Trading Symbols: GTP - (TSX-V)
P01 - (FRANKFURT)
COLTF - (OTCQX)
MONTREAL,
Aug. 1, 2014 /CNW Telbec/ - Colt
Resources Inc. ("Colt" or the "Company") (TSXV: GTP) (FRA: P01)
(OTCQX: COLTF) is pleased to announce positive results from
intercepts from two of the first three holes recently drilled in
the Gap Zone at its Tabuaço Tungsten Project (Figure 1), located in
northern Portugal, as part of its
resource expansion drilling program started on June 18th (See press release of
June 16th,2014).
The initial three holes of this latest phase of
drilling, DHT-113, DHT-114 and DHT-115 (Figure 2), have focused on
testing the ground close to an isolated hole completed in
December 2012, DHT-88, which
intersected rich tungsten mineralization separate from the São
Pedro das Águias and Aveleira deposits (see press release of
January 30th, 2013).
This isolated hole was not included with those used to estimate
resources that formed the basis for the Preliminary Economic
Assessment published in Q3, 2013 (See press release of September 4th, 2013).
Initial visual inspection of the mineralized
skarns intersected by all three holes, both under natural light and
short-wave UV-light indicated that in general they compared very
well, both in terms of mineralogy and texture, with hole
DHT-88. Given the very promising visual results, sampling and
assaying of the mineralized drill core of holes DHT-113 and DHT-115
was fast-tracked and assay results are presented on Table 1.
The results for DHT-114 are pending.
The rock mechanics conditions of the entire
sequence intersected by these holes (both the mineralized zones and
the hangingwall rocks) are very good and appear to be superior to
those 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 São Pedro das Águias or Aveleira deposits.
Table 1
Main WO3 mineralized intervals of hole DHT-88
(assays previously reported) and assay results from Holes DHT-113,
DHT-114 and DHT-115
Hole |
Hole
Inclination |
Hole
Azimuth |
From
(m) |
To
(m) |
Drilled
Length (m) |
True
Thickness
(m) |
Grade
% WO3 |
DHT-88 |
-90 |
000 |
100.80 |
104.80 |
4.00 |
3.94 |
0.45 |
116.60 |
122.60 |
6.00 |
5.91 |
0.58 |
DHT-113 |
-60 |
315 |
97.5 |
108.5 |
11.00 |
9.38 |
0.34 |
114.5 |
118.5 |
4.00 |
3.41 |
0.36 |
123.57 |
138.52 |
14.95 |
12.75 |
0.72 |
144.54 |
151.54 |
7.00 |
5.97 |
0.49 |
DHT-114 |
-73 |
315 |
84.45 |
88.80 |
4.35 |
4.10 |
Pending |
89.25 |
91.22 |
1.97 |
1.86 |
105.87 |
116.77 |
10.90 |
10.27 |
121.38 |
121.98 |
0.60 |
0.57 |
123.93 |
124.30 |
0.37 |
0.35 |
125.82 |
133.16 |
7.34 |
6.91 |
DHT-115 |
-45 |
315 |
113.40 |
133.00 |
19.60 |
13.65 |
0.49 |
139.60 |
140.85 |
1.25 |
0.87 |
0.35 |
148.75 |
168.65 |
19.90 |
13.86 |
0.28 |
178.85 |
182.65 |
3.80 |
2.65 |
0.54 |
Interpretation and Follow-up
Holes DHT-114, DHT-113 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 São Pedro das
Águias 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 São Pedro das Águias 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 continuing and a
series of follow-up drill holes are being drilled close by so as to
develop a better understanding of the 3D geometry of this new
zone.
"We are very pleased with these results from
Tabuaço and look forward to updating our shareholders in the very
near future with further developments on this ongoing resource
expansion program which is off to an excellent start", 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/2014/08/01/20140801_C9256_DOC_EN_42321.pdf