GTP - (TSX-V)
P01 - (FRANKFURT)
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
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
Boa Fé Gold Project
Casas Novas (2014)
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
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
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
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
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.
PDF available at: http://stream1.newswire.ca/media/2014/06/18/20140618_C7834_DOC_EN_41578.pdf
SOURCE: Colt Resources Inc.
For further information:
Nikolas Perrault, CFA
President & CEO
Colt Resources Inc.
Fax: +1 (514) 635-6100
Declan Costelloe, CEng
Executive Vice President & COO
Colt Resources Inc.