[Marinir] {Disarmed} Colt's Chamine, Casas at 4.23 Million T of 1.57 g/t Gold Indicated
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Tue Jul 3 17:21:48 CEST 2012
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Initial NI 43-101 Resource Estimate for the Chamine and Casas Novas
deposits within its 100% 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 details of an initial resource estimate for the
Chamine and Casas Novas deposits within its 100% owned Boa Fe Gold
Project, located in the Company's wholly owned Boa Fe Experimental
Mining License ("EML"), 95km east of Lisbon, Portugal. The Boa Fe EML is
completely surrounded by the Company's 100% owned (732km2) Montemor
exploration concession. The initial resource estimate has been prepared
by SRK Consulting (U.S.) Inc. ("SRK"). This has been reported in
accordance with the guidelines set out by the Canadian Institute of
Mining, Metallurgy and Petroleum (CIM) and detailed in the National
Instrument 43-101. The effective date of the mineral resource estimate
is July 1, 2012.
Resource Estimate Summary
The mineral resources for Chamine and Casas Novas have been
independently estimated by SRK at 4,233,000 tonnes grading an average of
1.57 g/t gold classified as Indicated Mineral Resources, with an
additional 209,000 tonnes grading an average of 2.36 g/t gold classified
as Inferred Mineral Resources. The resource is stated above a 0.40 g/t
gold cut-off grade and contained within potentially economically
mineable pit shells.
"We are very pleased with this initial estimate that reflects the work
performed on the first two targets where we have concentrated our
efforts since commencing field work on the project in late November
2011. Our initial strategy has been to focus on previously explored
areas where gold resources had been identified historically. During this
short period of time, we have concentrated on building a better
understanding of the mechanisms of mineralization. During this initial
phase, we have assembled a strong professional team of geologists and
mining engineers and put in place the systems necessary to explore and
define resources efficiently along the mineralized belt that is known to
extend over 30km. As we move ahead with our next phase of resource
expansion combined with regional exploration, we feel confident that we
will be doing so from a solid foundation and that Boa Fe / Montemor will
develop into a world class mining district.", said Nikolas Perrault,
Colt Resources' President and CEO.
Mr. Perrault added that, "We have achieved three significant objectives
during this initial phase of work on our 100% owned Boa Fe property, 1)
we have validated an extensive historical database; 2) we have produced
an initial NI 43-101 resource estimate with a focus on near surface
ounces which could be quickly put into production; and 3) we have
identified numerous areas for rapid resource expansion both in the Boa
Fe license as well as the surrounding Montemor concession ( Figure 1
http://www.coltresources.com/sites/default/files/news_releases_en/colt-07032012-en.pdf
). Our team has already begun the work designed to demonstrate depth and
strike extensions of the resources being reported and has identified
numerous additional zones of mineralization within our 100% controlled
gold properties. Our recent press releases have highlighted positive
results from several of these zones, which will provide the basis for
future resource estimates."
Mr. Perrault concluded by saying, "When we commenced our work at Boa Fe
in November, 2011, we promised our shareholders that we would publish an
initial NI 43-101 compliant resource estimate by mid-year, 2012. As with
our Tabuaço Tungsten Project, we decided initially to focus on a
relatively small (but reasonably well-drilled) part of this large
mineralized system so as to deliver on our promise within that limited
time frame. We have already expanded our work to include other nearby
deposits including the Banhos, Braços, Covas and Ligeiro deposits and
will report resources when the work has been completed. We will continue
to increase the number of deposits under evaluation and will
aggressively search for new deposits as we progress with this very
exciting district scale gold system."
Boa Fe Resource Estimate
SRK were supplied with a comprehensive drilling and trenching database
together with 3D solids interpreted for both the Chamine and Casas Novas
gold deposits completed by Colt Resources and predecessor companies.
This database and 3D solids has formed the basis of the resource
estimates presented here. All geological modeling was undertaken in
Gemcom™ mining software ("GEMS"). In addition, SRK have undertaken grade
modeling and estimation and subsequent pit optimization using Maptek
Vulcan™ ("Vulcan") and Gemcom™ Whittle ("Whittle") software packages.
