Colt Resources Inc. (COLTF)

[gsfl]

Colt Resources Inc. Announces Trenching and Drilling Program on the Turgueira Gold Prospect, Penedono Concession in Northern Por
Posted on: Thu, 28 Oct 2010 02:22:00 EDT
Symbols: GTP, COLTF

MONTREAL, Oct. 28, 2010 (Canada NewsWire via COMTEX) --



Trading Symbols: GTP - (CNSX)

P01 - (FRANKFURT)

COLTF - (OTCQX)









Colt Resources Inc. ("Colt" or the "Company") is very pleased to announce it has commenced a trenching and drilling program to investigate the near surface gold mineralization potential of the Turgueira gold prospect located on the company's 100% owned Penedono concession in northern Portugal.

Trench and Drill Program

On October 18, 2010, Colt initiated a trenching and drilling campaign on the Turgueira gold prospect located on the company's 100% owned Penedono concession, in northern Portugal. In all, 850 m of trenching and 1360 m of drilling are planned. The work program is expected to be completed by mid-December 2010.

The trench and drill program is designed to test near surface gold mineralization within a wide area of greisen alteration and quartz veining hosted in granitic country rock. Mineralization consists of locally disseminated pyrite-arsenopyrite and narrow quartz-pyrite-arsenopyrite veins associated with N to NNE trending fractures. Drilling will consist of seventeen inclined, shallow (80 m), 50 m spaced diamond drill holes along four 50 m spaced fences.

About the Turgueira Gold Prospect

The Turgueira gold prospect is located in the western portion of the Penedono concession, about 10 km WNW of the town of Penedono. The 100% owned Penedono concession (102 km(2)) is situated in northern Portugal, some 100 km east of the city of Porto.

Gold mineralization was discovered in the Turgueira area in 2000 by the previous operators of the Penedono concession. Initial exploration work recognised wide areas of fracture to shear-controlled, greisen alteration within local Hercynian-age granitic intrusions. In the Turgueira area, mapping delineated a near-vertical, N to NNE trending area with greisen alteration and quartz veining. From 2000 to 2005, the previous operators conducted mapping, ground geophysics, stream and soil geochemical surveys, outcrop sampling, trenching (8 trenches; 775 m opened, 346 m sampled) and drilling (7 diamond drill holes; total of 1027 m).

The greisen alteration and quartz veining zone is 60 m to 150 m wide, and extends for at least 600 metres. Near surface, historical gold values from adit, trench, and drill core sampling include the following highlights:


-- 24.10 m @ 2.07 g/t Au, includes 13.25 m @ 3.45 g/t Au (from

adit G2);

-- 51.70 m @ 0.50 g/t Au, includes 14.30 m @ 1.10 g/t Au (trench

PTR-T1);

-- 51.00 m @ 1.01 g/t Au, includes 13.25 m @ 2.70 g/t Au (trench

PTR-T2);

-- 52.20 m @ 0.64 g/t Au, includes 10.00 m @ 1.89 g/t Au (trench

PTR-T7);

-- 30.30 m @ 0.79 g/t Au, includes 10.10 m @ 1.51 g/t Au (drill

hole PTU-04*);

-- 39.40 m @ 0.93 g/t Au, includes 26.40 m @ 1.23 g/t Au (drill

hole PTU-06*);

(*inclination= -50 degrees)





About Colt Resources Inc.

Colt Resources Inc. is a Canadian based junior exploration company engaged in acquiring, exploring, and developing mineral properties with an emphasis on gold and tungsten. It is focused on advanced stage exploration projects in Portugal, where it is the second largest holder of mineral claims.

Colt's most advanced projects besides Montemor, also include the Tabuaco tungsten project and the Penedono gold project, located on the company's Armamar-Meda and Penedono concessions, respectively. Both projects have seen recent drill programs with very encouraging high grade gold and tungsten grades (see press releases: http://www.coltresources.com/en/press_releases).

Portugal is a mining-friendly country in the European Union (EU) with easy access, excellent infrastructure and an available labour force. Colt maintains excellent government relationships at both state and municipal levels. The company is currently reviewing potential EU financial incentive programs.

Colt's shares trade on the CNSX, symbol: GTP; the OTCQX symbol: COLTF; and Frankfurt Stock Exchange, symbol: P01.

The technical portions of this news release have been prepared and approved by Mario Justino, P.Geo., Vice President Exploration for Colt, a Qualified Person as defined by National Instrument 43-101.

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.

To view this news release in HTML formatting, please use the following URL: http://www.cnw.ca/en/releases/archive/October2010/28/c6648.html

SOURCE: COLT RESOURCES INC.

For full details on (GTP) GTP. (GTP) has Short Term PowerRatings at TradingMarkets. Details on (GTP) Short Term PowerRatings is available at This Link.

For full details on (COLTF) COLTF. (COLTF) has Short Term PowerRatings at TradingMarkets. Details on (COLTF) Short Term PowerRatings is available at This Link.