Colt Resources Inc. reports significant Gold, Tungsten and Tin values from multiple zones of mineralization on its Portuguese properties



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

    MONTREAL, June 9 /CNW Telbec/ - Colt Resources Inc. ("Colt" or the
"Company") is pleased to provide an update on property work completed during
the first 4 months of 2009 on their Penedono and Armamar Meda Concessions
located in northern Portugal.
    The Penedono Concession consists of 51.231km2 which represents a
reduction from the original concession area as an annual requirement under
Portuguese mining law. Colt has subsequently been successful in negotiating an
extension of the concession for an additional 3 years and has increased the
size of the concession to 102.471 km2. The Penedono Concession is partially
surrounded by the Armamar Meda Concession consisting of 436.81 km2 which in
turn is partially surrounded by the Moimenta-Almendra concession consisting of
566.58 km2.
    The combination of these three (3) concessions makes Colt the second
largest mining land owner in Portugal after Lundin Mining.
    The concessions which surround the town of Penedono are located
approximately 100 air km east from the coastal city of Porto.

    PENEDONO CONCESSION
    -------------------

    On the Penedono Concession at the Santo Antonio vein system, a number of
new discoveries have been reported covering vein clusters and sheeted vein
systems near the previously reported and partially explored NE / SW trending
veins 1-13. The new N/S to NNE/SSW veins are typically narrow (0.5 - 20 cm
thick) and steeply dipping. Their intensity and continuity is being
investigated for the potential of hosting several small open pits.
    One area lying between Veins 3 and 4 and located near the NE end of Vein
3 returned the following chip samples from the poorly exposed veins. This
cluster of samples was taken over an area of approximately 100 m x 200 m and
extensions to this vein swarm are being investigated.

    
    -------------------------------------------------------------------------
    sample UTM    UTM     type occurr- description                    Au g/t
    No.    East   North         ence
    -------------------------------------------------------------------------
    196928 632907 4541724 chip Outcrop quartz with aspy (mineralized   5.56
                                        quartz vein)
    205085 633869 4541776 chip Outcrop quartz+aspy and greisen vein   27.04
    205086 633877 4541774 chip Outcrop quartz+aspy and greisen vein   18.56
    205087 633877 4541774 chip Outcrop quartz+aspy and greisen vein   19.68
    205088 633899 4541797 chip Outcrop greisen with aspy              34.40
    205089 633869 4541776 chip Outcrop quartz and greisen vein with   26.08
                                        aspy (10cm)
    205090 633890 4541781 chip Outcrop quartz and greisen veins with  11.00
                                        aspy
    205091 633914 4541773 chip Outcrop aspy+quartz veins, 1-2cm thick 15.68
    205092 633925 4541764 chip Outcrop aspy+quartz (20cm)              8.40
    -------------------------------------------------------------------------
    

    Also on the Penedono Concession in the Marofa area, (adjacent to the west
from the Santo Antonio veins), previously reported good grade values for gold
and tungsten have been categorized for additional sampling, trenching and
drilling. These values, as reported in the News Release of Dec.15, 2008,
ranged up to 96 g/t gold and 18,364 ppm (1.84%) W or 2.32% WO3 and while these
high grade numbers are not necessarily representative of the overall expected
grades, they represent the potential of the 5 to 6 Marofa areas of veins
swarms. These areas have dimensions of approximately 100-300 m x 300-400 m
each.

    ARMAMAR MEDA CONCESSION
    -----------------------

    On the Armamar Meda Concession, the company has completed detailed
sampling and evaluation of several tungsten (W) and tungsten / tin (W / Sn)
prospects and showings with very encouraging results. The two main areas
reported on are the Tabuaco area and the Bebezes area.
    The TABUACO AREA hosts the main (1) San Pedro das Aguias occurrence and
has also been shown to host new additional important W occurrences. These new
occurrences have been labeled (2) Aveleira zone and (3) Quinta-Tavora zone.

