GTP - (TSX-V)
P01 - (FRANKFURT)
COLTF - (OTCQX)
MONTREAL, Sept. 18, 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 seven holes from its ongoing infill drilling campaign at its Tabuaço tungsten project (São Pedro das Águias) and one hole from the Tabuaço-Aveleira gap, located in the Company's wholly owned Armamar‐Meda concession in northern Portugal.
Nikolas Perrault, President and CEO of Colt, stated, "Our in-fill drilling program at Tabuaço has significantly boosted our confidence in the continuity of this deposit. The results released today continue to confirm its quality as we advance towards a NI43-101 compliant resource update. In addition, recently reported positive drilling results at the nearby Aveleira discovery and at the gap between Aveleira and Tabuaço, give us great confidence in our ability to significantly expand the size of the overall resources at the Tabuaço Project in the quarters ahead."
The drilling results (Figure 1) are highlighted as follows:
|Tabuaço Drilling Results Highlights|
|Zone||From (m)||To (m)||Grade % WO3||Interval (m)||True Width (m)*|
|Drill hole DHT-57 (Inclined -50o to 075o) - 107.00m long|
|Drill hole DHT-58 (Inclined -70o to 030o) - 174.25m long|
|Drill hole DHT-65 (Vertical) - 71.55m long|
|No significant mineralization|
|Drill hole DHT-66 (Vertical) - 92.20m long|
|Drill hole DHT-67 (-50o to 030o) - 91.40m long|
|Drill hole DHT-68 (Vertical) - 187.50m long|
|No significant mineralization|
|Drill hole DHT-69 (Vertical) - 145.15m long|
|Tabuaço-Aveleira Gap Drilling Results Highlights|
|Drill hole DHT-75 (Vertical) - 75.50m long|
* True Width was determined assuming the mineralization has an average strike of 315º and an average dip of -20º
DHT-57 was drilled to infill a gap in section line 1300 between DHT-21 and the Main Skarn Horizon outcrop. It also aimed to test the continuity along dip of the grades obtained in the previous channel sampling of the outcrop. Results show rich scheelite mineralization and confirm the continuity of the mineralization observed in the outcrop.
DHT-58 was drilled on section line 1200 to infill a gap between DHT-36 and DHT-38A.
DHT-65 was drilled to test the effect that the mapped north-south fault has on mineralization and to also infill section 1500 between DHT-22A and DHT-64.
On section line 1250 DHT-66 (Figure 2) was drilled to test the continuity of mineralization of the Main Skarn Horizon between DHT-52 and where it outcrops. Results show high grade mineralisation and confirm continuity and thickness as extrapolated on this section. DHT-69 was also drilled on section 1250 to infill the gap between DHT-18 and DHT-52.
DHT-68 was drilled to test the extent to the south-west of the deposit on section 1200. This hole was precollared with a blasthole rig to a depth of 90m and then continued with regular diamond drilling to a final depth of 187.50m. Results show no significant mineralisation but the existence of the metasedimentary sequence of the deposit under the granite was confirmed.
DHT-75 (Figure 3) was drilled 120 meters to the NW of the Tabuaço current resource area, to test a soil geochemical anomaly identified by Colt; its collar is also located 65 meters upslope from hole DHT-72 (news release of Sept 5th, 2012). These two mineralized holes suggest a likely north-westerly extension to the Tabuaço deposit, which remained unknown until very recently as a result of an interpreted fault off-set. This likely extension of the deposit will be subject to continuing drill investigation. In addition there are other soil geochemical anomalies in the Tabuaço-Aveleira gap which will also be drill tested in the near future.
The discovery area is not closed off to the north-west and initial results of drilling suggest the potential for mineralization to extend beyond the previous reported resource area (Press Release - September 5, 2012). Drilling down-dip is also planned to test the contact relationship between the mineralized skarns and the granite located to the south-west of Tabuaço (São Pedro das Águias).
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.