Trading Symbols: GTP - (CNSX)
P01 - (FRANKFURT)MONTREAL, June 9 /CNW Telbec/ - Colt Resources Inc. ("Colt" or the
"Company") is pleased to provide an update on property work completed during
the first 4 months of 2009 on their Penedono and Armamar Meda Concessions
located in northern Portugal.
The Penedono Concession consists of 51.231km2 which represents a
reduction from the original concession area as an annual requirement under
Portuguese mining law. Colt has subsequently been successful in negotiating an
extension of the concession for an additional 3 years and has increased the
size of the concession to 102.471 km2. The Penedono Concession is partially
surrounded by the Armamar Meda Concession consisting of 436.81 km2 which in
turn is partially surrounded by the Moimenta-Almendra concession consisting of
566.58 km2.
The combination of these three (3) concessions makes Colt the second
largest mining land owner in Portugal after Lundin Mining.
The concessions which surround the town of Penedono are located
approximately 100 air km east from the coastal city of Porto.
PENEDONO CONCESSION
-------------------
On the Penedono Concession at the Santo Antonio vein system, a number of
new discoveries have been reported covering vein clusters and sheeted vein
systems near the previously reported and partially explored NE / SW trending
veins 1-13. The new N/S to NNE/SSW veins are typically narrow (0.5 - 20 cm
thick) and steeply dipping. Their intensity and continuity is being
investigated for the potential of hosting several small open pits.
One area lying between Veins 3 and 4 and located near the NE end of Vein
3 returned the following chip samples from the poorly exposed veins. This
cluster of samples was taken over an area of approximately 100 m x 200 m and
extensions to this vein swarm are being investigated.-------------------------------------------------------------------------
sample UTM UTM type occurr- description Au g/t
No. East North ence
-------------------------------------------------------------------------
196928 632907 4541724 chip Outcrop quartz with aspy (mineralized 5.56
quartz vein)
205085 633869 4541776 chip Outcrop quartz+aspy and greisen vein 27.04
205086 633877 4541774 chip Outcrop quartz+aspy and greisen vein 18.56
205087 633877 4541774 chip Outcrop quartz+aspy and greisen vein 19.68
205088 633899 4541797 chip Outcrop greisen with aspy 34.40
205089 633869 4541776 chip Outcrop quartz and greisen vein with 26.08
aspy (10cm)
205090 633890 4541781 chip Outcrop quartz and greisen veins with 11.00
aspy
205091 633914 4541773 chip Outcrop aspy+quartz veins, 1-2cm thick 15.68
205092 633925 4541764 chip Outcrop aspy+quartz (20cm) 8.40
-------------------------------------------------------------------------Also on the Penedono Concession in the Marofa area, (adjacent to the west
from the Santo Antonio veins), previously reported good grade values for gold
and tungsten have been categorized for additional sampling, trenching and
drilling. These values, as reported in the News Release of Dec.15, 2008,
ranged up to 96 g/t gold and 18,364 ppm (1.84%) W or 2.32% WO3 and while these
high grade numbers are not necessarily representative of the overall expected
grades, they represent the potential of the 5 to 6 Marofa areas of veins
swarms. These areas have dimensions of approximately 100-300 m x 300-400 m
each.
ARMAMAR MEDA CONCESSION
-----------------------
On the Armamar Meda Concession, the company has completed detailed
sampling and evaluation of several tungsten (W) and tungsten / tin (W / Sn)
prospects and showings with very encouraging results. The two main areas
reported on are the Tabuaco area and the Bebezes area.
The TABUACO AREA hosts the main (1) San Pedro das Aguias occurrence and
has also been shown to host new additional important W occurrences. These new
occurrences have been labeled (2) Aveleira zone and (3) Quinta-Tavora zone.
(1) The San Pedro das Aguias occurrence has had 6 widely spaced diamond
drill holes completed on the mineralized skarn horizon. These holes indicated
a relatively shallow dipping zone with varying thicknesses of up to 19 metres
grading approximately 1 % WO3. A very preliminary resource calculation
completed by earlier operators and which is not NI 43-101 compliant and which
has not been confirmed by Colt, indicated 1,000,000 tonnes with an approximate
grade of 0.9% WO3. The mineralization indicated in the 6 diamond drill holes
appeared to be open to depth and along strike.
