Colt Resources hits 7.85m (6.80m true width) with 1.73% Cu, 4.11g/t Au and 26.21g/t Ag at Salgadinho Cu-Au Project at its Cercal exploration concession
Montreal, April 20, 2016 - Colt Resources Inc.. ("Colt" or the "Company") (TSXV: GTP) (FRA: P01) (OTC Pink: COLTF) is pleased to provide an update on drilling results obtained from the Salgadinho copper-gold project at its 100% owned Cercal exploration concession in southern Portugal (Figure 1).The Cercal concession is located in the prolific Iberian Pyrite Belt, approximately 25km southwest of Colt's 60%-owned Alvalade project. The Cercal concession was recently reduced in area to 222.5 km2.
The main focus of attention in the concession is the Salgadinho Cu-Au-Ag stockwork mineralization hosted by gently-dipping felsic volcanic tuffs with intensive sericitic alteration (Figure 2).
Colt's drill hole CESA-15-001 intersected the Salgadinho stockwork mineralization at a depth interval of 110.50-118.35 metres, equating to a true width of approximately 7 metres (Figure 3).
Analytical results were recently received for CESA-15-001, which are summarized in Table 1:
| Table 1 | ||||||
| Mineralized results from hole CESA-15-001 (vertical, 180.59m deep) | ||||||
| depth from (m) | depth to (m) | drilled length (m) | calc. true width (m) | Cu (%) | Au (g/t) | Ag (g/t) |
| 110.50 | 118.35 | 7.85 | 6.80 | 1.73 | 4.11 | 26.21 |
| including: | ||||||
| 110.50 | 112.53 | 2.03 | 1.76 | 1.68 | 14.01 | 37.76 |
| 115.15 | 118.35 | 3.20 | 2.77 | 2.86 | 0.78 | 34.95 |
Discovered by the Portuguese Government exploration department SFM in 1973, the Salgadinho prospect was never mined. Historic drilling (Figure 2) intersected disseminated sulphide mineralization over a total strike length of 1.3 kilometres, greater than 350m down-dip and locally exceeding 30m in true thickness.
After a detailed examination of historic data, Colt concluded that the deposit has been poorly investigated to date, as a consequence of too widely spaced drilling, significant core loss and inadequate sampling.
In addition, other thicker horizons of felsic volcanics occur at depth (Figure 3) which remain essentially untested, as most historic drilling was shallow and focused on the upper horizon. A few historic holes have hit mineralization in these deeper horizons but were not followed up.
Nikolas Perrault, President and CEO of Colt, stated: "We are extremely encouraged by these results which significantly raise the profile of the Cercal concession, which we now consider both a gold and copper play. Management is reviewing next steps for Salgadinho, as previous drilling was mostly shallow, widely spaced and inadequately sampled."
Quality Assurance / Quality Control (QA/QC)
Sample intervals are reported as both metres (m) downhole and as true thickness, which was calculated by Colt Resources using cross-sectional interpretation of the mineralized intercepts. The average dip of the mineralized horizon is generally of 30? with the horizontal plane, which leads to a 60? angle of intersection by a vertical hole such as CESA-15-001.
All drill core is transported by Company personnel from the drill site to a secure storage facility for logging and sampling. Sampling intervals are defined after core logging and qualitative determination of mineralized contents by visual inspection. The core samples are then cut longitudinally with a diamond saw, one half of the core is sent for analysis, while the other half is retained in the core boxes for future reference.
The samples were sent by courier to ALS Geochemistry laboratory in Seville, Spain. After adequate sample preparation all samples were analyzed for multielement ICP by method ME-MS41 (51 Element Package by Aqua Regia and ICP-AES/ICP-MS), and for Au by method Au-AA23 (Au by fire assay and AAS). All samples with ICP results for Cu>=5000ppm or for Ag>=1ppm were assayed by method OG46 (Aqua Regia Digestion with ICP-AES or AAS Finish). All samples Au>=0.5ppm were assayed by method Au-GRA21 (Au by fire assay and gravimetric finish).
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. (www.coltresources.com) is a Canadian mining exploration and development company engaged in acquiring, exploring, and developing mineral properties with an emphasis on copper, gold and tungsten. It is currently focused on advanced stage exploration projects in Portugal, where it is one of the largest lease holders of mineral concessions.
Mr. J.W. Murton, P. Eng. is the qualified person responsible for the technical information contained in this news release. Mr. Murton is a member of the advisory board of Colt Resources Inc. Mr. Murton has supervised the preparation and approved the scientific and technical disclosure in the news release.
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.
The Company's shares trade on the TSX-V, symbol: GTP; the Frankfurt Stock Exchange, symbol: P01; and, the OTC Pink, symbol: COLTF.
| For more information contact: Nikolas Perrault, CFA President & CEO Colt Resources Inc. Tel: +351-219-119810 Fax: +1-514-635-6100 nperrault@coltresources.com | Shahab Jaffrey, CPA CA Chief Financial Officer Colt Resources Inc. Tel: +1-514-843-7178 Fax: +1-514-843-7704 sjaffrey@coltresources.com |
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 annual information form 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.
Figure 1
Location of Colt's Base-Metal Exploration Concessions in Southern Portugal
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Figure 2
Drill location map at Salgadinho Cu-Au-Ag deposit, Cercal concession
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Figure 3
Interpretative drill section through hole CESA-15-001
at Salgadinho Cu-Au-Ag deposit, Cercal concession
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