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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
"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 worklast 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
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*
Average Grade Au (g/t)
Contained Metal Au Oz
(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
(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
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
Grade g/t Au
Contained Oz Au
Table 3: Inferred Mineral Resources
Cut-Off g/t Au
Grade g/t Au
Contained Oz Au
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
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
Advance the project to construction during 2014 and full production by
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.
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