GTP - (TSX-V)
P01 - (Frankfurt)
COLTF - (OTCQX)
MONTRÉAL, Feb. 20, 2013 /CNW Telbec/ - Montréal, Québec, Colt Resources
Inc. ("Colt" or the "Company") (TSXV: GTP) (FRA: P01) (OTCQX: COLTF) is
pleased to announce that in an official signing ceremony held earlier
today at the Company's 100% owned Tabuaço project the following
concessions were formally awarded:
TABUAÇO EXPERIMENTAL MINING LICENCE
The Tabuaço Experimental Mining Licence (EML) in North-Eastern Portugal
covers a total area of 45.13 km2, and has been granted to Colt following, and as a consequence of, the
exploration project undertaken by the company at its Armamar-Meda
exploration concession between 2007 and 2012.
The EML encloses the Tabuaço skarn-type tungsten (scheelite) deposits,
which include the São Pedro das Águias (SPA) and Aveleira tungsten
resource areas,and the adjacent exploration targets of the SPA-Aveleira
Gap, the Quintã-Távora zone, as well as on the East bank of the Távora
Since acquiring the exploration rights over this area in late 2007, as
part of its Armamar-Meda exploration concession, Colt carried out
extensive outcrop sampling work, and then embarked on an exploration
and evaluation diamond drilling program which to date involved in
excess of 100 drill holes, totalling more than 11,400 metres.
The most recent NI 43-101 resource statement issued by Colt for the
Tabuaço tungsten deposits (News Release of October 3rd, 2012) reported Indicated Mineral Resources of 1,495,000 tonnes grading
0.55% WO3 containing 815,000 MTU's and Inferred Mineral Resources of 1,230,000
tonnes grading 0.59% WO3 containing 720,000 MTU's (1 MTU = 1 metric tonne unit = 10kg of
contained WO3) from the São Pedro das Águias and Aveleira deposits. Colt is
continuing exploration work and is confident that the deposit has good
potential for expansion.
As part of its experimental mining work program, Colt will proceed with
the excavation of both an access adit and a vertical shaft into the São
Pedro das Águias deposit, for the purpose of testing the proposed
mining method, gathering further information on the rock mechanical
conditions, and extracting a bulk sample for pilot ore concentration
work. In addition the surface diamond drilling program will be
continued to explore and evaluate the above referred deposits and
SANTO ANTÓNIO EXPERIMENTAL MINING LICENCE
The Santo António Experimental Mining Licence (EML) in North-Eastern
Portugal covers a total area of 35.34 km2. This concession was granted to a joint venture between Colt and
Brazilian company, Contecnica, in which the latter will be the operator
(Press Release: September 4, 2012). The granting of this concession
follows on the exploration project undertaken by Colt in the Penedono
concession between 2007 and 2012.
The area is mostly underlain by multi-phase granitic intrusions of the
Variscan tectonic cycle (Upper Paleozoic), which host a number of known
gold deposits of the "Reduced Intrusion Related" type. These can
consist of either individual veins such as at Sendim; clusters of
quartz veins such as at Santo António (13 veins), Ferronha and Dacotim
(3 main veins each); or sheeted vein systems with or without associated
greisen envelopes, such as respectively at Turgueira and Marofa. Some
tungsten mineral (wolframite) can also be present in these mineralized
structures (e.g. Santo António, Turgueira) which can perhaps originate
by-product tungsten production.
Mining activity in the area dates back to Roman times, when gold was
produced from Santo António, Ferronha and Dacotim. Small scale
artisanal tungsten (wolframite) mining took place in the area during
the 1940's and 1950's. Gold mining attempts were also undertaken in the
mid 20th Century from Ferronha, Dacotim and particularly Santo António. The
latter was exploited by the Companhia das Minas de Ouro de Penedono in
the 1950's, having produced a total of around 11,000 ounces of gold
from a total of 105,000 tons of ore (ROM) extracted from underground
mining along veins # 2 and 3, and to a minor extent veins # 7 and 13.
The 1950's Santo António mining plant never achieved an acceptable level
of gold recovery and as a result the ca. 100,000 m3 of tailings material still existing at the Santo António mine are
believed to host gold that may be recoverable using more modern
During the experimental mining period the Joint Venture's activity will
focus on: trial open pit mining at Turgueira; recovery of gold from the
Santo António tailings; excavation of a new adit to access and de-water
the Santo António underground workings and recover for pilot
metallurgical testwork blasted ore left in the old galleries; and
continuing evaluation drilling of the vein deposits.
