Updated NI 43-101 Resource Estimate for Colts 100% Tabuaco Tungsten Project, Northern Portugal
GTP – (TSX-V)
P01 – (FRANKFURT)
COLTF – (OTCQX)
MONTREAL, Oct. 3, 2012 /PRNewswire/ – Colt Resources Inc. (“Colt” or the
“Company”) (TSXV: GTP) (FRA: P01) (OTCQX: COLTF) is pleased to announce
an updated resource estimate for its 100% owned Tabuaco (Sao Pedro das
Aguias) tungsten project, located in the Company’s wholly owned
Armamar Meda concession in northern Portugal. Drilling has increased
both the level of confidence and the size of the resource as is
reflected by the inclusion of additional material from the recently
announced Aveleira zone discovery. The estimated contained WO(3) in the Indicated Mineral Resource category has almost doubled to
Table 1 – Tabuaco/Aveleira Tungsten Project Resource Highlights (0.3% WO(3) Cut-off Grade)
___________________________________________________________________ | | November 2011 | October 2012 | | | Resource Estimate | Resource Estimate | |_________|____________________________|____________________________| |Resource | Tonnage | Grade |Contained | Tonnage | Grade |Contained | |Category |(thousand|(% WO3)| Metal |(thousand|(% WO3)| Metal | | | tonnes) | |(MTU WO3)*| tonnes) | |(MTU WO3)*| |_________|_________|_______|__________|_________|_______|__________| |Indicated| | | | | | | | Mineral | 760 | 0.58 | 440,000 | 1,495 | 0.55 | 815,000 | |Resources| | | | | | | |_________|_________|_______|__________|_________|_______|__________| |Inferred | | | | | | | | Mineral | 1,330 | 0.57 | 760,000 | 1,230 | 0.59 | 720,000 | |Resources| | | | | | | |_________|_________|_______|__________|_________|_______|__________|
* The term “MTU” is an abbreviation for one “Metric Tonne Unit” and is
equal to 10Kg of material.
“We are very pleased with this updated estimate which has been focused
only on a portion of a larger zone of mineralization at Tabuaco which
remains open. The inclusion for the first time of inferred resources
from the nearby discovery at Aveleira clearly demonstrates the
potential to continue to grow this significant tungsten deposit. This
announcement coincides with our decision to proceed with a Preliminary
Economic Analysis (PEA) while continuing to test the upside potential
through our ongoing drilling program. Colt remains committed to
identifying an industry partner to jointly develop this project and
discussions are currently underway to accomplish this objective.
Results continue to corroborate the high grade nature of the
mineralization confirming Tabuaco to be one of the highest grade,
undeveloped tungsten deposits in Europe”, said Nikolas Perrault, Colt Resources President and CEO.
The objectives of Colt’s exploration activities since announcing the
initial NI43-101 resource estimate in November 2011 have been 1) to
increase the level of confidence in the known deposit area; and 2) to
test the potential to expand the deposit. The infill drilling program
has succeeded in increasing confidence as is demonstrated by the
expansion by 95% of the Indicated Mineral Resources. The deposit
expansion program has successfully indentified the presence of
mineralization 700m away at Aveleira. A portion of this mineralization
has been estimated and is included in the Inferred Mineral Resources at
this time. Colt’s next phase of in-fill drilling will be designed to
upgrade this zone. Colt will also continue to test the area between the
two deposits. Initial drill results indicate the presence of
mineralized skarns in the gap between them (Press Release: September
Since the Company’s initial resource estimate report was published
(Press Release: November 7, 2011), approximately 4,500m of drilling has
been completed representing 46 drill holes designed to increase the
drilling density at Tabuaco, to test mineralization at Aveleira and to
test for mineralization between Tabuaco and Aveleira. To date, Colt has
drilled 77 drillholes on the property for a total of approximately
8,000m. The model used for this estimate is now based on 62 assayed
drillholes (31 previously).
