QualityStocks
10 years ago
COLTF Maintains Rapid Pace Toward Gold, Tungsten Production
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
QualityStocks
10 years ago
COLTF Explores for Gold and Tungsten in Portugal
Colt Resources is a Canadian mining exploration and development company involved in acquiring, exploring and developing mineral properties in Portugal and Canada. Since its incorporation in 2000, this exploration-stage company has largely searched for high-grade gold and tungsten along with lead, zinc, base metals, and other minerals.
Colt is presently focused on advanced-stage exploration projects in Portugal. The company’s emphasis on gold and tungsten is reflected in its core projects in the country, including the Boa Fé gold project in Southern Portugal and Tabuaço tungsten project in Northern Portugal.
In November 2013, Colt embarked on a drilling campaign to support feasibility studies for these two projects. Most recently, the company announced the completion of the infill drilling campaign at the Boa Fé project in the south of Portugal and the recommencement of drilling at the Tabuaço project in the north.
Last year, positive preliminary economic assessments were reported for the Boa Fé and Tabuaço projects in May 2013 and October 2013, respectively. These reports supported the company’s decision to press on and move towards feasibility study and mine development.
The current drilling program is intended to build up confidence in previously reported resources and has already achieved a total measurement of approximately 4400m with a target of 10,000m to be completed during the first half of 2014. All cores have been logged and sampled, and arrangements have been made to ship core samples to an assay laboratory in Spain.
Additionally, Colt has announced that the work required to complete applications for full mining permits at both projects is advancing along. Environmental data collection and monitoring work supporting environmental impact assessments for both projects is also ongoing.
Colt is committed to mitigating the impact of its mining on the environment. As such, the company is investigating the most favorable mining and processing methods—methods that will enhance the recovery of metals while ensuring that waste products will not pose a future threat.
For more information, visit www.ColtResources.com
QualityStocks
10 years ago
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
QualityStocks
10 years ago
Colt Resources, Inc. (COLTF) Portuguese Gold and Tungsten Strategy Has Bright Future, New JV in Pakistan
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
QualityStocks
10 years ago
COLTF Executive Chairman to Purchase Colt Resources Middle East Shares and Be Appointed Advisory Board Chairman
Today before the opening bell, Colt Resources announced its executive chairman, Richard Quesnel would be purchasing up to 4,444,444 shares of Colt Resources Middle East for $1 million CAD. This offer represents a 50 percent premium to the Colt Resources Middle East financing, which was completed in March 2014. The transaction will encompass $0.225 per share. It is expected to bolster Colt Resources’ balance sheet and enable it to meet short-term capital requirements for making further progress.
Because of this transaction and for avoiding any future conflicts of interest, Mr. Quesnel will be stepping down from Colt Resources’ board of directors as executive chairman. However, he will continue working with the company management and board of directors in a strong advisory role. Mr. Quesnel has accepted the company’s offer for him to be Chairman of the company board of advisors.
Mr. Quesnel’s upcoming share purchase has been approved by Colt Resources’ board of directors and obtained conditional approval from TSX Venture Exchange. These developments have initiated a right of first refusal for remaining Colt Resources Middle East shareholders, in which they have 30 days to exercise their pro rata right for matching Mr. Quesnel’s offer. Colt Resources will retain a significant stake of 12,222,223 shares in Colt Resources Middle East, which represents 27.9 percent of the outstanding shares.
This upcoming transaction, combined with foreseen aggressive cost-cutting, will do the following for Colt Resources:
• Gives it greater financial flexibility
• Empowers the company to bankroll the completion of bankable feasibility studies at both of its flagship Portugal projects, via parallel funding initiatives
More information about Colt Resources and its projects, the Boa Fé-Montemor Gold Project and the Tabuaço Tungsten Project, can be found at www.coltresources.com
QualityStocks
10 years ago
COLTF: Playing Strong on Gold in Portugal
Colt Resources is a Canadian-based exploration company that focuses on acquisition, exploration, and development of mineral properties. The company’s mining properties are in Portugal and Canada, where it holds 100% ownership in all of its projects. In Portugal, Colt Resources has emerged as one of the largest holders of mining and exploration rights and also has become one of the most significant gold and tungsten lease portfolio holders in the mineral-rich European country. Colt Resources Portugal mining assets contributes around 92% of the company’s portfolio, and Portugal has a mining friendly jurisdiction with reliable infrastructure and known mineral potential. A complex and diverse geologic formation provided Portugal with significant potential in base and precious metals, as well as strategic mineralsand rare earth elements. Changes to mining policy encourages investment in mineral exploration in Portugal, which was one ofEurope’s largest producers of copper, tin, and tungsten concentrates and an important exporter of industrial and ornamental stones. As the Portuguese government strengthens its forward-looking economy, the country has encouraged mining as a key factor.
In Portugal, the company holds a total area of 2,162 square kilometers, in which it was granted mineral exploration rights for the Montemor gold exploration concession. In Montemor, it holds a wholly owned experimental mining license for Boa Fe gold projects, where it has 47 square kilometers of total mining area. The Boa Fe belt is estimated to contain several parallel gold mineralized zones and various gold deposits such as Banhos, Casas Novas, Chaminé, Ligeiro, and Braços.
Apart from the Boa Fe gold project, Colt Resources also received an experimental mining license for Tabuaco for its tungsten project. Tungsten is known as a strategic metal, primarily used for industrial purposes. These two projects are expected to be in production in next 18 to 36 months. Colt Resources already completed the first phase of these two projects in February, where it drilled 32 and 22 holes, respectively, for gold and tungsten. Further, it anticipates an additional drilling of 18,400 feet in the remaining first half of this year. The strong focus on these two projects in Portugal will strengthen its operating performance, which in turn will lead to strong growth.
Projects and Concessions
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Boa Fe gold project: continues to be fast-tracked
The Boa Fe mining project is one of the company’s two advance projects located in the northern central section of the Montemor gold exploration concession, 100 kilometers east of Lisbon. Colt Resources has 100% ownership of this project. The company completed the gold project’s first phase in February, in which it completed drilling 32 holes, and the drilling samples are under testing in Spain. In the first phase the infill drilling program was designed to estimate total recoverable resources from this project. Going further in advance stages, the company will continue the feasibility studies and mine development with expected production in 2015.
The Boa Fe mining area includes a more than 30-kilometer-long major shear zone, which is estimated to have several high-grade gold deposits with significant depth potential. Earlier, these surface zones were shallow drilled and trenched by other operators focused on a 10-kilometer strike length out of an extent of more than 30 kilometers. So the remaining shear zones in the Montemor area are still unexplored, which encouraged the company to focus in this particular area for mining and expects to deliver initial gold revenue by 2015. The initial metallurgical test has shown that gold is easily recoverable here through a combination of conventional methods such as gravity and flotation.