A detailed sampling and mapping program over the complete San Pedro das
Aguias area as well as its lateral extensions plus a newly discovered parallel
zone lying some 60 m below the "main" zone, resulted in the collection of 88
rock samples. This data indicates that the "main" San Pedro das Aguias target
now has a potential strike length of greater than 500 m, with a thickness of
10 - 20 m and with a potential grade on surface, as indicated in the following
table, of 0.673% WO3. The expanded strike potential for the "main" skarn zone
with an as yet to be determined depth potential to the underlying granite
contact allows a conceptual doubling or trebling of tonnage from the earlier
estimate. This tonnage indication is not NI 43-101 compliant but is shown as a
potential resource that may be developed.Total channel sample results from Sãn Pedro das Aguias (main zone)
-------------------------------------------------------------------------
sample No. X_UTM Y_UTM occurr- sample true WO3
ence type width %
(m)
-------------------------------------------------------------------------
S.P.Aguias main skarn horizon
-----------------------------
ave.6 samples 624772 4549460 outcrop channel 23.30 0.454
(No.205051-205056)
205057 624795 4549428 outcrop channel 3.20 0.158
205058 624820 4549385 outcrop channel 2.85 0.300
ave.2 samples 624882 4549399 outcrop channel 5.90 0.308
(No.205059-205060)
ave.2 samples 624676 4549513 outcrop channel 1.80 0.899
(No.205170-205171)
205172 624670 4549514 outcrop channel 1.40 1.187
ave.2 samples 624673 4549521 outcrop channel 1.90 0.892
(No.205173-205174)
205175 624669 4549507 outcrop channel 1.70 0.499
205176 624714 4549487 outcrop channel 2.20 1.303
205177 624708 4549491 outcrop channel 2.20 0.951
205178 624739 4549481 outcrop channel 0.95 1.212
205179 624741 4549473 outcrop channel 1.70 1.645
205180 624745 4549450 outcrop channel 1.20 1.435
205181 624740 4549544 outcrop channel 1.50 0.762
205182 624856 4549395 outcrop channel 3.50 1.680
-------------------------------------------------------------------------
weighed average grade of 23 channel samples 0.673
-------------------------------------------------------------------------
The second parallel target is poorly exposed with a resulting lesser
sample frequency, but has important tungsten values (average 0.298% WO3) with
an as yet to be determined strike length and width. A total of 7 samples were
collected from this zone.
Total channel, chip & grab sample results from the San Pedro das Aguias
lower skarn horizons
-------------------------------------------------------------------------
sample No. X_UTM Y_UTM occurr- sample true WO3
ence type width %
(m)
-------------------------------------------------------------------------
S.P.Aguias lower skarn horizons
-------------------------------
205071 625061 4549493 Outcrop channel 1.00 0.151
205183 625060 4549487 Outcrop channel 1.50 0.076
205184 625020 4549445 Outcrop chip ? 1.414
205185 625044 4549428 Outcrop chip ? 0.011
205186 625055 4549411 Outcrop chip ? 0.012
205187 625014 4549424 Outcrop chip ? 0.261
205196 625051 4549441 sub outcrop grab ? 0.159
-------------------------------------------------------------------------
7 samples average grade 0.298
-------------------------------------------------------------------------(2) The Aveleira zone is located immediately to the north and on strike
with the San Pedro das Aguias area and may represent a continuation of the
permissive skarn stratigraphy an additional 950 m to the north, effectively
connecting the southern most San Pedro das Aguias area with the more northern
Quinta Tavora area.
Outcrop is poorly exposed due to deep weathering and thick soil cover but
at least 2 skarn horizons were located and sampled. No overall widths of
mineralized skarn horizons were observed due to the cover.
A total of 9 samples were collected with the results as follows.Total chip and grab sample results from Quinta da Aveleira zone
-------------------------------------------------------------------------
sample No. X_UTM Y_UTM occurr- sample true WO3
ence type width %
(m)
-------------------------------------------------------------------------
Aveleira NW
-----------
205153 624327 4550258 outcrop chip ? 0.740
205154 624368 4550214 outcrop chip ? 0.884
205155 624378 4550220 sub outcrop grab ? 0.397
205156 624341 4550190 outcrop chip ? 0.385
205157 624317 4550206 outcrop chip ? 0.010
205169 624357 4550219 outcrop chip ? 0.981
-------------------------------------------------------------------------
average grade 0.566
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Aveleira SE ("skarn near Ponte do Fumo")
----------------------------------------
205072 624768 4549985 Sub outcrop chip ? 1.574
205193 624770 4550042 Sub outcrop grab ? 1.551
205194 624640 4549943 Sub outcrop grab ? 0.300
-------------------------------------------------------------------------
average grade 1.142
-------------------------------------------------------------------------
(3) The Quinta - Tavora zone lies to the north of the Aveleira area and
may represent a continuation of that mineralization to the north. Once
again, outcrop was scarce and the true width of skarn beds could not be
determined. At least 3 separate zones of skarn were sampled (a total of
23 samples) with the results as follows.
