GTP - (TSX-V)
P01 - (FRANKFURT)
COLTF - (OTCQX)
MONTREAL, Sept. 5, 2012 /PRNewswire/ - Colt Resources Inc. ("Colt" or the "Company") (TSXV: GTP) (FRA: P01) (OTCQX: COLTF) is pleased to announce that it has received final analytical results for two diamond drill holes from its ongoing drilling campaign aimed at discovering and delineating satellite tungsten resources near its Tabuaço tungsten project (São Pedro das Águias), located in the Company's wholly owned Armamar‐Meda concession in northern Portugal.
These drill holes include hole DHT-71 at the northern zone of the recently discovered Aveleira tungsten deposit, which is located approximately 700m north of the delineated resource at Tabuaço (Figure 1) and hole DHT-72, the first exploration hole to be drilled to test the soil geochemical anomalies detected in the gap between the Tabuaço (São Pedro das Águias) tungsten resource and the Aveleira discovery (Figure 1).
The results for these drill holes are highlighted as follows:
|Zone||From (m)||To (m)||Grade % WO3||Interval (m)||True Width (m)*|
|Drill hole DHT-71 (Vertical) - 85.50m long (Aveleira deposit)|
|Drill hole DHT-72 (Vertical) - 67.00m long (Tabuaço-Aveleira Gap)|
* True Width was determined assuming the mineralization has an average strike of 315º and an average dip of -20º
At Aveleira the results of hole DHT-71 confirm the extension of the skarn tungsten deposit for a strike length of at least 200 metres in the NW-SE direction (Figures 1 and 2). Step-out drilling has already been initiated across strike, to determine the lateral extent of the deposit, which is thought to dip gently into the mountain and underneath the granite outcrop, in a similar style to Tabuaço (São Pedro das Águias).
Drilling progress at Aveleira has been slow to date due to the small conventional drill rig. In order to boost the evaluation drilling of the Aveleira discovery, Colt has signed a contract with Portuguese drilling contractor Geocontrole, who has already brought one additional rig to the Aveleira program, and will bring another in early September.
The newly discovered, non-outcropping skarn tungsten horizon evidenced by hole DHT-72 in the gap between the Tabuaço resource and the Aveleira discovery is another exploration success for Colt at the Tabuaço tungsten project. It indicates that additional, hidden tungsten deposits can be found in the Tabuaço project area, and demonstrates that modern exploration based on soil geochemistry, followed by drilling, can be successful in locating additional mineralization.
The skarn discovered by hole DHT-72 is located 150 metres North of the Tabuaço (São Pedro das Águias) resource area. Follow-up drilling to DHT-72 has already been initiated in order to outline the extent of this skarn horizon.
Additionally, in the Tabuaço-Aveleira gap, there are several other soil geochemical anomalies which will be drill tested by Colt in the near future.
Nikolas Perrault, President and CEO of Colt, stated, "Continued successful drilling at our Aveleira discovery reinforces our belief that this location may host a hidden deposit similar to Tabuaço. With hole DHT-71, we have confirmed a significant strike length. Our Aveleira drill program will now concentrate on drilling up-slope so as to test lateral extent into the mountain as occurs at Tabuaço. Our new discovery of hidden mineralization in the Tabuaço-Aveleira gap strengthens our conviction that tungsten mineralization is hosted in skarn horizons along the mountain side that have been offset locally by post mineral faults."
Quality Assurance / Quality Control (QA/QC)
Sample intervals are reported as both metres (m) downhole and as true thickness, which have been calculated by Colt Resources 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 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%. WO3 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 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.