Initial and Updated NI 43-101 Compliant Mineral Resource Estimates
for Gold deposits within Colt's 100% Boa Fé and Montemor Projects,
Southern Portugal
Trading Symbols:
GTP - (TSX-V)
P01 - (FRANKFURT)
COLTF - (OTCQX)
MONTREAL, March 4, 2013 /PRNewswire/ - Colt Resources Inc.
("Colt" or
the "Company") (TSXV: GTP) (FRA: P01) (OTCQX: COLTF) is pleased
to
announce details of updated mineral resource estimates for the
Chaminé
and Casas Novas gold deposits and initial mineral resource
estimates
for the Banhos, Bracos and Ligeiro gold deposits located within
the
Company's 100% owned (47Km2) Boa Fé Experimental Mining
License ("EML"). Colt is also pleased to
announce details of an initial resource estimate for the Monfurado
gold
deposit located within the Company's 100% owned (728km2)
Montemor exploration license that completely surrounds the Boa
Fé
EML. Boa Fé and Montemor are located approximately, 95km east
of
Lisbon, Portugal. The
resource estimates have been prepared by SRK
Consulting (UK) Ltd ("SRK"). These estimation results have
been
reported in accordance with the guidelines set out by the
Canadian
Institute of Mining, Metallurgy and Petroleum ("CIM") and detailed
in
the National Instrument 43-101. The effective date of the
mineral
resource estimate is March 4,
2013.
Resource Estimate Summary
The Mineral Resources for the six deposits at Banhos, Braços,
Chaminé,
Casas Novas, Ligeiro and Monfurado (Figure 1) have been
independently
estimated by SRK at 6,070,000 tonnes grading an average of 1.74
g/t
gold classified as Indicated Mineral Resources, with an
additional
1,555,000 tonnes grading an average of 1.7 g/t gold classified
as
Inferred Mineral Resources. The Mineral Resource is reported
above a
0.44 g/t gold cut-off grade and contained within optimized pit
shells
considered to have reasonable prospects for eventual economic
extraction.
"We are very pleased with the results of this estimate exercise
that
reflects the work performed on several targets where we have
concentrated our efforts since commencing field work on the project
in
late November 2011. Our
strategy of focusing on previously drilled
areas has resulted in a rapid increase of mineral resources that
will
provide the foundation for near term mine development.
Colt's regional exploration results continue to support our
belief that
over time the project will develop into a world-class mining
district.
Demonstrating this will take time and money. Colt recognizes
that
there is a disconnect between valuation of resources in the ground
and
valuation of resources being mined profitably. Therefore
Colt's
decision to move towards development is based on economics and
our
desire to finance future regional exploration from revenue.
Our high
level of confidence in the Boa Fé/Montemor projects supports
our
decision to commence a Feasibility study during Q2, 2013. We
expect to
have this completed by year end. In parallel, we have
completed the
majority of the anticipated work required for the Environmental
Impact
Assessment (EIA). In April, a scheduled public review period will
take
place, paving the way for final approval. The EIA will be used as
a
blueprint designed to mitigate the impact of mining while
generating
value in an economically depressed region of Portugal."
Mr. Perrault added that, "While we intend to focus on mine
development, we are committed to
demonstrating the long term potential of this mineralized zone that
is
believed to extend over 30 Km. Our work last year
resulted in the discovery of many new areas with significant
upside potential such as the "Chaminé Deeps" discovery where this
week,
we have begun down hole geophysics to improve our understanding of
this
discovery and planning our next phase of targeted
drilling."
Mr. Perrault concluded by saying, "Building a mine takes time
and involves risk. We are confident that
our team has the skills to deliver on our strategy. As with
our
Tabuaço Tungsten Project, we decided initially to focus on a
relatively
small (but reasonably well-drilled) part of this large
mineralized
system so as to deliver on our promise to reach production within
an
accelerated time frame. Our Feasibility Study will focus on
delivering
a cost effective and profitable gold mining operation that will
provide
investors with exposure to a company focused on building
value."
Boa Fé / Montemor Resource Estimate
SRK were supplied with a comprehensive drilling and trenching
database
together with preliminary 3D solids interpreted for the six
deposits at
Banhos, Braços, Chaminé, Casas Novas, Ligeiro and Monfurado.
The
exploration work has been completed by Colt Resources and
predecessor
companies. This database and 3D solids has formed the basis
of the
Mineral Resource estimates presented here. All
geological modeling
was undertaken in Gemcom™ mining software ("GEMS") by Colt and
SRK.
In addition, Colt in conjunction with SRK have undertaken grade
modeling and estimation using GEMS with subsequent resource pit
shell
optimization conducted by SRK using Whittle ("Whittle")
software
packages.
