Colt Resources Inc. Intersects 0.54% WO3 over 21.60 m at its Tabuaço Tungsten
Project Northern Portugal
Trading Symbols: GTP - (CNSX)
P01 - (FRANKFURT)
COLTF.PK - (USA OTC Pink Sheets)
MONTREAL, June 14 /CNW Telbec/ - Colt Resources Inc. ("Colt" or the "Company") is very pleased to provide an update on the ongoing drill program at its 100% owned Tabuaço Tungsten project on the Armamar-Meda concession located in northern Portugal. Following the impressive results of two previous holes that intersected a wide tungsten-rich skarn horizon, the Company is very encouraged by the results of these additional seven holes. Colt plans to continue drilling and bring the project to resource calculation status in the near future.
Highlights of recent drill results include the following:
- Hole DHT-09: main skarn horizon, 21.60 m @ 0.54% WO3 from 93.60 -
115.20 m;
includes 2.40 m @ 1.11% WO3 from 93.60 - 96.00 m; and,
includes 5.00 m @ 0.88% WO3 from 99.00 - 104.00 m.
(Note: Hole DHT-09 was drilled at 45 degrees inclination: drill
interval of 21.60 m is not true width of the main skarn horizon.)
- Hole DHT-08: main skarn horizon, 12.00 m @ 0.60% WO3 from 42.40 -
54.40 m;
includes 5.35 m @ 1.09% WO3 from 42.40 - 47.75 m.
- Hole DHT-06: main skarn horizon, 5.18 m @ 0.34% WO3 from 12.64 -
17.82 m.
- Hole DHT-05: main skarn horizon, 9.70 m @ 0.38% WO3 from 16.95 -
26.65 m;
includes 2.50 m @ 1.25% WO3 from 16.95 - 19.45 m.
Tabuaço Tungsten Project: Drill Program Update
To date Colt has drilled nine holes, for a total of 815.45 m, at São Pedro das Aguias, the area with the most significant mineralization on the Tabuaço Tungsten project. Results from the first two holes, DHT-01B and DHT-02, were released earlier this year (http://www.coltresources.com/en/press_releases : January 20th and February 3rd, respectively). Since then, seven additional holes were drilled: DHT-03 to DHT-09. These additional holes are all vertical except for hole DHT-09, which was drilled at 45 degrees.
Holes DHT-08 and DHT-09 (same collar) are located between drill holes DHT-01B and DHT-02. Together, these four drill holes intersect the thickest intervals of the tungsten-rich main skarn horizon: 12.00 m to 21.60 m @ 0.54% to 0.93% WO3. Drill holes DHT-05 and DHT-06 tested the main skarn horizon close to where it outcrops at surface. Hole DHT-03 did not intersect the main skarn horizon, possibly due to local faulting. Hole DHT-04 tested a skarn horizon located several metres below the main skarn horizon. Hole DHT-07 tested a possible southeastern extension of the main skarn horizon.
Table 1: Tabuaço Tungsten project: WO3% drill results.
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Drill incl. depth skarn from to interval* WO3%
Hole (deg) (m) horizon (m) (m) (m) (avg.)
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DHT-01B -90 59.85 upper 7.10 11.85 4.75 0.52
-------
main 19.15 37.95 18.80 0.73
-------
incl. 19.15 21.25 2.10 1.01
-------
incl. 24.18 27.18 3.00 1.14
-------
incl. 29.18 36.00 6.82 0.96
-------------------------------------------------------------------------
DHT-02 -90 90.30 main 52.60 66.20 13.60 0.93
-------
incl. 57.95 62.95 5.00 1.44
-------------------------------------------------------------------------
DHT-03 -90 120.00 upper 32.75 35.30 2.55 0.31
-------------------------------------------------------------------------
DHT-04 -90 80.00 lower 12.68 13.25 0.57 0.93
-------------------------------------------------------------------------
DHT-05 -90 42.25 main 16.95 26.65 9.70 0.38
-------
incl. 16.95 19.45 2.50 1.25
-------------------------------------------------------------------------
DHT-06 -90 84.85 main 12.64 17.82 5.18 0.34
-------------------------------------------------------------------------
DHT-07 -90 60.35 main 35.80 38.60 2.80 0.25
-------------------------------------------------------------------------
DHT-08 -90 78.35 main 42.40 54.40 12.00 0.60
-------
incl. 42.40 47.75 5.35 1.09
-------
lower 67.75 70.70 2.95 0.15
-------------------------------------------------------------------------
DHT-09 -45 150.00 upper 60.50 62.20 1.70 0.25
-------
main 93.60 115.20 21.60 0.54
-------
incl. 93.60 96.00 2.40 1.11
-------
incl. 99.00 104.00 5.00 0.88
-------
lower 124.15 127.80 3.65 0.17
-------------------------------------------------------------------------
*downhole interval
About the Tabuaço Tungsten project
Located on the Armamar-Meda concession (436.81 km2 ) in northern Portugal, the Tabuaço Tungsten project is situated some 100 km east of the coastal city of Porto. In the early 1980's, exploration in the Tabuaço area led to the discovery of significant tungsten mineralization at São Pedro das Aguias.