Estimated Resources
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As per the NI43-101 mineral resource estimate in March 2013, it examines only six significant target gold deposits in Boa Fe: Chaminé, Casas Novas, Banhos, Braços, Ligeiro and Monfurado. The estimation stated that potential and economically mineable pit has a cut-off above of $0.44 gram per tons (g/t) Au. So the estimated resource of the grades will have improved returns of around 6.07mt at 1.74 g/t Au (340.31k oz) indicated, or 1.55mt at 1.69 g/t Au (84.20k oz) inferred. This advanced gold project will enable the company to improve operating results upon completion in 2015.
[see image on the QualityStocks blog]
Moreover, SRK Consulting completed a PEA for this project in May 2013 where it showed different processing approaches that will result in different operating costs, capital requirements, and rate of returns. It identified four options as shown above. Colt Resources has evaluated and chose option C and D for its Boa Fe gold project. As these two options have a comparatively lower cost requirement and associated risk, this can improve the internal rate of return (IRR) for the project. So I expect applying these two processes, the company can achieve a higher return longer term, which in turn will strengthen its financial performance.
Conclusion:
The company’s strong focus and ongoing development of advance gold project in Portugal has a significant upside. With 100% ownership, Colt Resources is expected to realize a tailwind for growth upon completion of the project in 2015. Looking at its estimated recoverable resources and available PEA options, the company will strengthen its overall return structure.
QualityStocks
10 years ago
COLTF Eyes Production Progress Tabuaço Tungsten and Boa Fé Gold Projects
The Portuguese resource market has witnessed in the last three years Montreal-based Colt Resources (COLTF) emerge as a leading gold and tungsten mining exploration and development company. Taking full advantage of established relationships within the Portuguese government, the company is ambitiously developing two advanced-stage projects. These projects are the north-central-Portugal-based Tabuaço Tungsten Project and the Boa Fé Gold Project, located approximately 95 kilometers east of Lisbon, Portugal. Both 100% owned by Colt, these projects are readily accessible and have excellent infrastructure for operations and resource transportation. In addition to its efforts in Portugal, Colt Resources has also established a strategic footprint in the Middle East.
COLTF believes the two projects will be in production in the year-and-a-half to three year range. For operations coordination, in addition to its headquarters in Montreal, Colt maintains administrative and field offices in Beloura, Tabuaço, and Escoural, Portugal.
In total, Colt Resources’ leadership team amasses approximately 180 years of expertise in professional management. In particular, president and CEO Nikolaus Perrault leverages over 15 years of experience in wealth management and financial analysis with some of Canada’s largest financial institutions. These institutions include National Bank, Merrill-Lynch, Scotia Capital, and CIBC. Throughout, Mr. Perrault has kept a global eye on small cap resource companies, which have allowed him to develop an extensive international network. In May 2007, he founded a management consulting company that provides strategic advice to early-stage energy and resource companies.
Mr. Perrault also serves as an independent director for TSX-listed Calvalley Petroleum as well as NEX-listed Bitumen Capital. Mr. Perrault’s formal education consists of a Bachelor of Commerce and a Chartered Financial Analyst designation, which he received in 1997. Colt Resources’ seven other leadership team members call upon experience in the exploration and mining industry as well as across multiple other industries. Their experience resides in the areas of senior management, financial reporting, financial advisement, multinational mining and oil & gas consultation, geology, portfolio management, legal work in corporate law, commercial transactions, and intellectual property across multiple sectors, geology consulting, mining project exploration and evaluation, mining engineering, mining sector post-graduate instruction, environmental geology, and a number of other professional or academics-related fields.
Portugal’s complex and diversified geology provides for noteworthy mineral potential, which leads to the occurrence of a considerable number of ore, industrial, and ornamental stone deposits. Presently, Portugal is one of the main European Union’s producers of copper, tin, and tungsten concentrates—it ranks fifth in the world after China, Russia, Bolivia, and Australia— and is an important world producer of ornamental stones.
For more information, visit: www.coltresources.com
QualityStocks
10 years ago
COLTF Affiliate in Middle East Enters Exclusivity Agreement for Chagai Hills Exploration Licenses
Colt Resources this morning announced that its affiliate, Colt Resources Middle East (CRME), signed an exclusivity agreement with Lake Resources N.L. (LKE.AX), a publicly traded Australian based global mineral exploration company. Colt owns 38% of CRME and is currently its largest shareholder. According to agreement, CRME can earn a majority interest in Lake’s Chagai Hills exploration licenses in Balochistan, Pakistan. The agreement sets an exclusivity period of 120 days and, during this period, the parties aim to conclude the final terms and conditions of a joint venture.
Jim Clavarino, Executive Director of Lake Resources, stated, “”I am very pleased to have concluded this initial agreement with CRME and feel they are the right partner to continue the significant work already carried out by our company in Balochistan.”
The Chagai Hills exploration licenses cover three primary mining areas, as indicated in the accompanying map below, namely Amalaf, Dasht-i-Gaurance and Koh-i-Sultan. The Amalaf area adjoins the northern boundary of the Saindak copper-gold mine. The exploration target is large tonnage: low grade copper amenable to low-cost open-pit mining and trucking to the adjacent Saindak mine operated by Chinese company Metallurgical Construction Corporation. The Dasht-i-Gauran area is situated to the west of copper mineralisation reported by Tethyan Copper Company from drilling at its Sor Baroot Prospect at the Reko Diq Project, and covers a number of possible alteration zones identified from interpretation of satellite images. At Koh-i-Sultan, Lake is exploring for gold and copper associated with an extensive system of intensely altered breccia and volcanics covering an area of more than five square kilometres on the margin of an extinct volcanic caldera. Limited drilling by Lake has encountered significant copper and gold values associated with porphyry copper-type mineralization.
Colt Resources expects there will be three parties to the Joint Venture namely, Lake, CRME and Amir Resources Consultants (“Amir”). A Pakistan company will be incorporated (OpCo) into which Lakes’ exploration licenses will be transferred. CRME will subscribe to a minimum of USD $1.9 million worth of shares for 60% of Opco for the purposes of investing in exploration of the territory covered by the licenses within 3 years. The balance of shareholdings will be divided between Lake and Amir, holding 27.5% and 12.5% respectively. Subsequently, CRME will invest USD $3.1 million, for a minimum aggregate of USD $5 million, over 6 years in OpCo for the purposes of exploration whereby the shareholdings will become CRME at 60%, Lake at 15%, and the Government of Balochistan at 12.5% and Amir at 12.5%.
