Colt Resources Inc. Receives Positive Scoping Level Metallurgical Test Results on Tabuaço Tungsten Project, Northern Portugal
MONTREAL, March 2 /CNW/ --
Trading Symbols: GTP - (TSX-V)
P01 - (FRANKFURT)
COLTF - (OTCQX)
MONTREAL, March 2 /CNW Telbec/ - Colt Resources Inc. ('Colt' or the
'Company') (TSXV: GTP) (FSE: PO1) (OTCQX: COLTF) is pleased to announce excellent results from scoping level
metallurgical testing of scheelite recovery on bulk samples from the
Tabuaço tungsten project, located on the Company's wholly owned
Armamar-Meda concession in northern Portugal. Results indicate high
scheelite recovery of over 90% can be achieved by centrifugal gravity
separation and tabling into ~30% of mass.
The report titled 'Scoping Metallurgical Testing for the Recovery of
Scheelite on Samples from the Tabuaço Property of Colt Resources' is
dated February 22, 2011 and was prepared by Inspectorate Exploration &
Mining Services Ltd., Metallurgical Division, of Richmond, B.C. The
test program was conducted under the direction of Mr. Matt Bolu, P.Eng.
of Bolu Consulting Engineering of Vancouver, B.C. The report will be
available on the Colt website at www.coltresources.com/en/armamar-meda.
Inspectorate Exploration & Mining Services Ltd., conducted a scoping
level metallurgical study for Colt on outcrop and drill core composite
samples from the Tabuaço tungsten project. The objective of the test
program was to provide preliminary information about ore
characterization, gravity separation and flotation characterization.
The test program included sample preparation, head characterization,
hardness determination and mineralogy examination. Gravity testwork
included heavy liquid separation, tabling, centrifugal gravity
separation and spiral testwork. Due to sample size, gravity and
flotation tests were only performed on the outcrop composite sample.
Metallurgical testwork was conducted on a mini-bulk sample of scheelite
bearing skarn derived from drill core intervals as well as outcrop.
Samples are characterized by abundant silica gangue consisting of a
variety of silicates. Sulphides and cassiterite do not exceed trace
amounts. In both composites, scheelite appeared unlocked or as
intergrowths with gangue: this should not present an obstacle to
liberation.
Assays for the composite samples are as follows:
-- Drill core composite sample (76.8 kg) assayed: 0.57% WO(3),
0.08% S, 2.17% F and 0.065% Sn
-- Outcrop composite sample (236.7 kg) assayed: 0.64% WO(3), 0.05%
S, 1.67% F and 0.043% Sn
In brief, the report includes the following conclusions:
-- Centrifugal gravity separation on the outcrop sample, stage
ground to 95% passing 300µm, achieved ~90% scheelite recovery
into a gravity concentrate containing 29% of the mass.
-- Scoping level gravity tabling separation tests on outcrop
sample fractions -500+150 µm and -150 µm indicated scheelite
recoveries from the +150 µm fraction of about 85% into a
concentrate containing ~25% and assaying ~2.2% WO(3). Scheelite
recovery of ~65% into a gravity concentrate containing ~20%
mass was achieved on the -150µm fraction.
-- Heavy liquid separation (HLS) performed at three specific
gravities on coarse -12.7+0.84mm fraction of the outcrop
composite sample showed about 92% of scheelite is present in
the 65% of HLS feed mass in the +2.96 SG sink product.
'We are very encouraged by these scoping level metallurgical test
results that indicate high recoveries of scheelite,' commented Nikolas
Perrault, President and CEO of Colt. 'This report is another step
forward in advancing the Tabuaço tungsten project and showing its
viability.'
In late 2010, Colt initiated a definition drilling campaign on the
Tabuaço tungsten project. A total of 1530 m of drilling is planned and
this will lead to an initial resources estimate by Q3 2011 (see: November 29, 2010 press release).
The technical portions of this news release have been prepared and
approved by Eric Olin of SRK Consulting (U.S.) Inc., a qualified person
as defined by National Instrument 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 second largest
lease holder of mineral concessions.
In addition to the Tabuaço tungsten project located on the Company's
100% owned Armamar-Meda concession in northern Portugal, Colt holds
gold and base metal properties in Portugal.
Colt is presently 51% owner and operator of the advanced stage Montemor
gold project located in southern Portugal for which it is currently in
the process of obtaining an Experimental Mining License with the
Direcção-Geral de Energia e Geologia, a division of the Portuguese
Ministry of Economy and Innovation. Colt is on a clear path to 100%
ownership of this project (see: August 10, 2010 press release and October 13, 2010 press release).
At the Penedono gold project, located on the Company's Penedono
concession in northern Portugal, a trench and drill program is
currently underway to test near surface gold mineralization at the
Turgueira prospect (see: October 28, 2010 press release).
The Company also holds a large base metals concession, Santa Margarida
do Sado, in southern Portugal, located in the Iberian Pyrite Belt
('IPB') a 60 km wide by 250 km long mineralized belt that extends from
the southwest coast of Portugal to Spain. This world class massive
sulphide environment has been explored for many years and a number of
important mines have been discovered and exploited for copper, lead,
zinc, locally including silver and gold. The IPB is host to 5
supergiant volcanogenic massive sulphide deposits. Two of these occur
in Portugal, namely Neves Corvo and Aljustrel, and are located 75 and
35 km southeast, respectively, of Santa Margarida. Colt filed a NI
43-101 Technical Report on the Santa Margarida do Sado property on
February 14, 2011 (see: February 16, 2011 press release). The Company is currently implementing the recommended follow-up
exploration program.
Portugal is a mining friendly member country of the European Union (EU)
with easy access, excellent infrastructure and available labour force.
Colt maintains excellent government relationships at both state and
municipal levels. The company is currently reviewing potential EU
financial incentive programs.
SRK Consulting (U.S.) Inc. has been awarded a broad mandate to provide
overall technical assistance to Colt in Portugal and will be producing
several NI 43-101 compliant reports as projects progress (see: January 18, 2011 press release).
Jeffrey Volk, MSc, CPG, FAusIMM, of SRK Consulting (U.S.) Inc., is the
independent qualified person, as defined in NI 43-101, for Colt's
projects in Portugal.
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 annual
information form dated February 14, 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.
To view this news release in HTML formatting, please use the following URL: http://www.cnw.ca/en/releases/archive/March2011/02/c7250.html
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