Colt Resources intersects 5.28g/t Au over 15.39m, including 9.99g/t Au over 3.43m at its Boa Fe Gold Project, Southern Portugal.
Trading Symbols: GTP -
P01 - (FRANKFURT)
COLTF - (OTCQX)
MONTREAL, March 15, 2012 /CNW Telbec/ - Colt Resources Inc. ('Colt' or the 'Company')
(FRA: P01) (OTCQX: COLTF) is pleased to announce that it has received final analytical results for 5 holes and 1 trench from the ongoing drilling and trenching campaign on its Boa Fé gold project, located within the Company's 100% owned 47Km(2) Boa Fé Experimental Mining License (EML) in southern Portugal. The Boa Fé EML is completely surrounded by the Company's 100% owned (732Km(2)) Montemor exploration concession.The results from the Chaminé and Ligeiro deposits are highlighted as follows:
Chaminé Deposit
Drill hole BFCH-12-004 (Inclined -55oto 085o) - 254.15m deep
From (m) To (m) Grade g/t Au Interval (m)*
106.45 120.40 1.90 13.95
(Including) 114.00 118.00 3.76 4.00
Drill hole BFCH-12-008 (Vertical) - 64.40m deep
No significant mineralization
Drill hole BFCH-12-009 (Inclined -50oto 255o) - 90.34m deep
From (m) To (m) Grade g/t Au Interval (m)*
38.84 54.23 5.28 15.39
(Including) 43.08 46.59 9.71 3.51
(Including) 50.80 54.23 9.99 3.43
63.50 69.84 1.64 6.34
Drill hole BFCH-12-011 (Vertical) - 58.80m deep
From (m) To (m) Grade g/t Au Interval (m)*
41.95 46.30 1.77 4.35
Ligeiro Deposit
Drill hole BFLG-12-001 (Vertical) - 65.10m deep
From (m) To (m) Grade g/t Au Interval (m)*
8.59 11.24 1.98 2.65
Trench BFLGT-12-001 (Horizontal 0oto 255o) - 271.40m long
From (m) To (m) Grade g/t Au Interval (m)*
194.00 196.00 1.05 2.00
* True Width has not been determined at this time.
Nikolas Perrault, President and CEO of Colt, stated, 'As promised, we are providing regular updates from our Boa Fé Gold project. We have broadened our drilling and trenching efforts to include the Ligeiro deposit and we are pleased to see continued positive near surface results. In the weeks ahead, we also expect to begin to report results from the nearby Casas Novas deposit as we further expand the campaign currently underway which is designed to confirm and increase the potential of this very exciting gold 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 (Figure 3) is associated with shears at low-angle to the regional shear direction (S1, S2, T and R) developed due to contrasts in competency between granitic and silica-rich units and pelitic schist within the main regional shear zone. Where conjugate sets of shears occur (i.e. S1 and S2 with T) the best development of mineralisation occurs. Conjugate sets of mineralisation may occur anywhere within the regional shear zone and are not restricted by depth.
Hole BFCH-12-009 is the last hole in a fence-line drilled along section line 6400N at Chaminé and was drilled in the reverse direction to previous drill campaigns to get better definition of the high grade zone with respect to the low angle shear model (see press release February 28, 2012) and fill in a gap interval in a neighbouring previous hole which was not sampled. The results correlate with the current model for this section within +/- 3m tolerance.
Colt will continue to test its current ideas on structural interpretation against previous models and aim 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 consisting of a combination of vertical and inclined drill holes positioned to confirm previous drilling results at 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 that range from 150koz to 550koz of gold as defined over the period 1991-2008 (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 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. One half of the core is sent for analysis, while the other half is retained in the core boxes for future reference.
Trench samples are collected from bedrock exposed at the base of a trench excavated by a backhoe and cleaned and mapped prior to sample collection. Trench channel samples are collected using hammer and chisel and are generally two metres (m) long with an average width of 10 centimetres (cm). Channel samples are bagged on site and sent for analysis.
All 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 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 and Known Gold Occurences'. PDF available at: http://stream1.newswire.ca/media/2012/03/15/20120315_C4618_DOC_EN_11170.pdf
PDF with caption: 'Figure 2 - Drilling and Trenching Plan'. PDF available at: http://stream1.newswire.ca/media/2012/03/15/20120315_C4618_DOC_EN_11171.pdf
PDF with caption: 'Figure 3 - Section 6400N'. PDF available at: http://stream1.newswire.ca/media/2012/03/15/20120315_C4618_DOC_EN_11172.pdf
COLT RESOURCES INC.
CONTACT: Nikolas Perrault,
President & CEO
Colt Resources Inc.
Tel: +351-219-119813
Fax: (514) 843-7704
info@coltresources.com
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Tel.: (514) 939-3989 or (416) 644-2020
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Declan Costelloe CEng,
Executive Vice President and COO
Colt Resources Inc.
Tel: +351-219-119813
Fax: (514) 843-7704
info@coltresources.com
Natalia Sokolova
Vice President, Investor Relations
Colt Resources Inc.
Tel: (917) 574-2312
Fax: (514) 843-7704
nsokolova@coltresources.com