Should CRME exceed USD $5 million of investments in Opco, CRME can earn in such that Lake and Amir will be diluted until Lake and Amir each reach 10%. Lake’s 10% shareholding will then revert to a 10% carried interest with Lake’s share of the investment payable from 80% of Lake’s share of net profits. Amir, on diluting to a 10% shareholding, will revert to a 5% free carried net profits interest. In the event CRME invests only the minimum of USD $1.9 million within 3 years, then the shareholdings of OpCo will revert to CRME holding 51%, Lake holding 40% and Amir with 9%.
Both Lake Resources and CRME are excited about this business relationship and look forward to concluding the joint venture soon in order to be able to continue to develop the significant resource potential of the licensed areas.
Richard Quesnel, President and CEO of CRME stated “By partnering with Lake Resources, the local community and the Government of Balochistan, we believe that we can become an engine that could potentially develop what could be a world class asset in the Chagai Hills copper/gold district.”
For more information on Colt Resources, visit www.coltresources.com
QualityStocks
10 years ago
COTLF Steered by Experienced Management Team
In the space of just three years, Montreal-based Colt Resources has emerged as a leading gold and tungsten mining exploration and development company in the growing Portuguese resource market. Leveraging close ties with the Portuguese government, the company is aggressively developing two advanced-stage projects: the north-central-Portugal-based Tabuaço Tungsten Project and the Boa Fé Gold Project, located approximately 95 kilometers east of Lisbon, Portugal. Both projects are 100% owned by Colt Resources, are readily accessible, and have excellent infrastructure for operations coordination and resource transportation. Building on top of its efforts in Portugal, Colt Resources has also set up a strategic presence in the Middle East.
Colt Resources projects that these two advanced-stage projects will be in production in the next eighteen to thirty-six months, respectively. For coordination of its operations, in addition to corporate headquarters in Montreal Colt Resources maintains administrative and field offices in Beloura, Tabuaço and Escoural, Portugal.
Colt Resources’ management team boasts of 180 years of combined professional expertise. Mr. Nikolaus Perrault heads Colt Resources as company President and CEO. In this role, Mr. Perrault draws upon over 15 years of experience in wealth management and financial analysis with some of Canada’s largest financial institutions, including National Bank, Merrill-Lynch, CIBC, and Scotia Capital. Throughout his career, Mr. Perrault has maintained a global focus on small cap resource companies, which has allowed him to develop an extensive international network. In May 2007, he founded a management consulting company that provides strategic advice to early-stage energy and resource companies.
Mr. Perrault also serves as an independent director for TSX-listed Calvalley Petroleum as well as NEX-listed Bitumen Capital. For his educational background, he holds a Bachelor of Commerce and a Chartered Financial Analyst designation, which he received in 1997. Colt Resources’ seven other leadership team members leverage experience in the exploration and mining industry as well as across multiple other industries. They have experience in: senior management, financial reporting, financial advisement, multinational mining and oil & gas consultation, geology, portfolio management, legal work in corporate law, commercial transactions, and intellectual property across multiple sectors, geology consulting, mining project exploration and evaluation, mining engineering, mining sector post-graduate instruction, environmental geology, and a number of other professional or academics-related fields.
Portugal has a complex and diversified geology with a considerable mineral potential, which leads to the occurrence of a considerable number of ore, industrial, and ornamental stone deposits. At present, Portugal is one of the main EU producers of copper, tin, and tungsten concentrates—it ranks fifth in the world after China, Russia, Bolivia, and Australia— and is an important world producer of ornamental stones.
For more information, visit: www.coltresources.com
QualityStocks
11 years ago
COLTF Leverages Ties with Portuguese Government to Advance Boa Fe Gold Project
Roughly 40 gold prospects and deposits have been identified in the greater region of Montemor-o-Novo, Portugal, a small municipality of great interest to Colt Resources as it explores opportunities to continue development of its portfolio of gold and tungsten leases in Portugal.
Within three short years, Colt has emerged as one of the largest holders of mining and exploration rights in Portugal and has amassed one of the most significant gold and tungsten lease portfolios in the mineral-rich European country.
The company’s portfolio currently consists of three experimental mining licenses, four exploration concessions, and two active joint ventures in Portugal, as well as a 38 percent stake in Colt Resources Middle East mining projects.
The Boa Fé Gold project, one of Colt’s two advanced-stage projects, is slated for production in the next 18 months. Efforts to further develop this project is supported by the company’s close working relationship with the Portuguese Government, which has implemented favorable mining laws that encourage mineral exploration and mine development.
While several international companies are conducting exploration on base and precious metals, Portugal is largely overlooked and underexplored. As such, the Portuguese government’s geology and mining agencies actively advocate projects that exploit the country’s mineral resources.
Colt’s strategy is to leverage these initiatives and continue to test deep gold mineralization potential close to planned mining operations. Moving through 2014, the company plans to conduct environmental impact studies to optimize the mining and processing facilities and minimize their environmental impact, advancing the project to construction during 2014 and full production by 2015.
For more information, visit www.coltresources.com
QualityStocks
11 years ago
COLTF Capitalizing on Mining Gold and Tungsten Rich Portugal
Colt Resources is one of the leading gold and tungsten mining exploration, and development companies in the expanding Portuguese resource market. COLTF’s 100%-owned, advanced-stage, high-grade gold and tungsten projects in Portugal are expected to be in the production stage starting in the next 18 to 36 months respectively. Colt’s senior management team headed by Nikolas Perrault, President and Chief Executive Officer, is divided between the administrative and field offices in Beloura, Tabuaço and Escoural, Portugal and the corporate office in Montreal, Canada. With its experienced management team, various environmental and community initiatives, and close relationships with the Portuguese Government, Colt is developing its Boa Fé Gold Project and its Tabuaço Tungsten Project.
The Boa Fé Experimental Mining License is surrounded by the Montemor Exploration Concession. Both are 100% controlled by Colt. Boa Fé / Montemor is a prospective area known to host several near surface gold deposits hosted within a regional shear mapped to ex-tend over 30km. The deposits remain open along strike and to depth. The area is readily accessible, located 95km east of Lisbon and has sufficient infrastructure including roads, a railway, water, and electricity.
The Tabuaço Experimental Mining License (EML) is located in north central Portugal and like Boa Fé, it too has excellent infrastructure including roads, railway, water supply, and electricity. Tungsten is found as fine to coarse disseminations of scheelite within skarn horizons. The skarns are virtually devoid of sulphides and molybdenum, which is quite favorable for potential mineral processing.
Portugal is enriched with a complex and diversified geology with a considerable mineral potential, leading to the occurrence of a significant 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 some 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 on the company visit www.coltresources.com
QualityStocks
11 years ago
COLTF One of the Biggest Gold and Tungsten Positions in Portugal, Plus a Rapidly Emerging Middle Eastern Unit
Colt Resources continues putting together one of the biggest packages of high-grade gold and tungsten mining/exploration rights in all of Portugal (some 890 square miles), where the company enjoys a tight-knit relationship at all levels with the mining-friendly local government and where the impact is now really being felt from the EU’s increasing identification in recent years of tungsten as a strategic metal. Heightened EU interest in tungsten has been due in large part to primary global supplier (with roughly 85% of global supply) China’s curtailing of rare earth and metal exports since 2010, a move that was recently addressed somewhat by the WTO dispute ruling in March, but a problem which still puts considerable logistical/strategic heat on European decision makers for finding long-term sources closer to home.
