- Published: 13 June 2012
- Written by Editor
Colt Resources intersects 2.63g/t Au over 44.78m, including 8.19g/t Au over 9.65m at its Boa Fé Gold Project, Southern Portugal
Colt Resources Inc. ("Colt" or the "Company") (TSXV: GTP) (FRA: P01) (OTCQX: COLTF) 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 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 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 Chaminé, Braços, Banhos deposits and Monfurado exploration target are highlighted as follows:
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Chaminé Deposit
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Drill hole BFCH-12-026 (Vertical) - 80.60m long
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From (m) To (m) Grade g/t Au Interval (m)*
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16.15 21.70 0.95 5.55
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and 36.00 39.40 3.10 3.40
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(Including) 37.71 38.50 10.85 0.79
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Drill hole BFCH-12-029 (Vertical) - 66.00m long
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From (m) To (m) Grade g/t Au Interval (m)*
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43.37 52.32 3.09 8.95
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(Including) 45.27 47.90 10.09 2.63
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Drill hole BFCH-12-030 (Inclined -45 degrees to 084 degrees) - 122.34m
long
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From (m) To (m) Grade g/t Au Interval (m)*
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16.00 32.00 1.21 16.00
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and 46.95 52.80 1.66 5.85
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Drill hole BFCH-12-031 (Vertical) - 61.20m long
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From (m) To (m) Grade g/t Au Interval (m)*
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20.75 24.65 0.74 3.90
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Braços Deposit
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Drill hole BFBR-12-002 (Vertical) - 66.75m long
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From (m) To (m) Grade g/t Au Interval (m)*
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26.69 28.16 2.41 1.47
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and 39.25 48.84 1.44 9.59
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(Including) 40.30 44.35 3.12 4.05
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Banhos Deposit
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Drill hole BFBH-12-001 (Inclined -45 degrees to 060 degrees) - 126.40m
long
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From (m) To (m) Grade g/t Au Interval (m)*
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70.50 96.6 1.70 26.10
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(Including) 76.5 80.05 4.63 3.55
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Drill hole BFBH-12-002 (Inclined -45 degrees to 058 degrees) - 110.80m
long
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From (m) To (m) Grade g/t Au Interval (m)*
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24.22 69.00 2.63 44.78
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(Including) 48.85 58.5 8.19 9.65
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Monfurado Exploration Target (Montemor Concession)
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Drill hole MOMF-12-001 (Vertical) - 98.40m long
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From (m) To (m) Grade g/t Au Interval (m)*
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15.55 29.80 0.52 14.25
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(Including) 15.55 18.00 1.33 2.45
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* 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 Fé 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 Fé 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 Fé. 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). 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 Chaminé Deposit holes BFCH-12-026, BFCH-12-029 and BFCH-12-031 (Figure 2) were all drilled vertically on section lines 6425N (Figure 3) and 6450N (Figure 4) 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 Chaminé. 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) is the second twin hole drilled to validate integrity of assay data and grade distribution of a previously drilled hole at Braços. 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 Fé EML (Figure 6). 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) 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 Fé 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 Fé consisting of a combination of vertical and inclined drill holes positioned to confirm previous drilling results at the Chaminé, Casas Novas, Braços, Banhos and Covas deposits and investigate the gaps between Chaminé-Casas Novas and Chaminé-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 Chaminé) 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 Managing 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.
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.
PDF available at: http://stream1.newswire.ca/media/2012/06/13/20120613_C8459_DOC_EN_15111.pdf
Nikolas Perrault, President & CEO, Colt Resources Inc., Tel: +351-219-119813, Fax: (514) 843-7704, This email address is being protected from spambots. You need JavaScript enabled to view it.; Declan Costelloe CEng, Executive Vice President & COO, Colt Resources Inc., Tel: +351-219-119813, Fax: (514) 843-7704, This email address is being protected from spambots. You need JavaScript enabled to view it.; Renmark Financial Communications Inc.: Florence Liberski: This email address is being protected from spambots. You need JavaScript enabled to view it.; John Boidman: This email address is being protected from spambots. You need JavaScript enabled to view it.; Media - Marie-Pier Kerr: This email address is being protected from spambots. You need JavaScript enabled to view it.; Tel.: (514) 939-3989 or (416) 644-2020, www.renmarkfinancial.com; Natalia Sokolova, Vice President, Investor Relations, Colt Resources Inc., Tel: (917) 574-2312, Fax: (514) 843-7704, This email address is being protected from spambots. You need JavaScript enabled to view it.
