Trading Symbols: GTP - (TSX-V)
P01 - (FRANKFURT)
COLTF - (OTCQX)
MONTREAL, Aug. 1, 2014 /CNW Telbec/ - Colt Resources Inc. ("Colt" or the
"Company") (TSXV: GTP) (FRA: P01) (OTCQX: COLTF) is pleased to announce
positive results from intercepts from two of the first three holes
recently drilled in the Gap Zone at its Tabuaço Tungsten Project
(Figure 1), located in northern Portugal, as part of its resource
expansion drilling program started on June 18th (See press release of June 16th,2014).
The initial three holes of this latest phase of drilling, DHT-113,
DHT-114 and DHT-115 (Figure 2), have focused on testing the ground
close to an isolated hole completed in December 2012, DHT-88, which
intersected rich tungsten mineralization separate from the São Pedro
das Águias and Aveleira deposits (see press release of January 30th, 2013). This isolated hole was not included with those used to
estimate resources that formed the basis for the Preliminary Economic
Assessment published in Q3, 2013 (See press release of September 4th, 2013).
Initial visual inspection of the mineralized skarns intersected by all
three holes, both under natural light and short-wave UV-light indicated
that in general they compared very well, both in terms of mineralogy
and texture, with hole DHT-88. Given the very promising visual
results, sampling and assaying of the mineralized drill core of holes
DHT-113 and DHT-115 was fast-tracked and assay results are presented on
Table 1. The results for DHT-114 are pending.
The rock mechanics conditions of the entire sequence intersected by
these holes (both the mineralized zones and the hangingwall rocks) are
very good and appear to be superior to those encountered elsewhere on
the project.
The three initial holes of this latest program are located within 100m
of DHT-88 and strongly suggest the presence of a previously undetected
zone of mineralization unrelated to either the São Pedro das Águias or
Aveleira deposits.
Table 1
Main WO3 mineralized intervals of hole DHT-88 (assays previously reported) and
assay results from Holes DHT-113, DHT-114 and DHT-115
Hole
|
Hole
Inclination
|
Hole
Azimuth
|
From
(m)
|
To
(m)
|
Drilled
Length (m)
|
True
Thickness
(m)
|
Grade
% WO3 |
DHT-88
|
-90
|
000
|
100.80
|
104.80
|
4.00
|
3.94
|
0.45
|
116.60
|
122.60
|
6.00
|
5.91
|
0.58
|
DHT-113
|
-60
|
315
|
97.5
|
108.5
|
11.00
|
9.38
|
0.34
|
114.5
|
118.5
|
4.00
|
3.41
|
0.36
|
123.57
|
138.52
|
14.95
|
12.75
|
0.72
|
144.54
|
151.54
|
7.00
|
5.97
|
0.49
|
DHT-114
|
-73
|
315
|
84.45
|
88.80
|
4.35
|
4.10
|
Pending
|
89.25
|
91.22
|
1.97
|
1.86
|
105.87
|
116.77
|
10.90
|
10.27
|
121.38
|
121.98
|
0.60
|
0.57
|
123.93
|
124.30
|
0.37
|
0.35
|
125.82
|
133.16
|
7.34
|
6.91
|
DHT-115
|
-45
|
315
|
113.40
|
133.00
|
19.60
|
13.65
|
0.49
|
139.60
|
140.85
|
1.25
|
0.87
|
0.35
|
148.75
|
168.65
|
19.90
|
13.86
|
0.28
|
178.85
|
182.65
|
3.80
|
2.65
|
0.54
|
Interpretation and Follow-up
Holes DHT-114, DHT-113 and DHT-115 (from SE to NW) appear to have
intersected mineralized skarns similar to that intersected by DHT-88
over a total strike length of greater than 100 meters, located
approximately 300m NW of the São Pedro das Águias resource area, and
approximately 300m south of the Aveleira resource area (Figures 1 and
2).
This mineralization is interpreted to represent a previously
unrecognized deposit at Tabuaço, physically separated from either São
Pedro das Águias or Aveleira deposits. It is suspected that the
separation between these three deposits could be the result of a
combination of Variscan folding with late faulting, but this remains to
be confirmed.
It is hypothesized that the new deposit may extend further along strike
to the NW, as well as down-dip to the SW underneath the granite body.
The program is continuing and a series of follow-up drill holes are
being drilled close by so as to develop a better understanding of the
3D geometry of this new zone.
"We are very pleased with these results from Tabuaço and look forward to
updating our shareholders in the very near future with further
developments on this ongoing resource expansion program which is off to
an excellent start", stated Nikolas Perrault, Colt President and CEO
Quality Assurance / Quality Control (QA/QC)
All drill core is transported by Company personnel from drill site to a
nearby secure storage facility for logging and sampling.
Sampling intervals for gold mineralization are defined after core
logging and determination of probable high grade zones based on visible
mineralisation and favourable structure, while the sampling intervals
for the tungsten mineralization 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.
All samples are sent by courier to ALS Chemex's facility in Seville,
Spain, where they undergo sample preparation.
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 1 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.
Tungsten and tin are analyzed using a metaborate fusion followed by XRF.
Assay results for tungsten are reported by the laboratory as W%. WO3 values are calculated using a conversion factor of 1.2611.
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. (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 and securing advanced stage
mining projects.
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.
SOURCE Colt Resources Inc.
PDF available at: http://stream1.newswire.ca/media/2014/08/01/20140801_C9256_DOC_EN_42321.pdf