The company recently wrapped Phase 1 of an infill drilling campaign (Feb. 20) begun back in November of 2013 on both of its advanced-stage gold and tungsten projects in Portugal, the Boa Fé gold project in the south, and Tabuaço tungsten project in the north, with some 5.9k feet in 32 holes and 8.5k feet in 22 holes drilled respectively. Designed to support forthcoming feasibility studies on the two projects (expected to be in production in within 18 and 36 months respectively), this latest drilling is also intended to increase confidence in previously reported resource levels and COLTF has targeted an additional 18.4k feet of drilling for the remainder of this year’s first half. Cores are logged and sampled so it’s just a matter of time before the assays come back from COLTF’s lab guys in Spain. The company is wasting no time in the interim and they are currently progressing on the work needed for complete mining permit applications on both projects, including the environmental data collection for the EIAs.
Looking at the NI 43-101 resource estimate from March of last year on Boa Fé, which examined just the six primary targets out of multiple (roughly 40) known gold deposits in the larger 20.5 miles of Ossa-Montemor shear zone, we have really nice returns of around 6.07mt at 1.74 g/t Au (340.31k oz) indicated, or 1.55mt at 1.69 g/t Au (84.20k oz) inferred. A subsequent PEA detailed an after-tax NPV5% of some $64.3M, with an IRR of 30.2% using COLTF’s preferred processing option and open pit mining.
Tabuaço, just 62 miles east south-east of the city of Porto, looks equally good, if not better than Boa Fé. High-grade mineralization has been previously reported at Tabuaço, including 1.50% WO3 over 32.84 feet and 0.93% WO3 over 43.77 feet (including 1.05% WO3 over 28.67 feet). The last NI 43-101 (Oct. 2012) on the project gives us solid baselines of some 1.495mt at 0.55% WO3 indicated, or an inferred mineral resource of 1.230mt at 0.59% WO3. Compare this data to Blackheath Resources’ Covas Project up in the northwest for instance (roughly 60 miles plus to the north of Porto), which is considered high-grade compared to most of the other deposits in the world at around 0.78% WO3, and you can understand why Tabuaço has been fast-tracked for production here within the next two to three years.
Also in the latest operational update on COLTF was the announcement that drilling has started on their Santo António gold JV near Tabuaço, currently under management of the company’s Brazilian partner, Contecnica, with results on the drilling of gold-bearing tailings from this past producer set to come out soon. On the Borba JV to the east of Boa Fé, COLTF is planning a 6.56k-foot drilling program designed to test the project’s vastly similar geology to Boa Fé (both being in the Ossa-Morena zone) and strong indicators of copper-gold and gold mineralization, characterized by prior regional exploration from Rio Tinto and others during the 1986 to 2006 window.
Also in the news for COLTF was progress highlighted last month on their 38% stake in Colt Resources Middle East (CRME), the company’s Middle East-focused affiliate, which completed the second and final closing of their private placement announced back in January, bringing in some CND$1.025M. Current targets for CRME are Pakistan and Afghanistan, with the minerals-rich Tethyan belt being a primary operational goal.
Get a closer look at COLTF by visiting www.coltresources.com
QualityStocks
11 years ago
To provide maximum oversight and leadership, Colt’s highly qualified senior management team has strategically divided its presence between the administrative and field offices in Beloura, Tabuaço and Escoural, Portugal, with a corporate office in Montreal, Canada.
Nikolas Perrault, President & Chief Executive Officer
Nikolas Perrault is a Chartered Financial Analyst who has spent the first 15 years of his career working with some of Canada’s largest financial institutions, including National Bank, Merrill-Lynch, CIBC, and Scotia Capital. His focus throughout his career has been on small cap resource companies worldwide, which has allowed him to develop an extensive international network. In May 2007, he founded a management consulting company providing strategic advice to early stage energy and resource companies. Mr. Perrault is also an independent director of TSX listed Calvalley Petroleum as well as NEX listed Bitumen Capital. Perrault holds a Bachelor of Commerce and obtained his Chartered Financial Analyst designation in 1997.
Shahab Jaffrey, Chief Financial Officer
Shahab Jaffrey is an experienced chartered accountant possessing strong commercial and technical skills with core expertise in financial reporting and advisory related issues having worked with large International and Canadian accounting firms. He possesses more than 13 years of experience across Australia, Canada, Russia, Kazakhstan, Pakistan, and the Middle East with major clients being listed companies in the Mining and Oil & Gas sector. His last role was with Sherritt International Corporation as part of their senior internal audit and risk management team.
Declan Costelloe, Executive Vice President and Chief Operating Officer
Declan Costelloe is a chartered engineer (UK Engineering Council) and a mining geologist with over 25 years of experience. In addition to his roles at Colt, Costelloe also serves as President of Celtic Mining Ltd. and independent mining consulting firm. In 2007, he served as a portfolio manager with the Goldfish Fund, a Colorado-based investment fund with a diversified portfolio primarily directed at the mining and natural resources exploration and development field. From 2003 to 2006, Costelloe served as an investment manager with Veneroso Associates Gold Advisors, an investment company focused on the gold industry, prior to which he served as research director from 2000 to 2003. He also currently serves as a director of Homestake Resources Corp., a Canadian exploration company. During his mining career he held positions with several resource focussed companies including BHP Gold, SRK (UK), Monarch Resources and Golden Star Resources. Costelloe holds a B.Sc. in Geology from University College, Galway and a B.Sc. in Mining Geology from the University of Wales College Cardiff.
David A. Johnson, Chief Legal Officer and Corporate Secretary
David A. Johnson is an attorney and trade-mark agent with his own law firm based in Montreal, Quebec, Canada. Johnson specializes in corporate law, commercial transactions, and intellectual property. He also practises across several industries including mining, software, energy, manufacturing, clean tech, transportation, and entertainment. His international legal experience includes work in France, Portugal, Germany, Albania, the United States of America, the United Kingdom, and Israel. Johnson has several years’ experience at the senior management level in a variety of companies and not for profit organizations. He is presently a director and the Secretary-Treasurer of the International Law Association, Canadian Branch, a registered charity. Johnson holds a Bachelor of Arts (Hons.) from Queen’s University, a Master of Urban Planning (M.U.P.), Bachelor of Common Law (LL.B.), and a Bachelor of Civil Law (B.C.L.) from McGill University. He also completed the Directors Education Program at the Rotman School of Management, University of Toronto, and has been certified at the Institute of Corporate Directors (ICD.D), the International Executive Program for Mining Leadership at the School of Business, Queen’s University, and the Canadian Securities Course at the Canadian Securities Institute.
