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Symbols:
GTP - (TSX-V)
P01 - (FRANKFURT)
COLTF - (OTCQX)
MONTREAL,
Oct. 3, 2012 /PRNewswire/ - Colt
Resources Inc. ("Colt" or the "Company") (TSXV: GTP) (FRA: P01)
(OTCQX: COLTF) is pleased to announce an updated resource estimate
for its 100% owned Tabuaço (São Pedro das Águias) tungsten project,
located in the Company's wholly owned Armamar‐Meda concession in
northern Portugal. Drilling
has increased both the level of confidence and the size of the
resource as is reflected by the inclusion of additional material
from the recently announced Aveleira zone discovery. The
estimated contained WO3 in the Indicated Mineral
Resource category has almost doubled to 815,000 MTU's.
Table 1 - Tabuaco/Aveleira Tungsten Project Resource Highlights
(0.3% WO3 Cut-off Grade)
| |
November 2011
Resource Estimate |
October 2012
Resource Estimate |
| Resource Category |
Tonnage
(thousand
tonnes) |
Grade
(% WO3) |
Contained
Metal
(MTU WO3)* |
Tonnage
(thousand
tonnes) |
Grade
(% WO3) |
Contained
Metal
(MTU WO3)* |
Indicated Mineral
Resources |
760 |
0.58 |
440,000 |
1,495 |
0.55 |
815,000 |
Inferred Mineral
Resources |
1,330 |
0.57 |
760,000 |
1,230 |
0.59 |
720,000 |
* The term "MTU" is an abbreviation for one
"Metric Tonne Unit" and is equal to 10Kg of material.
"We are very pleased with this updated
estimate which has been focused only on a portion of a larger zone
of mineralization at Tabuaço which remains open. The
inclusion for the first time of inferred resources from the nearby
discovery at Aveleira clearly demonstrates the potential to
continue to grow this significant tungsten deposit. This
announcement coincides with our decision to proceed with a
Preliminary Economic Analysis (PEA) while continuing to test the
upside potential through our ongoing drilling program. Colt
remains committed to identifying an industry partner to jointly
develop this project and discussions are currently underway to
accomplish this objective. Results continue to corroborate
the high grade nature of the mineralization confirming Tabuaço to
be one of the highest grade, undeveloped tungsten deposits in
Europe", said Nikolas Perrault, Colt Resources President and
CEO.
The objectives of Colt's exploration activities
since announcing the initial NI43-101 resource estimate in
November 2011 have been 1) to
increase the level of confidence in the known deposit area; and 2)
to test the potential to expand the deposit. The infill
drilling program has succeeded in increasing confidence as is
demonstrated by the expansion by 95% of the Indicated Mineral
Resources. The deposit expansion program has successfully
indentified the presence of mineralization 700m away at
Aveleira. A portion of this mineralization has been estimated
and is included in the Inferred Mineral Resources at this
time. Colt's next phase of in-fill drilling will be designed
to upgrade this zone. Colt will also continue to test the area
between the two deposits. Initial drill results indicate the
presence of mineralized skarns in the gap between them (Press
Release: September 18, 2012).
Since the Company's initial resource estimate
report was published (Press Release: November 7, 2011), approximately 4,500m of
drilling has been completed representing 46 drill holes designed to
increase the drilling density at Tabuaço, to test mineralization at
Aveleira and to test for mineralization between Tabuaço and
Aveleira. To date, Colt has drilled 77 drillholes on the property
for a total of approximately 8,000m. The model used for this
estimate is now based on 62 assayed drillholes (31 previously).
Resource Estimate Highlights
- Indicated Mineral Resources have almost doubled in tonnage as a
result of the new drilling, overall the Mineral Resources have
increased by a third; grade remains similar.
- Indicated resources total 1,495,000 tonnes with an average
grade of 0.55% WO3.
- Inferred resources total 1,230,000 tonnes with an average grade
of 0.59% WO3.
- The Aveleira model in particular remains open in several
directions and the gap in between Tabuaço (São Pedro das Águias)
and Aveleira is now considered to have good Exploration
Potential
SRK (ES) has supervised drilling, sampling and
assay quality control procedures. The drilling database and
surface mapping have formed the basis of the geological and grade
models. Geological understanding at the deposit has improved with
recent drilling allowing several mineralised skarn domains to be
modelled and estimated at SPA and a two-layer model to be developed
for Aveleira. All geological modelling was undertaken in Gemcom
mining software ("GEMS") by Colt engineers and geologists with
review by SRK (UK). In addition, SRK (UK) has reviewed
grade modelling and resource reporting.
Table 2 summarises the Mineral Resource, stated
at a 0.3% WO3 cut-off grade, within the defined
mineralisation models. The Mineral Resource Statement is
reported in accordance with the CIM Guidelines and
Definitions. Classification of the Mineral Resource is based
on quality control data, geological continuity and an assessment of
block grade estimation quality. The estimate is considered to
have reasonable prospects for eventual economic extraction, as it
is constrained by a cut-off grade derived from reasonable
underground mining and processing costs and recoveries.