    (1) The San Pedro das Aguias occurrence has had 6 widely spaced diamond
drill holes completed on the mineralized skarn horizon. These holes indicated
a relatively shallow dipping zone with varying thicknesses of up to 19 metres
grading approximately 1 % WO3. A very preliminary resource calculation
completed by earlier operators and which is not NI 43-101 compliant and which
has not been confirmed by Colt, indicated 1,000,000 tonnes with an approximate
grade of 0.9% WO3. The mineralization indicated in the 6 diamond drill holes
appeared to be open to depth and along strike.
    A detailed sampling and mapping program over the complete San Pedro das
Aguias area as well as its lateral extensions plus a newly discovered parallel
zone lying some 60 m below the "main" zone, resulted in the collection of 88
rock samples. This data indicates that the "main" San Pedro das Aguias target
now has a potential strike length of greater than 500 m, with a thickness of
10 - 20 m and with a potential grade on surface, as indicated in the following
table, of 0.673% WO3. The expanded strike potential for the "main" skarn zone
with an as yet to be determined depth potential to the underlying granite
contact allows a conceptual doubling or trebling of tonnage from the earlier
estimate. This tonnage indication is not NI 43-101 compliant but is shown as a
potential resource that may be developed.

    
    Total channel sample results from Sãn Pedro das Aguias (main zone)
    -------------------------------------------------------------------------
    sample No.            X_UTM   Y_UTM    occurr-      sample  true   WO3
                                           ence         type    width  %
                                                                (m)
    -------------------------------------------------------------------------
    S.P.Aguias main skarn horizon
    -----------------------------
    ave.6 samples         624772  4549460  outcrop      channel 23.30  0.454
     (No.205051-205056)
    205057                624795  4549428  outcrop      channel  3.20  0.158
    205058                624820  4549385  outcrop      channel  2.85  0.300
    ave.2 samples         624882  4549399  outcrop      channel  5.90  0.308
     (No.205059-205060)
    ave.2 samples         624676  4549513  outcrop      channel  1.80  0.899
     (No.205170-205171)
    205172                624670  4549514  outcrop      channel  1.40  1.187
    ave.2 samples         624673  4549521  outcrop      channel  1.90  0.892
     (No.205173-205174)
    205175                624669  4549507  outcrop      channel  1.70  0.499
    205176                624714  4549487  outcrop      channel  2.20  1.303
    205177                624708  4549491  outcrop      channel  2.20  0.951
    205178                624739  4549481  outcrop      channel  0.95  1.212
    205179                624741  4549473  outcrop      channel  1.70  1.645
    205180                624745  4549450  outcrop      channel  1.20  1.435
    205181                624740  4549544  outcrop      channel  1.50  0.762
    205182                624856  4549395  outcrop      channel  3.50  1.680
    -------------------------------------------------------------------------
                          weighed average grade of 23 channel samples  0.673
    -------------------------------------------------------------------------

    The second parallel target is poorly exposed with a resulting lesser
sample frequency, but has important tungsten values (average 0.298% WO3) with
an as yet to be determined strike length and width. A total of 7 samples were
collected from this zone.

    Total channel, chip & grab sample results from the San Pedro das Aguias
    lower skarn horizons
    -------------------------------------------------------------------------
    sample No.            X_UTM   Y_UTM    occurr-      sample  true   WO3
                                           ence         type    width  %
                                                                (m)
    -------------------------------------------------------------------------
    S.P.Aguias lower skarn horizons
    -------------------------------
    205071                625061  4549493  Outcrop      channel  1.00  0.151
    205183                625060  4549487  Outcrop      channel  1.50  0.076
    205184                625020  4549445  Outcrop      chip     ?     1.414
    205185                625044  4549428  Outcrop      chip     ?     0.011
    205186                625055  4549411  Outcrop      chip     ?     0.012
    205187                625014  4549424  Outcrop      chip     ?     0.261
    205196                625051  4549441  sub outcrop  grab     ?     0.159
    -------------------------------------------------------------------------
                                           7 samples    average grade  0.298
    -------------------------------------------------------------------------
    

    (2) The Aveleira zone is located immediately to the north and on strike
with the San Pedro das Aguias area and may represent a continuation of the
permissive skarn stratigraphy an additional 950 m to the north, effectively
connecting the southern most San Pedro das Aguias area with the more northern
Quinta Tavora area.
    Outcrop is poorly exposed due to deep weathering and thick soil cover but
at least 2 skarn horizons were located and sampled. No overall widths of
mineralized skarn horizons were observed due to the cover.
    A total of 9 samples were collected with the results as follows.

