Colt Resources intersects 2.78g/t Au over 15.16m, including 15.59g/t Au over 4.07m at Chaminé and 1.19g/t Au over 21.30m at Casas Novas at its Boa Fé Gold Project, Southern Portugal

Aug 27, 2012, 10:06 ET from COLT RESOURCES INC.

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MONTREAL, Aug. 27, 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 corresponding to twenty-one recently completed drillholes from the ongoing drilling and trenching campaign on its Boa Fé gold project, located within the Company's 100% owned (47Km2) Boa Fé Experimental Mining License (EML) in southern Portugal.   The Boa Fé EML is completely surrounded by the Company's 100% owned (732Km2) Montemor exploration concession.

Nikolas Perrault, President and CEO of Colt, stated, "In this press release, we are reporting 19 drillholes from the Casas Novas deposit as well as 1 from the Chaminé deposit and 1 from the Covas deposit.  These results will greatly assist our mine development team and increase our understanding of these deposits and as we move towards preparing a Preliminary Economic Analysis (PEA).  The bulk of our current deposit development drilling activities are now focussed on our Banhos deposit, also within the Boa Fe EML.  We expect to accelerate productivity and news flow in the next few weeks with the imminent arrival of three additional and more powerful rigs to the site."

The results from the Chaminé deposit are highlighted as follows:

Chaminé Deposit
Drill hole BFCH-12-036 (Vertical) - 67.85m long
  From (m) To (m) Grade g/t Au Interval (m)*
  0.00 15.16 2.78 15.16
(Including) 4.14 8.21 15.59 4.07

* True Width has not been determined at this time.

The results from the Covas deposit are highlighted as follows:

Covas Deposit
Drill hole BFCO-12-002 (Inclined -63 o to 048o) - 59.20m long
  From (m) To (m) Grade g/t Au Interval (m)*
  12.15 15.68 1.92 3.53
And 24.30 25.40 1.11 1.10

* True Width has not been determined at this time.

The results from the Casas Novas deposit are highlighted as follows:

Casas Novas Deposit
Drill hole BFCN-12-006 (Vertical) - 160.55m long
  From (m) To (m) Grade g/t Au Interval (m)*
  62.75 63.84 1.14 1.09
Drill hole BFCN-12-007 (Vertical) - 140.25m long
  From (m) To (m) Grade g/t Au Interval (m)*
  116.65 118.80 1.76 2.15
Drill hole BFCN-12-008 (Vertical) - 134.20m long
  From (m) To (m) Grade g/t Au Interval (m)*
  64.10 68.80 0.78 4.70
and 83.8 84.95 1.20 1.15
and 123.76 125.65 0.92 1.89
Drill hole BFCN-12-009 (Vertical) - 134.77m long
  From (m) To (m) Grade g/t Au Interval (m)*
  25.30 47.78 1.00 22.48
and 78.67 88.34 1.77 9.67
Drill hole BFCN-12-010 (Vertical) - 86.60m long
No significant results
Drill hole BFCN-12-011 (Vertical) - 76.05m long
  From (m) To (m) Grade g/t Au Interval (m)*
  30.40 32.80 1.21 2.40
and 39.75 40.75 2.11 1.00
Drill hole BFCN-12-012 (Vertical) - 90.00m long
No significant results
Drill hole BFCN-12-013 (Vertical) - 140.65m long
  From (m) To (m) Grade g/t Au Interval (m)*
  15.05 17.30 0.73 2.25
and 131.53 136.75 0.72 5.22
Drill hole BFCN-12-014 (Vertical) - 120.00m long
  From (m) To (m) Grade g/t Au Interval (m)*
  19.80 23.27 13.06 3.47
and 42.70 44.70 8.14 2.00
Drill hole BFCN-12-015 (Vertical) - 122.25m long
  From (m) To (m) Grade g/t Au Interval (m)*
  65.15 70.86 1.62 5.71
and 74.76 83.35 1.09 8.59
and 98.95 120.25 1.19 21.30
Drill hole BFCN-12-016 (Vertical) - 118.95m long
  From (m) To (m) Grade g/t Au Interval (m)*
  28.00 28.95 2.14 0.95
and 38.00 40.70 0.77 2.70
Drill hole BFCN-12-017 (Vertical) - 80.80m long
  From (m) To (m) Grade g/t Au Interval (m)*
  64.86 66.55 1.24 1.69
Drill hole BFCN-12-018 (Vertical) - 85.10m long
No significant results
Drill hole BFCN-12-019 (Vertical) - 70.40m long
No significant results
Drill hole BFCN-12-020 (Vertical) - 99.00m long
  From (m) To (m) Grade g/t Au Interval (m)*
  35.25 38.45 5.80 3.20
Drill hole BFCN-12-021(Vertical) - 133.85m long
  From (m) To (m) Grade g/t Au Interval (m)*
  66.55 67.45 2.13 0.90
and 83.90 85.90 0.63 2.00
Drill hole BFCN-12-022 (Vertical) - 122.30m long
  From (m) To (m) Grade g/t Au Interval (m)*
  8.60 10.65 2.33 2.05
and 13.4 16.39 0.73 2.99
and 66.50 68.65 0.97 2.15
and 80.60 83.30 0.51 2.70
and 101.90 104.65 1.10 2.75
Drill hole BFCN-12-023 ( Vertical) - 81.90m long
  From (m) To (m) Grade g/t Au Interval (m)*
  15.75 22.60 1.23 7.70
And 68.20 76.35 1.26 8.15
Drill hole BFCN-12-024 (Vertical) - 147.70m long
  From (m) To (m) Grade g/t Au Interval (m)*
  61.90 64.70 1.64 2.80