Block models were constructed for each of the deposit areas in
GEMS
using a block size of 10m (X) x 10m (Y) x 5m (Z), except for
Monfurado
where a block size of 25m (X) x 25m (Y) x 5m (Z) was used.
Block
grades were estimated using 2m downhole composites using
Ordinary
Kriging (OK) in all cases except for Braços and Monfurado where
Inverse
Distance Weighting (IDW) was used. Grade estimation was
constrained by
nominal 0.40 g/t Au grade solids. The resultant block models
were then
imported into Whittle for resource pit optimization (Figures 2 to
5).
The following table (Table 1) summarises the Mineral Resource,
stated at
a 0.44g/t Au cut-off grade and contained within potentially
mineable
open pits, within the defined mineralization models for each
deposit.
Classification of the Mineral Resource is based on quality
control
data, geological continuity, borehole spacing and kriging
quality
results. The estimate is considered to have reasonable
prospects for
eventual economic extraction, as it is constrained by pit
shells
optimized on a gold price based on consensus market forecasts
and
independent benchmarking, and a cut-off grade derived from
reasonable
surface mining and processing costs.
Table 1: Resource Statement for the principal Boa
Fé/Montemor deposits
Alentejo Region, Portugal: SRK Consulting (UK) Ltd., March
4, 2013*
|
Deposit Area
|
Resource
Category
|
Quantity
Tonnes
|
Average Grade
Au (g/t)
|
Contained Metal
Au Oz
|
Banhos
|
Indicated
|
2,200,000
|
1.35
|
95,800
|
Braços
|
-
|
-
|
-
|
Chaminé
|
1,390,000
|
2.05
|
91,700
|
Casas Novas
|
2,330,000
|
1.95
|
146,100
|
Ligeiro
|
148,000
|
1.42
|
6,730
|
Monfurado
|
-
|
-
|
-
|
Total Indicated
|
6,070,000
|
1.74
|
340,310
|
Banhos
|
Inferred
|
172,000
|
1.97
|
10,900
|
Braços
|
380,000
|
1.91
|
23,300
|
Chaminé
|
5,000
|
4.67
|
730
|
Casas Novas
|
480,000
|
1.54
|
23,700
|
Ligeiro
|
-
|
-
|
-
|
Monfurado
|
520,000
|
1.53
|
25,600
|
Total Inferred
|
1,554,000
|
1.69
|
84,200
|
Notes*
|
|
|
|
|
(1) Mineral Resources are not Mineral Reserves and do not have
demonstrated economic viability. There is no certainty that
all or any
part of the Mineral Resources estimated will be converted into
Mineral
Reserves.
|
(2) Resources stated as contained within a potentially
economically
mineable open pit above a 0.44 g/t Au cut-off. A variable
specific
gravity estimated for individual block models.
|
(3) Pit optimization is based on an assumed gold price of
US$1,560/oz ,
metallurgical recovery of 90%, mining cost of US$2.00/t and
processing
and G&A cost of US$18.00/t.
|
4) Mineral resource tonnage and contained metal have been rounded
to
reflect the accuracy of the estimate, and numbers may not add due
to
rounding.
|
The Mineral Resources are reported in accordance with Canadian
Securities Administrators ("CSA") NI
43-101 and have been classified in
accordance with standards as defined by the Canadian Institute
of
Mining, Metallurgy and Petroleum ("CIM") "CIM Definition Standards
-
For Mineral Resources and Mineral Reserves".
This mineral resource estimate has been completed by Dr
John Arthur
(CGeol FGS, CEng MIMMM), Principal Resource Geologist with SRK, who
has
conducted a site inspection and visited the technical offices of
Colt
between February 6-8 2013 and has
reviewed pertinent geological
information and the procedures and protocols of Colt in
sufficient
detail to support the data incorporated in the Mineral Resource
estimate. Dr Arthur is an Independent Qualified Person as
defined
under NI 43-101 and is responsible for the Mineral Resource
estimate
presented in this release.
Cut-Off Grade Sensitivity
Tables 2 and 3 illustrate the impact of the application of a range
of
cut-off grades and the resulting impact on total tonnes and
grade.