Filipe Faria, Vice President, Exploration
Filipe Faria is a geologist with has more than 30 years of experience in mineral exploration. Over the last 13 years he has been a partner and the principal consulting geologist of GEOLOG – Gabinete de Geociências Lda, a geological consultancy based in Lisbon, Portugal. Prior to that, Faria worked for Rio Tinto plc, Ashanti Goldfields Ltd, European Gold Resources Inc., and as an independent consultant. Over the course of his career, he has been responsible of numerous geological and mineral exploration/evaluation projects for a number of domestic and international companies focusing in Western Europe and Southern Africa. Fluent in Portuguese and English, Faria has been a member of the Portuguese Association of Geologists since 1982 and the Geological Society of Portugal since 1978.
João Carlos Gaspar de Sousa, Vice President, Operations
Joao Carlos Gaspar de Sousa previously worked as the senior project geologist of Genius Mineira, Lda., an Angolan company. He is a Senior Exploration Geologist with 28 years of experience including five years as the Country Manager for Iberian Resources Portugal (the former owner of Colt’s Montemor project), more than two years with Empresa de Desenvolvimento Mineiro, S.A. and its subsidiary, 13 years with Rio Tinto and 5 years with Lundin Mining Corporation (EuroZinc Mining Corp.) which owns the "Neves-Corvo" copper mine in Portugal. Gaspar de Sousa has a Geological degree from Faculdade de Ciências de Lisboa.
Jorge Valente, Vice President, Engineering and Development
Jorge Valente is a Portuguese citizen and resides in Brazil. Valente has more than 40 years of extensive experience in the mining industry. He is a mining engineer (graduated from IST, Lisbon, 1970), specializing in Geomathematics (mineral resources and ore reserves estimation and mine planning). He also teaches post-graduate courses at the School of Mines of UFOP (Ouro Preto Federal University), and is a certified CP (“competent person”, by SME – USA). He is the author of two books and many articles dealing with subjects of his specialty, some of which have been published in English.
Luís Martins, Advisory Board Chairman and Director Business & Development Europe
Luis Martins is a geologist with 30 years of experience in the exploration and mining sector. He graduated from the Faculty of Sciences of Lisbon (1973) and has a MsC in Economic Geology from the same faculty (1995) and also several national and international post-graduation courses. He was a former Director of the Mineral Resources Department at the Geology and Mining Institute (the Geological Survey) and a former Director of the Mines and Quarries Department at the Directorate-General of Energy and Geology (the Mining Authority). He has participated in several national and international research projects, especially in the mineral exploration, environmental geology and mining heritage fields, the majority of them with co-ordination functions and coordinated several international working groups, like the "Mineral Resources Topic Network" and the "Minerals Policy Sector" of the EuroGeoSurveys (1997-2002) and the CYTED Ibero-American Network "Land Use and Mineral Resources" (2002-2007). He was the Portuguese representative on the “Raw Materials Supply Group” of DG Enterprise and Industry of the European Commission (June 2010-August 2012) and, as an expert, on the “UNECE Expert Group on Resource Classification” (October 2010-August 2012). He has published over 100 national and international peer-review publications. He has participated in 350 conferences, workshops and seminars where he has presented papers in 80 of them and taught more than 20 graduate level short courses.
QualityStocks
11 years ago
COLTF is “One to Watch”
Colt Resources has assembled and is developing one of the most significant gold and tungsten lease portfolios in Portugal, a stable European country with excellent infrastructure and experienced labor force, high mineral potential, and a mining history dating back 2,000 years. Within three short years, Colt has not only become one of the largest holders of mining and exploration rights in Portugal, a country well-known for its rapidly growing resource market, but has also established a strategic presence in the Middle East as well.
Backed by a close working relationship with the Portuguese Government, Colt is aggressively developing its advanced-stage projects in Portugal: the Boa Fé Gold Project and its Tabuaço Tungsten Project. These 100%-owned high-grade gold and tungsten projects are expected to be in the production stage starting in the next 18 to 36 months, respectively. Leveraging its high-caliber management team, multiple environmental and community initiatives, and close relationships with the Portuguese Government, Colt anticipates the development of several mines in small, but resource-rich country.
The company also a 38% stake in Colt Resources Middle East (CRME), a company focused on securing near term, world-class production assets in emerging mining areas in the Middle East. The company’s current areas of interest are in Pakistan and Afghanistan, specifically in the Tethyan belt, one of the world’s largest mineral deposits. Leveraging an experienced team with a diversified skill set essential for de-risking mining projects at all stages of the mining cycle, CRME’s long-term strategy is to build a major diversified world class mining company.
Collectively, Colt’s portfolio consists of three experimental mining licenses, four exploration concessions, and two active joint ventures in Portugal, as well as a 38% stake in Colt Resources Middle East mining projects. Colt is a triple-listed public company, trading on the OTC marketplace, the Toronto Stock Exchange, and the Frankfort Stock Exchange. To provide maximum oversight and leadership, Colt’s senior management team has strategically divided its presence between the administrative and field offices in Beloura, Tabuaço and Escoural, Portugal, with a corporate office in Montreal, Canada.
For more information, visit www.coltresources.com
gsfl
13 years ago
Colt to Start Portugal Gold Mine in Early 2014 After Price Gains
By Firat Kayakiran - Apr 23, 2012 10:52 AM ET
Colt Resources Inc. (GTP), an explorer for gold in Portugal, is seeking to bring its Montemor mine into production in early 2014 after price gains spurred development.
“We’re hoping that by June we’ll have an economic deposit and then we can consider moving a little bit quicker than people anticipate,” Chief Executive Officer Nikolas Perrault said today by phone ahead of Colt’s resources update in two months’ time. He sees the mine costing less than $100 million to build.
Colt, based in Montreal, took over the Montemor concession in southern Portugal after previous owner Tamaya Resources Ltd. filed for bankruptcy during the global financial crisis. It’s among gold developers boosting investment in exploration after prices for the precious metal increased for 11 years in a row.
Gold resources at Montemor were estimated by the previous operator at about 600,000 ounces after drilling only 100 meters (330 feet), Perrault said. “Even less than a million ounces would be very economic” because high-grade ore is near the surface, he said, without giving a current resource estimate.
Portugal, expected to contract 3.3 percent this year, is seeking to attract investment to its mining industry to stimulate economic growth. The government announced the start of gold and silver mining tenders for concessions in Mertola, Albernoa and Alcoutim in March, and in November signed 10 mining contracts with exploration companies including Colt.
