Table 2 - Tabuaço model showing the classified mineralized zone (pink solid) and the modelled mineralised zones (blue and green solids).
GTP - (TSX-V)
P01 - (FRANKFURT)
COLTF - (OTCQX)
MONTREAL, Nov. 7, 2011 /CNW Telbec/ - Colt Resources Inc. ("Colt" or the
"Company") (TSXV: GTP) (FRA: P01) (OTCQX: COLTF) is pleased to announce
details of an initial resource estimate for its 100% owned Tabuaço (São
Pedro das Águias) tungsten project, located in the Company's wholly
owned Armamar‐Meda concession in northern Portugal. The resources have
been estimated by SRK Consulting (UK) Ltd ("SRKUK") and SRK Exploration
Services Ltd ("SRKES"). This has been reported in accordance with the
guidelines set out by the Canadian Institute of Mining, Metallurgy and
Petroleum (CIM) and detailed in the National Instrument 43-101.
Resource Estimate Highlights
Indicated resources total 760,000 tonnes with an average grade of 0.58%
Inferred resources total 1,330,000 tonnes with an average grade of 0.57%
The mineralization, hosted in shallowly dipping skarn units, remains
open for expansion in several directions. Four drills are operating at
the project at present to expand current resources and identify new
"We are very encouraged by this initial estimate that has been focused
on a portion of a larger zone of mineralization that remains open. The
high grade nature of the mineralization confirms Tabuaço to be one of
the highest grade, undeveloped tungsten deposits in Europe. We have an
outstanding team on site and we fully intend to build upon this robust
foundation in the months ahead", said Nikolas Perrault, President and CEO.
Perrault went on to say, "We recently announced the acquisition of the
surface rights (see Press release August 24th, 2011) at Tabuaço. Colt will now focus on delivering a Preliminary Economic
Assessment during the first half of 2012 which will include an updated
Tabuaço Resource Estimate
SRKUK and SRKES were supplied raw drilling data by Colt Resources, which
have been collated by SRKES into the drillhole database, "Tabuaço-SPA_complete_drill-database_20111011". This database has formed the basis of the geological and grade
estimates presented here. All geological modelling was undertaken in
Gemcom mining software ("GEMS"). In addition, SRUK have undertaken
grade modelling and estimation using Isatis geostatistical software
The following Table (Table 1) summarises the in-situ Mineral Resource,
stated at a 0.3% WO3 cut-off grade, within the defined mineralisation models. In total, two
domains were estimated, namely the upper and lower skarn units.
Classification of the Mineral Resource is based on quality control
data, geological continuity and borehole spacing. The estimate is
considered to have reasonable prospects for eventual economic
extraction, as it is constrained by a cut-off grade derived from
reasonable underground mining and processing costs.
The estimated Mineral Resources for the Tabuaço project are as follows:
Indicated Mineral Resources of 760 kt at a mean grade of 0.58% WO3, which is the equivalent of 4,400 t of contained WO3; and
Inferred Mineral Resources of 1,330 kt at a mean grade of 0.57% WO3, which is the equivalent of 7,600 t of contained WO3
Indicated Mineral Resources
Inferred Mineral Resources
Table 1 SRK UK - Tabuaço Project Resource Estimation
In summary, the processes and parameters used to derive the Mineral
Resource Statement are as follows:
A cut off grade of 0.3% WO3 has been used to constrain the Mineral Resource estimate;
This cut-off grade is based on a WO3 price of US$300/mtu, an underground mining cost of US$30/t and a
processing cost of US$22/t, as supplied by SRK Denver, and agreed by
This resource model has been wireframed using GEMS. Grade interpolation
was undertaken using Ordinary Kriging, with block model dimensions of
50m in the X direction, 50m in the Y direction and 10m in the Z
direction. This is consistent with the drill spacing across the
project area. No rotation parameters were applied to the block models.
Variography and grade estimation were undertaken in ISATIS. Search
ellipsoids were derived through the application of quantitative Kriging
neighbourhood analysis ("QKNA"), and two search passes were used to
estimate the block model; and
The mapped fault running through the Tabuaço Project was used to limit
the classification of the Mineral Resource.
All samples used for this estimate were sent by courier to OMAC
Laboratories Ltd, Galway, Ireland or to ALS Laboratory Group, Seville,
Spain. Samples were analyzed for W and Sn using a metaborate fusion
followed by XRF analysis. Assay results for tungsten were reported by
the laboratory as W%. WO3 values were calculated using a conversion factor of 1.2611.
A set of standards, duplicates and blanks is inserted by Colt into the
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.
Tabuaço Next Steps
Drilling during the remainder of 2011 and during 2012, will continue at
an aggressive pace, focusing on extending known mineralization and
testing peripheral targets surrounding Tabuaço as well as evaluating
other projects in the region within Colts 100% controlled exploration
Environmental impact studies will continue so as to optimize the mining
and processing facilities and minimize their environmental impact.
Geotechnical drilling will be performed to test ground conditions along
potential underground access routes.
Bulk samples will be collected so as to allow more detailed
metallurgical testwork to improve recoveries and assist in designing
optimal processing methods.
A Preliminary Economic Assessment and updated resource estimate for
Tabuaço is scheduled to be prepared during the first half of 2012.
SRKES, with input from SRKUK and SRK Denver for specific sections, will
be the authors of a NI 43-101 compliant Technical Report on the Mineral
Resource Estimate for the Tabuaço Project, to be filed within 45 days
of this news release. Additional input will be provided by Filipe Faria
and Geolog. SRKES, SRKUK and SRK Denver are independent of Colt
Resources as defined by NI 43-101.
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 ES Director - Gareth O'Donovan CEng MSc BA (Hons) FIMMM FGS, is the
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 in 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 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.
PDF with caption: "Table 2 - Tabuaço model showing the classified mineralized zone (pink solid) and the modelled mineralised zones (blue and green solids).". PDF available at: http://stream1.newswire.ca/media/2011/11/07/20111107_C3229_DOC_EN_6206.pdf
SOURCE COLT RESOURCES INC.
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