GTP - (TSX-V)
P01 - (FRANKFURT)
COLTF - (OTCQX)
MONTREAL, May 24, 2011 /CNW Telbec/ - Colt Resources Inc. ("Colt" or the
"Company") (TSXV: GTP) (FRA: P01) (OTCQX: COLTF) is very pleased to
announce it has received final analytical results for the recently
completed 5th hole drilled this year in its Tabuaço (São Pedro das Águias) tungsten
project, located in the company's wholly owned Armamar‐Meda concession
in northern Portugal.
Drill hole DHT14 was planned as a step-out hole to improve confidence in
the geology and grade models and to test for extensions of several
thick and richly mineralized skarn horizons.
Colt's current drilling program is designed to confirm and expand the
historical, non NI 43‐101 compliant resource estimate of 1 million
tonnes grading 0.87% WO3 (SPE‐BRGM JV, early 1980's). These and
previously reported results indicate that the deposit is open in all
directions and that grades and thicknesses are increasing as one steps
away from the historical resource zone.
Nikolas Perrault, President and CEO of Colt, says, "Hole 14 has exceeded our expectations. With these encouraging results,
that include the highest grades reported to date, we have decided to
add a third rig to accelerate the exploration program having recently
commenced drilling using a second drill rig."
The received results are summarized as follows:
Drill hole DHT14 (Vertical - 137.0m deep)
Grade % WO3
True Width (m)*
* True Width was determined assuming the mineralization has an average
dip of 20o.
Sample intervals are reported as both metres (m) downhole and as true
thickness, which have been calculated using cross sectional
interpretation of the mineralized intercepts in three dimensions. The
actual dip of the skarn controlled mineralization is generally shallow.
All drill core is transported by Company personnel from drill site to a
nearby secure storage facility for logging and sampling. Sampling
intervals are defined after core logging and determination of scheelite
contents 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 OMAC Laboratories Ltd, at Galway,
Ireland, an ISO 17025 accredited facility. Samples are analyzed for W
and Sn using a metaborate fusion followed by XRF (laboratory code
BF/EL). Assay results for tungsten are reported by the laboratory as
W%. WO3 values are calculated using a conversion factor of 1.26.
A set of standards, duplicates and blanks is employed by Colt in their
sample stream as well as the laboratory's own standards and duplicates.
Results to date are well within the accepted norm.
About Colt Resources Inc.
Colt Resources Inc. is a Canadian junior exploration 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 the second largest
lease holder of mineral concessions.
SRK Consulting (U.S.) Inc. has been awarded a broad mandate to provide
overall technical assistance to Colt in Portugal and will be producing
several NI 43‐101 compliant reports as projects progress (see: January 18, 2011 press release).
Jeffrey Volk, MSc, CPG, FAusIMM, of SRK Consulting (U.S.) Inc., is the
independent qualified person, as defined in NI 43‐101, for Colt's
projects in Portugal.
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 revised annual information form dated
April 20, 2011 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.
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