Colt Resources Inc COLTF

Metals & Mining Industrial Metals & Minerals

Colt Resources Inc is an exploration company engaged in the acquisition, exploration, and development of mineral property interests in Portugal and Canada. The company is focused on its continued exploration and development of its gold and tungsten properties in Portugal. Its project consists of the Alvalade concession project, Boa Fe gold project, and Tabuaco tungsten project. It also owns an interest in the copper-zinc project in the Iberian Pyrite belt in Portugal. The company's other exploration licenses include borba exploration license, cercal exploration license, montemor-o-novo exploration concession, and the santo antonio experimental mining license.

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Colt Resources Inc

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Post by vienaon Feb 22, 2012 1:14pm

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Post# 19567573

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Colt Resources intersects 0.41%WO3 over 14.46m, including 0.74% WO3 over 5.88m at its Tabuaço Tungsten Project, Northern Portugal

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

MONTREAL, Feb. 22 /CNW Telbec/ - Colt Resources Inc. ("Colt" or the "Company") (TSXV: GTP) (FRA: P01) (OTCQX: COLTF) is pleased to announce that it has received final analytical results for 11 holes from its ongoing drilling campaign at its Tabuaço (São Pedro das Aguias) tungsten project, located in the Company's wholly owned Armamar-Meda concession in northern Portugal.

These results represent both resource confirmation drilling at the main Tabuaço resource area and regional exploration to test a previously identified zone that is known to outcrop at Quinta das Herédias, approximately 200 metres to the southeast of Tabuaço.

In addition, a scout drill hole (DHT-49) recently completed by Colt Resources to test a soil geochemical anomaly at Quinta da Aveleira, approximately 750 metres northwest of the Tabuaço resource area, has intersected previously undiscovered, scheelite mineralized skarn horizons similar to those intersected at Tabuaço. These represent a grey metasomatized main unit and a pink/green banded lower unit in proximity to a granite contact. Although assay results for this new mineralization are still pending, Colt believes that this new discovery may represent an opportunity to significantly increase resources.

The collection of bulk samples using large diameter core to allow more detailed metallurgical testwork to improve recoveries and assist in designing optimal processing methods has also commenced. Colt announced the initial NI 43-101 estimate for the Tabuaço deposit in November 2011 (Press Release November 7th, 2011).

Nikolas Perrault, President and CEO of Colt, stated, "The discovery of a new zone of mineralization provides a strong indication that the Tabuaço deposit will grow. We are very pleased with this latest development and look forward to being able to release results as soon as possible."

These results are part of an ongoing drilling program designed to provide data on the internal grade and structural consistency of the main Tabuaço skarn hosted tungsten deposit and to test extensions and nearby mineralized skarn horizons with similar characteristics to the main deposit.

The results are highlighted as follows:

Tabuaço main resource area
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From (m) To (m) Grade % WO3 Interval (m) True Width (m)*
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Drill hole DHT-31 (Inclined -60 degrees to 126 degrees) - 180.20m deep
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121.60 134.60 0.29% 13.00 10.93
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Including 122.60 128.60 0.49% 6.00 5.88
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139.00 156.20 0.41% 17.20 14.46
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Including 147.75 154.75 0.74% 7.00 5.88
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Drill hole DHT-34 (Inclined -55 degrees to 030 degrees) - 79.85m deep
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30.70 35.10 0.89% 4.40 4.22
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42.80 47.80 0.55% 5.00 4.80
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Drill hole DHT-36 (Vertical) - 163.35m deep
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65.25 71.25 0.31% 6.00 5.64
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124.33 131.10 0.52% 6.77 6.36
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Drill hole DHT-37 (Vertical) - 102.60m deep
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79.10 80.10 0.54% 1.00 0.94
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Drill hole DHT-38A (Vertical) - 65.50m deep
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19.95 25.40 0.46% 5.45 5.12
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Drill hole DHT-39A (Inclined -73 degrees to 300 degrees) - 171.00m deep
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125.45 132.90 0.38% 7.45 6.88
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137.50 140.80 0.42% 3.30 3.05
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Drill hole DHT-40 (Vertical) - 108.35m deep
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84.70 88.05 0.22% 3.35 3.15
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Drill hole DHT-41 (Vertical) - 221.45m deep
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155.00 156.0 0.58% 1.00 0.94
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Drill hole DHT-46 (Vertical) - 61.90m deep
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13.25 16.40 0.73% 3.15 2.96
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21.40 24.40 0.45% 3.00 2.82
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Quinta das Herédias area
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Drill hole DHT-42 (Vertical) - 61.20m deep
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10.45 11.50 0.11% 1.05 0.99
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Drill hole DHT-44 (Vertical) - 68.60m deep
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23.60 25.20 0.24% 1.60 1.51
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* True Width was determined assuming the mineralization has an average
strike of 315 degrees and an average dip of-20 degrees.

Quality Assurance / Quality Control (QA/QC)

Sample intervals are reported as both metres (m) downhole and as true thickness, which have been calculated using cross sectional interpretation of the mineralized intercepts in three dimensions. The actual dip of the skarn controlled mineralization is generally shallow with an average dip of-20 degrees.

All drill core is transported by Company personnel from drill site to a nearby secure storage facility for logging and sampling. Sampling intervals are defined after core logging and determination of scheelite content by examination under short-wave UV-light. One half of the core is sent for analysis, while the other half is retained in the core boxes for future reference.

Samples are sent by courier to ALS Laboratory Group, Seville, Spain. Samples are analyzed for W and Sn using a metaborate fusion followed by XRF. Assay results for tungsten are reported by the laboratory as W%. WO(3) values are 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.