[Marinir] {Disarmed} Colt (TSX-V: GTP) Drills 44.78 Metres of 2.63 g/t Gold
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Wed Jun 13 18:45:59 CEST 2012
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Colt Resources intersects 2.63g/t Au over 44.78m, including 8.19g/t Au
over 9.65m 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 seven recently completed drillholes from the ongoing
drilling and trenching campaign on its Boa Fe gold project, located
within the Company's 100% owned (47Km2) Boa Fe Experimental Mining
License (EML) in southern Portugal. The Boa Fe EML is completely
surrounded by the Company's 100% owned (732Km2) Montemor exploration
concession. The Company is also pleased to announce that it has received
final analytical results from the first of its exploration holes at
Monfurado in the Montemor concession.
The results from the Chamine, Bracos, Banhos deposits and Monfurado
exploration target are highlighted as follows:
Chamine Deposit
Drill hole BFCH-12-026 (Vertical) - 80.60m long
From
(m) To
(m) Grade
g/t Au Interval
(m)*
16.15 21.70 0.95 5.55
and 36.00 39.40 3.10 3.40
(Including) 37.71 38.50 10.85 0.79
Drill hole BFCH-12-029 (Vertical) - 66.00m long
From
(m) To
(m) Grade
g/t Au Interval
(m)*
43.37 52.32 3.09 8.95
(Including) 45.27 47.90 10.09 2.63
Drill hole BFCH-12-030 (Inclined -45 degrees to 084 degrees) - 122.34m
long
From
(m) To
(m) Grade
g/t Au Interval
(m)*
16.00 32.00 1.21 16.00
and 46.95 52.80 1.66 5.85
Drill hole BFCH-12-031 (Vertical) - 61.20m long
From
(m) To
(m) Grade
g/t Au Interval
(m)*
20.75 24.65 0.74 3.90
Bracos Deposit
Drill hole BFBR-12-002 (Vertical) - 66.75m long
From
(m) To
(m) Grade
g/t Au Interval
(m)*
26.69 28.16 2.41 1.47
and 39.25 48.84 1.44 9.59
(Including) 40.30 44.35 3.12 4.05
Banhos Deposit
Drill hole BFBH-12-001 (Inclined -45 degrees to 060 degrees) - 126.40m
long
From
(m) To
(m) Grade
g/t Au Interval
(m)*
70.50 96.6 1.70 26.10
(Including) 76.5 80.05 4.63 3.55
Drill hole BFBH-12-002 (Inclined -45 degrees to 058 degrees) - 110.80m
long
From
(m) To
(m) Grade
g/t Au Interval
(m)*
24.22 69.00 2.63 44.78
(Including) 48.85 58.5 8.19 9.65
Monfurado Exploration Target (Montemor Concession)
Drill hole MOMF-12-001 (Vertical) - 98.40m long
From
(m) To
(m) Grade
g/t Au Interval
(m)*
15.55 29.80 0.52 14.25
(Including) 15.55 18.00 1.33 2.45
* True Width has not been determined at this time.
Colt is also very pleased to announce the receipt of preliminary results
from a helicopter borne aeromagnetic survey over the Boa Fe EML and
Montemor Exploration concession. Early indications are that these
results will greatly assist the identification of areas likely to host
similar structures that are known to host gold mineralization elsewhere
in the 100% controlled properties.
Nikolas Perrault, President and CEO of Colt, stated, "Drilling at Boa Fe
continues to deliver impressive gold grades close to surface. This data
will be included in the initial NI 43-101 resource statement, which is
scheduled to be completed by month end. Our confidence in the regional
potential has supported our decision to commence our expanded
exploration campaign in the Montemor exploration concession that
surrounds Boa Fe. Initial results for this new campaign at Monfurado
have been positive. This new campaign will be greatly assisted by the
regional geophysics results that we have just received. This will lead
to deeper and on strike drilling to test for extensions of known
deposits."
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-06132012-en.pdf
). Previous shallow drilling 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).