Resource Estimate Highlights
-- Indicated Mineral Resources have almost doubled in tonnage as a result of the new drilling, overall the Mineral Resources have increased by a third; grade remains similar. -- Indicated resources total 1,495,000 tonnes with an average grade of 0.55% WO3. -- Inferred resources total 1,230,000 tonnes with an average grade of 0.59% WO3. -- The Aveleira model in particular remains open in several directions and the gap in between Tabuaco (Sao Pedro das Aguias) and Aveleira is now considered to have good Exploration Potential
SRK (ES) has supervised drilling, sampling and assay quality control
procedures. The drilling database and surface mapping have formed the
basis of the geological and grade models. Geological understanding at
the deposit has improved with recent drilling allowing several
mineralised skarn domains to be modelled and estimated at SPA and a
two-layer model to be developed for Aveleira. All geological modelling
was undertaken in Gemcom mining software (“GEMS”) by Colt engineers and
geologists with review by SRK (UK). In addition, SRK (UK) has
reviewed grade modelling and resource reporting.
Table 2 summarises the Mineral Resource, stated at a 0.3% WO(3) cut-off grade, within the defined mineralisation models. The Mineral
Resource Statement is reported in accordance with the CIM Guidelines
and Definitions. Classification of the Mineral Resource is based on
quality control data, geological continuity and an assessment of block
grade estimation quality. The estimate is considered to have
reasonable prospects for eventual economic extraction, as it is
constrained by a cut-off grade derived from reasonable underground
mining and processing costs and recoveries.
Classification Tonnage Grade Contained Contained Metal Contained Metal Metal kt WO3% t WO3 lb WO3 MTU WO3 Indicated Mineral 1,495 0.55 8,150 18,000,000 815,000 Resources Inferred Mineral 1,230 0.59 7,200 16,000,000 720,000 Resources
Table 2 – Tabuaco/Aveleira Mineral Resource Estimation
In summary, the processes and parameters used to derive the Mineral
Resource Statement are as follows:
-- A cut off grade of 0.3% WO3 has been used to constrain the Mineral Resource estimate; -- This cut-off grade is based on a WO3 price of US$300/mtu, an underground mining cost of US$30/t and a processing cost of US$22/t, (costs supplied by SRK (Denver), and agreed by Colt); -- This resource model has been wireframed using GEMS. Grade interpolation was undertaken using Ordinary Kriging at SPA and Inverse distance weighting at Aveleira, with block model dimensions of 12.5m in the X direction, 12.5m in the Y direction and 2.5m in the Z direction. This is reasonable given the drill spacing across the project area. Variography and grade estimation were undertaken in GEMS. Search ellipsoids were derived based on drillhole spacing and a three search pass strategy; -- Data quality, geological continuity and block grade estimation quality were all assessed to determine the classification of the Mineral Resource.
Table 3 – Tabuaco/Aveleira Grade-Tonnage Curve (figures have been
______________________________________________________________ | October 2012, Grade-Tonnage Curve | |______________________________________________________________| |Cut-off Grade|Tonnages | Grade |Contained|Contained |Contained| | (% WO3 ) |(tonnes) |(% WO3)| Metal | Metal | Metal | | | | | (t WO3) | (lb WO3) |(MTU WO3)| |_____________|_________|_______|_________|__________|_________| |Indicated Resources | |______________________________________________________________| | 0.00 |2,365,000| 0.41| 9,650|22,000,000| 965,000| |_____________|_________|_______|_________|__________|_________| | 0.05 |2,240,000| 0.43| 9,650|22,000,000| 965,000| |_____________|_________|_______|_________|__________|_________| | 0.10 |2,150,000| 0.44| 9,500|22,000,000| 950,000| |_____________|_________|_______|_________|__________|_________| | 0.15 |2,020,000| 0.47| 9,400|20,500,000| 940,000| |_____________|_________|_______|_________|__________|_________| | 0.20 |1,855,000| 0.49| 9,100|20,000,000| 910,000| |_____________|_________|_______|_________|__________|_________| | 