Total channel, chip & grab sample results from the Quintã - Tavora Zone
-------------------------------------------------------------------------
sample No. X_UTM Y_UTM occurr- sample true WO3
ence type width %
(m)
-------------------------------------------------------------------------
Quintã south slope
------------------
196916 624151 4550358 outcrop Chip ? 0.127
ave.2 sampl. 624137 4550331 outcrop channel 2.70 0.728
(No.205063-205064)
ave.2 sampl. 624133 4550342 outcrop channel 1.95 0.210
(No.205068-205069)
205070 624131 4550345 outcrop channel 1.80 0.308
205062 624150 4550349 outcrop channel 0.65 0.160
ave.2 sampl. 624149 4550354 outcrop channel 1.30 0.097
(No.205065-205066)
205061 624158 4550352 outcrop channel 1.05 0.435
205067 624159 4550358 outcrop channel 0.53 0.035
205192 624160 4550383 outcrop channel 1.50 0.395
-------------------------------------------------------------------------
weighed average grade of 11 channel samples 0.368
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Quintã east slope
-----------------
205191 624192 4550425 outcrop Chip ? 0.056
ave.3 sampl. 624217 4550437 outcrop channel 3.70 0.343
(No.205093-205095)
205096 624221 4550452 outcrop channel 0.75 0.126
205189 624226 4550447 outcrop channel 1.60 0.296
205190 624231 4550452 outcrop channel 1.90 0.267
-------------------------------------------------------------------------
weighed average grade of 6 channel samples 0.295
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Tavorã river slope
------------------
196911 623684 4551132 outcrop Grab ? 0.060
205188 624238 4550612 outcrop Chip ? 0.166
205195 624399 4550676 outcrop Chip ? 0.417
205197 624280 4550483 outcrop Chip ? 0.184
-------------------------------------------------------------------------
average grade 0.207
-------------------------------------------------------------------------An assessment of all the tungsten results from the Tabuaco area indicates
a positive potential for the development of several possible open pit and/or
underground bulk mining zones. A significant amount of diamond drilling is
required to define these areas of mineralization, but the potential is there.
BEBEZES AREA
------------
This area is located on the southern boundary of the Armamar Meda
Concession, north east of the Santo Antonio vein system which lies 3 km to the
south west. This mineralized area, (unlike the Santo Antonio veins), carries
little to no gold with the arsenopyrite content but contains significant W and
Sn values.
The mineralized quartz veins are hosted in granite, are steeply dipping
and have widths varying up to (greater than) 2 m. A secondary system of narrow
veins is evident in close proximity to some of the main veins, which when
combined with the main veins may have potential for an open pit resource.
Nearly all the sampled locations are from within and from the dumps of
old diggings, dating from likely World War 2 when tungsten was in high demand.
One factor must be kept in mind when considering the tungsten values as
reported in assay. All dump samples were taken from hand sorted material that
was left over after most if not all of the visible wolframite (tungsten)
mineralization had been removed, hence tungsten values could be significantly
underreported. As well, samples from vein remnants on the walls of old
diggings would have been left behind by the original miners as likely to be
"barren".-------------------------------------------------------------------------
Sample UTM E UTM W occurrence type Description WO3 % Sn %
No.
-------------------------------------------------------------------------
205158 636467 4543418 walls of chip Narrow qtz vn with 0.002 0.004
diggings layered sil aplite?
Little aspy
-------------------------------------------------------------------------
205159 636480 4543407 old mine grab Vein qtz+aspy+py 0.065 1.770
dump
-------------------------------------------------------------------------
205160 636496 4543404 wall of chip Remains of qtz vn 0.003 0.580
diggings +aspy+py
-------------------------------------------------------------------------
205161 636506 4543429 wall of chip Narrow qtz vns(3) 0.034 0.214
diggings +aspy+py+wolf
-------------------------------------------------------------------------
205162 636508 4543433 old mine grab Vn qtz+aspy+py 0.171 0.808
dump +wolf in dump of
sample 205161
-------------------------------------------------------------------------
205163 636522 4543388 walls of chip Qtz vn 60-80 cm 0.005 0.301
diggings +aspy+py+wolf+cass?
-------------------------------------------------------------------------
205164 636525 4543387 old mine grab Qtz+aspy+py+wolf 0.002 2.163
dumps +cass in dump of
sample 205163
-------------------------------------------------------------------------
205165 636509 4543351 walls of chip Qtz vn 25-40 cm 0.016 4.161
diggings +aspy+py+wolf?
-------------------------------------------------------------------------
205166 636503 4543314 old mine grab Vn qtz+aspy+py 0.013 0.628
dumps
-------------------------------------------------------------------------
205167 636472 4543364 walls of chip Qtz vn 25-30 cm 0.049 0.011
diggings +aspy+py
-------------------------------------------------------------------------
205168 636441 4543338 walls of chip Qtz vn 25-30 cm 0.049 1.058
diggings +aspy+py+wolf?+cass
-------------------------------------------------------------------------The Bebezes veins remain open in all directions from the locations
sampled and more sampling and mapping is required to gain a full understanding
of this large mineralized vein swarm.
All samples were analyzed at OMAC Laboratories Ltd, Galway, Ireland, an
ISO 17025 accredited facility.
All gold assays were by fire assay using a 50 gram sample and lead
collection followed by an AA finish.
W and Sn values were analyzed using a metaborate fusion followed by ICP -
MS.
Assay results for gold and tungsten are reported as: gold - grams /
tonne, while tungsten (W) and tin (Sn) values are reported as WO3% and Sn%.
The technical portions of this news release have been prepared and
approved by J.W. Murton, P. Eng., a qualified person as defined by National
Instrument 43-101. Mr. J.W. Murton is a director of Colt.
A progress report including a detailed sampling and assay presentation
with pictures and drawings will be available soon on Colt's website.
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, CFA, President & CEO, Colt
Resources Inc., (514) 501-2985, (514) 394-0009, Fax: (514) 394-0888,
info@coltresources.com
