Last updated on April 24, 2014 at 21:24 EDT

Colt Resources intersects 1.31% WO3 over 7.00m at its Tabuaco Tungsten Project, Northern Portugal

May 18, 2012
                                              Trading Symbols: GTP - (TSX-V)
                                                               P01 - (FRANKFURT)
                                                               COLTF - (OTCQX)

MONTREAL, May 18 /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 four holes from its ongoing drilling campaign at its Tabuaço tungsten project (São Pedro das aguias and Aveleira deposits), located in the Company’s wholly owned Armamar-Meda concession in northern Portugal.

The results from Tabuaço (Figure 1, Tabuaço current resource area) are highlighted as follows:

        Zone    From (m)  To (m)  Grade % WO3    Interval (m)  True Width (m)*
        Drill hole DHT-52 (Vertical) - 87.50m deep
        Main      54.20   61.20      1.31%          7.00             6.58
        Drill hole DHT-55 (Inclined 80 degrees to 030 ) - 197.05m deep
        No significant mineralisation

* True Width was determined assuming the mineralization has an average strike of 315 degrees and an average dip of -20 degrees

The Company also announces that it has received final analytical results for 2 holes from its ongoing drilling campaign at its recently discovered Aveleira tungsten deposit, located in the same concession and approximately 700m north of the delineated resource at Tabuaço (Figure 1).

The results for these two holes are highlighted as follows:

        Zone    From (m)  To (m)  Grade % WO3    Interval (m)  True Width (m)*
        Drill hole DHT-50 (Vertical) - 78.00m deep
        Main      15.00    24.00            Significant mineralization
                                   but poor core recovery due to natural cavities
        Lower     53.40    58.40     0.63%          5.00             4.70
        Drill hole DHT-53 (Vertical) - 66.50m deep
        Main      32.70    34.90     0.46%          2.20             2.07
        Lower     55.35    57.75     0.80%          2.40             2.26
        * True Width was determined assuming the mineralization has an average
    strike of 315 degrees and an average dip of -20 degrees

Nikolas Perrault, President and CEO of Colt, stated, “Shallow step-out drilling at our Aveleira discovery has demonstrated the presence of a deposit similar to Tabuaço. As we drill deeper holes, we anticipate being able to report intersections unaffected by near surface weathering. Our infill drilling program at Tabuaço, designed to upgrade resources, is delivering results as anticipated.”

At Tabuaço, the results from DHT-52, which was drilled as an infill hole on vertical section line 1250, continue to show continuity of strong, tabular scheelite mineralization downdip from outcrop in the resource area (Figure 2).

Hole DHT-55 was drilled to test for extension of the inferred resource area at its western edge below the granite contact. Weak skarn development was observed in this hole.

At the Aveleira exploration area, poor core recovery was experienced in the upper portion of the main mineralized horizon in hole DHT-50. This poor recovery was caused by natural dissolution cavities. It is anticipated that this natural weathering process will diminish down dip and will not impact the economic potential of this mineralized horizon.

The results obtained from holes DHT-50 and DHT-53, together with those from the Aveleira discovery hole DHT-49 (see Colt’s previous announcements of February 22nd and March 20th, 2012) already indicate a strike length for the Aveleira deposit in excess of 60 metres (Figure 3).

Drilling is continuing at this new discovery to delineate its full extent.

Quality Assurance / Quality Control (QA/QC)

Sample intervals are reported as both metres (m) downhole and as true thickness, which have been calculated 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%. WO(3) 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 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.


PDF available at: http://stream1.newswire.ca/media/2012/05/18/20120518_C8961_DOC_EN_13929.pdf

Source: PR Newswire