Colt Resources thwarts 8,40 g / t Au via 9,63m, including 31,70 g / t Au via 2,15 m on its Boa Fé Gold project, South Portugal
May 10, 2012 - Montréal, Québec, Colt Resources Inc. ("Colt" or the "Company") (TSXV: GTP) (FRA: P01) (OTCQX: COLTF) is pleased to announce that it has final analytical results regarding 4's recent completed drill holes ongoing drilling and excavation program on its Boa Fé Gold project, within the 100% proprietary, 47 km2 Boa Fé experimental mining license (EML) has received in the south of Portugal. The Boa Fé EML is completely owned by the 100% surrounded by the Company's (732 km2) Montemor Exploration Concession.
The results from the Chaminé, Casas Novas, Ligeiro and Braços deposits are as follows:
Nikolas Perrault, President and CEO of Colt, stated, “We are reporting results from four drill holes from four of the known deposits on our Boa Fé property, including the first results from the Braços deposit south of the Boa Fé EML. Our drilling program, designed to develop twin holes from previous companies and infill holes in previously drilled reservoirs, has produced positive results. We are very excited to see these first results from Braços, which build on the positive results from drilling campaigns by previous owners. "
Program Strategy
Gold mineralization has been identified in multiple deposits along a shear zone that spans approximately 30 kilometers (Figure 1). Earlier, shallow holes were focused on the highest grade portions of the gold anomalies closely following the regional shear zone. The mineralization style is assumed in the current model to be such that high grade gold mineralization occurs where conjugating sets of shears intersect and reinforce each other (see 15 news release, March 2012).
Hole BFCH-12-020 (Figure 2) was drilled vertically on cross-section 6375N to test the structural continuity of the model and represents an infill hole farthest to the east on this intersection. Results from this hole show the continuity of high grade near surface mineralization to the north of holes BFCH-12-017 and BFCH-12-018 (see press release 17 April 2012 press) and increase resource potential in the southeast quadrant of the Chaminé deposit ,
Hole BFCN 12-003 is drilled as a twin hole to verify the integrity of sample data and grade distribution in a previously drilled Riofinex hole on Casas Novas and is part of Colt 10's ongoing program of core drilling from earlier Validate resource estimates with twin holes.
Hole BFLG-12-004 is a vertical hole drilled on the Ligeiro deposit as a step-out hole to test the existence of mineralization beneath the near-surface mineralization as in previous resource estimates
outlined, to be confirmed. The results show the continuity of grades consistent with the global grade of the deposit.
Hole BFBR-12-001 (Figure 3) is a twin hole drilled as part of Colt's ongoing review as described above. This is the first hole in the Bracos deposit located to the south of the Boa Fé license area and has a previously reported and calculated resource estimate. The structure has been interpreted by earlier workers as flat sloping to the east. A significantly higher density of quartz veins is suspected from previous records and thus there is a potential for a higher level of free gold compared to the Chaminé and Casa Novas deposits.
The Company will continue its aggressive advanced exploration campaign on Boa Fé with a combination of vertical and inclined wells to confirm previous drill results at the Chaminé, Casas Novas, Bracos, Banhos and Covas properties and the gaps between Chaminé-Casas Novas and Chaminé-Ligeiro and to increase the resource potential. Results from geophysical exploration (resistance and seismic investigations around Chaminé) are currently being interpreted and will strongly support the target identification in the gap areas. High priority regional targets, identified by historical data and assessment from field prospecting, will also be tested. The results of this work phase will form the basis for a first NI 43-101 compliant
Resource estimate later in 2012, which will include several previously drilled, gold-bearing deposits within the Boa Fé EML.
Few holes have been drilled to test depth extensions below average 100 meters or along the strike zone between known mineralized deposits. Given the shearing zone mineralization and extensive gold anomalies in the soil, there is good potential to build on earlier work that supported several non-NI43-101 compliant resource estimates (see 7 News Release, March 2011).
Quality Assurance / Quality Control (QA / QC):
Sample sections are reported as meter (m) wellbore and as such are not the true thickness of the mineralized sections. All cores are transported by company employees from the drilling site to a nearby, secure logging and sampling storage facility. Sample intervals are defined after core logging and determination of likely high grade zones for visible mineralization and favorable structure. The core is halved using a rotating diamond disc saw and then sent one half of the core for analysis while the other half is stored in the core boxes for later use.
All semi-core samples are couriered to the ALS Chemex facility in Seville, Spain for sample preparation. The resulting residues are sent by ALS to their laboratory in Romania for gold assay and routine ICP multi-element analysis. Gold analysis for all samples is performed using the “Au - AA23” method. (Au by fire test and AAS, 30g nominal sample weight) The detection limit for this method is 5 ppb. For each sample with Au values above 3 ppm, the residue is analyzed again using the “Au -GRA21” method. (Au by fire test and gravimetric, 30g nominal sample weight) The detection range for this method is 0,05 to 1000 ppm.
A series of standards and blanks were inserted by Colt into the drilling sample stream at regular intervals in addition to the laboratory's own internal QA / QC standards and duplicates. QA / QC's results so far are well within the accepted norm.
To view the complete news including tables and graphics, please follow the link: http://www.irw-press.com/dokumente/Colt_100512_DEUTSCH.pdf
About Colt Resources Inc.
Colt Resources Inc. is a Canadian junior exploration company engaged in the acquisition, exploration and development of mineral properties focused on tungsten and gold. It is currently focused on advanced exploration projects in Portugal, where it is the largest tenant of mineral properties.
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 the Colt projects in Portugal. Mr. O'Donovan has reviewed the contents of this press release and agrees to be provided with the information in the form and context in which it appears.
The company's shares are traded on the TSX-V - symbol: GTP, the OTCQX - symbol: COLTF.PK and on the Frankfurt Stock Exchange - symbol: P01.
For more information please contact:
Nikolas Perrault,
President & CEO
Colt Resources Inc.
Tel: + 351-219-119813
Fax: (514) 843-7704
ppgad@pucrs.br
Renmark Financial Communications Inc.
Florence Liberski: ppgad@pucrs.br
John Boidman: ppgad@pucrs.br
Phone: (514) 939-3989 or (416) 644-2020
www.renmarkfinancial.com
Declan Costelloe CEng,
Executive Vice President and COO
Colt Resources Inc.
Tel: + 351-219-119813
Fax: (514) 843-7704
ppgad@pucrs.br
Natalia Sokolova
Vice President, Investor Relations
Colt Resources Inc.
Tel: (917) 574-2312
Fax: (514) 843-7704
ppgad@pucrs.br
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