Colt Resources has
assembled an impressive portfolio consisting of more than 534k acres of
100%-owned EML and EC (Experimental Mining License and Exploration Concession)
high-grade gold and tungsten projects in Portugal with the 11.6k-acre Boa Fé
advanced-stage gold project and the 11.1k-acre Tabuaço advanced-stage tungsten
project (both EML), taking center stage. Already sitting on one of the largest
gold and tungsten positions in the entire country, COLTF yet remains
acquisition hungry and is constantly on the lookout for ways to further
strengthen their foundation by tacking on new, promising advanced-stage
opportunities.
Boa Fé (Mentemor
concession), just 62 miles or so east of Lisbon, is out of phase 1 infill
drilling as of February (designed to support upcoming feasibility study),
having completed some 5.9k feet in 32 holes. With samples that should roundly
confirm confidence in previously reported resources having been sent off to
Spain for testing and licensing/permitting proceeding apace of expectations,
the project looks like it will be ready to go into production within the next
17 months. The May 2013 NI 43-101 resource estimate for Boa Fé, that looked at
only six of the 40 known gold deposits in the massive Ossa-Montemor shear zone,
is extremely encouraging, with indicated resources in the neighborhood of 340k
oz Au (6.07M tonnes at 1.74 g/t).
Tabuaço, in the
north of the country, is similarly promising and should be in production within
the next 35 months or so. Tungsten intercepts from the recent 8.5k feet of
phase 1 drilling in 22 holes were choice, with 1.50% WO3 over 32.84 feet being
a prime example. The NI 43-101 data from 2012 shows an indicated resource
volume of around 1.495M tonnes at 0.55% WO3, making Tabuaço an extremely rich
tungsten target. Both Boa Fé and Tabuaço have been fast-tracked due to their
attractive, highly economical production potential. Full mining permits for
both projects look to be on schedule and EIA data collection is progressing
nicely, with COLTF putting in the time and effort to ensure that not only will
enhanced recovery methods be employed, but that waste streams from operations
will not pose long-term environmental problems.
The Portuguese
government is currently still extremely receptive to mining and the sector
continues booming in recent years due to its key role helping facilitate
Portugal’s economic recovery. This new attitude toward mining is taking hold
across Europe due to lingering economic concerns and the attitude is now even
shared more and more by Portugal’s neighbor Spain, which has a marked history
of being mining averse. Portuguese PM Coelho was happy regarding the country’s clean
exit from their EU/IMF-supported three-year bailout programme earlier this
month, but unemployment remains a problem (around 15.3% with under 25′s roughly
35%) and the bailout has put national debt at 129% of GDP, meaning that the
Portuguese mining industry has very few (if any) real obstacles in the way of
its further growth.
COLTF also recently
announced (May 13) that it is getting into the Chagai Hills exploration
licenses, a three target area copper-gold project in western Pakistan
(Balochistan) via the company’s 38%-owned Colt Resources Middle East (CRME)
affiliate, as CRME entered into an exclusivity agreement with Australia-based
mineral explorers, Lake Resources N.L. (ASX:LKE), to JV the project’s
development. The primary mining areas are near established copper-gold
operations (including Metallurgical Construction Corp.’s Saindak mine) and
limited drilling has kicked up some significant returns. The JV could
potentially open a broad new front for COLTF, which has the potential to
develop via into a world class asset in this minerals-rich region with premium
logistics thanks to low-cost open-pit mining and trucking of ore to the
adjacent Saindak mine.
For more information
visit: www.ColtResources.com
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