Attractive Targets
“We’re going to be expanding our current drilling program quite substantially; we have numerous regional targets that have never been drill-tested,” Perrault said. “The previous drilling was in mid-2000 and gold was $700 an ounce, so we have a lot of targets that were deemed not worthy back in those days but are extremely attractive now.”
Gold is trading above $1,600 an ounce on the London Metal Exchange, after reaching a record $1,900.05 in September.
“We’re in the process of finding a new level for gold and the new level is a bit higher than what it is right now,” Perrault said. “This project is extremely attractive as it is; because of the high-grade nature of the system even if the gold price goes down a bit we can make some serious money here.”
Colt also owns a tungsten project in northern Portugal. It’s in talks with potential partners for the venture and plans to select one in the next 12 months, according to the CEO.
“The strategy is to develop the tungsten project with an industry player or a strategic partner and the gold project directly on its own,” he said.
Prices for tungsten, a metal used to harden steel in ballistic missiles and in drill bits, have risen after China imposed export restrictions on the metal. While China provides about 85 percent of global supplies, tungsten is also mined in countries including Russia, Bolivia, Peru and Portugal.
“We have what is arguably the highest grading non- developed tungsten project in Europe,” Perrault said. “It’s quite attractive and we think we’ll be able to choose the right partner for the benefit of our shareholders.”
gsfl
13 years ago
Colt Resources Strengthens its Operations Team in Portugal
Montréal, Québec, Colt Resources Inc. (“Colt” or the “Company”) (TSXV: GTP) (FRA: P01) (OTCQX: COLTF) is very pleased to announce that it continues to strengthen its operations team in Portugal. Seasoned geologist, Steve McRobbie, B.Sc., M.Sc., has accepted to lead the Company’s mine geology efforts. Mr. McRobbie’s diversified international experience with advanced stage projects is key to us as we rapidly move our two main assets from exploration towards production.
Mr. McRobbie is a mining and exploration geologist with nearly 20 years of extensive international experience. He has served as the Vice President of Exploration for Global Cobalt Corp., Director of Exploration of Kazakhmys Plc. and General Manager of Europe and the CIS for Monaro Mining Plc. He holds a B.Sc. in Geology from the University of St. Andrews and a M.Sc. in Mining Geology from the University of Exeter. Mr. McRobbie is a Member of The Australasian Institute of Mining and Metallurgy and an Associate of Camborne School of Mines.
Under the supervision and direction of Mr. Declan Costelloe, Mr. McRobbie will be working closely with Mr. Jorge Valente, mining eng. (IST), whose extensive mine engineering and development experience worldwide was gained with his involvement in studies, engineering projects, mine planning and commissioning over 50 mining operations, in Europe, Africa and South America. Mr. Valente has over forty’ years experience, including creating and managing his own consulting firm for over twenty years, specialized in ore resources and reserve estimation and mine planning (open pit, underground and underwater). Mr. Valente is a published author (nine books and more than 100 technical papers), Member and/or Fellow of various international mining societies, namely of the SME of AIME (USA) and CREA-MG (Brasil), Director of APROMIN (Brasil) and professor (now retired) of the UFOP’ School of Mines (Brasil).
In addition, Mr. Filipe Faria, B.Sc., B.Sc. (Hon.), who has been consulting almost exclusively for Colt for the past few years, has agreed to join the Company full-time to become its VP of Exploration. He has over thirty years’ experience in mineral exploration and evaluation projects, including creating and managing his own consulting firm for over twelve years and as an exploration geologist with RioTinto Finance and Exploration for twelve years. He holds a B.Sc. in Geology from the University of Lourenço Marques (Mozambique) and a B.Sc. (Hon.) in Geology from the University of Lisbon (Portugal). Mr. Faria’s main focus will be to pursue the multiple regional exploration targets Colt has identified near both its Boa Fé gold and Tabuaço tungsten development projects to the point where, when successful, they can be transitioned over to an advanced projects team.
Finally, the Board of Directors of Colt has agreed to change the financial year-end of Colt from March 31 to December 31. This will align the financial year-ends of both Colt and its subsidiaries, including the recently acquired Q.S.P.A.- Sociedade Viticola Unipessoal, Lda., and results in a simplification of internal processes, with all subsidiaries and business units using the same reporting periods. The first reporting obligation pursuant to the new fiscal year will be the preparation and filing of Colt's audited annual financial statements for the nine months ended December 31, 2011 compared to the 12 months ended March 31, 2011.
gsfl
13 years ago
Colt Resources intersects 9.98g/t Au over 19.40m, including 45.07g/t Au over 3.0m at its Boa Fé Gold Project, Southern Portugal
MONTREAL, Jan. 18 /PRNewswire/ - Colt Resources Inc. ("Colt" or the "Company") (TSXV: GTP) (FRA: P01) (OTCQX: COLTF) is pleased to announce that it has received final analytical results for the first four holes of its ongoing drilling campaign on its Boa Fé gold project, located within the Company's 100% owned Boa Fé Experimental Mining License ("EML") in southern Portugal.
Colt's initial work program is designed to confirm and expand upon extensive historical drilling and trenching performed by previous operators. The results of this initial phase of drilling will form the basis for an initial NI 43-101 resource estimate covering several previously drilled gold bearing deposits within the Boa Fé EML which is to be published by mid 2012.
The results are highlighted as follows:
----------------------------------------------------------------------
Drill hole BFCH-11-001 (Vertical) - 58.74m deep
----------------------------------------------------------------------
From (m) To (m) Grade g/t Au Interval (m)*
----------------------------------------------------------------------
7.20 8.95 15.77 1.75
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Drill hole BFCH-11-002 (Inclined -45o to 084) -190.05m deep
----------------------------------------------------------------------
From (m) To (m) Grade g/t Au Interval (m)*
----------------------------------------------------------------------
27.00 43.40 9.98 19.40
----------------------------------------------------------------------
(Including) 43.40 46.40 45.07 3.00
----------------------------------------------------------------------
54.35 64.20 11.02 9.85
----------------------------------------------------------------------
(Including) 58.55 62.20 15.53 6.85
----------------------------------------------------------------------
Drill hole BFCH-11-003 (Vertical) - 51.14m deep
----------------------------------------------------------------------
No significant mineralization
----------------------------------------------------------------------
Drill hole BFCH-11-004 (Vertical) - 50.84m deep
----------------------------------------------------------------------
From (m) To (m) Grade g/t Au Interval (m)*
----------------------------------------------------------------------
7.85 33.36 2.93 25.51
----------------------------------------------------------------------
(including) 24.24 32.36 7.42 8.12
----------------------------------------------------------------------
* True Width has not been determined at this time.
Nikolas Perrault, President and CEO of Colt, stated, "We are delighted with these extremely positive initial results which give us a good degree of comfort on the quality of the database we obtained as part of our acquisition of this concession. Our exploration and mine development teams have been given clear instructions to fast track these projects towards the mining phase and these initial results go a long way in supporting us in this decision".