The following table (Table 1) summarises the in situ Mineral Resource,
stated at a 0.40g/t Au cut-off grade and contained within potentially
mineable open pits, within the defined mineralisation models for both
deposits. Classification of the Mineral Resource is based on quality
control data, geological continuity and borehole spacing. The estimate
is considered to have reasonable prospects for eventual economic
extraction, as it is constrained by a cut-off grade derived from
reasonable surface mining and processing costs.
Table 1: Resource Statement for the Chamine and Casas Novas deposits
within the
Boa Fe Project, Alentejo Region, Portugal: SRK Consulting (U.S.) Inc.,
July 1, 2012*
Deposit
Area Resource
Category Quantity
Tonnes Average Grade
Au (g/t) Contained Metal
Au Oz
Chamine Indicated 1,207,000 2.00 77,000
Casas Novas Indicated 3,026,000 1.40 137,000
Total Indicated 4,233,000 1.57 214,000
Chamine Inferred 4,000 3.14 400
Casas Novas Inferred 205,000 2.34 15,000
Total Inferred 209,000 2.36 15,400
Notes*
(1) Mineral Resources are not Mineral Reserves and do not have
demonstrated economic viability. There is no certainty that all or any
part of the Mineral Resources estimated will be converted into Mineral
Reserves.
(2) Resources stated as contained within a potentially economically
mineable open pit above a 0.40 g/t Au cut-off. A constant specific
gravity of 2.70 was assumed for all model blocks.
(3) Pit optimization is based on an assumed gold price of US$1,560/oz ,
metallurgical recovery of 90%, mining cost of US$2.00/t and processing
and G&A cost of US$18.00/t.
4) Mineral resource tonnage and contained metal have been rounded to
reflect the accuracy of the estimate, and numbers may not add due to
rounding.
(5) Mineral resource tonnage and grade are reported as undiluted and
reflect a potentially mineable bench height of 2.0m
(6) Contained Au ounces are in situ, and do not include metallurgical
recovery losses.
The mineral resources are reported in accordance with Canadian
Securities Administrators ("CSA") NI 43-101 and have been classified in
accordance with standards as defined by the Canadian Institute of
Mining, Metallurgy and Petroleum ("CIM") "CIM Definition Standards - For
Mineral Resources and Mineral Reserves".
This initial mineral resource estimate has been completed by Jeffrey
Volk, M.Sc. C.P.G., FAusIMM, Principal Resource Geologist with SRK, who
has reviewed pertinent geological information in sufficient detail to
support the data incorporated in the mineral resource estimate. Mr. Volk
is an Independent Qualified Person as defined under NI 43-101 and is
responsible for the mineral resource estimate presented in this release.
Block models were constructed for each of the two deposit areas in
Vulcan using a block size of 10m (X) x 10m (Y) x 2m (Z). Block grades
were estimated using 2m downhole composites using Inverse Distance
Weighting (IDW). Grade estimation was constrained by nominal 0.20 g/t Au
grade solids. The resultant block models were then imported into Whittle
for resource pit optimization.
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 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.
Boa Fe Next Steps
Drilling is planned to be accelerated with the rig count increasing
during the summer. We will be focusing on extending known mineralization
at Chamine and Casas Novas and testing several known deposits previously
identified within Boa Fe as well as evaluating other deposits in the
region within Colts 100% controlled and the much larger Montemor
exploration concession.
Environmental impact studies will continue so as to optimize the mining
and processing facilities and minimize their environmental impact.
Geotechnical drilling will be performed to test ground conditions and to
determine optimum slope angles.
Bulk samples will be collected so as to allow more detailed
metallurgical testwork to improve recoveries and assist in designing
optimal processing methods.
An updated resource estimate for Boa Fe is scheduled to be prepared
during the first quarter of 2013.
SRK, with inputs from Colt on specific sections, will be the author of
an NI 43-101 compliant Technical Report on the Mineral Resource Estimate
for the Boa Fe Gold Project, to be filed within 45 days of this news
release.
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.
Jeffrey Volk, M.Sc. C.P.G., FAusIMM, Principal Resource Geologist with
SRK, is the independent qualified person, as defined in NI 43-101, for
Chamine and Casas Novas Resource estimates. Mr. Volk 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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