BORBA EXPLORATION LICENCE
The Borba exploration licence in central-eastern Portugal covers a total
area of 636 km2. It is located in the Variscan terrain known as the "Ossa-Morena Zone",
the same terrain that hosts Colt's Boa Fé and Montemor projects,
relative to which Borba is located approximately 65km due East.
The region is mostly known for its production of high quality marble
dimension stone for the international market, namely from the
municipalities of Estremoz, Borba and Vila Viçosa. Small scale
underground mines produced copper until the early 20th Century from a number of disseminated deposits, namely Mostardeira,
Miguel Vacas, Bugalho and Mociços. Modern opencast mining was carried
out to exploit the oxide zone of the Miguel Vacas copper deposit in the
period 1980-1990, during which an estimated total of around 1650 tonnes
of copper metal were produced; upon the interruption of this
exploitation the deposit was believed to be open both along strike and
(particularly) down dip.
Modern exploration was carried out in the area between 1986 and 2006 by
Rio Tinto, Carnon Holdings, Auvista Minerals, Prominas, Rio Narcea Gold
Mines. Most of these exploration programs focussed on the gold
potential of the area, having led to the discovery of several gold
occurrences and anomalies which were poorly explored, such as at
Almagreira, Torre and other locations, besides identifying gold
contents also at the old copper mines of Bugalho, Mociços and
The licence area geology encompasses several sedimentary and volcanic
formations that extend from the Upper Proterozoic to the Devonian. The
copper, copper-gold and gold mineralizations may occur in rocks of
distinct ages as disseminations, veins and breccias which are
associated with a zone of regional shearing extending for over 30 km in
the NW-SE direction within the concession area.
CERCAL EXPLORATION LICENCE
The Cercal exploration license located in coastal Alentejo province
(Southern Portugal) some 110km due South of Lisbon covers a total area
of 455 km2. It is located within the Iberian Pyrite Belt, a prolific World-Class
province of volcanogenic massive sulphide deposits with several centers
of historical production of copper, lead, zinc, and to a lesser extent
tin, gold and silver.
Historically, there were a number of small artisanal mines at Cercal
exploiting Fe-Mn, Cu, Zn-Pb, Cu-Pb-Ag until the mid 20th Century; and a modern, small-size underground mine that produced Fe-Mn
oxide concentrates (with by-product barite) to supply a Portuguese
steel manufacturing plant until the early 1990's.
The license area also encloses the Salgadinho stockwork deposit, first
discovered and explored by the Portuguese Government exploration
department SFM between 1973 and 1979. The perception that the gold
potential of this deposit was poorly investigated in the past (e.g.
incomplete sampling not including gold assaying) led Colt to consider
it as a gold exploration target for its exploration program.
Subsequent to the SFM discovery, the area was explored between the early
1980's and 2008 successively by Elf-Acquitaine, Empresa Mineira da
Serra do Cercal Lda, and Northern Lion Gold Corporation.
The area also encloses favourable Carboniferous volcanic and sedimentary
geology for the occurrence of both massive sulphide and disseminated
gold deposits. In addition to Salgadinho, several geochemical and
geophysical anomalies point at other potential occurrences of gold
and/or base metals.
About Colt Resources Inc.
Colt Resources Inc. 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, where it
is one of the largest lease holders of mineral concessions.
The Company's common 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.
PDF available at: http://stream1.newswire.ca/media/2013/02/20/20130220_C7057_DOC_EN_23911.pdf
SOURCE: COLT RESOURCES INC.
For further information:
Nikolas Perrault, CFA
President & CEO
Colt Resources Inc.
Declan Costelloe CEng,
Executive Vice President & COO
Colt Resources Inc.
Vice President, Business Development
Colt Resources Inc.
Tel: +1 (514) 843-7178
Fax: +1 (514) 843-7704
Vice President, Investor Relations
Colt Resources Inc.
Tel: +1 (917) 574-2312
Fax: +1 (514) 843-7704
Renmark Financial Communications Inc.
Christine Stewart: email@example.com
John Boidman: firstname.lastname@example.org
Tel.: (416) 644-2020 or (514) 939-3989