The Chamine Deposit holes BFCH-12-026, BFCH-12-029 and BFCH-12-031 (
Figure 2
http://www.coltresources.com/sites/default/files/news_releases_en/colt-06132012-en.pdf
) were all drilled vertically on section lines 6425N ( Figure 3
http://www.coltresources.com/sites/default/files/news_releases_en/colt-06132012-en.pdf
) and 6450N ( Figure 4
http://www.coltresources.com/sites/default/files/news_releases_en/colt-06132012-en.pdf
) respectively. These holes were all drilled at the eastern side of
their section lines and test the same shear zone, which appears to
gently dip to the north-east. This demonstrates continuity of this
shallow feature between sections over at least a 50m strike length.
Hole BFCH-12-030 was drilled to twin a former RioFinEx hole (T047) and
is the last hole planned to validate the previous drilling carried out
at Chamine. The hole was designed to confirm mineralisation in hole
T047, found at depths between 15m and 101m. Visual comparison of the two
sets of results shows that whilst the significant grade zones in
BFCH-12-030 broadly correlate with higher grade in the RioFinEx twin,
overall the grade distribution in the RioFinEx hole was broader, more
nuggety and of higher grade on average over the comparable intercept
than BFCH-12-030.
Hole BFBR-12-002 ( Figure 5
http://www.coltresources.com/sites/default/files/news_releases_en/colt-06132012-en.pdf
) is the second twin hole drilled to validate integrity of assay data
and grade distribution of a previously drilled hole at Bracos.
BFBH-12-001 and BFBH-12-002 are also validation holes drilled to twin a
Portoglobal-MRI hole and a RioFinEx hole respectively at Banhos Deposit
in the northern part of Boa Fe EML ( Figure 6
http://www.coltresources.com/sites/default/files/news_releases_en/colt-06132012-en.pdf
). These holes are drilled as part of Colt's ongoing program to twin 10%
of cored holes used in previous resource estimates. Visual comparison of
the grade distribution down-the-hole shows good correlation in all three
sets of twins between occurrence of zones of significant gold grade but
variability between higher grade individual intercepts (greater than)5
g/t Au, which is not unexpected due to higher variance with coarser gold
particles.
On the Monfurado Exploration Target (Montemor Exploration Concession,
Figure 7
http://www.coltresources.com/sites/default/files/news_releases_en/colt-06132012-en.pdf
) hole MOMF-12-001 is a vertical hole designed to test gold-bearing
sulphide mineralization reported from a nearby RioFinEx hole drilled to
test a gold anomaly in soils. This target is located in a Cambrian
metamorphosed volcano-sedimentary formation and along the Monfurado
shear corridor, which is distinct and found parallel to the Boa Fe shear
zone where all the formerly referred deposits are located. The
lithological sequence and mineralization intersected by the current hole
correlate well with the reported information from RioFinEx's historical
hole drilled nearby. Gold mineralization is associated with a late-stage
brittle zone of vertical shearing, brecciation and minor stockwork. The
vertical orientation of shearing near surface differs from the structure
observed in the rest of the metasediments and metavolcanics in this
hole. This zone of stockwork/brecciation marks a clear boundary to
mineralisation and the highest grades of gold occur where the breccia is
best developed along with sulphides. Further step-out drilling is
currently being carried out to determine the extents of this zone.
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, Bracos, Banhos and Covas deposits and investigate
the gaps between Chamine-Casas Novas and Chamine-Ligeiro to increase
resource potential. The Company has concluded a new drilling contract
with internationally-recognised contractors, which will considerably
increase its capacity to quickly bring additional areas into its
resource base and aggressively test new targets. Preliminary results
have been reported from geophysical exploration (resistivity and seismic
orientation surveys across Chamine) which will be reported in a
forthcoming release once results have been finalised. High priority
regional targets identified through historical data assessment and field
prospecting will also be tested.
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.
Erratum
Referring to Colt Press Release dated May 10th 2012, the intercept for
hole BFBR-12-001 displayed in Figure 3 reads as "19.65m @ 3.37 g/t Au".
This should read as "19.65m @ 1.36 g/t Au" as is displayed in the
summary table.
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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