Colt Resources Inc. (“Colt” or the “Company”) (GTP.V) (P01.F) (COLTF) is pleased to announce that it has received final analytical results corresponding to five recently completed drillholes from the ongoing drilling and trenching campaign on the Monfurado gold deposit, located within the Company’s 100% owned (732Km2) Montemor exploration concession. The Montemor exploration concession completely surrounds the (47Km2) Boa Fé Experimental Mining License (EML) in southern Portugal.
Nikolas Perrault, President and CEO of Colt, stated, “In this press release, we are reporting results from five drillholes from the Monfurado deposit within the Montemor property that surrounds our Boa Fé property. The results are very encouraging as they demonstrate near surface gold mineralization in an old iron mining area that has been so far poorly explored for gold, some 8 kilometres west of our Casas Novas deposit. As our exploration efforts intensify, we will continue to address new exploration targets so as to build robust resources.”
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).
Monfurado is the first target in the region that has been drill tested by Colt outside the Boa Fé concession and away from the Boa Fé shear corridor.
MOMF-12-002 to MOMF-12-006 (Figure 2) are all vertical holes designed to test gold-bearing sulphide mineralization reported from several nearby RioFinEx holes and trenches placed to test a gold anomaly in soils, and following Colt’s first hole in this deposit, MOMF-12-001 (press release of 13th June 2012). 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 the majority of Colt’s deposits are located. The lithological sequence and mineralization intersected by the current holes correlate well with the reported information from RioFinEx’s historical holes drilled nearby. Gold mineralization is hosted by the bottom zone of a felsic metavolcanic unit and the top zone of its underlying calcsilicate+carbonate rock unit, and is related to late-stage brittle shearing that result in subvertical fracturing, brecciation and minor stockwork. The vertical orientation of shearing in the mineralized zone differs from the structure observed in the rest of the metasediments and metavolcanics. 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 (pyrite, pyrrhotite and occasionally arsenopyrite).
Holes MOMF-12-004 and MOMF-12-005 are on the same cross section (Figure 3) as previously reported hole MOMF-12-001 (press release of 13th June 2012), and were collared respectively 32m and 82m down-dip of the latter. The three holes together indicate a tabular deposit of some regularity and with a 40-45º northeasterly dip.
Holes MOMF-12-006 and MOMF-12-002 were collared respectively 100 metres and 280 metres Northwest (along strike) of MOMF-12-004, thus confirming a significant strike extent of the mineralization.
The Monfurado gold mineralization remains open both down-dip and along-strike in all directions. Hence further step-out drilling is currently being carried out to determine the extents of this zone, and new drilling will be planned to test the strike continuation of the deposit to the Southeast of MOMF-12-004.
These positive results obtained from Monfurado confirm that potentially economic gold mineralization can be found elsewhere at the Montemor and Boa Fé concessions in a distinctly different geologic setting to that seen at the known deposits occurring along the Boa Fé shear corridor (e.g. Chaminé, Casas Novas), either in terms of host formations, metamorphic grade, nature of shearing, mineralogy, or geochemical signature. A regional multi-element soil sampling program has commenced to test for anomalies that may reveal mineralized targets.
The Company will continue its aggressive advanced stage exploration campaign at Montemor and 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. Results currently being interpreted from geophysical exploration will greatly assist in advancing targets in the areas being explored. 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.
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.
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