Trading Symbols: |
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GTP - (TSX-V) |
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P01 - (FRANKFURT) |
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COLTF - (OTCQX) |
MONTREAL,
June 18, 2014 /CNW Telbec/ - Colt
Resources Inc. ("Colt" or the "Company") (TSXV: GTP) (FRA: P01)
(OTCQX: COLTF) is pleased to announce the completion of the infill
drilling campaign, at its 100% controlled "Boa Fé" gold project
located in Southern
Portugal. Colt is also pleased to announce the
commencement of infill and resource expansion drilling at its 100%
controlled "Tabuaço" tungsten project located in Northern Portugal.
The infill drilling program at Boa Fé was
designed to improve confidence in previously reported resources and
provide data needed to advance the feasibility study related work
for the project which is already underway.
Since November
2013, a total of 74 (6636 metres) infill drill holes were
completed at the Boa Fé Project targeting the Braços, Chaminé and
Casas Novas deposits. Logging and sample preparation of the
most recently collected core is ongoing and sample dispatch for
assaying is planned when completed. Samples from holes
drilled in late 2013 and early 2014 have been dispatched to the
assay laboratory in Spain and
assays are pending.
Boa Fé Gold Project |
Drill Holes |
Total
Metres |
Braços (2013) |
22 |
829 |
Chaminé (2013/2014) |
10 |
985 |
Casas Novas (2014) |
42 |
4 822 |
Total |
74 |
6 636 m |
Since publishing a positive PEA for Boa Fé in
May 2013, much internal work has been
done to plan the most efficient strategy to advance the
project. While the PEA addressed just six targets that had
been previously identified by RTZ during the 1990s, it is the
Company's belief that there is good potential to increase resources
through additional exploration drilling both along strike and
following the known deposits to depth.
At Tabuaço, located in Northern Portugal, Colt is very pleased to
announce the recommencement of drilling (June 18, 2014) designed to infill known resource
areas and to test for deposit extensions.
The Tabuaço drilling program will initially be
focused towards increasing the total resource base of the project,
as previously reported from the São Pedro das Águias (SPA) and
Aveleira deposits (Colt News Release of October 3, 2012). This will be accomplished
through both: 1) Drill testing for possible lateral extensions of
the SPA deposit, which remains open to the west, underneath the
granite body, and 2) Exploring for potential new ore lenses located
in the gap between the SPA and Aveleira deposits, where widely
spaced exploration holes completed in 2012 indicate the presence of
tungsten mineralized skarn horizons.
Once this phase of resource expansion is
completed, drilling will continue at Tabuaço with the objective of
executing further infill drilling as well as geotechnical drilling.
During the last phase which ended in January
2014, 24 infill holes were drilled for a total of 2610
metres. Samples have been collected and dispatched for
assaying and results are pending. The planned next phase of infill
drilling program is intended to improve geological confidence so as
to upgrade inferred resources to indicated resources as recommended
in the PEA published for in October
2013. Results of this program will provide key inputs
necessary for the feasibility study which is planned to commence
shortly.
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.
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 annual information form 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.
PDF available at:
http://stream1.newswire.ca/media/2014/06/18/20140618_C7834_DOC_EN_41578.pdf