Colt Resources Inc. Intersects 0.93% WO3 over 13.60 m on its Tabuaço Tungsten
Project Northern Portugal

    
    Trading Symbols: GTP - (CNSX)
                     P01 - (FRANKFURT)
    

MONTREAL, Feb. 3 /CNW Telbec/ - Colt Resources Inc. ("Colt" or the "Company") is pleased to announce very encouraging results from hole DHT-02, the second hole of its ongoing drill program on its 100% owned Tabuaço Tungsten Project.

Located on the Armamar-Meda Concession (436.81 km2) in northern Portugal, the Tabuaço Tungsten Project is situated some 100 km east of the coastal city of Porto. In the early 1980's, exploration in the Tabuaço area led to the discovery of significant tungsten mineralization at Sao Pedro das Aguias.

Mineralization consists of fine to coarse-grained disseminations of scheelite within thick (up to 19 m) shallow dipping skarn horizons in metasedimentary rocks adjacent to a major intrusive unit. Limited drilling at the Sao Pedro das Aguias Zone produced significant historic drill results including 19.35 m grading 1.18% WO3. A non NI 43-101 compliant historical resource of 1 million tonnes grading 0.87% WO3 was calculated by the SPE-BRGM joint venture in the early 1980's.

To date, Colt has completed two shallow drill holes, DHT-01B and DHT-02: a third hole is currently underway. Average grade results from hole DHT-01B show two major intervals: an upper interval of 4.75 m grading 0.52% WO3; and a lower interval, which includes the main skarn horizon, of 18.80 m grading 0.73% WO3. The lower interval includes 13.77 m grading 0.84% WO3, which includes zones of 3.00 m grading 1.14% WO3 and 6.32 m grading 0.99% WO3.

    
                                 Hole DHT-01B
                                 ------------

    -------------------------------------------------------------------------
    HOLE             DEPTH        FROM          TO    INTERVAL       % WO3*
    No.                 (m)         (m)         (m)         (m)      (calc.)
    -------------------------------------------------------------------------
    DHT-01B          59.85        7.10       11.85        4.75        0.52
    -------------------------------------------------------------------------
                                 19.15       37.95       18.80        0.73
    -------------------------------------------------------------------------
                  includes       19.15       21.25        2.10        1.01
    -------------------------------------------------------------------------
                  includes       24.18       37.95       13.77        0.84
    -------------------------------------------------------------------------
                  includes       24.18       27.18        3.00        1.14
    -------------------------------------------------------------------------
                  includes       29.18       35.50        6.32        0.99
    -------------------------------------------------------------------------
    *calculated
    

Hole DHT-02, total depth of 90.30 m, located 100 m southeast of Hole DHT-01B, intersected an early mixed skarn horizon at 52.60 m - 54.80 m and then the main skarn horizon at 54.80 m - 66.20 m. As in hole DHT-01B, skarn horizons contain coarse-grained scheelite mineralization. Results from hole DHT-02 show 13.60 m grading 0.93% WO3. This includes 10.35 m grading 1.17% WO3, which includes 5.00 m grading 1.44% WO3.

    
                                 Hole DHT-02
                                 -----------

    -------------------------------------------------------------------------
    HOLE             DEPTH        FROM          TO    INTERVAL       % WO3*
    No.                 (m)         (m)         (m)         (m)      (calc.)
    -------------------------------------------------------------------------
    DHT-02           90.30       52.60       66.20       13.60        0.93
    -------------------------------------------------------------------------
                  includes       52.60       62.95       10.35        1.17
    -------------------------------------------------------------------------
                  includes       57.95       62.95        5.00        1.44
    -------------------------------------------------------------------------
    

Colt is very encouraged by the significant widths and grades encountered in hole DHT-01B and in hole DHT-02. Hole DHT-03, located some 100 m southeast of Hole DHT-02, is presently being drilled.

The goal of the current diamond drilling program by Colt Resources at Sao Pedro das Aguias is to verify historical drilling results and to confirm and expand the historical resource. Drilling is also planned to test lateral southeast and northwest extensions of the main skarn horizon, as well as newly discovered lower skarn horizons, located some 40 m below the main skarn horizon. Mapping and local surface sampling of clusters of poorly exposed skarn outcrop and float returned very encouraging tungsten results extending over a strike length of over 1 km northwest of Sao Pedro das Aguias.

Sample intervals are reported as metres (m) downhole and as such do not represent true width. The actual dip of the skarn controlled mineralization is generally shallow.

All samples were analyzed at OMAC Laboratories Ltd, Galway, Ireland, an ISO 17025 accredited facility. Samples were analyzed using a metaborate fusion followed by ICP - MS. Assay results for tungsten are reported by the laboratory as W%. WO3 % values are calculated using a conversion factor of 1.261.

Quality Control - A set of internal standards 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.

The technical portions of this news release have been prepared and approved by Mario Justino, P.Geo., Vice President Exploration for Colt and J.W. Murton, P. Eng., both qualified persons as defined by National Instrument 43-101. Mr. J.W. Murton is a director of Colt.

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.

%SEDAR: 00015107E

SOURCE Colt Resources Inc.

For further information: For further information: Nikolas Perrault, President & CEO, Colt Resources Inc., (514) 501-2985, info@coltresources.com; Aurelio Useche, Chief Financial Officer, Colt Resources Inc., (514) 824-8559, info@coltresources.com

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