Program Strategy
The company has commenced the implementation of an aggressive advanced stage exploration campaign consisting of a combination of vertical and inclined drill holes positioned to confirm previous drilling results at the Chaminé and Casas Novas deposits. This work will greatly expand the geological, geotechnical and metallurgical knowledge base. Our geological team is testing the geological models proposed by previous operators so as to move forward with increased confidence towards resource delineation and mine development. High priority regional targets identified through field prospecting will also be tested.
Quality Assurance / Quality Control (QA/QC)
Sample intervals are reported as metres (m) downhole and as such do not represent true width. The actual orientation of the gold mineralization is yet to be determined.
All drill core is transported by Company personnel from drill site to a nearby secure storage facility for logging and sampling. Sampling intervals are defined after core logging and determination of probable high grade zones based on visible mineralisation and favourable structure. One half of the core is sent for analysis, while the other half is retained in the core boxes for future reference.
All samples are sent by courier to ALS Chemex's facility in Seville, Spain, where they undergo sample preparation. The resulting pulps are shipped by ALS to their laboratory in Romania for gold assay and routine ICP multi-element analysis. Gold analysis for all samples is done via method "Au - AA23" (Au by fire assay and AAS, 30g nominal sample weight). The detection limit for this method is 5 ppb. For every sample with Au values over 3 ppm, the pulp is re-analyzed by method "Au - GRA21" (Au by fire assay and gravimetric finish, 30g nominal sample weight). The detection range for this method is 0.05-1000 ppm
A set of standards and blanks has been inserted by Colt into the sample stream on a regular basis in addition to the laboratory's own internal QA/QC standards and duplicates. QA/QC results to date are well within the accepted norm.
About Colt Resources Inc.
Colt Resources Inc. is a Canadian junior exploration company engaged in acquiring, exploring, and developing mineral properties with an emphasis on gold and tungsten. It is currently focused on advanced stage exploration projects in Portugal, where it is the largest lease holder of mineral concessions.
SRK ES Director - Gareth O'Donovan CEng MSc BA (Hons) FIMMM FGS, is the independent qualified person, as defined in NI 43-101, for Colt's projects in Portugal. Mr. O'Donovan has reviewed the content of this press release, and consents to the information provided in the form and context in which it appears.
The Company's shares trade on the TSX-V, symbol: GTP; the Frankfurt Stock Exchange, symbol: P01; and, the OTCQX, symbol: COLTF.
gsfl
13 years ago
Initial NI 43-101 Resource Estimate for its 100% Tabuaço Tungsten Project, Northern Portugal.
Montréal, Québec, Colt Resources Inc. (“Colt” or the “Company”) (TSXV: GTP) (FRA: P01) (OTCQX: COLTF) is pleased to announce details of an initial resource estimate for its 100% owned Tabuaço (São Pedro das Águias) tungsten project, located in the Company’s wholly owned Armamar-Meda concession in northern Portugal. The resources have been estimated by SRK Consulting (UK) Ltd (“SRKUK”) and SRK Exploration Services Ltd (“SRKES”). This has been reported in accordance with the guidelines set out by the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) and detailed in the National Instrument 43-101.
Resource Estimate Highlights
? Indicated resources total 760,000 tonnes with an average grade of 0.58% WO3.
? Inferred resources total 1,330,000 tonnes with an average grade of 0.57% WO3.
? The mineralization, hosted in shallowly dipping skarn units, remains open for expansion
in several directions. Four drills are operating at the project at present to expand current resources and identify new mineralized areas.
"We are very encouraged by this initial estimate that has been focused on a portion of a larger zone of mineralization that remains open. The high grade nature of the mineralization confirms Tabuaço to be one of the highest grade, undeveloped tungsten deposits in Europe. We have an outstanding team on site and we fully intend to build upon this robust foundation in the months ahead”, said Nikolas Perrault, President and CEO.
Perrault went on to say, "We recently announced the acquisition of the surface rights (see Press release August 24th, 2011) at Tabuaço. Colt will now focus on delivering a Preliminary Economic Assessment during the first half of 2012 which will include an updated resource estimate”.
Tabuaço Resource Estimate
SRKUK and SRKES were supplied raw drilling data by Colt Resources, which have been collated by SRKES into the drillhole database, “Tabuaço-SPA_complete_drill-database_20111011”. This database has formed the basis of the geological and grade estimates presented here. All geological modelling was undertaken in Gemcom mining software (“GEMS”). In addition, SRUK have undertaken grade modelling and estimation using Isatis geostatistical software (“ISATIS”).
The following Table (Table 1) summarises the in-situ Mineral Resource, stated at a 0.3% WO3 cut-off grade, within the defined mineralisation models. In total, two domains were estimated, namely the upper and lower skarn units. Classification of the Mineral Resource is based on quality control data, geological continuity and borehole spacing. The estimate is considered to have reasonable prospects for eventual economic extraction, as it is constrained by a cut-off grade derived from reasonable underground mining and processing costs.
` The estimated Mineral Resources for the Tabuaço project are as follows:
? Indicated Mineral Resources of 760 kt at a mean grade of 0.58% WO3, which is the equivalent of 4,400 t of contained WO3; and
? Inferred Mineral Resources of 1,330 kt at a mean grade of 0.57% WO3, which is the equivalent of 7,600 t of contained WO3
Indicated Mineral Resources 760 0.58 4,400 9,700,000 440,000 Inferred Mineral Resources 1,330 0.57 7,600 16,700,000 760,000
Table 1 SRK UK -
In summary, the processes and parameters used to derive the Mineral Resource Statement are as follows:
? A cut off grade of 0.3% WO3 has been used to constrain the Mineral Resource estimate; ? This cut-off grade is based on a WO3 price of US$300/mtu, an underground mining cost of US$30/t and a processing cost of US$22/t, as supplied by SRK Denver, and agreed by Colt
Resources;
? This resource model has been wireframed using GEMS. Grade interpolation was undertaken
using Ordinary Kriging, with block model dimensions of 50m in the X direction, 50m in the Y direction and 10m in the Z direction. This is consistent with the drill spacing across the project area. No rotation parameters were applied to the block models.
? Variography and grade estimation were undertaken in ISATIS. Search ellipsoids were derived through the application of quantitative Kriging neighbourhood analysis (“QKNA”), and two search passes were used to estimate the block model; and
? The mapped fault running through the Tabuaço Project was used to limit the classification of the Mineral Resource.
All samples used for this estimate were sent by courier to OMAC Laboratories Ltd, Galway, Ireland or to ALS Laboratory Group, Seville, Spain. Samples were analyzed for W and Sn using a metaborate fusion followed by XRF analysis. Assay results for tungsten were reported by the laboratory as W%. WO3 values were calculated using a conversion factor of 1.2611.
