Colt Resources reports highest grades yet with fifth hole at Tabuaco

May 24, 2011 9:59 AM ET

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Canadian junior explorer Colt Resources (CVE:GTP) (OTCQX:COLTF) announced Tuesday that it has received the final drill results from the fifth hole completed this year at the Tabuaco tungsten project in northern Portugal, reporting some of the highest grades to date.

The hole, DHT14, was drilled to improve confidence in the grade of the resource at the property, and to test for extensions of mineralization. Currently, the historical, non NI 43-101 compliant resource for Tabuaco stands at 1 million tonnes, grading 0.87% WO3.

"Hole 14 has exceeded our expectations," said president and CEO Nikolas Perrault.

"With these encouraging results, that include the highest grades reported to date, we have decided to add a third rig to accelerate the exploration program."

Results from the hole, which was drilled 137 metres deep, included 8.35 metres at 1.29% WO3, including 4.00 metres at 1.9% WO3 and 8.5 metres at 0.43% WO3.

The company said the hole indicates the deposit is open in all directions, and that in fact, grades and thickness increase as one moves further from the historical resource zone.

The Tabuaco tungsten project is located on Colt's Armamar-Meda concession in Portugal, where the company is the second largest lease holder of mineral concessions.

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