Mineralization consists of fine to coarse-grained disseminations of scheelite within thick (up to 19 m) shallow dipping skarn horizons in metasedimentary rocks adjacent to a major intrusive unit. Limited drilling at São Pedro das Aguias produced significant historic drill results including 19.35 m grading 1.18% WO3. A non NI 43-101 compliant historical resource of 1 million tonnes grading 0.87% WO3 was calculated by the SPE-BRGM joint venture in the early 1980's.
The goal of the current diamond drilling program at São Pedro das Aguias is to verify historical drilling results and to confirm and expand the historical resource. Drilling is also planned to test lateral southeast and northwest extensions of the main skarn horizon, as well as lower skarn horizons, located some 40 m below the main skarn horizon. Mapping and local surface sampling of clusters of poorly exposed skarn outcrop and float returned very encouraging tungsten results extending over a strike length of over 1 km northwest of São Pedro das Aguias.
About Colt Resources Inc.
Colt Resources Inc. is a Canadian based junior exploration company engaged in acquiring, exploring, and developing mineral properties with an emphasis on tungsten and gold. It is currently focused on advanced stage exploration projects in Portugal, where it is the second largest lease holder of mineral concessions.
Colt's most advanced projects include the Tabuaço Tungsten Project and the Penedono Gold Project, located on the company's Armamar-Meda and Penedono concessions, respectively. Both projects have seen recent drill programs with very encouraging high grade tungsten and gold grades, respectively (see press releases dated February 3, 2010 and April 13, 2010: http://www.coltresources.com/en/press_releases).
Portugal is a mining-friendly country of the European Union (EU) with easy access, excellent infrastructure and a hard-working, available labour force. Colt maintains excellent government relationships at both state and municipal levels. Colt is particularly encouraged by recent meetings and the rapport established with the mayors of municipalities in the vicinity of its major projects in northern Portugal. The company is currently reviewing potential EU financial incentive programs.
The Company's shares trade on the Canadian National Stock Exchange (CNSX), symbol: GTP; the USA OTC Pink Sheets under the symbol: COLTF.PK; and on the Frankfurt Stock Exchange, symbol: P01.
Quality Assurance/Quality Control
Sample intervals are reported as metres (m) downhole and as such do not represent true width. However, the dip of the skarn controlled mineralization is generally shallow.
Core is logged, split, sampled and stored on site. Core samples were delivered by courier to OMAC Laboratories Ltd., Galway, Ireland, an ISO 17025 accredited facility. Core sample W was analyzed by XRF (borate fusion): OMAC Code BF/EL. Assay results for tungsten are reported by the laboratory as W%. WO3% values are calculated using a conversion factor of 1.261. Internal standards and blanks are regularly inserted in the sample stream. Results from internal standards and blanks to date are well within the accepted norm. The laboratory inserts its own in-house standards and blanks and carries out repeat assays to ensure internal lab quality control.
The technical portions of this news release have been prepared and approved by Mario Justino, P.Geo., Vice President Exploration for Colt, Qualified Person as defined by National Instrument 43-101.
Statements made in this news release that relate to future plans, events or performances are forward-looking statements. Any statement in this release containing words such as "believes", "anticipates", "plans", "expects" or "intends" and other statements that are not historical facts are forward-looking, and these statements involve risks and uncertainties and are based on current expectations. Consequently, actual results could differ materially from the expectations expressed in those forward-looking statements. The CNSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
For further information: Nikolas Perrault, President & CEO, Colt Resources Inc., Tel: (514) 394-0009 Ext: 1, Fax: (514) 394-0888, [email protected]; Aurelio Useche, Director & CFO, Colt Resources Inc., Tel: (514) 394-0009 Ext: 2, Fax: (514) 394-0888, [email protected]; Helen Bilhete, Director Investor Relations, Colt Resources Inc., Tel: (514) 394-0009 Ext: 5, Fax: (514) 394-0888, [email protected]
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