Colt Resources Inc. Receives NI 43-101 Technical Report on Santa Margarida do Sado Concession in Southern Portugal

Trading Symbols:       GTP - (TSX-V)
P01 - (FRANKFURT)
COLTF - (OTCQX)

MONTREAL, Feb. 16 /CNW Telbec/ - Colt Resources Inc. ("Colt" or the "Company") is pleased to announce that it has received an independent NI 43-101 compliant technical report on its large base metals concession, Santa Margarida do Sado, located within the prolific Iberian Pyrite Belt in southern Portugal. Following the processing and re-interpretation of available historical gravity data, thirteen high priority gravity anomalies have been selected for follow-up geophysical work leading to definition of targets for drilling.

The Iberian Pyrite Belt ("IPB") is a 60 km wide by 250 km long mineralized belt that extends from the southwest coast of Portugal to Spain. This world class massive sulphide environment has been explored for many years and a number of important mines have been discovered and exploited for copper, lead, zinc, locally including silver and gold. The IPB is host to 5 supergiant volcanogenic massive sulphide (VMS) deposits. Two of these occur in Portugal, namely Neves Corvo and Aljustrel, which are located 75 and 35 km southeast, respectively, of the Santa Margarida concession.

The wholly-owned Santa Margarida do Sado concession (360 km2) is located some 110 km southeast of Lisbon, at the northwestern extension of the Iberian Pyrite Belt. Within the concession area, exposure of prospective Paleozoic age rocks of the Iberian Pyrite Belt is very limited. Most of the concession area is overlain by up to 320 metres of Tertiary age rocks of the Baixo Sado Basin. As a result of such limited exposure, exploration for volcanogenic massive sulphide deposits is largely dependent on gravity and EM geophysical methods.

In late 2010, Colt commissioned an independent NI 43-101 compliant technical report to document previous mineral exploration work in and around the concession; to compile, process, and re-interpret extensive historical gravity data and define gravity anomalies; and, to recommend additional follow-up work leading to drilling of selected targets.

Re-interpretation of available historical gravity data outlined twenty-three gravity anomalies: seven are previously known anomalies that have had some historical exploration work; sixteen are newly defined anomalies that have never been worked. Thirteen higher priority gravity anomalies have been selected for follow-up ground geophysical surveys and anomaly modelling work, which includes shallow seismic reflection work, more detailed gravity work, anomaly gravity inversion modelling, and time domain electromagnetic (TDEM) surveying using SQUID sensors.

The report titled "NI 43-101 Technical Report on the Santa Margarida do Sado Concession, Iberian Pyrite Belt, Southern Portugal," is dated February 9, 2011 and was prepared by Jim Cuttle, P.Geo., an independent "Qualified Person" as defined in NI 43-101. The report was filed on SEDAR and is available at www.sedar.com and on the Colt website at www.coltresources.com.

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.

In addition to the Santa Margarida do Sado base metals concession, Colt holds gold and tungsten properties in Portugal.

Colt is presently 51% owner and operator of the advanced stage Montemor gold project located in southern Portugal for which it is currently in the process of obtaining an Experimental Mining License with the Direcção-Geral de Energia e Geologia, a division of the Portuguese Ministry of Economy and Innovation. Colt is on a clear path to 100% ownership of this project (see August 10 and October 13, 2010 press releases: www.coltresources.com).

In late 2010, Colt initiated a definition drilling campaign on the Tabuaço tungsten project located on the Company's 100% owned Armamar-Meda concession in northern Portugal. A total of 1530 m of drilling is planned and this will lead to an initial resources estimate by Q3 2011 (see November 29, 2010 press release: www.coltresources.com).

At the Penedono gold project, located on the Company's Penedono concession in northern Portugal, a trench and drill program is currently underway to test near surface gold mineralization at the Turgueira prospect (see October 28, 2010 press release: www.coltresources.com).

Portugal is a mining friendly member country of the European Union (EU) with easy access, excellent infrastructure and available labour force. Colt maintains excellent government relationships at both state and municipal levels. The company is currently reviewing potential EU financial incentive programs.

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: www.coltresources.com).

The Company's shares trade on the TSX-V, symbol: GTP; the OTCQX, symbol: COLTF; and Frankfurt Stock Exchange, symbol: P01.

Mario Justino, P.Geo., Vice President Exploration for Colt, a "Qualified Person" as defined in NI 43-101, prepared the technical content of this news release.

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 dated February 14, 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.

For further information:

Nikolas Perrault, 
President & CEO
Colt Resources Inc.
Tel:  (514) 394-0009  Ext: 1    
Fax: (514) 635-6100
info@coltresources.com 
Aurelio Useche,
Director & CFO
Colt Resources Inc.
Tel:  (514) 394-0009  Ext: 2    
Fax: (514) 635-6100
info@coltresources.com
Helen Bilhete,
Director Investor Relations
Colt Resources Inc.
Tel:  (514) 394-0009  Ext: 5
Fax: (514) 635-6100
info@coltresources.com

Organization Profile

COLT RESOURCES INC.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890