Trading Symbols: |
GTP - (TSX-V)
P01 - (FRANKFURT)
COLTF - (OTCQX) |
MONTREAL,
July 7, 2014 /CNW Telbec/ - Colt
Resources Inc. ("Colt" or the "Company") (TSXV: GTP) (FRA: P01)
(OTCQX: COLTF) is pleased to announce encouraging intercepts in the
first three holes drilled at the Tabuaço tungsten project, in
northern Portugal, as part of its
resource expansion drilling program started on June 18th (News Release of
June 16th,2014).
The initial three holes of this latest phase of
drilling, DHT-113, DHT-114 and DHT-115, have focused on testing the
ground close to an isolated hole completed in December 2012, DHT-88, which intersected rich
tungsten mineralization away from either the SPA or Aveleira
deposits (Colt News Release of January
30th, 2013). This isolated hole was not
included with those used to estimate resources that formed the
basis for the PEA published in Q3, 2013 (Colt News Release of
September 4th, 2013).
Visual inspection of the mineralized skarns
intersected by all three holes, both under natural light and
short-wave UV-light indicates that in general they compare very
well, both in terms of mineralogy and texture, with hole
DHT-88.
The rock mechanics conditions of the entire
sequence intersected by the latest holes (both the mineralized
zones and the hangingwall rocks) are very good and appear to be
superior to that encountered elsewhere on the project.
The three initial holes of this latest program
are located within 100m of DHT-88 and strongly suggest the presence
of a previously undetected zone of mineralization unrelated to
either the SPA or Aveleira deposits.
Sampling of the mineralized drill core of holes
DHT-113, DHT-114 and DHT-115 is underway, and high priority has
been given to reporting assay results from these very promising
intercepts.
Table 1
Main WO3 mineralized intervals of hole DHT-88 (assays
previously reported) and estimated
mineralized intervals from Holes DHT-113, DHT-114 and DHT-115 based
on and core logging
and visual inspection under short-wave UV-light (assay results
pending)
Hole |
Dip |
Dip
direction |
From
(m) |
To
(m) |
Drilled
Width
(m) |
Grade
% WO3 |
DHT-88 |
-90 |
000 |
100.80 |
104.80 |
4.00 |
0.45 |
|
|
|
116.60 |
122.60 |
6.00 |
0.58 |
DHT-113 |
-60 |
315 |
97.73 |
104.00 |
6.27 |
Pending |
|
|
|
106.22 |
109.45 |
3.23 |
|
|
|
|
114.47 |
116.95 |
2.48 |
|
|
|
|
121.25 |
121.90 |
0.65 |
|
|
|
|
123.57 |
125.04 |
1.47 |
|
|
|
|
126.07 |
139.20 |
13.13 |
|
|
|
|
144.10 |
151.25 |
7.15 |
|
DHT-114 |
-73 |
315 |
84.45 |
88.80 |
4.35 |
Pending |
|
|
|
89.25 |
91.22 |
1.97 |
|
|
|
|
105.87 |
116.77 |
10.90 |
|
|
|
|
121.38 |
121.98 |
0.60 |
|
|
|
|
123.93 |
124.30 |
0.37 |
|
|
|
|
125.82 |
133.16 |
7.34 |
|
DHT-115 |
-45 |
315 |
113.40 |
119.60 |
6.20 |
Pending |
|
|
|
121.80 |
133.85 |
12.05 |
|
|
|
|
139.60 |
140.45 |
0.85 |
|
|
|
|
148.75 |
152.45 |
3.70 |
|
|
|
|
153.75 |
154.55 |
0.80 |
|
|
|
|
155.00 |
156.50 |
1.50 |
|
|
|
|
157.10 |
159.00 |
1.90 |
|
|
|
|
161.20 |
164.65 |
3.45 |
|
|
|
|
178.90 |
182.80 |
3.90 |
|
Note: Intervals are reported as drilled width
until true width is calculated.
Interpretation and Follow-up
Holes DHT-113, DHT-114 and DHT-115 (from SE to
NW) appear to have intersected mineralized skarns similar to that
intersected by DHT-88 over a total strike length of greater than
100 meters, located approximately 300m NW of the SPA resource area,
and approximately 300m South of the Aveleira resource area (Figures
1 and 2).
This mineralization is interpreted to represent
a previously unrecognized deposit at Tabuaço, physically separated
from either SPA or Aveleira deposits. It is suspected that the
separation between these three deposits could be the result of a
combination of Variscan folding with late faulting, but this
remains to be confirmed.
It is hypothesized that the new deposit may
extend further along strike to the NW, as well as down-dip to the
SW underneath the granite body. The program is ongoing and a series
of follow-up drill holes are planned, which will be collared to the
NW of DHT-115 and close by to develop a better understanding of the
3D geometry of this new zone.
"We are extremely pleased with this
potentially material development which could have a significant
upward impact on the ultimate size and overall economics of our
100% owned Tabuaço project. High priority has been given to obtain
assay results on these first three holes and we look forward to
providing shareholders further updates on this drilling program as
it progresses", stated Nikolas
Perrault, Colt President and
CEO
Quality Assurance / Quality Control
(QA/QC)
All drill core is transported by Company
personnel from drill site to a nearby secure storage facility for
logging and sampling.
Sampling intervals for gold mineralization are
defined after core logging and determination of probable high grade
zones based on visible mineralisation and favourable structure,
while the sampling intervals for the tungsten mineralization 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.
All samples are sent by courier to ALS Chemex's
facility in Seville, Spain, where
they undergo sample preparation.
Gold analysis for all samples is done via method
"Au - AA24" (Au by fire assay and AAS, 50g nominal sample weight).
The detection limit for this method is 5 ppb. For every sample with
Au values over 1 ppm, the pulp is re-analyzed by method "Au -
GRA22" (Au by fire assay and gravimetric finish, 50g nominal sample
weight). The detection range for this method is 0.05-1000 ppm.
Tungsten and tin are analyzed using a metaborate
fusion followed by XRF. Assay results for tungsten are reported by
the laboratory as W%. WO3 values are calculated using a
conversion factor of 1.2611.
A set of standards and blanks has been inserted
by Colt into the drill 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.
About Colt Resources Inc.
Colt Resources Inc. (www.coltresources.com) is a
Canadian mining exploration and development 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 and securing advanced stage mining
projects.
SRK (ES) Managing Director - Gareth O'Donovan
CEng MSc BA (Hons) FIMMM FGS, is an independent Qualified Person,
as defined in NI 43‐101, for Colt's projects in Portugal. Mr. O'Donovan has reviewed the
content of this press release, and consents to the information
provided and the form and context in which it appears.
The Company's shares trade on the TSX‐V, symbol:
GTP; the Frankfurt Stock Exchange,
symbol: P01; and, the OTCQX, symbol: COLTF.
SOURCE Colt Resources Inc.
PDF available at:
http://stream1.newswire.ca/media/2014/07/07/20140707_C9956_DOC_EN_41997.pdf