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 relative 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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