[Marinir] {Disarmed} Colt (TSX-V: GTP) Drills 5.42 g/t Gold over 23.58 Metres; 11.60 g/t Gold over 7.58 Metres
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Mon Apr 30 16:53:16 CEST 2012
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Colt Resources intersects 5.42g/t Au over 23.58m, including 11.60g/t Au
over 7.58m 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 three recently completed drillholes from the ongoing
drilling and trenching campaign on its Boa Fe gold project, located
within the Company’s 100% owned (47Km 2 ) Boa Fe Experimental Mining
License ("EML") in southern Portugal. The Boa Fe EML is completely
surrounded by the Company’s 100% owned (732Km 2 ) Montemor exploration
concession.
The results from the Chamine and Ligeiro deposits are highlighted as
follows:
Chamine Deposit
Drill hole BFCH-12-021 (Vertical) - 40.50m long
From
(m) To
(m) Grade
g/t Au Interval
(m)*
6.70 21.15 6.96 14.45
(Including) 6.70 12.25 16.96 5.55
and 17.15 21.15 2.03 4.00
Drill hole BFCH-12-023 (Vertical) - 80.50m long
From
(m) To
(m) Grade
g/t Au Interval
(m)*
13.70 37.28 5.42 23.58
(Including) 29.70 37.28 11.60 7.58
Ligeiro Deposit
Drill hole BFLG-12-005 (Vertical) - 64.90m long
No significant results
* True Width has not been determined at this time
Nikolas Perrault, President and CEO of Colt, stated, "We continue to be
impressed by the results from this well mineralized shear zone. Our mine
development team is working hard to test the known deposits while our
exploration team is ramping up regional exploration using a variety of
techniques including drilling trenching and geophysics. We remain
committed to demonstrating that this area has the potential to host a
very significant gold mineralized system."
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://www.coltresources.com/sites/default/files/news_releases_en/colt-04302012-en.pdf
). Previous shallow drilling ( Figure 2
http://www.coltresources.com/sites/default/files/news_releases_en/colt-04302012-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-12-021 was drilled vertically on section 6350N to test
structural continuity of the model and complete infill drilling on this
section line ( Figure 3
http://www.coltresources.com/sites/default/files/news_releases_en/colt-04302012-en.pdf
). Results from this hole confirm the presence of highgrade
mineralisation near surface where a set of shears dipping westward
intersect a horizontal 'saddleback' type structure.
Hole BFCH-12-023 is a vertical hole located 25m north of hole
BFCH-12-021 and drilled to confirm continuity of mineralisation along
strike. Consistent high-grade mineralisation occurs over extended
intercept widths and again confirms the continuity of the structural
interpretation northward.
Hole BFLG-12-005 is a vertical step out hole that was drilled to the
west of the Ligeiro mineralized zone to test for the presence of near
surface mineralization in an area that had not been previously tested.
Low grade gold mineralization was intersected but no significant assay
results were reported.
Results from trenching in the Chamine-Ligeiro gap (BFLGT-12-004 through
to BFLGT-12-008) show anomalous gold values. These results along with
other multi-element analyses will be checked against previous trenching
results to investigate whether other metals show secondary anomalies
which can be used as pathfinders for buried mineralization where gold
and arsenic anomalies have not been detected at surface.
Colt has now completed a first pass structural interpretation of the
entire Chamine 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 Fe consisting of a combination of vertical and inclined
drill holes positioned to confirm previous drilling results at the
Chamine, Casas Novas, Braços, Banhos and Covas deposits and investigate
the gaps between Chamine-Casas Novas and Chamine-Ligeiro to increase
resource potential. Results currently being interpreted from geophysical
exploration (resistivity and seismic orientation surveys across Chamine)
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 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
(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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