Colt Resources intersects 1.50% WO3 over 10.01m and 0.93% WO3 over 13.34m including 1.05% WO3 over 8.74m at its Tabuaco Tungsten Project, Northern Portugal
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 Tabuaco tungsten
project (Sao Pedro das Aguias) and one hole from the Tabuaco-Aveleira
gap, located in the Company’s wholly owned Armamar Meda concession in
Nikolas Perrault, President and CEO of Colt, stated, “Our in-fill drilling program at Tabuaco 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 Tabuaco, give us great confidence in our ability
to significantly expand the size of the overall resources at the
Tabuaco Project in the quarters ahead.”
The drilling results (Figure 1) are highlighted as follows:
__________________________________________________________________ | Tabuaco 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 | |__________________________________________________________________| |Main | 41.58| 52.58| 1.50% | 11.00 | 10.01 | |_________|________|______|___________|____________|_______________| |Lower | 60.15| 65.80| 0.51% | 5.65 | 5.14 | |_________|________|______|___________|____________|_______________| |Drill hole DHT-58 (Inclined -70o to 030o) - 174.25m long | |__________________________________________________________________| |Upper | 96.65| 98.60| 0.35% | 1.95 | 1.94 | |Carbonate| | | | | | |_________|________|______|___________|____________|_______________| |Main | 137.35|139.65| 0.45% | 2.30 | 2.29 | |_________|________|______|___________|____________|_______________| |Lower | 147.00|149.00| 0.32% | 2.00 | 1.99 | |_________|________|______|___________|____________|_______________| |Drill hole DHT-65 (Vertical) - 71.55m long | |__________________________________________________________________| |No significant mineralization | |__________________________________________________________________| |Drill hole DHT-66 (Vertical) - 92.20m long | |__________________________________________________________________| |Main | 14.30| 28.50| 0.93% | 14.20 | 13.34 | |_________|________|______|___________|____________|_______________| |Including| 15.80| 25.10| 1.05% | 9.30 | 8.74 | |_________|________|______|___________|____________|_______________| |Lower | 37.95| 39.00| 0.23% | 1.05 | 0.99 | |_________|________|______|___________|____________|_______________| |Drill hole DHT-67 (-50o to 030o) - 91.40m long | |__________________________________________________________________| |Upper | 8.45| 10.30| 0.24% | 1.85 | 1.72 | |Carbonate| | | | | | |_________|________|______|___________|____________|_______________| |Main | 44.90| 49.90| 0.50% | 5.00 | 4.66 | |_________|________|______|___________|____________|_______________| |Lower | 64.54| 67.54| 0.29% | 3.00 | 2.80 | |_________|________|______|___________|____________|_______________| |Drill hole DHT-68 (Vertical) - 187.50m long | |__________________________________________________________________| |No significant mineralization | |__________________________________________________________________| |Drill hole DHT-69 (Vertical) - 145.15m long | |__________________________________________________________________| |Main | 82.85| 84.70| 0.87% | 1.85 | 1.74 | |_________|________|______|___________|____________|_______________| |Lower | 93.75|102.50| 0.49% | 8.75 | 8.22 | |_________|________|______|___________|____________|_______________| |Including| 93.75| 96.85| 0.82% | 3.10 | 2.91 | |_________|________|______|___________|____________|_______________| | Tabuaco-Aveleira Gap Drilling Results Highlights | |__________________________________________________________________| |Drill hole DHT-75 (Vertical) - 75.50m long | |__________________________________________________________________| |Main | 33.20| 35.10| 0.46% | 1.90 | 1.79 | |_________|________|______|___________|____________|_______________| |Lower | 38.96| 40.00| 0.44% | 1.04 | 0.98 | |_________|________|______|___________|____________|_______________|
* True Width was determined assuming the mineralization has an average
strike of 315 and an average dip of -20
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
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
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 Tabuaco
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 5(th), 2012). These two mineralized holes suggest a likely north-westerly
extension to the Tabuaco 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 Tabuaco-Aveleira gap which will also be drill tested in the near
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 Tabuaco (Sao Pedro das Aguias).
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
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 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.