Colt Resources reports results of 36 drillholes at its Boa Fé Gold
Project, Southern Portugal
Trading Symbols:
GTP - (TSX-V)
P01 - (FRANKFURT)
COLTF - (OTCQX)
MONTREAL,
Nov. 20, 2012 /PRNewswire/ - Colt
Resources Inc. ("Colt" or the "Company") (TSXV: GTP) (FRA: P01)
(OTCQX: COLTF) is pleased to announce that it has received final
analytical results for 36 diamond drillholes from its ongoing
drilling campaign on its Boa Fé gold project, located within the
Company's 100% owned 47km2 Boa Fé Experimental Mining
License (EML) in southern Portugal. Colt's 100% owned
(732km2) Montemor Gold exploration concession completely
surrounds the Boa Fé EML.
The results from Boa Fé are from three deposits
namely, Banhos, Chaminé and Casas Novas and are highlighted as
follows:
Banhos Deposit*
Hole_ID |
Hole Inclination and
Azimuth |
From (m) |
To (m) |
Grade g/t Au |
Interval (m)* |
BFBH-12-003 |
Inclined: -45o to
044 |
71.60 |
74.90 |
1.66 |
3.30 |
BFBH-12-003 |
Inclined: -45o to
044 |
90.00 |
96.65 |
1.45 |
6.65 |
BFBH-12-004 |
Inclined: -45o to
225 |
37.30 |
38.30 |
0.86 |
1.00 |
BFBH-12-005 |
Inclined: -60o to
225 |
16.48 |
41.75 |
1.27 |
25.27 |
BFBH-12-006 |
Vertical |
15.00 |
23.65 |
0.65 |
8.65 |
BFBH-12-007 |
Vertical |
41.30 |
45.70 |
3.59 |
4.40 |
BFBH-12-009 |
Inclined: -45o to
225 |
129.05 |
132.00 |
5.14 |
2.95 |
BFBH-12-009 |
Inclined: -45o to
225 |
144.80 |
150.70 |
1.02 |
5.90 |
BFBH-12-010 |
Vertical |
84.15 |
87.64 |
1.75 |
3.49 |
BFBH-12-011 |
Inclined: -45o to
225 |
47.10 |
48.55 |
6.72 |
1.45 |
BFBH-12-012 |
Inclined: -45o to
225 |
4.80 |
5.80 |
1.49 |
1.00 |
BFBH-12-013 |
Inclined: -45o to
225 |
67.70 |
76.95 |
2.31 |
9.25 |
BFBH-12-014 |
Inclined: -45o to
225 |
63.00 |
71.30 |
0.87 |
8.30 |
BFBH-12-017 |
Inclined: -45o to
225 |
93.45 |
97.45 |
1.15 |
4.00 |
BFBH-12-019 |
Inclined: -45o to
225 |
73.11 |
77.00 |
0.37 |
3.89 |
BFBH-12-020 |
Inclined: -45o to
225 |
46.80 |
52.20 |
1.23 |
5.40 |
BFBH-12-021 |
Inclined: -45o to
225 |
77.10 |
82.60 |
1.22 |
5.50 |
BFBH-12-021 |
Inclined: -45o to
225 |
122.80 |
126.75 |
1.62 |
3.95 |
BFBH-12-022 |
Inclined: -45o to
225 |
139.20 |
141.20 |
3.00 |
2.00 |
BFBH-12-023 |
Inclined: -45o to
225 |
3.00 |
5.00 |
5.45 |
2.00 |
BFBH-12-024 |
Inclined: -45o to
225 |
111.95 |
115.70 |
3.24 |
3.75 |
BFBH-12-024 |
Inclined: -45o to
225 |
123.00 |
137.08 |
1.25 |
14.08 |
BFBH-12-025 |
Inclined: -45o to
225 |
134.38 |
135.58 |
2.50 |
1.20 |
BFBH-12-026 |
Inclined: -45o to
225 |
82.00 |
83.16 |
2.48 |
1.16 |
BFBH-12-027 |
Inclined: -45o to
225 |
5.00 |
25.80 |
1.33 |
20.80 |
BFBH-12-028 |
Inclined: -45o to
225 |
6.50 |
8.70 |
0.65 |
2.20 |
BFBH-12-031 |
Inclined: -45o to
225 |
65.40 |
80.50 |
1.05 |
15.10 |
BFBH-12-032 |
Inclined: -45o to
225 |
66.85 |
68.40 |
0.36 |
1.55 |
BFBH-12-033 |
Inclined: -45o to
225 |
120.00 |
125.30 |
4.39 |
5.30 |
BFBH-12-034 |
Inclined: -45o to
225 |
13.50 |
19.10 |
0.49 |
5.60 |
BFBH-12-035 |
Inclined: -45o to
225 |
34.50 |
50.50 |
0.76 |
16.00 |
BFBH-12-036 |
Inclined: -45o to
225 |
58.00 |
64.90 |
0.45 |
6.90 |
BFBH-12-042 |
Inclined: -45o to
225 |
17.00 |
24.50 |
0.49 |
7.50 |
BFBH-12-045 |
Inclined: -45o to
225 |
59.00 |
66.40 |
0.63 |
7.40 |
Chaminé Deposit*
Hole_ID |
Hole Inclination and
Azimuth |
From (m) |
To (m) |
Grade g/t Au |
Interval (m)* |
BFCH-12-032 |
Vertical |
8.63 |
16.55 |
1.35 |
7.92 |
BFCH-12-032 |
Vertical |
54.50 |
59.63 |
3.52 |
5.13 |
BFCH-12-033 |
Vertical |
46.61 |
52.05 |
4.84 |
5.44 |
BFCH-12-035 |
Vertical |
11.05 |
16.50 |
4.72 |
5.45 |
BFCH-12-036 |
Vertical |
0.00 |
15.16 |
2.78 |
15.16 |
Casas Novas Deposit*
Hole_ID |
Hole Inclination and
Azimuth |
From (m) |
To (m) |
Grade g/t Au |
Interval (m)* |
BFCN-12-025 |
Vertical |
28.00 |
30.90 |
0.50 |
2.90 |
BFCN-12-026 |
Vertical |
93.35 |
102.17 |
1.97 |
8.82 |
BFCN-12-026 |
Vertical |
106.90 |
118.15 |
1.60 |
11.25 |
* True Width has not been determined at this time.
Nikolas Perrault,
President and CEO of Colt, stated, "The drilling program at
Banhos has been designed to increase our confidence and
understanding of this near surface deposit located just 4km from
Casas Novas and 5 km from Chaminé. The results from these and
