Colt Resources intersects 3.75g/t Au over 37.24m, including 12.17g/t Au over 7.70m at its Boa Fe Gold Project, Southern Portugal
Trading Symbols: GTP -
P01 - (FRANKFURT)
COLTF - (OTCQX)
MONTREAL, April 17 /CNW Telbec/ - Colt Resources Inc. ('Colt' or the 'Company')
(FRA: P01) (OTCQX: COLTF) is pleased to announce that it has received final analytical results corresponding to five recently completed drillholes 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 Casas Novas deposits are highlighted as follows:
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Chaminé Deposit
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Drill hole BFCH-12-013 (inclined 50o to 260 o) - 106.44m long
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From (m) To (m) Grade g/t Au Interval (m)*
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64.30 69.57 1.89 5.27
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and 95.89 97.10 1.56 1.21
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Drill hole BFCH-12-016 (Vertical) - 214.20m long
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From (m) To (m) Grade g/t Au Interval (m)*
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60.46 75.42 1.89 14.96
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(Including) 60.46 65.02 3.05 4.56
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Drill hole BFCH-12-017 (Vertical) - 86.10m long
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From (m) To (m) Grade g/t Au Interval (m)*
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14.34 18.14 5.53 3.80
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(Including) 16.94 18.14 11.75 1.20
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Drill hole BFCH-12-018 (Vertical) - 123.00m long
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From (m) To (m) Grade g/t Au Interval (m)*
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19.20 56.44 3.75 37.24
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(Including) 24.25 31.95 12.17 7.70
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64.50 74.10 1.36 9.60
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Casas Novas Deposit
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Drill hole BFCN-12-002 (Inclined -45 o to 030 o) - 181.20m long
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From (m) To (m) Grade g/t Au Interval (m)*
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12.70 17.94 1.76 5.24
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43.86 44.86 36.60 1.00
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* True Width has not been determined at this time.
Nikolas Perrault, President and CEO of Colt, stated, 'These results add further confidence to our understanding of the controls of mineralization that have led to exceptionally high grade zones close to surface hosted within an extensive regional gold mineralized shear system. Our work is focussed on developing a robust model that will form the basis of an initial NI 43-101 compliant resource estimate which is targeted for mid-year. Once completed, this work will be immediately expanded to test numerous regional targets as well as down dip extensions to known areas of mineralization.'
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 assumes that high grade gold mineralisation occurs where conjugate sets of shears intersect and reinforce each other (refer to press release 15th March 2012).
Hole BFCH-12-013 was drilled on the margin of section 6475N in the reverse direction to the pattern of drilling from previous workers to test structural continuity of the model and complete infill drilling on this section line.
Hole BFCH-12-016 is a relatively deep vertical hole (deeper than 100m) drilled along section line 6550N at Chaminé. It was drilled to investigate the location of the hinge zone where the mineralisation plunges to the north. The mineralisation intersected in this hole conforms to the current structural interpretation.
Holes BFCH-12-017 and BFCH-12-018 were drilled adjacent to each other on section line 6350N at Chaminé. These holes were drilled vertically to get a better definition of the high grade zone which was outlined in an area previously drilled with holes inclined to the north-east (Figure 3). This intersection demonstrates a significant increase in both grade and tonnage down to 82.3m depth and into the eastern portion of the section. The zone was not picked up by previous workers as the hole inclined to the north east was not sampled to the end of the hole.
Hole BFCN-12-002 is the second hole in the program to validate previous historical results at Casas Novas and twins a hole previously drilled on behalf of RioFinEx. There appears to be an acceptable correlation between the two sets of results in terms of grade and grade distribution.
Colt has now completed a first pass structural interpretation of the entire Chaminé deposit on plan and cross-sections that incorporate the concept of conjugate shear orientations reinforcing each other and leading to higher grades of gold mineralization. This work will now be further streamlined and built into a robust 3D model.
The Company will continue its aggressive advanced stage exploration campaign at Boa Fé consisting of a combination of vertical and inclined drill holes positioned to confirm previous drilling results at the Chaminé, 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 historical data assessment and 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 (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 the 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. The core is halved using a rotary diamond blade core saw, with one half of the core sent for analysis, while the other half is retained in the core boxes for future reference.
All half core 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 Managing 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: 'GTP-04172012-EN.pdf'. PDF available at: http://stream1.newswire.ca/media/2012/04/17/20120417_C6293_DOC_EN_12415.pdf
COLT RESOURCES INC.
CONTACT: Nikolas Perrault, President & CEO, 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; Media - Marie-Pier Kerr:
mkerr@renmarkfinancial.com, Tel.: (514) 939-3989 or (416) 644-2020,
www.renmarkfinancial.com; Declan Costelloe CEng, Executive Vice President &
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
