08:01:26 EST Sun 29 Nov 2020
Enter Symbol
or Name
USA
CA



Colt Resources Inc
Symbol GTP
Shares Issued 191,521,221
Close 2015-03-31 C$ 0.13
Recent Sedar Documents

ORIGINAL: Colt Resources reports further encouraging results from the Gap Zone at its Tabuaco Tungsten Project, Northern Portugal

2015-04-02 09:06 ET - News Release

(via Thenewswire.ca)

M on tre a l , Q u ebec / TheNewswire / Ca n a d a - C o l t R eso u rces I n c . ( " C o lt" o r t h e " C o m p a n y " ) (TS X V: G T P ) (FR A : P 01 ) ( O T C Q X : CO L TF) i s p l ea s ed to a nn o un ce po s i t ive res u l ts fr o m h o l e DHT-114 (Table 1) d ri l l ed i n the G ap Z on e at its Tab u aco T ung st e n P r o j e ct (F i gu re 1 ) , l o c a t e d i n no rthern P o rtu g a l , as p art o f i t s res ou rce e xpa n s i o n dr i ll i n g p r og ram s t ar t ed o n J u n e 1 8 t h , 2014 (press r e l e a se o f J u n e 1 6 t h , 2 01 4 ) .

Hole DHT-114 was the third of the initial three holes of this latest phase of drilling, which included holes DHT-113 and DHT-115 (press release of August 1 st , 2014), all focused on testing the ground close to an isolated hole completed in December 2012, DHT-88 (press release of January 30 th , 2013).

The results of hole DHT-114 confirm continuity between the skarn tungsten mineralization intersected by 2012 hole DHT-88 and 2014 holes DHT-113 and DHT-115 (Figure 2).

Table 1

Main WO3 mineralized intervals from hole DHT-114

Hole

Hole
inclination
(m)

Hole
Azimuth

From
(m)

To
(m)

Drilled
Length
(m)

Grade

(% WO3)

DHT-114

-73

315

84.45

91.75

7.30m

0.44%

including:

85.45

87.55

2.10m

0.72%

105.87

116.77

10.90m

0.74%

including:

108.80

113.85

5.05m

1.03%

125.82

132.10

6.28m

0.59%

including:

127.90

130.00

2.10m

0.74%

Interpretation and Follow-up

The set of four holes from DHT-88 in the southeast, through DHT-114 and DHT-113, to DHT-115 in the northwest, indicates the presence of a new, significant zone of tungsten mineralization, located approximately 300m NW of the Sao Pedro das Aguias resource area, and approximately 300m south of the Aveleira resource area (Figures 1 and 2).

These four holes intersected up to three main, thick and well mineralized skarn horizons, with a confirmed to date strike length ranging from 75 metres for the upper horizon, to 125 metres for the lower horizon (Figure 2).

This mineralized zone appears to be closed off to the SE, but remains open to the NW (Figure 2). Additional drilling has already been carried out in order to test for the continuation of this zone to the NW, as well as across strike to the SW and NE, and a significant proportion of these holes encountered mineralization. Further analytical results are expected shortly, and will be communicated in the near future.

Quality Assurance / Quality Control (QA/QC)

All drilling operations are supervised by Company personnel on a continuous field presence. All drill core is immediately transported by Company personnel from drill site to a nearby secure storage facility for logging and sampling.

Sampling intervals for the tungsten mineralization are defined after core logging and qualitative determination of scheelite contents by examination under short-wave UV-light. Core samples are cut with a diamond disk, along the longitude of the drill core. One half of the core is sent for analysis, while the other half is retained in the core boxes for future reference.

Sample intervals are reported as metres (m) downhole. Whereas calculation of the respective true thickness requires further knowledge of the geometry of the mineral deposit; but its apparent shallow dip (in parallel with the Sao Pedro das Aguias and Aveleira deposits) suggests that true thickness of each sample interval from DHT-114 should not be lesser than 90% of the down-hole depth interval.

All samples are sent by courier to ALS Laboratory Group's facility in Seville, Spain, where they undergo sample preparation. The sample pulps are then shipped to the laboratory's Irish facility, where they are analysed for tungsten and tin using a metaborate fusion followed by XRF; and in addition for a 51 element package by aqua regia digestion and ICP-MS finish.

Assay results for tungsten are reported by the laboratory as W%. Whereas WO 3 values are calculated using a conversion factor of 1.2611% WO 3 to 1% W.

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. ( www.coltresources.com ) is a Canadian mining exploration and development 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 approved the scientific and technical content in this news release.

The Company's shares trade on the TSX - V, symbol: GTP; the Frankfurt Stock Exchange, symbol: P01; and, the OTCQX, symbol: COLTF.

For more information contact:

Nikolas Perrault, CFA

President & CEO

Colt Resources Inc.

Tel: +351-219-119810

Fax: +1-514-635-6100

nperrault@coltresources.com

Shahab Jaffrey, CPA CA

Chief Financial Officer

Colt Resources Inc.

Tel: +1-514-843-7178

Fax: +1-514-843-7704

sjaffrey@coltresources.com

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 annual information form 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.

Figure 1

Simplified Geologic Map of Colt's Tabuaco Tungsten Project


Click Image To View Full Size

Figure 2


Click Image To View Full Size

Copyright (c) 2015 TheNewswire - All rights reserved.

© 2020 Canjex Publishing Ltd. All rights reserved.