    
    Total chip and grab sample results from Quinta da Aveleira zone
    -------------------------------------------------------------------------
    sample No.            X_UTM   Y_UTM    occurr-      sample  true   WO3
                                           ence         type    width  %
                                                                (m)
    -------------------------------------------------------------------------
    Aveleira NW
    -----------
    205153                624327  4550258  outcrop      chip    ?      0.740
    205154                624368  4550214  outcrop      chip    ?      0.884
    205155                624378  4550220  sub outcrop  grab    ?      0.397
    205156                624341  4550190  outcrop      chip    ?      0.385
    205157                624317  4550206  outcrop      chip    ?      0.010
    205169                624357  4550219  outcrop      chip    ?      0.981
    -------------------------------------------------------------------------
                                                        average grade  0.566
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Aveleira SE ("skarn near Ponte do Fumo")
    ----------------------------------------
    205072                624768  4549985  Sub outcrop  chip    ?      1.574
    205193                624770  4550042  Sub outcrop  grab    ?      1.551
    205194                624640  4549943  Sub outcrop  grab    ?      0.300
    -------------------------------------------------------------------------
                                                        average grade  1.142
    -------------------------------------------------------------------------

    (3) The Quinta - Tavora zone lies to the north of the Aveleira area and
    may represent a continuation of that mineralization to the north. Once
    again, outcrop was scarce and the true width of skarn beds could not be
    determined. At least 3 separate zones of skarn were sampled (a total of
    23 samples) with the results as follows.

    Total channel, chip & grab sample results from the Quintã - Tavora Zone
    -------------------------------------------------------------------------
    sample No.            X_UTM   Y_UTM    occurr-      sample  true   WO3
                                           ence         type    width  %
                                                                (m)
    -------------------------------------------------------------------------
    Quintã south slope
    ------------------
    196916                624151  4550358  outcrop      Chip     ?     0.127
    ave.2 sampl.          624137  4550331  outcrop      channel  2.70  0.728
     (No.205063-205064)
    ave.2 sampl.          624133  4550342  outcrop      channel  1.95  0.210
     (No.205068-205069)
    205070                624131  4550345  outcrop      channel  1.80  0.308
    205062                624150  4550349  outcrop      channel  0.65  0.160
    ave.2 sampl.          624149  4550354  outcrop      channel  1.30  0.097
     (No.205065-205066)
    205061                624158  4550352  outcrop      channel  1.05  0.435
    205067                624159  4550358  outcrop      channel  0.53  0.035
    205192                624160  4550383  outcrop      channel  1.50  0.395
    -------------------------------------------------------------------------
                          weighed average grade of 11 channel samples  0.368
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Quintã east slope
    -----------------
    205191                624192  4550425  outcrop      Chip     ?     0.056
    ave.3 sampl.          624217  4550437  outcrop      channel  3.70  0.343
     (No.205093-205095)
    205096                624221  4550452  outcrop      channel  0.75  0.126
    205189                624226  4550447  outcrop      channel  1.60  0.296
    205190                624231  4550452  outcrop      channel  1.90  0.267
    -------------------------------------------------------------------------
                          weighed average grade of 6 channel samples   0.295
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Tavorã river slope
    ------------------
    196911                623684  4551132  outcrop      Grab     ?     0.060
    205188                624238  4550612  outcrop      Chip     ?     0.166
    205195                624399  4550676  outcrop      Chip     ?     0.417
    205197                624280  4550483  outcrop      Chip     ?     0.184
    -------------------------------------------------------------------------
                                                        average grade  0.207
    -------------------------------------------------------------------------
    

    An assessment of all the tungsten results from the Tabuaco area indicates
a positive potential for the development of several possible open pit and/or
underground bulk mining zones. A significant amount of diamond drilling is
required to define these areas of mineralization, but the potential is there.

