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  • Colt Resources intersects 8.39g/t over 6.88m and 33.2 g/t over 1.7m at its Banhos Deposit in the Boa Fé Gold Project, Southern Portugal

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Colt Resources intersects 8.39g/t over 6.88m and 33.2 g/t over 1.7m at its Banhos Deposit in the Boa Fé Gold Project, Southern Portugal

Tuesday, Dec 18, 2012

MONTREAL, Dec. 17, 2012 /PRNewswire/ - 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 27 diamond drillholes from its ongoing drilling campaign on the Banhos gold deposit, located within the Company's 100% owned 47Km2 Boa Fé Experimental Mining License (EML) in southern Portugal. Colt's 100% owned (728Km2) Montemor Gold exploration concession completely surrounds the Boa Fé EML.

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 Banhos deposits (Figures 2 and 3) was focussed on the highest grading portions of gold anomalies that closely follow the regional shear. Colt's drilling has been designed to build on previous work and to test for extensions of mineralization along strike and down dip.  Results to date indicate that the mineralization is open both along strike and down dip.

At Banhos, an aggressive 50m x 50m based drill program was commenced in August 2012.  The program, consisting of both vertical and inclined holes, has been drilled to develop a better understanding of several shallow structures known historically to host gold mineralization.  Unlike the Chaminé and Casas Novas deposits, historical drilling at Banhos was primarily confined to the upper 30m and consisted mostly of non-cored holes, with only 25 irregularly spaced diamond drillholes drilled deeper to an average depth of 100m.  Colt's results to date indicate that (similar to Casas Novas and Chaminé), mineralization appears to be associated with several shallow dipping aplite and mafic intrusive units within the broader shear corridor.

Colt will continue to test its current ideas on structural interpretation against previous models as part of its ongoing strategy to prepare working 3D models of mineralization.  The models incorporate the concept of conjugate shear orientations reinforcing each other and leading to higher grades of gold mineralization. The Company will continue its aggressive advanced stage exploration campaign consisting of a combination of vertical and inclined drill holes positioned to confirm previous drilling results at Chaminé, Casas Novas, Ligeiro, Braços and Banhos deposits and investigate the gaps between Chaminé-Casas Novas and Chaminé-Ligeiro to increase resource potential.  Results currently being interpreted from geophysical exploration will greatly assist in advancing targets in the gap areas. High priority regional targets identified at the Montemor concession through field prospecting combined with geochemical and geophysical data interpretation are being tested.  The results of this phase of work on Boa Fé and Montemor will form the basis for an updated NI 43-101 compliant mineral resource estimate covering several previously drilled gold bearing deposits within the Boa Fé EML.

Minimal drilling has been performed to test depth extensions below an average of 100 metres or along strike between known mineralized deposits.  Given the shear zone style of mineralization and extensive gold anomalies in soils, there is good potential to build upon previous work that supported several non NI43-101 compliant resource estimates that range from 150koz to 610koz of gold as defined over the period 1991-2008 (see press release March 7, 2011).

About Colt Resources Inc.

Colt Resources Inc. is a Canadian junior exploration 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.

SOURCE COLT RESOURCES INC.

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  • Colt Resources intersects 8.39g/t over 6.88m and 33.2 g/t over 1.7m at its Banhos Deposit in the Boa Fé Gold Project, Southern Portugal

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