Trading Symbols: GTP - (CNSX)
P01 - (FRANKFURT)
COLTF.PK - (USA OTC Pink Sheets)
MONTREAL, July 19 /CNW Telbec/ - Colt Resources Inc. ("Colt" or the "Company") is very pleased to provide an update on ongoing exploration work on its concessions located in northern and southern Portugal.
Highlights of ongoing project and regional exploration work include the following:
- Tabuaço tungsten and Penedono gold projects: Additional drilling is in
the planning stage. Currently awaiting the final report of a consulting
structural geologist that visited both projects recently. Upon review
of the report, the planning of additional drilling on both projects
will be finalized.
- Tabuaço tungsten project: Currently looking into the logistics of
collecting a bulk sample of scheelite bearing skarn to send for
- Muchões tungsten prospect: New area of tungsten mineralization
discovered by Colt. Currently conducting prospecting, mapping and rock
sampling of scheelite bearing skarn horizons that occur over a 6 km
strike length. This will be followed by a major soil sampling survey to
cover target areas of interest.
- Poço do Canto tungsten prospect: New area of tungsten mineralization
discovered by Colt. Currently conducting prospecting, mapping and rock
sampling of scheelite bearing skarn horizons that occur over a minimum
strike length of 1.6 km. Locally, skarn horizons are several metres
- Santa Margarida do Sado concession: Awaiting the final report of a
consulting geophysicist that compiled, levelled and integrated
available geophysical surveys of interest over the concession area.
After review of report, will plan additional gravimetric surveys over
areas not covered or poorly covered by previous surveys.
Tabuaço tungsten and Penedono gold projects
The focus of Colt's exploration in Portugal, the Tabuaço tungsten and Penedono gold projects, located on the company's Armamar-Meda and Penedono concessions, respectively, have seen drill programs with very encouraging high grade tungsten and gold grades earlier this year. Additional drilling is in the planning stage.
Both projects were visited in early June by a consulting structural geologist in order to better understand local structure and better plan future drill programs. Upon review of the structural reports, the planning of additional drilling on both projects will be finalized.
In addition, at the Tabuaço tungsten project, Colt is presently looking into the logistics of collecting a mini-bulk sample of scheelite bearing skarn to send for metallurgical testing.
Muchões tungsten prospect
The Muchões area is located within the Moimenta-Almendra concession. Earlier this year, preliminary prospecting in the area revealed float, suboutcrop and outcrop of medium to coarse grained banded skarn horizons over a total strike length of some 6 km. Under UV light, several samples show rich scheelite mineralization. Locally, areas with skarn horizons are estimated to be greater than 5 m wide. As reported earlier this year, of 26 skarn grab rock samples collected, 18 samples assayed (greater than) 0.10% WO3; 7 samples (greater than) 0.50% WO3; and 4 samples (greater than) 1.00% WO3: ranging from 1.14% to 2.90% WO3 (see June 7th, 2010 press release: http://www.coltresources.com/en/press_releases).
Colt is currently conducting prospecting, mapping and rock sampling of scheelite bearing skarn horizons that extend over a 6 km strike length. This will be followed by a major soil sampling survey, possibly up to 21 km of grid lines, to cover target areas of interest.
Poço do Canto tungsten prospect
The Poço do Canto area is located in the eastern portion of the Armamar-Meda concession and is situated some 7 km WSW of the Muchões area. Initial prospecting in the Poço do Canto area showed float and outcrop of skarn horizons over a general area some 1.6 km in strike length: separate float of skarn was located some 5.5 km NW of this area. Of seven samples collected, three samples assayed in the range 0.208% to 0.370% WO3. At first glance, rocks in the area appear to be at similar stratigraphic levels as in the Muchões area. Of interest in the Poço do Canto area is that the skarn horizon zones appear to be wider than at Muchões.
Colt is currently conducting prospecting, mapping and rock sampling in the area to determine width and extent of skarn horizons.
Santa Margarida do Sado concession
Colt contracted a Portuguese government geophysicist to undertake a compilation and levelling of available geophysical surveys over the Santa Margarida do Sado concession. This work has been completed and we are currently awaiting his final report. Once we receive the report we will look at possible additional local gravimetric surveys to complement or fill in areas not previously surveyed.
We are also in contact with an international geophysical company looking at the logistics and cost of carrying out a deep penetrating geophysical survey over selected target areas.
About Colt Resources Inc.
Colt Resources Inc. is a Canadian based junior exploration company engaged in acquiring, exploring, and developing mineral properties with an emphasis on tungsten and gold. It is currently focused on advanced stage exploration projects in Portugal, where it is the second largest lease holder of mineral concessions.
Colt's most advanced projects include the Tabuaço tungsten project and the Penedono gold project, located on the company's Armamar-Meda and Penedono concessions, respectively. Both projects have seen recent drill programs with very encouraging high grade tungsten and gold grades, respectively (see press releases: http://www.coltresources.com/en/press_releases).
Portugal is a mining-friendly country of the European Union (EU) with easy access, excellent infrastructure and a hard-working available labour force. Colt maintains excellent government relationships at both state and municipal levels. The company is currently reviewing potential EU financial incentive programs.
The Company's shares trade on the Canadian National Stock Exchange (CNSX), symbol: GTP; the USA OTC Pink Sheets under the symbol: COLTF.PK; and on the Frankfurt Stock Exchange, symbol: P01.
The technical portions of this news release have been prepared and approved by Mario Justino, P.Geo., Vice President Exploration for Colt, Qualified Person as defined by National Instrument 43-101.
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.
SOURCE Colt Resources Inc.
For further information: For further information: Nikolas Perrault, President & CEO, Colt Resources Inc., Tel: (514) 394-0009 Ext: 1, Fax: (514) 394-0888, email@example.com; Aurelio Useche, Director & CFO, Colt Resources Inc., Tel: (514) 394-0009 Ext: 2, Fax: (514) 394-0888, firstname.lastname@example.org; Helen Bilhete, Director, Investor Relations, Colt Resources Inc., Tel: (514) 394-0009 Ext: 5, Fax: (514) 394-0888, email@example.com