Colt Resources intersects 1.25% WO3 over 6.05m and 0.44% WO3 over 8.05m including 0.51% WO3 over 4.05m at its Aveleira Tungsten Discovery, Northern Portugal
Trading Symbols: GTP -
P01 - (FRANKFURT)
COLTF - (OTCQX)
MONTREAL, March 20 /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 the Aveleira discovery hole (DHT-49) previously announced on February 22nd, 2012. The Aveleira tungsten target, is located approximately 750m north of the delineated resource at the Tabuaço (São Pedro das aguias) tungsten deposit (Figure 1), both are located in the Company's wholly owned Armamar-Meda concession in northern Portugal.The results of this significant new discovery comprise intersections of two zones of sub-parallel skarn hosted mineralization. Since the announcement of February 22nd, two additional holes have been completed 30m to the north and 30m to the south of DHT-49 and similar mineralized intervals have been intersected (assay results pending) (Figure 2). The results for the upper main skarn horizon do not include the top 3m of the mineralized zone which was severely weathered and poorly recovered. It is therefore anticipated that as the weathering diminishes with depth from surface the average thickness of the mineralized zone could be larger than that reported.
Nikolas Perrault, President and CEO of Colt, stated, 'The results from this discovery hole confirm that our Tabuaco deposit has the potential to be expanded considerably. We are very pleased with this latest development and look forward to being able to release results from the nearby confirmation holes as soon as possible.'
These results are part of an ongoing drilling program designed to test extensions and nearby mineralized skarn horizons with similar characteristics to the main deposit at Tabuaço. An initial NI43-101 compliant resource estimate was reported for Tabuaço on November 7th, 2011.
The results for DHT-49 are highlighted as follows:
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Drill hole DHT-49 (Vertical) - 65.20m deep
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Zone From (m) To (m) Grade % Interval True Width
WO(3) (m) (m)*
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Main 24.40 30.45 1.25% 6.05** 5.69
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Lower 46.95 55.00 0.44% 8.05 7.56
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Including 50.95 55.00 0.51% 4.05 3.81
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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).
** Results for the 3m interval immediately above this have not been
reported due to poor core recovery.
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 with an average dip of -20(degrees).
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 with caption: 'Figure 1: Location plan showing position of discovery hole DHT-49 and holes DHT-50 and DHT-53 drilled to test continuity. Figure 2: South-West Facing Section showing intersections of the two mineralized zones at Aveleira.'. PDF available at: http://stream1.newswire.ca/media/2012/03/20/20120320_C5972_DOC_EN_11303.pdf
COLT RESOURCES INC.
CONTACT: Nikolas Perrault, President & CEO, Colt Resources Inc., Tel:
+351-219-119813, Fax: (514) 843-7704, info@coltresources.com; 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; Renmark
Financial Communications Inc.: Florence Liberski:
fliberski@renmarkfinancial.com; John Boidman:
jboidman@renmarkfinancial.com, Tel.: (514) 939-3989 or (416) 644-2020,
www.renmarkfinancial.com