Colt Resources intersects 9.98g/t Au over 19.40m, including 45.07g/t Au over 3.0m at its Boa Fé Gold Project, Southern Portugal
Trading Symbols: GTP -
P01 - (FRANKFURT)
COLTF - (OTCQX)
MONTREAL, Jan. 18 /CNW Telbec/ - Colt Resources Inc. ('Colt' or the 'Company')
(FRA: P01) (OTCQX: COLTF) is pleased to announce that it has received final analytical results for the first four holes of its ongoing drilling campaign on its Boa Fé gold project, located within the Company's 100% owned Boa Fé Experimental Mining License ('EML') in southern Portugal.Colt's initial work program is designed to confirm and expand upon extensive historical drilling and trenching performed by previous operators. The results of this initial phase of drilling will form the basis for an initial NI 43-101 resource estimate covering several previously drilled gold bearing deposits within the Boa Fé EML which is to be published by mid 2012.
The results are highlighted as follows:
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Drill hole BFCH-11-001 (Vertical) - 58.74m deep
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From (m) To (m) Grade g/t Au Interval (m)*
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7.20 8.95 15.77 1.75
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Drill hole BFCH-11-002 (Inclined -45o to 084) -190.05m deep
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From (m) To (m) Grade g/t Au Interval (m)*
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27.00 43.40 9.98 19.40
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(Including) 43.40 46.40 45.07 3.00
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54.35 64.20 11.02 9.85
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(Including) 58.55 62.20 15.53 6.85
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Drill hole BFCH-11-003 (Vertical) - 51.14m deep
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No significant mineralization
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Drill hole BFCH-11-004 (Vertical) - 50.84m deep
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From (m) To (m) Grade g/t Au Interval (m)*
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7.85 33.36 2.93 25.51
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(including) 24.24 32.36 7.42 8.12
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* True Width has not been determined at this time.
Nikolas Perrault, President and CEO of Colt, stated, 'We are delighted with these extremely positive initial results which give us a good degree of comfort on the quality of the database we obtained as part of our acquisition of this concession. Our exploration and mine development teams have been given clear instructions to fast track these projects towards the mining phase and these initial results go a long way in supporting us in this decision'.
Program Strategy
The company has commenced the implementation of an aggressive advanced stage exploration campaign consisting of a combination of vertical and inclined drill holes positioned to confirm previous drilling results at the Chaminé and Casas Novas deposits. This work will greatly expand the geological, geotechnical and metallurgical knowledge base. Our geological team is testing the geological models proposed by previous operators so as to move forward with increased confidence towards resource delineation and mine development. High priority regional targets identified through field prospecting will also be tested.
Quality Assurance / Quality Control (QA/QC)
Sample intervals are reported as metres (m) downhole and as such do not represent true width. The actual orientation of the gold mineralization is yet to be determined.
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.
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 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.
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.
To view the maps, follow the links below:
http://files.newswire.ca/357/boa-fe.docx
http://files.newswire.ca/357/Chamine.docx
COLT RESOURCES INC.
CONTACT: Nikolas Perrault, President & CEO, Colt Resources Inc., Tel: +351
916 150 926, Fax: (514) 635-6100, info@coltresources.com; Declan Costelloe
CEng, Executive Vice President and COO, Colt Resources Inc., Tel: +351 916
150 947, Fax: +(514) 843-7704, info@coltresources.com; Renmark Financial
Communications Inc.: Florence Liberski: fliberski@renmarkfinancial.com;
John Boidman: jboidman@renmarkfinancial.com, Tel.: (514) 939-3989, (416)
644-2020, www.renmarkfinancial.com