Colt Resources Inc. (“Colt” or the “Company”) (GTP.V) (P01.F) (COLTF) is pleased to announce that it has received final analytical results for five holes from its ongoing drilling campaign at its Tabuaço tungsten project (São Pedro das Aguias) and two holes from its ongoing drilling campaign at its recently discovered Aveleira tungsten deposit, located in the same concession and approximately 700m north-west of the delineated resource at Tabuaço. Tabuaço and Aveleira are located in the Company’s wholly owned Armamar-Meda concession in northern Portugal.
The results from Tabuaço (Figure 1, Tabuaço current resource area) are highlighted as follows:
* True Width was determined assuming the mineralization has an average strike of 315 degrees and an average dip of -20 degrees
The results for Aveleira (Figure 1, Tabuaço current resource area), located approximately 700m north-west of Tabuaço, are highlighted as follows:
* True Width was determined assuming the mineralization has an average strike of 315 degrees and an average dip of -20 degrees
Nikolas Perrault, President and CEO of Colt, stated, “Successful step-out drilling at our Aveleira discovery continues to support our belief that we have discovered a deposit similar to Tabuaço. With hole DHT-70, we can finally report intersections in this deposit that are unaffected by near surface weathering. The widths and grades are very encouraging and support our decision to expand our deeper drilling program. Our infill drilling program at Tabuaço, designed to improve confidence and to increase resources, is delivering results as anticipated and we are confident that we will deliver a resource update during Q3, 2012.”
At Tabuaço on section line 1325, hole DHT-54 was drilled to infill a gap in the inferred resource area near outcrop and, similarly, hole DHT-59 was drilled to fill a gap between drillholes DHT-40 and DHT-32 (Figure 2) and investigate the effect of a known north-south normal fault on mineralization on this section. The inference from this section is that there could be a downward displacement of the skarn units of approximately 30m to the north-east.
Hole DHT-51 was drilled vertical on section line 1075 to infill a gap in the inferred resource area between DHT-30 and the north-south brittle fault. Results demonstrate continuity of robust scheelite mineralization on both Main and Lower Skarn horizons (Figure 3) and increases confidence in the resource in this area.
At the Aveleira exploration area, outline drilling along strike continues to demonstrate good scheelite mineralisation and identify consistency along strike in both the Main and Lower Horizons (Figure 4). Hole DHT 70, located 70m from the discovery hole DHT-49, shows high-grade tungsten mineralisation over both skarn horizons. Hole DHT-71, 160m to the NW of DHT-49, is currently underway and has already reached the skarn mineralization at depth, demonstrating a minimum strike length of the Main Skarn of over 200 metres.
The discovery area is not closed off to the south-east, and further drilling will continue to delineate its full extent by testing further Ca-W anomalies between Aveleira and Tabuaço and also stepping out down-dip to test for additional continuity.
Quality Assurance / Quality Control (QA/QC)
Sample intervals are reported as both metres (m) downhole and as true thickness, which have been calculated using cross-sectional interpretation of the mineralized intercepts in three dimensions. The actual dip of the skarn controlled mineralization is generally shallow.
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 scheelite content by examination under short-wave UV-light. 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, Seville, Spain. Samples are analyzed for W and Sn using a metaborate fusion followed by XRF. Assay results for tungsten are reported by the laboratory as W%. WO3 values are calculated using a conversion factor of 1.2611.
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. 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 atwww.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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