Wednesday, June 18, 2014

Colt Resources (COLTF) On Track in Mineral-Rich Portugal

Colt Resources’ attention is focused on its 534,000 acres of Experimental Mining License and Exploration Concession high-grade gold and tungsten projects in Portugal which includes the 11,000 acre Boa Fé advanced-stage gold project and the 11,000 acre Tabuaço advanced-stage tungsten project. Despite possessing one of the largest gold and tungsten positions in the entire country, the company still has an appetite for acquisitions. COLTF perpetually seeks out ways to improve their foundation with potentially promising advanced-stage opportunities.

Boa Fé (Mentemor concession), approximately 60 miles east of Lisbon, has concluded Phase 1 infill drilling as of February which consisted of 32 holes amounting to 5.9 thousand feet. With samples confirming confidence in reported resources that were sent to Spain for testing, the project appears as though it will be ready to go into production within the next 17 months. The May 2013 NI 43-101 resource estimate for Boa Fé has suggested resources of approximately 340 thousand oz Au (6.07M tonnes at 1.74 g/t).

Tabuaço, positioned in the north-central region of the country, is also promising and should be in production by mid-2017. The Boa Fé and Tabuaço projects have been expedited due to their attractive, highly economical production potential. Full mining permits for both projects look to be on schedule. With EIA data collection efforts on pace, the company is engaged in efforts to ensure that recovery methods are employed and waste streams from operations will not cause environmental problems in the future.

Colt believes Portugal has a complex and diversified geology with a considerable mineral potential, leading to the occurrence of a number of ore, industrial and ornamental stone deposits. Mineral exploitation is presently at a considerably high level, originating from world-class deposits, such as Neves-Corvo (Cu, Zn) and Panasqueira (W), but also from other deposits producing salt, feldspar, kaolin, ball clay and fire clay, ornamental stones and other mineral substances. Portugal is presently one of the main EU producers of copper, tin and tungsten (ranking fifth in the world after China, Russia, Bolivia, and Australia) concentrates and an important world producer of ornamental stones.

For more information visit: www.ColtResources.com

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