[Marinir] {Disarmed} Colt Drills 3.75 g/t Gold over 37.24 m; 12.17g/t Gold over 7.70 m
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Tue Apr 17 19:44:23 CEST 2012
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Colt Resources intersects 3.75 g/t Gold over 37.24m, including 12.17g/t
Au over 7.70m at its Boa Fe Gold Project, Southern Portugal
Colt Resources Inc. (TSXV: GTP
http://www.stockwatch.com/Quote/Detail.aspx?action=go&symbol=GTP®ion=C&lookup=symbol&snapshot=default
) (FRA: P01) (OTCQX: COLTF
http://www.stockwatch.com/Quote/Detail.aspx?action=go&symbol=COLTF®ion=U&lookup=symbol&snapshot=default
) is pleased to announce that it has received final analytical results
corresponding to five recently completed drillholes 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 Casas Novas deposits are highlighted as
follows:
* True Width has not been determined at this time.
Chamine Deposit
Drill hole BFCH-12-013 (inclined 50 o to 260 o ) - 106.44m long
From
(m) To
(m) Grade
g/t Au Interval
(m)*
64.30 69.57 1.89 5.27
and 95.89 97.10 1.56 1.21
Drill hole BFCH-12-016 (Vertical) - 214.20m long
From
(m) To
(m) Grade
g/t Au Interval
(m)*
60.46 75.42 1.89 14.96
(Including) 60.46 65.02 3.05 4.56
Drill hole BFCH-12-017 (Vertical) - 86.10m long
From
(m) To
(m) Grade
g/t Au Interval
(m)*
14.34 18.14 5.53 3.80
(Including) 16.94 18.14 11.75 1.20
Drill hole BFCH-12-018 (Vertical) - 123.00m long
From
(m) To
(m) Grade
g/t Au Interval
(m)*
19.20 56.44 3.75 37.24
(Including) 24.25 31.95 12.17 7.70
64.50 74.10 1.36 9.60
Casas Novas Deposit
Drill hole BFCN-12-002 (Inclined -45 o to 030 o ) - 181.20m long
From
(m) To
(m) Grade
g/t Au Interval
(m)*
12.70 17.94 1.76 5.24
43.86 44.86 36.60 1.00
Nikolas Perrault, President and CEO of Colt, stated, "These results add
further confidence to our understanding of the controls of
mineralization that have led to exceptionally high grade zones close to
surface hosted within an extensive regional gold mineralized shear
system. Our work is focussed on developing a robust model that will form
the basis of an initial NI 43-101 compliant resource estimate which is
targeted for mid-year. Once completed, this work will be immediately
expanded to test numerous regional targets as well as down dip
extensions to known areas of mineralization."
Program Strategy
Gold mineralization has been identified in several deposits along a
shear zone that extends over some 30 Kilometers along strike ( Figure 1
http://coltresources.com/sites/default/files/news_releases_en/colt-04172012-en.pdf
). Previous shallow drilling ( Figure 2
http://coltresources.com/sites/default/files/news_releases_en/colt-04172012-en.pdf
) was focussed on the highest grading portions of gold anomalies that
closely follow the regional shear. The mineralisation style interpreted
in the current model assumes that high grade gold mineralisation occurs
where conjugate sets of shears intersect and reinforce each other (refer
to press release 15th March 2012).
Hole BFCH-12-013 was drilled on the margin of section 6475N in the
reverse direction to the pattern of drilling from previous workers to
test structural continuity of the model and complete infill drilling on
this section line.
Hole BFCH-12-016 is a relatively deep vertical hole (deeper than 100m)
drilled along section line 6550N at Chaminé. It was drilled to
investigate the location of the hinge zone where the mineralisation
plunges to the north. The mineralisation intersected in this hole
conforms to the current structural interpretation.
Holes BFCH-12-017 and BFCH-12-018 were drilled adjacent to each other on
section line 6350N at Chaminé. These holes were drilled vertically to
get a better definition of the high grade zone which was outlined in an
area previously drilled with holes inclined to the north-east ( Figure 3
http://coltresources.com/sites/default/files/news_releases_en/colt-04172012-en.pdf
). This intersection demonstrates a significant increase in both grade
and tonnage down to 82.3m depth and into the eastern portion of the
section. The zone was not picked up by previous workers as the hole
inclined to the north east was not sampled to the end of the hole.
Hole BFCN-12-002 is the second hole in the program to validate previous
historical results at Casas Novas and twins a hole previously drilled on
behalf of RioFinEx. There appears to be an acceptable correlation
between the two sets of results in terms of grade and grade
distribution.
Colt has now completed a first pass structural interpretation of the
entire Chaminé deposit on plan and cross-sections that incorporate the
concept of conjugate shear orientations reinforcing each other and
leading to higher grades of gold mineralization. This work will now be
further streamlined and built into a robust 3D model.
The Company will continue its aggressive advanced stage exploration
campaign at Boa Fé consisting of a combination of vertical and inclined
drill holes positioned to confirm previous drilling results at the
Chaminé, 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 historical data
assessment and 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
(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 the 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. The core is halved using a rotary diamond blade core saw,
with one half of the core sent for analysis, while the other half is
retained in the core boxes for future reference.
All half core 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. For further
information:
Nikolas Perrault,
President & CEO
Colt Resources Inc.
Tel: +351-219-119813
Fax: (514) 843-7704
info at coltresources.com
Renmark Financial Comm unications Inc.
Florence Liberski: fliberski at renmarkfinancial.com
John Boidman: jboidman at renmarkfinancial.com
Media - Marie-Pier Kerr: mkerr at renmarkfinancial.com
Tel.: (514) 939-3989 or (416) 644-2020
www.renmarkfinancial.com
http://www.renmarkfinancial.com
Declan Costelloe CEng,
Executive Vice President and COO
Colt Resources Inc.
Tel: +351-219-119813
Fax: (514) 843-7704
info at coltresources.com
Natalia Sokolova
Vice President, Investor Relations
Colt Resources Inc.
Tel: (917) 574-2312
Fax: (514) 843-7704
nsokolova at 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
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.
--------------------------------------------------------------------------------
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