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Colt Resources reports results of 36 drillholes at its Boa Fé Gold Project, Southern Portugal

Wednesday, Nov 21, 2012

MONTREAL, Nov. 20, 2012 /CNW Telbec/ - Colt Resources Inc. ("Colt" or the "Company") (TSXV: GTP) (FRA: P01) (OTCQX: COLTF) is pleased to announce that it has received final analytical results for 36 diamond drillholes from its ongoing drilling campaign on its Boa Fe gold project, located within the Company's 100% owned 47km2 Boa Fe Experimental Mining License (EML) in southern Portugal. Colt's 100% owned (732km2) Montemor Gold exploration concession completely surrounds the Boa Fe EML.

Nikolas Perrault, President and CEO of Colt, stated, "The drilling program at Banhos has been designed to increase our confidence and understanding of this near surface deposit located just 4km from Casas Novas and 5 km from Chamine. The results from these and other targets currently being drill tested will form the basis of our next NI 43-101 compliant mineral resource estimate scheduled to be prepared during Q1, 2013. These results have clarified our understanding of the mechanisms controlling the gold mineralization in this major gold bearing shear zone and are helping to optimize our exploration efforts designed to identify additional mineralized zones both in the Boa Fe EML concession and
importantly in the much larger Montemor exploration concession where we have identified nearly 100km of mineralized belts which remain virtually untested by drilling."

Program Strategy

Gold mineralization has been identified in several deposits along a shear zone that extends over some 30 kilometres along strike (Figure 1). Previous shallow drilling at the Chamine, Casas Novas and Banhos deposits (Figures 2 and 3) was focussed on the highest grading portions of gold anomalies that closely follow the regional shear.

In all three deposits, the mineralisation style interpreted in the current model (Figure 4) is associated with shears at low-angle to the regional shear direction (S1, S2, T and R) developed due to contrasts in competency between granitic and silica-rich units and pelitic schist within the main regional shear zone. Where conjugate sets of shears occur (i.e. S1 and S2 with T) the best development of mineralisation occurs. Conjugate sets of mineralisation may occur anywhere within the regional shear zone and are not restricted by depth.

Mineralisation appears to be associated with several aplite intrusions locally up to 20m thick. The aplite units are believed to broadly dip 40o to the south-west, which is broadly analogous to the S1 direction modelled at Chamine.

There is also a subhorizontal component in the morphology of the aplite as well. The significant mineralisation appears to occur in kinks and localised fold hinges in the aplite corresponding to pressure shadows created in ductile schist in the lee of the more competent aplite.

Source: COLT RESOURCES INC.

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