Colt Resources intersects 8.39g/t over 6.88m* and 33.2 g/t over 1.7m* at its Banhos Deposit in the Boa Fe Gold Project, Southern Portugal
GTP – (TSX-V)
P01 – (FRANKFURT)
COLTF – (OTCQX)
MONTREAL, Dec. 17, 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 27 diamond
drillholes from its ongoing drilling campaign on the Banhos gold
deposit, located within the Company’s 100% owned 47Km(2) Boa Fe Experimental Mining License (EML) in southern Portugal. Colt’s
100% owned (728Km(2)) Montemor Gold exploration concession completely surrounds the Boa Fe
Table 1: Results from Banhos Drilling Program
_____________________________________________________________________ | | Hole Inclination & | | |Grade g/t|Interval| | Hole-ID | Azimuth |From (m)|To (m)| Au | (m)* | |___________|______________________|________|______|_________|________| |BFBH-12-037|Inclined: -45o to 225o| 32.30| 38.90| 0.44| 6.60| |___________|______________________|________|______|_________|________| | | and| 58.30| 62.10| 1.05| 3.80| |___________|______________________|________|______|_________|________| | | and| 140.00|143.00| 3.62| 3.00| |___________|______________________|________|______|_________|________| |BFBH-12-038|Inclined: -45o to 225o| 60.40| 61.40| 2.08| 1.00| |___________|______________________|________|______|_________|________| |BFBH-12-039|Inclined: -45o to 225o| 44.90| 46.70| 0.73| 1.80| |___________|______________________|________|______|_________|________| | | and| 97.85|101.45| 0.61| 3.60| |___________|______________________|________|______|_________|________| | | and| 111.90|118.80| 1.54| 6.90| |___________|______________________|________|______|_________|________| |BFBH-12-040|Inclined: -45o to 225o| 55.91| 60.90| 0.69| 4.99| |___________|______________________|________|______|_________|________| | | and| 65.40| 89.50| 0.65| 24.10| |___________|______________________|________|______|_________|________| |BFBH-12-041|Inclined: -45o to 225o| 69.50| 71.55| 1.30| 2.05| |___________|______________________|________|______|_________|________| |BFBH-12-042|Inclined: -45o to 225o| 17.00| 24.50| 0.49| 7.50| |___________|______________________|________|______|_________|________| |BFBH-12-043|Inclined: -45o to 225o| 62.50| 64.16| 1.61| 1.66| |___________|______________________|________|______|_________|________| |BFBH-12-044|Inclined: -45o to 225o| 0.80| 8.00| 0.40| 7.20| |___________|______________________|________|______|_________|________| |BFBH-12-045|Inclined: -45o to 225o| 59.00| 66.40| 0.63| 7.40| |___________|______________________|________|______|_________|________| | | and| 74.90| 77.55| 0.77| 2.65| |___________|______________________|________|______|_________|________| |BFBH-12-046|Inclined: -45o to 225o| 14.50| 16.30| 0.27| 1.80| |___________|______________________|________|______|_________|________| |BFBH-12-047|Inclined: -45o to 225o| 2.07| 8.95| 8.39| 6.88| |___________|______________________|________|______|_________|________| | including| 4.00| 7.70| 14.96| 3.70| |__________________________________|________|______|_________|________| |BFBH-12-048|Inclined: -45o to 225o| 29.80| 31.50| 33.20| 1.70| |___________|______________________|________|______|_________|________| | | and| 42.90| 46.25| 0.49| 3.35| |___________|______________________|________|______|_________|________| |BFBH-12-049|Inclined: -45o to 225o| 100.15|102.10| 0.34| 1.95| |___________|______________________|________|______|_________|________| |BFBH-12-050|Inclined: -45o to 225o| 5.25| 9.00| 1.28| 3.75| |___________|______________________|________|______|_________|________| | | and| 18.00| 22.95| 2.14| 4.95| |___________|______________________|________|______|_________|________| | | and| 52.85| 55.85| 1.06| 3.00| |___________|______________________|________|______|_________|________| |BFBH-12-051|Inclined: -45o to 225o| 118.40|122.60| 1.49| 4.20| |___________|______________________|________|______|_________|________| |BFBH-12-052|Inclined: -45o to 225o| 71.70| 72.45| 0.38| 0.75| |___________|______________________|________|______|_________|________| |BFBH-12-053|Inclined: -45o to 225o| 129.08|130.15| 0.57| 1.07| |___________|______________________|________|______|_________|________| |BFBH-12-054|Inclined: -45o to 225o| 28.60| 32.30| 0.80| 3.70| |___________|______________________|________|______|_________|________| |BFBH-12-055|Inclined: -45o to 225o| 15.60| 17.90| 2.58| 2.30| |___________|______________________|________|______|_________|________| |BFBH-12-056|Inclined: -45o to 225o| 99.50|101.15| 1.24| 1.65| |___________|______________________|________|______|_________|________| |BFBH-12-057|Inclined: -45o to 225o| 194.53|197.20| 0.51| 2.67| |___________|______________________|________|______|_________|________| |BFBH-12-058|Inclined: -45o to 225o| 79.20| 81.20| 0.99| 2.00| |___________|______________________|________|______|_________|________| |BFBH-12-059|Inclined: -45o to 225o| 88.00|100.50| 1.15| 12.50| |___________|______________________|________|______|_________|________| |BFBH-12-060|Inclined: -45o to 225o| 152.20|159.80| 2.42| 7.60| |___________|______________________|________|______|_________|________| |BFBH-12-061|Inclined: -45o to 225o| 37.60| 40.70| 0.44| 3.10| |___________|______________________|________|______|_________|________| |BFBH-12-062|Inclined: -45o to 225o| 107.33|110.60| 0.98| 3.27| |___________|______________________|________|______|_________|________| |BFBH-12-063|Inclined: -45o to 225o| 82.35| 84.70| 0.60| 2.35| |___________|______________________|________|______|_________|________|
* True Width has not been determined at this time.
Nikolas Perrault, President and CEO of Colt, stated, “The Banhos gold deposit is located just 4km North West of Casas Novas
and 5km from Chamine. The drilling program at Banhos has significantly
increased our confidence and understanding of this zone that was only
partially tested before Colt’s involvement and despite our extensive
drilling campaign the deposit remains open down dip and along strike.
The deposits currently being drill tested will form the basis of our
next NI 43-101 compliant mineral resource estimate scheduled to be
prepared during Q1, 2013. As our understanding of the gold
mineralization mechanism has improved, we are anticipating developing
greater efficiencies in exploration as we work to grow this deposit.
Our broader exploration efforts are designed to identify additional
mineralized zones both in the Boa Fe EML concession and importantly in
the much larger Montemor exploration concession that completely
surrounds Boa Fe.”
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 at Banhos deposits (Figures 2 and 3) was
focussed on the highest grading portions of gold anomalies that closely
follow the regional shear. Colt’s drilling has been designed to build
on previous work and to test for extensions of mineralization along
strike and down dip. Results to date indicate that the mineralization
is open both along strike and down dip.
At Banhos, an aggressive 50m x 50m based drill program was commenced in
August 2012. The program, consisting of both vertical and inclined
holes, has been drilled to develop a better understanding of several
shallow structures known historically to host gold mineralization.
Unlike the Chamine and Casas Novas deposits, historical drilling at
Banhos was primarily confined to the upper 30m and consisted mostly of
non-cored holes, with only 25 irregularly spaced diamond drillholes
drilled deeper to an average depth of 100m. Colt’s results to date
indicate that (similar to Casas Novas and Chamine), mineralization
appears to be associated with several shallow dipping aplite and mafic
intrusive units within the broader shear corridor.
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. The models incorporate
the concept of conjugate shear orientations reinforcing each other and
leading to higher grades of gold mineralization. The Company will
continue its aggressive advanced stage exploration campaign consisting
of a combination of vertical and inclined drill holes positioned to
confirm previous drilling results at Chamine, Casas Novas, Ligeiro,
Bracos and Banhos deposits and investigate the gaps between
Chamine-Casas Novas and Chamine-Ligeiro to increase resource
potential. Results currently being interpreted from geophysical
exploration will greatly assist in advancing targets in the gap areas.
High priority regional targets identified at the Montemor concession
through field prospecting combined with geochemical and geophysical
data interpretation are being tested. The results of this phase of
work on Boa Fe and Montemor will form the basis for an updated NI
43-101 compliant mineral resource estimate covering several previously
drilled gold bearing deposits within the Boa Fe EML.
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 build upon previous
work that supported several non NI43-101 compliant resource estimates
that range from 150koz to 610koz of gold as defined over the period
1991-2008 (see press release March 7, 2011).
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 – AA24″ (Au by fire assay and AAS, 50g 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
– GRA22″ (Au by fire assay and gravimetric finish, 50g 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 holders 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
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Resources Inc. (the “Company”), or the assumptions underlying any of
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Forward-looking statements and information are based on information
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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.