| |
|
|
|
|
|
| Classification |
Tonnage |
Grade |
Contained Metal |
Contained Metal |
Contained Metal |
| |
kt |
WO3% |
t WO3 |
lb WO3 |
MTU WO3 |
| Indicated Mineral Resources |
1,495 |
0.55 |
8,150 |
18,000,000 |
815,000 |
| Inferred Mineral Resources |
1,230 |
0.59 |
7,200 |
16,000,000 |
720,000 |
Table 2 - Tabuaço/Aveleira Mineral Resource
Estimation
In summary, the processes and parameters used to derive the
Mineral Resource Statement are as follows:
- A cut off grade of 0.3% WO3 has been used to
constrain the Mineral Resource estimate;
- This cut-off grade is based on a WO3 price of
US$300/mtu, an underground mining
cost of US$30/t and a processing cost
of US$22/t, (costs supplied by SRK
(Denver), and agreed by
Colt);
- This resource model has been wireframed using GEMS. Grade
interpolation was undertaken using Ordinary Kriging at SPA and
Inverse distance weighting at Aveleira, with block model dimensions
of 12.5m in the X direction, 12.5m in the Y direction and 2.5m in
the Z direction. This is reasonable given the drill spacing
across the project area. Variography and grade estimation
were undertaken in GEMS. Search ellipsoids were derived based
on drillhole spacing and a three search pass strategy;
- Data quality, geological continuity and block grade estimation
quality were all assessed to determine the classification of the
Mineral Resource.
Table 3 - Tabuaço/Aveleira Grade-Tonnage Curve (figures have
been rounded).
| October 2012,
Grade-Tonnage Curve |
Cut-off Grade
(% WO3 ) |
Tonnages
(tonnes) |
Grade
(% WO3) |
Contained
Metal
(t WO3) |
Contained
Metal
(lb WO3) |
Contained
Metal
(MTU WO3) |
| Indicated
Resources |
| 0.00 |
2,365,000 |
0.41 |
9,650 |
22,000,000 |
965,000 |
| 0.05 |
2,240,000 |
0.43 |
9,650 |
22,000,000 |
965,000 |
| 0.10 |
2,150,000 |
0.44 |
9,500 |
22,000,000 |
950,000 |
| 0.15 |
2,020,000 |
0.47 |
9,400 |
20,500,000 |
940,000 |
| 0.20 |
1,855,000 |
0.49 |
9,100 |
20,000,000 |
910,000 |
| 0.25 |
1,710,000 |
0.51 |
8,800 |
19,500,000 |
880,000 |
| 0.30 |
1,495,000 |
0.55 |
8,150 |
18,000,000 |
815,000 |
| 0.35 |
1,300,000 |
0.58 |
7,600 |
16,500,000 |
760,000 |
| 0.40 |
1,095,000 |
0.62 |
6,750 |
15,000,000 |
675,000 |
| 0.45 |
945,000 |
0.66 |
6,200 |
13,500,000 |
620,000 |
| 0.50 |
790,000 |
0.68 |
5,400 |
12,000,000 |
540,000 |
| Inferred
Resources |
| 0.00 |
3,950,000 |
0.27 |
10,800 |
24,000,000 |
1,080,000 |
| 0.05 |
3,550,000 |
0.30 |
10,800 |
24,000,000 |
1,080,000 |
| 0.10 |
2,990,000 |
0.34 |
10,300 |
22,500,000 |
1,030,000 |
| 0.15 |
2,280,000 |
0.42 |
9,500 |
21,000,000 |
950,000 |
| 0.20 |
1,880,000 |
0.46 |
8,700 |
19,000,000 |
870,000 |
| 0.25 |
1,550,000 |
0.52 |
8,000 |
17,500,000 |
800,000 |
| 0.30 |
1,230,000 |
0.59 |
7,200 |
16,000,000 |
720,000 |
| 0.35 |
1,010,000 |
0.63 |
6,400 |
14,000,000 |
640,000 |
| 0.40 |
810,000 |
0.72 |
5,800 |
13,000,000 |
580,000 |
| 0.45 |
700,000 |
0.74 |
5,200 |
11,500,000 |
520,000 |
| 0.50 |
630,000 |
0.78 |
4,900 |
10,780,000 |
490,000 |
Table 3 shows the sensitivity of resource
tonnages to cut-off grade.
All samples used for this estimate were sent by
courier to OMAC Laboratories Ltd, Galway, Ireland or to ALS Laboratory Group,
Seville, Spain. Samples were
analyzed for W and Sn using a metaborate fusion followed by XRF
analysis. Assay results for tungsten were reported by the
laboratory as W%. WO3 values were calculated using a
conversion factor of 1.2611.
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.
Tabuaço/Aveleira Next Steps
- Drilling, during the remainder of 2012 and during 2013, will be
expanded, to test the area between Aveleira and Tabuaço where
initial results have indicated the presence of tungsten
mineralization. Colt will also continue to test other
prospects in the region within Colt's 100% controlled exploration
concession.
- Environmental impact studies will continue so as to optimize
the mining and processing facilities and minimize their
environmental impact.
- Geotechnical drilling will be performed to test ground
conditions along potential underground access routes.
- Bulk samples will be collected so as to allow more detailed
metallurgical testwork to improve recoveries and assist in
designing optimal processing methods.
- A Preliminary Economic Assessment and Tabuaço/Aveleira is
scheduled to be prepared during the first quarter of 2013.
SRK (ES), with input from SRK (UK) for specific
sections, will be the authors of a NI 43-101 compliant Technical
Report on the Mineral Resource Estimate for the Tabuaço Project, to
be filed within 45 days of this news release. SRK (ES) and SRK (UK)
are independent of Colt Resources as defined by NI 43-101.
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 the largest
lease holder 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.
SRK (UK) Director - Martin Pittuck CEng MIMMM,
is an independent qualified person, as defined in NI43‐101, for the
Tabuaço Mineral Resource estimate. Mr. Pittuck 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.
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 revised annual information form dated
April 20, 2011 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:
http://stream1.newswire.ca/media/2012/10/03/20121003_C3969_DOC_EN_18817.pdf
