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NEWS RELEASE
January 28th, 2015 Trading Symbols: GTP – (TSX-V) P01 – (FRANKFURT) COLTF – (OTCQX)
Colt Resources reports first drilling results from Miguel Vacas copper
project, within its Borba concession, east central Portugal
Montreal, Quebec, Canada – Colt Resources Inc. (“Colt” or the “Company”) (TSXV: GTP) (FRA: P01)
(OTCQX: COLTF) is pleased to announce its first drilling results from the Miguel Vacas copper project
located within its 100% owned 634 km2 Borba exploration concession in east central Portugal, 160km
east of Lisbon and 65km due east of Colt’s Boa Fé gold project (Figure 1).
Copper mineralization at Miguel Vacas is structurally controlled, hosted by late tectonic breccias
related to a north‐northeast trending shear zone that cuts through lower‐Palaeozoic formations.
During historical mining, two types of mineralized breccias were distinguished, namely siliceous
breccias and schist breccias, the former being generally higher in copper contents (Figure 2). The
deposit is zoned vertically, comprising an upper zone of oxide copper mineralization which can reach
the depth of 72 metres, and a lower zone of sulphide copper mineralization.
A drilling program carried out in the 1960’s (20 holes, 4093 metres) indicated that the Miguel Vacas
copper mineralized structure extends for almost 2 kilometres along strike and exceeds 250 metres
down dip, with an approximate 75° easterly dip.
Part of the oxide mineralization hosted by the siliceous breccias of Miguel Vacas was mined in the
1980’s by opencast methods over a 340 metre strike length, a width in excess of 13 metres and down
to a depth of nearly 40 metres. A total of 346,000 tons of oxide copper mineralization were extracted,
from which copper concentrates were produced by SEXEW (solvent‐extraction electro‐winning)
methods.
In its first approach to re‐valuate the Miguel Vacas copper deposit, Colt drilled two inclined diamond
drill holes, of which hole BOMV‐14‐001 was positioned to drill under the abandoned pit (Figure 3) and
hole BOVM‐14‐002 was positioned to drill at shallow depth through the extension of the mineralized
structure north of the pit.
Hole BOMV‐14‐001, drilled inclined ‐50° under the Miguel Vacas pit (Figure 2), intersected three copper
mineralized zones between 89.15m and 143.9m down hole(Table 1), thus confirming extension of the
Miguel Vacas copper mineralization underneath the old pit down to a vertical depth of 110 metres (70
metres under pit bottom).
Hole BOMV‐14‐002 confirmed the extension of the mineralized structure to the north of the Miguel
Vacas pit but intersected only modest copper mineralization over a narrow interval at 56m deep (ca.
40m vertical depth).
Table 1
Results from first two diamond drill holes at Miguel Vacas copper prospect
Hole Intersection From To Drilled Average Core Calc. True Grade
(m) (m) Length (m) Recovery (%) Thickness (m) % Cu
BOMV‐14‐001 inclined
‐50° to 250°
interval 89.15 109.00 19.85 70% 16.26 0.25
including 89.15 92.70 3.55 100% 2.91 0.58
and 105.10 109.00 3.90 81% 3.19 0.48
interval 128.80 131.20 2.40 65% 1.97 3.16
including 128.80 129.70 0.90 22% 0.74 8.30
interval 140.00 143.90 3.90 47% 3.19 0.42
including 140.00 141.30 1.30 69% 1.06 0.95
BOMV‐14‐002 inclined
‐45° to 280° interval 55.90 57.30 1.40 93% 1.21 0.107
There were severe core losses in most mineralized zones as a result of the brecciated and vuggy nature
of the Miguel Vacas mineralization, future drilling will require improved drilling techniques to reduce
these losses.
Nikolas Perrault, President and CEO of Colt, stated: “These first results obtained from the short drilling
program carried out by Colt at the Miguel Vacas copper prospect, along with the historical data, give us
confidence that the copper mineralization has significant potential beyond the old mining pit, either
along strike and down dip. This confirmed prospective potential of Miguel Vacas warrants another,
more extensive drilling program, which Colt is currently planning and is expected to resume during the
current year. With Star Mining (press release dated February 25, 2013) failing to fulfil its obligations
towards Colt, the Borba concession remains 100% owned by the company.”
An historical Mineral Resource Estimate, carried out in 1990, by Carnon Consolidated Ltd (UK),
estimated a total remaining resource of 3.07 million tons (indicated plus inferred) averaging 1.42% Cu.
Additional drilling is required to verify the status of this preliminary Mineral Resource Estimate .
The Company cautions investors that a qualified person (within the meaning of NI 43‐101) has not
conducted any work to verify the historical estimates mentioned above and these should not be relied
upon until such work has been conducted and the estimates are verified and supported by a NI 43‐101
technical report. The Company is not treating the historical estimate as current mineral resources.
Colt has already outlined a drilling program for future implementation with a view to evaluating the
Miguel Vacas copper mineralized structure along its full extent as well as down dip and produce a new
resource statement.
Quality Assurance / Quality Control (QA/QC)
Sample intervals are reported as both metres (m) downhole and as true thickness, which have been
calculated by Colt Resources using cross‐sectional interpretation of the mineralized intercepts. The
actual dip of the copper mineralized structure is generally steep, around 75°.
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 qualitative determination
of mineralized contents by visual inspection. 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 in Seville, Spain. After sample preparation, the
samples are analyzed for Cu by aqua regia digestion with ICP‐AES or AAS finish, for Au by fire assay with
AAS finish, and for a 51 element package by aqua regia digestion and ICP‐MS finish
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.
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, where it is
one of the largest lease holders of mineral concessions.
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.
For more information contact: Nikolas Perrault, CFA President & CEO Colt Resources Inc. Tel: +351‐219‐119810 Fax: +1‐514‐635‐6100 [email protected]
Shahab Jaffrey, CPA CA Chief Financial Officer Colt Resources Inc. Tel: +1‐514‐843‐7178 Fax: +1‐514‐843‐7704 [email protected]
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.
Figure 1
Satellite view of Borba Concession with location of main towns and the Miguel Vacas old mine