Table 2: Indicated Mineral Resources
Cut-Off g/t Au
|
Tonnes
|
Grade g/t Au
|
Contained Oz Au
|
>1.0
|
3,062,696
|
2.81
|
276,968
|
>0.9
|
3,357,710
|
2.65
|
285,981
|
>0.8
|
3,697,822
|
2.48
|
295,223
|
>0.7
|
4,094,209
|
2.31
|
304,787
|
>0.6
|
4,745,792
|
2.08
|
318,358
|
>0.5
|
5,507,518
|
1.87
|
331,874
|
>0.44
|
6,067,217
|
1.74
|
340,309
|
>0.4
|
6,436,341
|
1.66
|
345,287
|
>0.3
|
7,411,123
|
1.49
|
356,184
|
>0.2
|
8,811,513
|
1.29
|
367,229
|
Table 3: Inferred Mineral Resources
Cut-Off g/t Au
|
Tonnes
|
Grade g/t Au
|
Contained Oz Au
|
>1.0
|
937,215
|
2.33
|
70,149
|
>0.9
|
1,027,260
|
2.21
|
72,908
|
>0.8
|
1,138,439
|
2.07
|
75,918
|
>0.7
|
1,249,814
|
1.96
|
78,598
|
>0.6
|
1,368,942
|
1.84
|
81,085
|
>0.5
|
1,488,963
|
1.74
|
83,200
|
>0.44
|
1,553,590
|
1.69
|
84,174
|
>0.4
|
1,596,485
|
1.65
|
84,752
|
>0.3
|
1,712,686
|
1.56
|
86,054
|
>0.2
|
1,883,717
|
1.44
|
87,455
|
The application of cut-off grades higher than that used for
reporting of
mineral resources indicates a significant proportion of the
mineral
resources may be selectively mined during the initial phases of
development and in doing so may positively impact project
economics.
Boa Fé / Montemor Next Steps
Resource definition and infill drilling will continue to
improve
confidence in near term mining production targets.
Geophysical testwork to model mineralization close to known
deposits.
Targeted deep drilling to continue to test deep gold
mineralization
potential close to planned mining operations.
Environmental impact studies will continue so as to optimize the
mining
and processing facilities and minimize their environmental
impact.
Geotechnical and Hydrological testwork will continue to provide
data for
pit design.
Metallurgical bulk sampling to provide sufficient representative
volumes
for final plant design and gold recovery optimization.
Feasibility Study will be accelerated so as to be completed by the
end
of 2013.
Advance the project to construction during 2014 and full production
by
2015.
Quality Assurance / Quality Control (QA/QC)
Drill sample intervals are reported as metres (m) down hole and as
such
do not represent true widths of mineralized intersections. 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 probable high
grade
zones based on visible mineralization and favorable structure. 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. The resulting
pulps are
shipped by ALS to their laboratory in Romania for gold assay and
routine ICP multi-element analysis. 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 3 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.
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.
SRK, with inputs from Colt on specific sections, will be the author
of
an NI 43-101 compliant Technical Report on the Mineral Resource
Estimate for the Boa Fé Gold Project, to be filed within 45 days
of
this news release.
About Colt Resources Inc.
Colt Resources Inc. is a 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,
where it is one of the largest lease holders of mineral
concessions.
Dr John Arthur, (CGeol FGS, CEng
MIMMM), Principal Resource Geologist
with SRK, is the independent qualified person, as defined in NI
43?101,
for the Boa Fe Mineral Resource estimates. Dr Arthur
has reviewed the
content of this press release and consents to the information
provided
in 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.
FORWARD-LOOKING STATEMENTS: Certain of the information contained
in this
news release may contain "forward-looking information".
Forward-looking
information and statements may include, among others,
statements
regarding the future plans, costs, objectives or performance of
Colt
Resources Inc. (the "Company"), or the assumptions underlying any
of
the foregoing. In this news release, words such as "may",
"would",
"could", "will", "likely", "believe", "expect", "anticipate",
"intend",
"plan", "estimate" and similar words and the negative form thereof
are
used to identify forward-looking statements. Forward-looking
statements
should not be read as guarantees of future performance or results,
and
will not necessarily be accurate indications of whether, or the
times
at or by which, such future performance will be achieved.
Forward-looking statements and information are based on
information
available at the time and/or management's good-faith belief
with
respect to future events and are subject to known or unknown
risks,
uncertainties, assumptions and other unpredictable factors, many
of
which are beyond the Company's control. These risks, uncertainties
and
assumptions include, but are not limited to, those described
under
"Risk Factors" in the Company's annual information form available
on
SEDAR at www.sedar.com and could cause actual events or results to
differ materially from
those projected in any forward-looking statements. The Company does
not
intend, nor does the Company undertake any obligation, to update
or
revise any forward-looking information or statements contained in
this
news release to reflect subsequent information, events or
circumstances
or otherwise, except if required by applicable laws.
Neither the TSX Venture Exchange nor its Regulation Services
Provider
(as that term is defined in the policies of the TSX Venture
Exchange)
accepts responsibility for the adequacy or accuracy of this
release.
SOURCE COLT RESOURCES INC.
PDF available at:
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