Canada-based Colt
Resources is quick and effective on its feet. Within three years, the company
assembled and is developing one of the most significant gold and tungsten lease
portfolios in Portugal, leveraging the nation’s strong power grid, road system
and geographic location that provides access to several world markets. The
company has also established a working alliance with the Portuguese Government.
Despite Portugal’s
2,000-year mining history, the country is relatively under-explored in modern times, leading to the
occurrence of a significant amount of gold and tungsten ore deposits. With its
portfolio of projects and concessions spanning 2,162 square kilometers, Colt
Resources is one of the largest holders of mining and mineral exploration
rights in Portugal, positioned to take advantage of these untapped deposits.
The company recently
issued an update on its two advanced-stage projects: the Boa Fe gold project in
Southern Portugal, and the Tabuaco tungsten project in Northern Portugal.
In June, 2014, Colt
Resources completed the infill drilling campaign at its 100%-controlled Boa Fé
gold project. The infill drilling program was designed to increase confidence
in previously reported resources as well as to provide data needed to advance
the feasibility study related work for the project, which is already underway.
Since publishing a
positive preliminary economic assessment (PEA) by SRK Consulting on Boa Fé in
May 2013, Colt Resources has worked to establish a strategy to advance the
project. While the PEA addressed six previously identified targets that were
identified by RTZ during the 1990s, Colt Resources believes there is high
potential to increase resources through additional exploration drilling.
In Northern
Portugal, Colt Resources in June recommenced drilling designed to infill and
resource expansion drilling at its 100% controlled Tabuaço tungsten project.
Upon completion of the resource expansion phase, the company will continue
drilling to execute further infill and geotechnical drilling. In the previous
phase, which ended in January 2014, 24 infill holes were drilled for a total of
2610 metres – results for this phase are pending.
The next phase of
this infill drilling program is intended to improve geological confidence in
order to upgrade inferred resources to indicated resources, per PEA
recommendations. Results of this program will provide the company with key
inputs necessary for the feasibility study which it plans to soon commence.
Moving forward and
in line with its historical performance, Colt Resources is looking to
fast-track the Boa Fe and Tabuaco projects toward production. The company is
also seeking acquisition opportunities of additional near-term production
and/or production-stage gold, base metal and strategic metal properties in
Portugal or European countries with a similar risk profile.
For more
information, visit www.ColtResources.com
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