Colt Resources intersects 0.41%WO3 over 14.46m, including 0.74% WO3 over 5.88m at its Tabuaco Tungsten Project, Northern Portugal
Trading Symbols: GTP -
P01 - (FRANKFURT)
COLTF - (OTCQX)
MONTREAL, Feb. 22 /PRNewswire/ - Colt Resources Inc. ('Colt' or the 'Company')
(FRA: P01) (OTCQX: COLTF) is pleased to announce that it has received final analytical results for 11 holes from its ongoing drilling campaign at its Tabuaco (Sao Pedro das Aguias) tungsten project, located in the Company's wholly owned Armamar-Meda concession in northern Portugal.These results represent both resource confirmation drilling at the main Tabuaco resource area and regional exploration to test a previously identified zone that is known to outcrop at Quinta das Heredias, approximately 200 metres to the southeast of Tabuaco.
In addition, a scout drill hole (DHT-49) recently completed by Colt Resources to test a soil geochemical anomaly at Quinta da Aveleira, approximately 750 metres northwest of the Tabuaco resource area, has intersected previously undiscovered, scheelite mineralized skarn horizons similar to those intersected at Tabuaco. These represent a grey metasomatized main unit and a pink/green banded lower unit in proximity to a granite contact. Although assay results for this new mineralization are still pending, Colt believes that this new discovery may represent an opportunity to significantly increase resources.
The collection of bulk samples using large diameter core to allow more detailed metallurgical testwork to improve recoveries and assist in designing optimal processing methods has also commenced. Colt announced the initial NI 43-101 estimate for the Tabuaco deposit in November 2011 (Press Release November 7th, 2011).
Nikolas Perrault, President and CEO of Colt, stated, 'The discovery of a new zone of mineralization provides a strong indication that the Tabuaco deposit will grow. We are very pleased with this latest development and look forward to being able to release results as soon as possible.'
These results are part of an ongoing drilling program designed to provide data on the internal grade and structural consistency of the main Tabuaco skarn hosted tungsten deposit and to test extensions and nearby mineralized skarn horizons with similar characteristics to the main deposit.
The results are highlighted as follows:
Tabuaco main resource area
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From (m) To (m) Grade % WO3 Interval (m) True Width (m)*
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Drill hole DHT-31 (Inclined -60 degrees to 126 degrees) - 180.20m deep
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121.60 134.60 0.29% 13.00 10.93
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Including 122.60 128.60 0.49% 6.00 5.88
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139.00 156.20 0.41% 17.20 14.46
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Including 147.75 154.75 0.74% 7.00 5.88
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Drill hole DHT-34 (Inclined -55 degrees to 030 degrees) - 79.85m deep
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30.70 35.10 0.89% 4.40 4.22
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42.80 47.80 0.55% 5.00 4.80
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Drill hole DHT-36 (Vertical) - 163.35m deep
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65.25 71.25 0.31% 6.00 5.64
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124.33 131.10 0.52% 6.77 6.36
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Drill hole DHT-37 (Vertical) - 102.60m deep
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79.10 80.10 0.54% 1.00 0.94
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Drill hole DHT-38A (Vertical) - 65.50m deep
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19.95 25.40 0.46% 5.45 5.12
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Drill hole DHT-39A (Inclined -73 degrees to 300 degrees) - 171.00m deep
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125.45 132.90 0.38% 7.45 6.88
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137.50 140.80 0.42% 3.30 3.05
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Drill hole DHT-40 (Vertical) - 108.35m deep
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84.70 88.05 0.22% 3.35 3.15
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Drill hole DHT-41 (Vertical) - 221.45m deep
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155.00 156.0 0.58% 1.00 0.94
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Drill hole DHT-46 (Vertical) - 61.90m deep
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13.25 16.40 0.73% 3.15 2.96
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21.40 24.40 0.45% 3.00 2.82
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Quinta das Heredias area
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Drill hole DHT-42 (Vertical) - 61.20m deep
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10.45 11.50 0.11% 1.05 0.99
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Drill hole DHT-44 (Vertical) - 68.60m deep
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23.60 25.20 0.24% 1.60 1.51
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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.
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: 'Tabuaco Exploration Summary'. PDF available at: http://stream1.newswire.ca/media/2012/02/22/20120222_C6279_DOC_EN_10297.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; 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
