Trading Symbols: GTP - (TSX-V)
P01 - (FRANKFURT)
COLTF - (OTCQX)
MONTREAL, March 15, 2012 /CNW Telbec/ - 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 5 holes and
1 trench from the ongoing drilling and trenching campaign on its Boa Fé
gold project, located within the Company's 100% owned 47Km2 Boa Fé Experimental Mining License (EML) in southern Portugal. The
Boa Fé EML is completely surrounded by the Company's 100% owned (732Km2) Montemor exploration concession.
The results from the Chaminé and Ligeiro deposits are highlighted as
follows:
|
Chaminé Deposit |
Drill hole BFCH-12-004 (Inclined -55 o to 085 o) - 254.15m deep |
|
From (m)
|
To (m)
|
Grade g/t Au
|
Interval (m)*
|
|
106.45
|
120.40
|
1.90
|
13.95
|
(Including) | 114.00 | 118.00 | 3.76 | 4.00 |
Drill hole BFCH-12-008 (Vertical) - 64.40m deep |
No significant mineralization |
Drill hole BFCH-12-009 (Inclined -50 o to 255 o) - 90.34m deep |
|
From (m)
|
To (m)
|
Grade g/t Au
|
Interval (m)*
|
|
38.84
|
54.23
|
5.28
|
15.39
|
(Including) | 43.08 | 46.59 | 9.71 | 3.51 |
(Including) | 50.80 | 54.23 | 9.99 | 3.43 |
|
63.50
|
69.84
|
1.64
|
6.34
|
Drill hole BFCH-12-011 (Vertical) - 58.80m deep |
|
From (m)
|
To (m)
|
Grade g/t Au
|
Interval (m)*
|
| 41.95 | 46.30 | 1.77 | 4.35 |
Ligeiro Deposit |
Drill hole BFLG-12-001 (Vertical) - 65.10m deep |
|
From (m)
|
To (m)
|
Grade g/t Au
|
Interval (m)*
|
| 8.59 | 11.24 | 1.98 | 2.65 |
Trench BFLGT-12-001 (Horizontal 0 o to 255 o) - 271.40m long |
|
From (m)
|
To (m)
|
Grade g/t Au
|
Interval (m)*
|
| 194.00 | 196.00 | 1.05 | 2.00 |
* True Width has not been determined at this time.
Nikolas Perrault, President and CEO of Colt, stated, "As promised, we are providing regular updates from our Boa Fé Gold
project. We have broadened our drilling and trenching efforts to
include the Ligeiro deposit and we are pleased to see continued
positive near surface results. In the weeks ahead, we also expect to
begin to report results from the nearby Casas Novas deposit as we
further expand the campaign currently underway which is designed to
confirm and increase the potential of this very exciting gold project
."
Program Strategy
Gold mineralization has been identified in several deposits along a
shear zone that extends over some 30 Kilometers along strike (Figure
1). Previous shallow drilling (Figure 2) was focussed on the highest
grading portions of gold anomalies that closely follow the regional
shear. The mineralisation style interpreted in the current model
(Figure 3) is associated with shears at low-angle to the regional shear
direction (S1, S2, T and R) developed due to contrasts in competency
between granitic and silica-rich units and pelitic schist within the
main regional shear zone. Where conjugate sets of shears occur (i.e. S1
and S2 with T) the best development of mineralisation occurs. Conjugate
sets of mineralisation may occur anywhere within the regional shear
zone and are not restricted by depth.
Hole BFCH-12-009 is the last hole in a fence-line drilled along section
line 6400N at Chaminé and was drilled in the reverse direction to
previous drill campaigns to get better definition of the high grade
zone with respect to the low angle shear model (see press release
February 28, 2012) and fill in a gap interval in a neighbouring
previous hole which was not sampled. The results correlate with the
current model for this section within +/- 3m tolerance.
Colt will continue to test its current ideas on structural
interpretation against previous models and aim to finalize a 3D model
that incorporates 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
Casas Novas, Ligeiro, Braços and Banhos deposits and investigate the
gaps between Chaminé-Casas Novas and Chaminé-Ligeiro to increase
resource potential. Results currently being interpreted from
geophysical exploration (resistivity and seismic orientation surveys
across Chaminé) will greatly assist in advancing targets in the gap
areas. High priority regional targets identified through field
prospecting will also be tested. The results of this phase of work
will form the basis for an initial NI 43-101 compliant resource
estimate to be prepared later in 2012 covering several previously
drilled gold bearing deposits within the Boa Fé 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 550koz 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.
Trench samples are collected from bedrock exposed at the base of a
trench excavated by a backhoe and cleaned and mapped prior to sample
collection. Trench channel samples are collected using hammer and
chisel and are generally two metres (m) long with an average width of
10 centimetres (cm). Channel samples are bagged on site and sent for
analysis.
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 - AA23" (Au by fire assay and AAS, 30g 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
- GRA21" (Au by fire assay and gravimetric finish, 30g 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 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 with caption: "Figure 1 - Montemor Exploration License and Boa Fé Experimental Mining Concession Geology and Known Gold Occurences". PDF available at: http://stream1.newswire.ca/media/2012/03/15/20120315_C4618_DOC_EN_11170.pdf
PDF with caption: "Figure 2 - Drilling and Trenching Plan". PDF available at: http://stream1.newswire.ca/media/2012/03/15/20120315_C4618_DOC_EN_11171.pdf
PDF with caption: "Figure 3 - Section 6400N". PDF available at: http://stream1.newswire.ca/media/2012/03/15/20120315_C4618_DOC_EN_11172.pdf
<p> <b>Nikolas Perrault, </b><br/> <b>President & CEO </b><br/> <b>Colt Resources Inc.</b><b> </b><br/> Tel: +351-219-119813<br/> Fax: (514) 843-7704<br/> <a href="mailto:info@coltresources.com">info@coltresources.com </a> </p> <p> <b>Renmark Financial Comm</b><b>unications Inc. </b><br/> Florence Liberski: <a href="mailto:fliberski@renmarkfinancial.com"><u>fliberski@renmarkfinancial.com</u></a><br/> John Boidman: <a href="mailto:jboidman@renmarkfinancial.com">jboidman@renmarkfinancial.com</a><br/> <b>Media </b><b>-</b> Marie-Pier Kerr: <a href="mailto:mkerr@renmarkfinancial.com">mkerr@renmarkfinancial.com</a><br/> Tel.: (514) 939-3989 or (416) 644-2020<br/> <a href="http://www.renmarkfinancial.com">www.renmarkfinancial.com</a><br/> <br/> <b>Declan Costelloe CEng, </b><br/> <b>Executive Vice President and COO</b><br/> <b>Colt Resources Inc. </b><br/> Tel: +351-219-119813<br/> Fax: (514) 843-7704<br/> <a href="mailto:info@coltresources.com">info@coltresources.com</a><br/> <br/> <b>Natalia Sokolova</b><br/> <b>Vice President, Investor Relations</b><br/> <b>Colt Resources Inc.</b><b><u> </u></b><br/> Tel: (917) 574-2312<br/> Fax: (514) 843-7704<br/> <a href="mailto:nsokolova@coltresources.com"><u>nsokolova@coltresources.com</u></a><br/> <br/> <br/> </p>