other targets currently being drill tested will form the basis of
our next NI 43-101 compliant mineral resource estimate scheduled to
be prepared during Q1, 2013. These results have clarified our
understanding of the mechanisms controlling the gold mineralization
in this major gold bearing shear zone and are helping to optimize
our exploration efforts designed to identify additional mineralized
zones both in the Boa Fé EML concession and importantly in the much
larger Montemor exploration concession where we have identified
nearly 100km of mineralized belts which remain virtually untested
by drilling."
Program Strategy
Gold mineralization has been identified in
several deposits along a shear zone that extends over some 30
kilometres along strike (Figure 1). Previous shallow drilling
at the Chaminé, Casas Novas and Banhos deposits (Figures 2 and 3)
was focussed on the highest grading portions of gold anomalies that
closely follow the regional shear.
In all three deposits, the mineralisation style
interpreted in the current model (Figure 4) is associated with
shears at low-angle to the regional shear direction (S1, S2, T and
R) developed due to contrasts in competency between granitic and
silica-rich units and pelitic schist within the main regional shear
zone. Where conjugate sets of shears occur (i.e. S1 and S2 with T)
the best development of mineralisation occurs. Conjugate sets of
mineralisation may occur anywhere within the regional shear zone
and are not restricted by depth.
Mineralisation appears to be associated with
several aplite intrusions locally up to 20m thick. The aplite units
are believed to broadly dip 40o to the south-west, which
is broadly analogous to the S1 direction modelled at
Chaminé. There is also a subhorizontal component in the morphology
of the aplite as well. The significant mineralisation appears to
occur in kinks and localised fold hinges in the aplite
corresponding to pressure shadows created in ductile schist in the
lee of the more competent aplite.
At Banhos, an aggressive 50m x 50m based drill
program was commenced in August, 2012. The program,
consisting of both vertical and inclined holes, has been drilled to
develop a better understanding of several shallow structures known
historically to host gold mineralization. Unlike Chaminé and
Casas Novas, historical drilling at Banhos was primarily confined
to the upper 30m with only 25 irregularly spaced drillholes drilled
deeper to an average depth of 100m. Colt's results to date indicate
that (similar to Casas Novas and Chaminé), mineralization appears
to be associated with several shallow dipping aplite and mafic
intrusive units within the broader shear corridor. Drilling is
ongoing.
Colt will continue to test its current ideas on
structural interpretation against previous models as part of its
ongoing strategy to prepare working 3D models of
mineralization. The models incorporate the concept of
conjugate shear orientations reinforcing each other and leading to
higher grades of gold mineralization. The Company will continue its
aggressive advanced stage exploration campaign consisting of a
combination of vertical and inclined drill holes positioned to
confirm previous drilling results at Chaminé, Casas Novas, Ligeiro,
Braços and Banhos 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 gap areas. High priority regional targets identified through
field prospecting are being tested. The results of this phase
of work will form the basis for an updated NI 43-101 compliant
mineral resource estimate covering several previously drilled gold
bearing deposits within the Boa Fé EML.
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 that range from
150koz to 610koz of gold as defined over the period 1991-2008 (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 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
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 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.
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.
SOURCE COLT RESOURCES INC.
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