0.25 |1,710,000| 0.51| 8,800|19,500,000| 880,000| |_____________|_________|_______|_________|__________|_________| | 0.30 |1,495,000| 0.55| 8,150|18,000,000| 815,000| |_____________|_________|_______|_________|__________|_________| | 0.35 |1,300,000| 0.58| 7,600|16,500,000| 760,000| |_____________|_________|_______|_________|__________|_________| | 0.40 |1,095,000| 0.62| 6,750|15,000,000| 675,000| |_____________|_________|_______|_________|__________|_________| | 0.45 | 945,000| 0.66| 6,200|13,500,000| 620,000| |_____________|_________|_______|_________|__________|_________| | 0.50 | 790,000| 0.68| 5,400|12,000,000| 540,000| |_____________|_________|_______|_________|__________|_________| |Inferred Resources | |______________________________________________________________| | 0.00 |3,950,000| 0.27| 10,800|24,000,000|1,080,000| |_____________|_________|_______|_________|__________|_________| | 0.05 |3,550,000| 0.30| 10,800|24,000,000|1,080,000| |_____________|_________|_______|_________|__________|_________| | 0.10 |2,990,000| 0.34| 10,300|22,500,000|1,030,000| |_____________|_________|_______|_________|__________|_________| | 0.15 |2,280,000| 0.42| 9,500|21,000,000| 950,000| |_____________|_________|_______|_________|__________|_________| | 0.20 |1,880,000| 0.46| 8,700|19,000,000| 870,000| |_____________|_________|_______|_________|__________|_________| | 0.25 |1,550,000| 0.52| 8,000|17,500,000| 800,000| |_____________|_________|_______|_________|__________|_________| | 0.30 |1,230,000| 0.59| 7,200|16,000,000| 720,000| |_____________|_________|_______|_________|__________|_________| | 0.35 |1,010,000| 0.63| 6,400|14,000,000| 640,000| |_____________|_________|_______|_________|__________|_________| | 0.40 | 810,000| 0.72| 5,800|13,000,000| 580,000| |_____________|_________|_______|_________|__________|_________| | 0.45 | 700,000| 0.74| 5,200|11,500,000| 520,000| |_____________|_________|_______|_________|__________|_________| | 0.50 | 630,000| 0.78| 4,900|10,780,000| 490,000| |_____________|_________|_______|_________|__________|_________|
Table 3 shows the sensitivity of resource tonnages to cut-off grade.
All samples used for this estimate were sent by courier to OMAC
Laboratories Ltd, Galway, Ireland or to ALS Laboratory Group, Seville,
Spain. Samples were analyzed for W and Sn using a metaborate fusion
followed by XRF analysis. Assay results for tungsten were reported by
the laboratory as W%. WO(3) values were 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.
Tabuaco/Aveleira Next Steps
-- Drilling, during the remainder of 2012 and during 2013, will be expanded, to test the area between Aveleira and Tabuaco where initial results have indicated the presence of tungsten mineralization. Colt will also continue to test other prospects in the region within Colt's 100% controlled exploration concession. -- Environmental impact studies will continue so as to optimize the mining and processing facilities and minimize their environmental impact. -- Geotechnical drilling will be performed to test ground conditions along potential underground access routes. -- Bulk samples will be collected so as to allow more detailed metallurgical testwork to improve recoveries and assist in designing optimal processing methods. -- A Preliminary Economic Assessment and Tabuaco/Aveleira is scheduled to be prepared during the first quarter of 2013.
SRK (ES), with input from SRK (UK) for specific sections, will be the
authors of a NI 43-101 compliant Technical Report on the Mineral
Resource Estimate for the Tabuaco Project, to be filed within 45 days
of this news release. SRK (ES) and SRK (UK) are independent of Colt
Resources as defined by NI 43-101.
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 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.
SRK (UK) Director – Martin Pittuck CEng MIMMM, is an independent
qualified person, as defined in NI43 101, for the Tabuaco Mineral
Resource estimate. Mr. Pittuck 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
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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.