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Colt Resources Inc: Further drill results at Tabuago Tungsten

Contributed by Fox-Davies Capital

Colt has released the latest two drill results from its new Aveleira deposit, located just 700m north of its Tabuago Tungsten project in Northern Portugal. The first hole, DHT-71, was drilled vertically at the northern end of the recently discovered Aveleira tungsten deposit and hole DHT-72 is the first exploration hole to be drilled to test the soil geochemical anomalies in the gap between the Tabuago tungsten resource and the Aveleira discovery.

These were good results. DHT-71 intersected the Main Zone at a depth of 29m with an intercept of 15m (true width 14.10m) grading 0.20% WO3. Included within this was an intercept of 3m (true width 2.82m) grading 0.43% WO3. It also intersected the Lower Zone at a depth of 52.27m with an intercept grading

0.79% WO3 over a true width of 13.05m and a higher grade zone of 1.45% WO3 with a true width of 3.29m from a depth of 57.4m.

The second hole, DHT-72, intercepted 0.43% WO3 from a depth of 18.3m over a true width of 5.83m.

The first hole confirms the extension of the skarn tungsten deposit for a strike length of at least 200m in the NW-SE direction and step out drilling has already commenced across strike to determine the lateral extent of the deposit. The second hole, DHT-72 is another exploration success for Colt, further drilling is already in progress to outline the extent of this skarn horizon.

In a separate release, Colt announced that it had signed a Joint Venture Agreement with the privately owned Brazilian Contecnica-Consultoria Tecnica, Ltda ("Contecnica") to develop jointly and collaboratively Colt's Penedono gold project located in northern Portugal. Contecnica will pay Colt EUR50,000 and will invest a minimum of EUR2M over 3 years to earn a 51% interest in the project, with Colt retaining a 49% interest.