Colt Resources reports positive results of drilling at its Montemor Gold Project, Southern Portugal
GTP - (TSX-V)
P01 - (FRANKFURT)
COLTF - (OTCQX)
MONTREAL, Dec. 13, 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 6 diamond drillholes from its recently completed 12 hole drilling campaign on the Monfurado gold deposit, located within the Company's 100% owned (728Km2) Montemor Gold exploration concession in southern Portugal. Colt's 100% owned 47Km2 Boa Fé Experimental Mining License ("EML") is completely surrounded by the Montemor Exploration concession.
The results from Monfurado are highlighted as follows:
Hole Inclination and
|From (m)||To (m)||Grade g/t Au||Width (m)|
|MOMF-12-010||Inclined: -60 to 225||68.38||70.90||0.53||2.52|
* True Width has not been determined at this time.
Nikolas Perrault, President and CEO of Colt, stated, "The 12 hole drilling program at Monfurado has been designed to increase our understanding of this near surface deposit within the Montemor exploration concession. We have now completed the program and are pleased to see that every drillhole hit the mineralized zone that had been intersected in trenches and projected to extend to depth. We have now commenced data review in anticipation of an expanded drilling campaign to test for depth and strike extensions of this mineralized zone. Monfurado is located just 4.5Km west of the Banhos deposit (located in our 100% owned Boa Fe EML). We anticipate that the results of this program will form part of an NI 43-101 compliant mineral resource estimate to be published in Q1, 2013. We continue to explore the large Montemor exploration concession, that surrounds Boa Fé, where we have identified several gold mineralized zones most of which remain untested by drilling."
Gold mineralization has been identified in several deposits along a shear zone that extends over some 30 kilometres along strike (Figure 1). Previous shallow drilling was generally focussed on the highest grading portions of gold anomalies that closely follow the regional shear.
At Monfurado, a total of 12 diamond drillholes (Figure 2) have been completed by Colt, for a total length of 1305.8 metres. All holes were drilled vertically (as the Monfurado structure and mineralization was projected to be gently dipping) except for one hole (MOMF-12-010), which was drilled inclined at -60o and 225° azimuth. The holes were drilled as part of an (incomplete) 100m x 50m spaced drilling grid, with a view to develop a better understanding of the controls for mineralization and to support future resource estimation. The drilled portion of this grid extends over a NW-SE strike length of 300m, for up to 200m down-dip/across-strike (on the longest drill traverse).
All drill holes have intersected gold-bearing rocks, varying in lithology from felsic metavolcanics to carbonate and calcsilicate rocks.
Drilling has revealed that the Monfurado gold mineralization is primarily focussed at the contact zone between the felsic metavolcanic unit (above) and the lower unit of carbonate+calcsilicate rocks, with gold mineralization present on either side of this contact. The controls of mineralization are therefore believed to be tectonic (structural) rather than lithologic, as the contact zone between these two units of the Monfurado Cambrian Formation is believed to be a favourable plane for thrusting/shearing.
As a consequence of this structural control associated with a bedding plane, the mineralization appears stratabound in character and as such it strikes NW-SE, and dips ~30o to NE (Figure 3) coincident with stratigraphy.
The Monfurado mineralization is open both down dip and along strike, particularly to the southeast, where additional positive trench results indicate good potential for continuation of the mineralized horizon in this direction.
Colt will continue to test its current ideas on structural interpretation against previous models as part of its ongoing strategy to prepare working 3D models of mineralization. Results currently being interpreted from geophysical exploration will greatly assist in advancing targets in the greater Montemor area. High priority regional targets identified through field prospecting are also being tested.
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 identify the presence of mineralization hosted in deposits similar to those found in the Boa Fé EML.
The style of mineralization found at Monfurado differs from that found nearby in the Boa Fe EML opening up the possibility of a new exploration target that will be aggressively pursued as part of Colts ongoing regional exploration program.
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 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. One half of the core is sent for analysis, while the other half is retained in the core boxes for future reference.
All 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 one of the largest lease holder of mineral concessions.
SRK (ES) Managing Director - Gareth O'Donovan CEng MSc BA (Hons) FIMMM FGS, is an 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 and 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.