[Marinir] {Disarmed} Colt (TSX-V: GTP) Drills 5.28 g/t Gold over 15.39 Metres
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Thu Mar 15 17:53:25 CET 2012
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Colt Resources intersects 5.28 g/t Au over 15.39m, including 9.99 g/t Au
over 3.43m at its Boa Fe Gold Project, Southern Portuga l
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
for 5 holes and 1 trench 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 results from the Chamine and Ligeiro deposits are highlighted as
follows:
Chamine Deposit
Drill hole BFCH-12-004 (Inclined -55 o to 085 o) - 254.15m deep
From (m) To (m) Grade g/t Au Interval (m)*
106.45 120.40 1.90 13.95
(Including) 114.00 118.00 3.76 4.00
Drill hole BFCH-12-008 (Vertical) - 64.40m deep
No significant mineralization
Drill hole BFCH-12-009 (Inclined -50 o to 255 o) - 90.34m deep
From (m) To (m) Grade g/t Au Interval (m)*
38.84 54.23 5.28 15.39
(Including) 43.08 46.59 9.71 3.51
(Including) 50.80 54.23 9.99 3.43
63.50 69.84 1.64 6.34
Drill hole BFCH-12-011 (Vertical) - 58.80m deep
From (m) To (m) Grade g/t Au Interval (m)*
41.95 46.30 1.77 4.35
Ligeiro Deposit
Drill hole BFLG-12-001 (Vertical) - 65.10m deep
From (m) To (m) Grade g/t Au Interval (m)*
8.59 11.24 1.98 2.65
Trench BFLGT-12-001 (Horizontal 0 o to 255 o) - 271.40m long
From (m) To (m) Grade g/t Au Interval (m)*
194.00 196.00 1.05 2.00
* True Width has not been determined at this time.
Nikolas Perrault, President and CEO of Colt, stated, "As promised, we
are providing regular updates from our Boa Fe Gold project. We have
broadened our drilling and trenching efforts to include the Ligeiro
deposit and we are pleased to see continued positive near surface
results. In the weeks ahead, we also expect to begin to report results
from the nearby Casas Novas deposit as we further expand the campaign
currently underway which is designed to confirm and increase the
potential of this very exciting gold project ."
Program Strategy
Gold mineralization has been identified in several deposits along a
shear zone that extends over some 30 Kilometers along strike (Figure 1).
Previous shallow drilling (Figure 2) was focussed on the highest grading
portions of gold anomalies that closely follow the regional shear. The
mineralisation style interpreted in the current model (Figure 3) is
associated with shears at low-angle to the regional shear direction (S1,
S2, T and R) developed due to contrasts in competency between granitic
and silica-rich units and pelitic schist within the main regional shear
zone. Where conjugate sets of shears occur (i.e. S1 and S2 with T) the
best development of mineralisation occurs. Conjugate sets of
mineralisation may occur anywhere within the regional shear zone and are
not restricted by depth.
Hole BFCH-12-009 is the last hole in a fence-line drilled along section
line 6400N at Chamine and was drilled in the reverse direction to
previous drill campaigns to get better definition of the high grade zone
with respect to the low angle shear model (see press release February
28, 2012) and fill in a gap interval in a neighbouring previous hole
which was not sampled. The results correlate with the current model for
this section within +/- 3m tolerance.
Colt will continue to test its current ideas on structural
interpretation against previous models and aim to finalize a 3D model
that incorporates the concept of conjugate shear orientations
reinforcing each other and leading to higher grades of gold
mineralization. The company will continue its aggressive advanced stage
exploration campaign consisting of a combination of vertical and
inclined drill holes positioned to confirm previous drilling results at
Casas Novas, Ligeiro, Braços and Banhos 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 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
that range from 150koz to 550koz of gold as defined over the period
1991-2008 (see press release March 7, 2011).
Quality Assurance / Quality Control (QA/QC)
rill 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 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.
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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