Colt Resources reports Promising New Discovery at its Tabuaço Tungsten Project, Northern Portugal

 

Trading Symbols:

GTP - (TSX-V) P01 - (FRANKFURT) COLTF - (OTCQX)

 

MONTREAL, July 7, 2014 /CNW Telbec/ - Colt Resources Inc. ("Colt" or the "Company") (TSXV: GTP) (FRA: P01) (OTCQX: COLTF) is pleased to announce encouraging intercepts in the first three holes drilled at the Tabuaço tungsten project, in northern Portugal, as part of its resource expansion drilling program started on June 18^th (News Release of June 16^th,2014).

The initial three holes of this latest phase of drilling, DHT-113, DHT-114 and DHT-115, have focused on testing the ground close to an isolated hole completed in December 2012, DHT-88, which intersected rich tungsten mineralization away from either the SPA or Aveleira deposits (Colt News Release of January 30^th, 2013).  This isolated hole was not included with those used to estimate resources that formed the basis for the PEA published in Q3, 2013 (Colt News Release of September 4^th, 2013).

Visual inspection of the mineralized skarns intersected by all three holes, both under natural light and short-wave UV-light indicates that in general they compare very well, both in terms of mineralogy and texture, with hole DHT-88.

The rock mechanics conditions of the entire sequence intersected by the latest holes (both the mineralized zones and the hangingwall rocks) are very good and appear to be superior to that encountered elsewhere on the project.

The three initial holes of this latest program are located within 100m of DHT-88 and strongly suggest the presence of a previously undetected zone of mineralization unrelated to either the SPA or Aveleira deposits.

Sampling of the mineralized drill core of holes DHT-113, DHT-114 and DHT-115 is underway, and high priority has been given to reporting assay results from these very promising intercepts.

Table 1

Main WO₃ mineralized intervals of hole DHT-88 (assays previously reported) and estimated
mineralized intervals from Holes DHT-113, DHT-114 and DHT-115 based on and core logging
and visual inspection under short-wave UV-light (assay results pending)

Hole	Dip	Dip direction	From (m)	To (m)	Drilled Width (m)	Grade % WO3
DHT-88	-90	000	100.80	104.80	4.00	0.45
			116.60	122.60	6.00	0.58
DHT-113	-60	315	97.73	104.00	6.27	Pending
			106.22	109.45	3.23
			114.47	116.95	2.48
			121.25	121.90	0.65
			123.57	125.04	1.47
			126.07	139.20	13.13
			144.10	151.25	7.15
DHT-114	-73	315	84.45	88.80	4.35	Pending
			89.25	91.22	1.97
			105.87	116.77	10.90
			121.38	121.98	0.60
			123.93	124.30	0.37
			125.82	133.16	7.34
DHT-115	-45	315	113.40	119.60	6.20	Pending
			121.80	133.85	12.05
			139.60	140.45	0.85
			148.75	152.45	3.70
			153.75	154.55	0.80
			155.00	156.50	1.50
			157.10	159.00	1.90
			161.20	164.65	3.45
			178.90	182.80	3.90

Note: Intervals are reported as drilled width until true width is calculated.

Interpretation and Follow-up

Holes DHT-113, DHT-114 and DHT-115 (from SE to NW) appear to have intersected mineralized skarns similar to that intersected by DHT-88 over a total strike length of greater than 100 meters, located approximately 300m NW of the SPA resource area, and approximately 300m South of the Aveleira resource area (Figures 1 and 2).

This mineralization is interpreted to represent a previously unrecognized deposit at Tabuaço, physically separated from either SPA or Aveleira deposits. It is suspected that the separation between these three deposits could be the result of a combination of Variscan folding with late faulting, but this remains to be confirmed.

It is hypothesized that the new deposit may extend further along strike to the NW, as well as down-dip to the SW underneath the granite body. The program is ongoing and a series of follow-up drill holes are planned, which will be collared to the NW of DHT-115 and close by to develop a better understanding of the 3D geometry of this new zone.

"We are extremely pleased with this potentially material development which could have a significant upward impact on the ultimate size and overall economics of our 100% owned Tabuaço project. High priority has been given to obtain assay results on these first three holes and we look forward to providing shareholders further updates on this drilling program as it progresses", stated Nikolas Perrault, Colt President and CEO

Quality Assurance / Quality Control (QA/QC)

All drill core is transported by Company personnel from drill site to a nearby secure storage facility for logging and sampling.

Sampling intervals for gold mineralization are defined after core logging and determination of probable high grade zones based on visible mineralisation and favourable structure, while the sampling intervals for the tungsten mineralization 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.

All samples are sent by courier to ALS Chemex's facility in Seville, Spain, where they undergo sample preparation.

Gold analysis for all samples is done via method "Au - AA24" (Au by fire assay and AAS, 50g nominal sample weight). The detection limit for this method is 5 ppb. For every sample with Au values over 1 ppm, the pulp is re-analyzed by method "Au - GRA22" (Au by fire assay and gravimetric finish, 50g nominal sample weight). The detection range for this method is 0.05-1000 ppm.

Tungsten and tin are analyzed 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 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. (www.coltresources.com) is a Canadian mining exploration and development 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 and securing advanced stage mining projects.

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.

PDF available at: http://stream1.newswire.ca/media/2014/07/07/20140707_C9956_DOC_EN_41997.pdf

SOURCE: Colt Resources Inc.

Nikolas Perrault, CFA 
President & CEO 
Colt Resources Inc. 
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[email protected]

Declan Costelloe, CEng 
Executive Vice President & COO 
Colt Resources Inc. 
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