Colt Resources intersects 0.95% WO3 over 10.75m, including 1.38% WO3 over 4.04m at its Tabuaço Tungsten Project, Northern Portugal
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|Trading Symbols: |GTP - |
| |P01 - (FRANKFURT)|
| |COLTF - (OTCQX) |
|__________________________|_________________|
MONTREAL, Oct. 11, 2011 /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 five holes from its ongoing drilling campaign at its Tabuaço (São Pedro das Águias) tungsten project, located in the Company's wholly owned Armamar‐Meda concession in northern Portugal.Colt's current phase of drilling, which is now nearing completion, was designed to confirm and expand the historical, non NI 43‐101 compliant resource estimate of 1 million tonnes grading 0.87% WO3 (SPE‐BRGM JV, early 1980's). Results to date indicate that both mineralized zone thickness and average grade are generally increased compared to those observed in the historically drilled portion of the deposit.
Colt has engaged SRK Consulting (U.S.) Inc. for the preparation of an initial NI 43-101 resource estimate for the deposit which will be published later this year and which will be based on the results of this phase of drilling. Upon completion of this current phase of drilling, the Company will continue with an aggressive drilling campaign designed not only to expand on the initial resource base through additional step out holes but also to gain better geological, geotechnical and metallurgical knowledge through infill drilling. In this second phase of drilling, high priority regional targets identified through field prospecting will also be tested. Four diamond rigs are currently in operation on the deposit.
Nikolas Perrault, President and CEO of Colt, stated, 'As we approach the end of this important drilling phase we are pleased to see continued delivery of very positive drilling results which confirm the models prepared by our exploration team and which provide us with a solid foundation to advance the Tabuaço project towards feasibility and development.'
These results are part of an ongoing drilling program designed to provide data on the internal grade and structural consistency of the skarn hosted tungsten deposit and to test for lateral extensions of several richly mineralized skarn horizons.
The results are highlighted as follows:
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|Drill hole DHT-18 (Vertical) - 179.02m deep |
|________________________________________________________|
| 30.50| 31.50|0.40| 1.00| 0.94|
|______|______|____|_____________________|_______________|
|114.25|115.25|0.41| 1.00| 0.94|
|______|______|____|_____________________|_______________|
|Drill hole DHT-25 (Inclined -65oto 210o) - 88.95m deep |
|________________________________________________________|
|From (m)|To (m)|Grade % WO3|Interval (m)|True Width (m)*|
|________|______|___________|____________|_______________|
| 53.78| 64.62| 0.95%| 10.84| 10.75|
|________|______|___________|____________|_______________|
|Including |
|________________________________________________________|
| 57.70| 61.78| 1.38%| 4.08| 4.04|
|________|______|___________|____________|_______________|
|Drill hole DHT-28 (Vertical) - 170.60m deep |
|________________________________________________________|
| 114.65|115.40| 0.48%| 0.75| 0.70|
|________|______|___________|____________|_______________|
|Drill hole DHT-29 (Vertical) - 69.00m deep |
|________________________________________________________|
| 46.05| 56.25| 0.53%| 10.20| 9.58|
|________|______|___________|____________|_______________|
|Drill hole DHT-33 (Inclined -50oto 330o) - 75.50m deep |
|________________________________________________________|
| 6.50| 10.25| 0.64%| 3.75| 2.49|
|________|______|___________|____________|_______________|
| 18.20| 24.40| 0.84%| 6.20| 4.11|
|________|______|___________|____________|_______________|
|Including |
|________________________________________________________|
| 19.20| 22.20| 1.16%| 3.00| 1.99|
|________|______|___________|____________|_______________|
| | | | | |
|________|______|___________|____________|_______________|
| 34.50| 46.75| 0.40%| 12.25| 8.12|
|________|______|___________|____________|_______________|
* True Width was determined assuming the mineralization has an average strike of 315(0) and an average dip of -20(o).
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 OMAC Laboratories Ltd, Galway, Ireland or 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 second largest lease holder of mineral concessions.
SRK Consulting (U.S.) Inc. has been awarded a broad mandate to provide overall technical assistance to Colt in Portugal and will be producing several NI 43‐101 compliant reports as projects progress (see: January 18, 2011 press release).
Jeffrey Volk, MSc, CPG, FAusIMM, of SRK Consulting (U.S.) Inc., is the independent qualified person, as defined in NI 43‐101, for Colt's projects in Portugal. Mr. Volk 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: 'Tabuaco Tungsten Project '. PDF available at: http://stream1.newswire.ca/media/2011/10/11/20111011_C2837_DOC_EN_4314.pdf
COLT RESOURCES INC.
CONTACT:
_____________________________________________________________________
|Nikolas Perrault, |Declan Costelloe CEng, |
|President & CEO |Executive Vice President and|
|Colt Resources Inc. |COO |
|Tel: (514) 317-6301 |Colt Resources Inc. |
|Fax: (514) 317-6302 |Tel: (514) 317-6301 |
|info@coltresources.com |Fax: (514) 317-6302 |
| |info@coltresources.com |
|RenmarkFinancial Communications Inc. | |
|Florence | |
|Liberski: fliberski@renmarkfinancial.com| |
|John | |
|Boidman: jboidman@renmarkfinancial.com | |
|Tel.: (514) 939-3989 or (416) 644-2020 | |
|www.renmarkfinancial.com | |
|________________________________________|____________________________|