    BEBEZES AREA
    ------------

    This area is located on the southern boundary of the Armamar Meda
Concession, north east of the Santo Antonio vein system which lies 3 km to the
south west. This mineralized area, (unlike the Santo Antonio veins), carries
little to no gold with the arsenopyrite content but contains significant W and
Sn values.
    The mineralized quartz veins are hosted in granite, are steeply dipping
and have widths varying up to (greater than) 2 m. A secondary system of narrow
veins is evident in close proximity to some of the main veins, which when
combined with the main veins may have potential for an open pit resource.
    Nearly all the sampled locations are from within and from the dumps of
old diggings, dating from likely World War 2 when tungsten was in high demand.
One factor must be kept in mind when considering the tungsten values as
reported in assay. All dump samples were taken from hand sorted material that
was left over after most if not all of the visible wolframite (tungsten)
mineralization had been removed, hence tungsten values could be significantly
underreported. As well, samples from vein remnants on the walls of old
diggings would have been left behind by the original miners as likely to be
"barren".

    
    -------------------------------------------------------------------------
    Sample UTM E  UTM W   occurrence  type  Description          WO3 %  Sn %
    No.
    -------------------------------------------------------------------------
    205158 636467 4543418 walls of    chip  Narrow qtz vn with   0.002 0.004
                           diggings          layered sil aplite?
                                             Little aspy
    -------------------------------------------------------------------------
    205159 636480 4543407 old mine    grab  Vein qtz+aspy+py     0.065 1.770
                           dump
    -------------------------------------------------------------------------
    205160 636496 4543404 wall of 	  chip  Remains of qtz vn    0.003 0.580
                           diggings          +aspy+py
    -------------------------------------------------------------------------
    205161 636506 4543429 wall of     chip  Narrow qtz vns(3)    0.034 0.214
                           diggings          +aspy+py+wolf
    -------------------------------------------------------------------------
    205162 636508 4543433 old mine    grab  Vn qtz+aspy+py       0.171 0.808
                           dump              +wolf in dump of
                                             sample 205161
    -------------------------------------------------------------------------
    205163 636522 4543388 walls of    chip  Qtz vn 60-80 cm      0.005 0.301
                           diggings          +aspy+py+wolf+cass?
    -------------------------------------------------------------------------
    205164 636525 4543387 old mine    grab  Qtz+aspy+py+wolf     0.002 2.163
                           dumps             +cass in dump of
                                             sample 205163
    -------------------------------------------------------------------------
    205165 636509 4543351 walls of    chip  Qtz vn 25-40 cm      0.016 4.161
                           diggings          +aspy+py+wolf?
    -------------------------------------------------------------------------
    205166 636503 4543314 old mine    grab  Vn qtz+aspy+py       0.013 0.628
                           dumps
    -------------------------------------------------------------------------
    205167 636472 4543364 walls of    chip  Qtz vn 25-30 cm      0.049 0.011
                           diggings          +aspy+py
    -------------------------------------------------------------------------
    205168 636441 4543338 walls of    chip  Qtz vn 25-30 cm      0.049 1.058
                           diggings          +aspy+py+wolf?+cass
    -------------------------------------------------------------------------
    

    The Bebezes veins remain open in all directions from the locations
sampled and more sampling and mapping is required to gain a full understanding
of this large mineralized vein swarm.

    All samples were analyzed at OMAC Laboratories Ltd, Galway, Ireland, an
ISO 17025 accredited facility.

    All gold assays were by fire assay using a 50 gram sample and lead
collection followed by an AA finish.

    W and Sn values were analyzed using a metaborate fusion followed by ICP -
MS.
    Assay results for gold and tungsten are reported as: gold - grams /
tonne, while tungsten (W) and tin (Sn) values are reported as WO3% and Sn%.

    The technical portions of this news release have been prepared and
approved by J.W. Murton, P. Eng., a qualified person as defined by National
Instrument 43-101. Mr. J.W. Murton is a director of Colt.

    A progress report including a detailed sampling and assay presentation
with pictures and drawings will be available soon on Colt's website.

    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.




For further information:

For further information: Nikolas Perrault, CFA, President & CEO, Colt
Resources Inc., (514) 501-2985, (514) 394-0009, Fax: (514) 394-0888,
info@coltresources.com

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