* True Width has not been determined at this time.

Program Strategy

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 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).

The Chaminé Deposit hole BFCH-12-036 (Figure 2) was drilled vertically and is the last of 4 holes drilled to obtain representative samples for bench scale metallurgical testwork for the Chaminé Deposit.

Hole BFCO-12-002 was the second hole drilled at Covas Deposit (Figure 3) to twin a former Iberian Resources RC hole (RC010) and is the last hole to be reported from the current program to validate 10% of the previous drilling used in previous JORC-compliant estimates carried out at Boa Fé. The hole was designed to confirm mineralisation at shallow depth in hole RC010 found at depths between 11m and 29m. Visual comparison of the two sets of results shows good correlation with the locus of mineralization at 14m and 25m depth and also comparable gold grades given the differences in support between samples taken from RC drill cuttings and core.

At the Casas Novas Deposit, a series of vertical holes BFCN-12-006 to BFCN-12-024 (Figure 4) were drilled on a 50m x 25m grid. This grid was planned to investigate shallow structures using a similar approach to the model used at Chaminé (refer to press release dated 15th March 2012) and address any potential bias, given that all the RioFinEx holes were drilled inclined 50o to the north-east.  Section 67025E (Figure 5) shows a typical section across Casa Novas. Mineralisation appears to be associated with three robust aplite intrusions up to 20m thick in parts which form upper, middle and lower aplite units.  The aplite units broadly dip 40o to the south-west, which is broadly analogous to the S1 direction modelled at Chaminé. There is also a subhorizontal component in the morphology of the aplite as well. The significant mineralisation appears to occur in kinks and localised fold hinges in the aplite corresponding to pressure shadows created in ductile schist in the lee of the more competent aplite. This is particularly marked in the footwall of the upper aplite and the hanging wall of the middle aplite. The middle aplite is more erratic and discontinuous than the upper and lower units and may have created several zones of low strain and the space amenable to passage of mineralising fluids.

The grid was also designed to target gaps in the RioFinEx drilling which were not tested due to the absence of surface anomalies in trenching but which have potential mineralisation in the Colt model particularly in the footwall of the upper aplite and hangingwall of the middle aplite. The reason for negative results in some of the holes updip of the RioFinEx holes is because of a lack of deformation in the aplite, and thus lack of fluid conduits for mineralisation, and pinching out of the aplite near surface which particularly appears to affect the middle aplite.

The Company is continuing its aggressive advanced stage exploration campaign at Boa Fé. This has commenced at the Banhos deposit to upgrade to NI 43-101 compliance, previously reported JORC compliant inferred resource areas estimated by previous workers at depth and along strike. Mineralization at Banhos is hosted in younger Cambrian calc silicate metasediments and amphibolites compared to Chaminé and Casas Novas where mineralization is generally hosted in older Proterozoic felsic schist. Work is thus targeted to step out and test underexplored structures and lithologies in these schistose strata north east of the outlined resource area. A program of trenching and a 50m spaced ground magnetic grid is planned to identify key structures, significant bodies of silica/aplite and assist target definition.

The Company has concluded a drilling contract with Spektra Jeotek SA of Ankara, Turkey, which will considerably increase capacity to quickly bring additional areas into its resource base and aggressively test new targets. Spektra have mobilised three drill rigs and ancilliary equipment to Portugal and are due to commence drilling shortly.  High priority regional targets identified through historical data assessment and field prospecting will also be tested.

Minimal drilling has been performed to test depth extensions below an average of 100 metres or along strike between known mineralized deposits.  The addition of the Spektra rigs will provide Colt with the option of testing deeper targets.  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).

Colt is also pleased to announce the filing of a National Instrument 43-101 ("NI 43-101") Technical Report on its Boa Fé/Montemor Gold Project. The Technical Report, completed by SRK Consulting, is the latest Technical Report in relation to the updated NI 43-101 Mineral Resource Estimate for the Boa Fé/Montemor Gold Project. announced by the Company in a press release dated July 3, 2012. The Technical Report entitled, "Boa Fé/Montemor Gold Project Alentejo Region of Southern Portugal," dated August 16, 2012, is now available on SEDAR at

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 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.




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