Colt Resources reports first drilling results from Miguel Vacas copper project, within its Borba concession, east central Portugal
Montreal, Quebec, Canada / TheNewswire / Colt Resources Inc. ("Colt" or the "Company") (TSXV: GTP) (FRA: P01) (OTCQX: COLTF) is pleased to announce its first drilling results from the Miguel Vacas copper project located within its 100% owned 634 km2 Borba exploration concession in east central Portugal, 160km east of Lisbon and 65km due east of Colt's Boa Fe gold project (Figure 1).
Copper mineralization at Miguel Vacas is structurally controlled, hosted by late tectonic breccias related to a north-northeast trending shear zone that cuts through lower-Palaeozoic formations. During historical mining, two types of mineralized breccias were distinguished, namely siliceous breccias and schist breccias, the former being generally higher in copper contents (Figure 2). The deposit is zoned vertically, comprising an upper zone of oxide copper mineralization which can reach the depth of 72 metres, and a lower zone of sulphide copper mineralization.
A drilling program carried out in the 1960's (20 holes, 4093 metres) indicated that the Miguel Vacas copper mineralized structure extends for almost 2 kilometres along strike and exceeds 250 metres down dip, with an approximate 75? easterly dip.
Part of the oxide mineralization hosted by the siliceous breccias of Miguel Vacas was mined in the 1980's by opencast methods over a 340 metre strike length, a width in excess of 13 metres and down to a depth of nearly 40 metres. A total of 346,000 tons of oxide copper mineralization were extracted, from which copper concentrates were produced by SEXEW (solvent-extraction electro-winning) methods.
In its first approach to re-valuate the Miguel Vacas copper deposit, Colt drilled two inclined diamond drill holes, of which hole BOMV-14-001 was positioned to drill under the abandoned pit (Figure 3) and hole BOVM-14-002 was positioned to drill at shallow depth through the extension of the mineralized structure north of the pit.
Hole BOMV-14-001, drilled inclined -50? under the Miguel Vacas pit (Figure 2), intersected three copper mineralized zones between 89.15m and 143.9m down hole(Table 1), thus confirming extension of the Miguel Vacas copper mineralization underneath the old pit down to a vertical depth of 110 metres (70 metres under pit bottom).
Hole BOMV-14-002 confirmed the extension of the mineralized structure to the north of the Miguel Vacas pit but intersected only modest copper mineralization over a narrow interval at 56m deep (ca. 40m vertical depth).
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|Table 1
|
|--------------------------------------------------------------------------------------------------|
|Results from first two diamond drill holes at Miguel Vacas copper
prospect |
|--------------------------------------------------------------------------------------------------|
|Hole |Intersection|From |To |Drilled
|Average |Calc. True|Grade |
| | | | |
|Core | | |
| |
|------------------------------------------------------------|
| | |(m) |(m) | Length
|Recovery |Thickness |% Cu |
| | | | |(m)
|(%) |(m) | |
|--------------------------------------------------------------------------------------------------|
|BOMV-14-001inclined |interval |89.15 |109.00 |19.85
|70% |16.26 |0.25 |
| | | | |
| | | |
| -50° to 250° | | | |
| | | |
|
|-------------------------------------------------------------------------|
| |including |89.15 |92.70 |3.55
|100% |2.91 |0.58 |
|
|-------------------------------------------------------------------------|
| |and |105.10 |109.00 |3.90
|81% |3.19 |0.48 |
|
|-------------------------------------------------------------------------|
| |interval |128.80 |131.20 |2.40
|65% |1.97 |3.16 |
|
|-------------------------------------------------------------------------|
| |including |128.80 |129.70 |0.90
|22% |0.74 |8.30 |
|
|-------------------------------------------------------------------------|
| |interval |140.00 |143.90 |3.90
|47% |3.19 |0.42 |
|
|-------------------------------------------------------------------------|
| |including |140.00 |141.30 |1.30
|69% |1.06 |0.95 |
|--------------------------------------------------------------------------------------------------|
|BOMV-14-002inclined |interval |55.90 |57.30 |1.40
|93% |1.21 |0.107 |
| | | | |
| | | |
| -45° to 280° | | | |
| | | |
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There were severe core losses in most mineralized zones as a result of the brecciated and vuggy nature of the Miguel Vacas mineralization, future drilling will require improved drilling techniques to reduce these losses.
Nikolas Perrault, President and CEO of Colt, stated: "These first results obtained from the short drilling program carried out by Colt at the Miguel Vacas copper prospect, along with the historical data, give us confidence that the copper mineralization has significant potential beyond the old mining pit, either along strike and down dip. This confirmed prospective potential of Miguel Vacas warrants another, more extensive drilling program, which Colt is currently planning and is expected to resume during the current year. With Star Mining (press release dated February 25, 2013) failing to fulfil its obligations towards Colt, the Borba concession remains 100% owned by the company."
An historical Mineral Resource Estimate, carried out in 1990, by Carnon Consolidated Ltd (UK), estimated a total remaining resource of 3.07 million tons (indicated plus inferred) averaging 1.42% Cu. Additional drilling is required to verify the status of this preliminary Mineral Resource Estimate .
The Company cautions investors that a qualified person (within the meaning of NI 43-101) has not conducted any work to verify the historical estimates mentioned above and these should not be relied upon until such work has been conducted and the estimates are verified and supported by a NI 43-101 technical report. The Company is not treating the historical estimate as current mineral resources.
Colt has already outlined a drilling program for future implementation with a view to evaluating the Miguel Vacas copper mineralized structure along its full extent as well as down dip and produce a new resource statement.
Quality Assurance / Quality Control (QA/QC)
Sample intervals are reported as both metres (m) downhole and as true thickness, which have been calculated by Colt Resources using cross-sectional interpretation of the mineralized intercepts. The actual dip of the copper mineralized structure is generally steep, around 75?.
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 qualitative determination of mineralized contents by visual inspection. One half of the core is sent for analysis, while the other half is retained in the core boxes for future reference.
Samples are sent by courier to ALS Laboratory Group in Seville, Spain. After sample preparation, the samples are analyzed for Cu by aqua regia digestion with ICP-AES or AAS finish, for Au by fire assay with AAS finish, and for a 51 element package by aqua regia digestion and ICP-MS finish
A set of standards, duplicates and blanks is inserted by Colt into the 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. (www.coltresources.com) is a Canadian mining exploration and development 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 one of the largest lease holders of mineral concessions.
SRK (ES) Managing Director - Gareth O'Donovan CEng MSc BA (Hons) FIMMM FGS, is an 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 and 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.
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|For more information contact:| |
|Nikolas Perrault, CFA |Shahab Jaffrey, CPA CA |
|President&CEO |Chief Financial Officer |
|Colt Resources Inc. |Colt Resources Inc. |
|Tel: +351-219-119810 |Tel: +1?514?843?7178 |
|Fax: +1-514-635-6100 |Fax: +1?514?843?7704 |
|nperrault@coltresources.com |sjaffrey@coltresources.com|
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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 annual information form 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.
Figure 1
Satellite view of Borba Concession with location of main towns and the Miguel Vacas old mine
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Figure 2
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Figure 3
Recent picture of the Miguel Vacas abandoned copper pit
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