surveys across Chaminé) which will be reported in a
forthcoming release once results have been finalised. High priority
regional targets identified through historical data assessment and
field prospecting will also be tested.
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.
Erratum
Referring to Colt Press Release dated May
10th 2012, the intercept for hole BFBR-12-001 displayed in
Figure 3 reads as "19.65m @ 3.37 g/t Au". This should read as
"19.65m @ 1.36 g/t Au" as is displayed in the summary table.
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/2012/06/13/20120613_C8459_DOC_EN_15111.pdf
