Wednesday, February 3, 2010

More high grade tungsten from Colt announced today

Colt Resources drills 13.6 m of 0.93% WO3 at Tabuaco


2010-02-03 16:16 ET - News Release

Mr. Nikolas Perrault reports

COLT RESOURCES INC. INTERSECTS 0.93% WO3 OVER 13.60 M ON ITS TABUACO TUNGSTEN PROJECT NORTHERN PORTUGAL

Colt Resources Inc. has received very encouraging results from hole DHT-02, the second hole of its continuing drill program on its 100-per-cent-owned Tabuaco tungsten project.

Located on the Armamar-Meda concession (436.81 square kilometres) in northern Portugal, the Tabuaco tungsten project is situated roughly 100 kilometres east of the coastal city of Porto. In the early 1980s, exploration in the Tabuaco area led to the discovery of significant tungsten mineralization at Sao Pedro das Aguias.

Mineralization consists of fine- to coarse-grained disseminations of scheelite within thick (up to 19 metres), shallow-dipping skarn horizons in metasedimentary rocks adjacent to a major intrusive unit. Limited drilling at the Sao Pedro das Aguias zone produced significant historical drill results including 19.35 metres grading 1.18 per cent tungsten oxide. A non-National Instrument 43-101-compliant historical resource of one million tonnes grading 0.87 per cent WO3 was calculated by the SPE-BRGM joint venture in the early 1980s.

To date, Colt has completed two shallow drill holes, DHT-01B and DHT-02. A third hole is currently under way. Average grade results from hole DHT-01B show two major intervals: an upper interval of 4.75 metres grading 0.52 per cent WO3 and a lower interval which includes the main skarn horizon of 18.80 m grading 0.73 per cent WO3. The lower interval includes 13.77 m grading 0.84 per cent WO3, which includes zones of three metres grading 1.14 per cent WO3 and 6.32 m grading 0.99 per cent WO3.


HOLE DHT-01B

Hole Depth From To Interval % WO3*
No. (m) (m) (m) (m) (calc.)

DHT-01B 59.85 7.10 11.85 4.75 0.52
19.15 37.95 18.80 0.73
Includes 19.15 21.25 2.10 1.01
Includes 24.18 37.95 13.77 0.84
Includes 24.18 27.18 3.00 1.14
Includes 29.18 35.50 6.32 0.99

* calculated


Hole DHT-02, total depth of 90.30 m, located 100 m southeast of hole DHT-01B, intersected an early mixed skarn horizon at 52.60 m to 54.80 m and then the main skarn horizon at 54.80 m to 66.20 m. As in hole DHT-01B, skarn horizons contain coarse-grained scheelite mineralization. Results from hole DHT-02 show 13.60 m grading 0.93 per cent WO3. This includes 10.35 m grading 1.17 per cent WO3, which includes five metres grading 1.44 per cent WO3.



HOLE DHT-02

Hole Depth From To Interval % WO3*
No. (m) (m) (m) (m) (calc.)

DHT-02 90.30 52.60 66.20 13.60 0.93
includes 52.60 62.95 10.35 1.17
includes 57.95 62.95 5.00 1.44


Colt is very encouraged by the significant widths and grades encountered in hole DHT-01B and in hole DHT-02. Hole DHT-03, located roughly 100 metres southeast of hole DHT-02, is presently being drilled.

The goal of the current diamond drilling program by Colt Resources at Sao Pedro das Aguias is to verify historical drilling results and to confirm and expand the historical resource. Drilling is also planned to test lateral southeast and northwest extensions of the main skarn horizon, as well as newly discovered lower skarn horizons, located roughly 40 metres below the main skarn horizon. Mapping and local surface sampling of clusters of poorly exposed skarn outcrop and float returned very encouraging tungsten results extending over a strike length of over one kilometre northwest of Sao Pedro das Aguias.

Sample intervals are reported as metres downhole and as such do not represent true width. The actual dip of the skarn-controlled mineralization is generally shallow.

All samples were analyzed at OMAC Laboratories Ltd., Galway, Ireland, an ISO:17025-accredited facility. Samples were analyzed using a metaborate fusion followed by ICP-MS. Assay results for tungsten are reported by the laboratory as W per cent. Values of WO3 per cent are calculated using a conversion factor of 1.261.

Quality control

A set of internal standards and blanks is employed by Colt in its sample stream as well as the laboratory's own standards and duplicates. Results to date are well within the accepted norm.

The technical portions of this news release have been prepared and approved by Mario Justino, PGeo, vice-president, exploration, Colt, and J.W. Murton, PEng, both qualified persons as defined by National Instrument 43-101. Mr. Murton is a director of Colt.

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