Colt is now drilling on their high grade gold property in Portugal. They are one of the few juniors to have both a high grade gold and high grade tungsten property selling for less than $5 million.
MONTREAL, Oct. 15 /CNW Telbec/ - Colt Resources Inc. ("Colt" or the "Company") is pleased to provide an update on property work completed during the current 2009 exploration program on their Penedono Concession, located in northern Portugal.
The Penedono Concession consists of 102.471 km2 and is located approximately 100 air km east from the coastal city of Porto.
Colt has been conducting a trenching and diamond drilling program in the Marofa area, (adjacent to the west from the Santo Antonio veins), where previously reported good grade values for gold and tungsten have been reported. These values, as reported in the News Release of Dec.15, 2008, ranged up to 96 g/t gold and 18,364 ppm (1.84%) W or 2.32% WO3 in individual relatively narrow veins. The focus of the exploration has been on areas where there is a high frequency of veins and veinlets. Colt has completed 657 meters of surface trenching and 341 meters of diamond drilling in 6 holes. When all assay results have been received and the data analyzed, a decision will be made as to further work on this potential open pit target area.
The diamond drill has now been moved to the Santo Antonio area to veins 11 and 13 where additional drilling has begun. This drilling program will focus on expanding the strike extension of the vein systems located last year. On vein 11, DDH 08-04 returned 8.14 m of 5.89 g/t gold including 1.54 m of 18.37 g/t gold while DDH 08-02 on vein 13 returned 1.47 m of 59.99 g/t gold. These veins remain open on strike and to depth. Additional drilling is being considered on other veins in the immediate area such as vein 12 lying between veins 11 and 13 plus other veins in the Santo Antonio system.
Colt is also reviewing all data relating to the Turgueira area of the Penedono Concession. This area is located approximately 7 km to the west from the Santo Antonio veins and where in previous work conducted by Rio Narcea, a potential open pit target is apparent. Gold values from a large area of greisen alteration containing disseminated arsenopyrite as well as quartz veinlets containing arsenopyrite are in the range of 1 - 2 g/t gold over widths of 10 - 30 metres both in diamond drill holes and trenches. Several areas in trenches returned higher grades such as 3.0 g/t gold over 13 metres and 6.2 g/t gold over 5.2 metres. The Turgueira area was also worked in the past by local tungsten miners during World War 2. Evidence of their activities is scattered over the main target area and future exploration by Colt will include tungsten analysis. Wolframite has been observed in hand specimens.
The technical portions of this news release have been prepared and approved by J.W. Murton, P. Eng., a qualified person as defined by National Instrument 43-101. Mr. J.W. Murton is a director of Colt.
Statements made in this news release that relate to future plans, events or performances are forward-looking statements. Any statement in this release containing words such as "believes", "anticipates", "plans", "expects" or "intends" and other statements that are not historical facts are forward-looking, and these statements involve risks and uncertainties and are based on current expectations. Consequently, actual results could differ materially from the expectations expressed in those forward-looking statements. The CNSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
President & CEO
Colt Resources Inc.
Fax (514) 394-0888
Director & CFO
Colt Resources Inc.
Thursday, October 15, 2009
Thursday, October 8, 2009
Decade Resources share price has fallen from $1.72 to $1.11 as profit takers rang the register and certain institutions playing games with the share price. With gold melting up tonight and the news release from Decade today showing a 20-30 meter wide, 2 kilometer long 400 meter deep high grade (7-10 g/t)zone plus the potential for a deeper, longer zone identified in hole #9, a $1.11 entry price will make most giddy a few months from now.
- ► 2015 (50)
- ► 2014 (160)
- ► 2013 (193)
- ► 2012 (236)
- ► 2011 (121)
- ► 2010 (32)
- ▼ October (2)