A set of standards, duplicates and blanks is inserted by Colt into the sample stream on a regular basis in addition to the laboratory’s own internal QA/QC standards and duplicates. QA/QC results to date are well within the accepted norm.
gsfl
13 years ago
Mining License Approved for the Boa Fé Gold Project in Portugal
Montréal, Québec, Colt Resources Inc. (“Colt” or the “Company”) (TSXV: GTP) (FRA: P01) (OTCQX: COLTF) is extremely pleased to announce that it has received formal notification from the Direcção- Geral de Energia e Geologia (DGEG), a division of the Portuguese Ministry of Economy and Innovation, that the Colt-AIOC Joint Venture application and contract for an Experimental Mining License on its 47 Km2 Boa Fé gold project (see press release August 10, 2010) has been approved by order of the Secretary of State for Energy and Mining of the Government of Portugal. Colt has also received a similar notice of approval for an exploration license on its 728 km2 Montemor gold concession which completely surrounds the Boa Fé concession.
As a result, the Company will proceed immediately, after an official signing ceremony with the payment of €125,000 and the issuance of 3 million shares to be escrowed over 2 years to Iberian Resources Portugal Recursos Minerais Unipessoal Lda, a Portuguese subsidiary of Australian Iron Ore PLC (AIOC). This will satisfy the requirements of the August 2010 transaction and will increase Colt’s control and ownership of the project from 51% to 100%.
"We are now able to commence the development of this exceptional gold property. We have equipment and experienced personnel on site and are ready to begin operations immediately. We look forward to enjoying the benefits of this transaction which was agreed when gold was selling at approximately three quarters of its present price”, said Nikolas Perrault, Colt Resources President and CEO.
Perrault went on to say "The Boa Fé property has been explored intermittently during the last 20 years during which time significant funds have been spent on geochemistry, trenching and drilling. This has resulted in an extensive historical database which we acquired as part of the transaction (see press release March 7, 2011). At current gold prices, the asset represents a remarkable opportunity to rapidly advance a significant gold bearing shear zone.”
Boa Fé / Montemor
The Boa Fé Shear zone is located approximately 95km east of Lisbon and is known to extend over 30Kms. Gold mineralization was identified during the 1950’s but remained largely overlooked until
the 1980’s when several exploration companies including RTZ and Riofinex began to test the potential of the property. Low gold prices during the 1990’s forced those companies to abandon the property and the significant amount of data that had been collected. During the 2000’s, several junior companies recommenced near surface exploration for gold. The application process to commence mining of several high grade, near surface gold deposits was stalled in 2008 as a result of the bankruptcy of Tamaya Resources, the most recent explorer of the project. It should be noted that the most recent work done at Boa Fé was in the mid 2000’s, a period during which gold was trading under $700 per ounce.
Over the next month, Colt will commence an aggressive resource definition and mine development program at Boa Fé as well as an extensive regional exploration program (Montemor Concession) over the remaining parts of the shear zone which historically have received very little attention.
gsfl
13 years ago
Colt Resources Intersects 1.08% WO3 over 7.65m at its Tabuaço Tungsten Project, Northern Portugal
Trading Symbols: GTP - (TSX-V) P01 - (FRANKFURT)
COLTF - (OTCQX)
MONTRÉAL, May 9 /CNW Telbec/ - Colt Resources Inc. ("Colt" or the "Company") (TSXV: GTP) (FRA: P01) (OTCQX: COLTF) is
very pleased to announce it has received preliminary analytical results for the recently completed 4th hole drilled this year in its Tabuaço (São Pedro das Águias) tungsten project, located in the Company's wholly owned Armamar-Meda concession in northern Portugal.
Drillhole DHT13 was planned as an infill hole to improve confidence in the geology and grade models and has confirmed the presence and continuity of several thick and richly mineralized skarn horizons.
Colt's current drilling program is designed to confirm and expand the historical, non NI 43-101 compliant resource estimate of 1 million tonnes grading 0.87% WO3 (SPE-BRGM JV, early 1980's).
Nikolas Perrault, President and CEO of Colt, says, "We are very encouraged by these positive results and have accelerated the exploration program having recently commenced drilling using a second rig."
The received results are summarized as follows:
QA/QC
Sample intervals are reported as metres (m) downhole and as such do not represent true width. The actual dip of the skarn controlled mineralization is generally shallow. It is estimated that true widths may range between 75% and 95% of the sample widths.
All drill core is transported by Company personnel from drill site to a nearby secure storage facility for logging and sampling. Sampling intervals are defined after core logging and determination of scheelite contents by examination under short-wave UV- light. One half of the core is sent for analysis, while the other half is retained in the core boxes for future reference.
All samples are sent by courier to OMAC Laboratories Ltd, at Galway, Ireland, an ISO 17025 accredited facility. Samples are analyzed for W and Sn using a metaborate fusion followed by XRF (laboratory code BF/EL). Assay results for tungsten are reported by the laboratory as W%. WO3 values are calculated using a conversion factor of 1.26.
A set of standards, duplicates and blanks is employed by Colt in their sample stream as well as the laboratory's own standards and duplicates. Results to date are well within the accepted norm.
The technical portions of this news release have been prepared and approved by Jeffrey Volk of SRK Consulting (U.S.) Inc., a qualified person as defined by National Instrument 43-101.
gsfl
14 years ago
Colt Resources Inc. Announces NI 43-101 Technical Report on Exploration of the Montemor Gold Project in Southern Portugal
Colt Resources Inc. (“Colt” or the “Company”) (TSXV: GTP) (FSE: P01) (OTCQX: COLTF) is pleased to announce today that the NI 43-101 Technical Report on Exploration of the Montemor Gold Project prepared by SRK Consulting (U.S.), Inc. (“SRK”) in collaboration with SRK Exploration Services (“SRK ES”) has been filed on SEDAR. The full text of the report will also be available on the Company’s website, www.coltresources.com
Property Description and Location
The Montemor Project is located in the Alentejo Region of Portugal, approximately 100km east of the city of Lisbon, near the town of Santiago do Escoural. The project is centered at the UTM coordinates of 569,419E, 4,270,860N, within the WGS84 Zone 29N system. The Project is accessed via highway (A6 motorway) and secondary paved roads from Lisbon. The current license area (Boa Fé experimental mining license, or Boa Fé license area) encompasses 46.8km2, with an additional 732.611 km2 of exploration concession (Montemor exploration concession) staked surrounding the Boa Fé license area. Both licenses are currently in the approval process by the Portuguese mining authorities.
Conclusions and Recommendations of the Report: Conclusions
The Montemor exploration concession is a prospective area containing historical resource estimates that range from >150koz to 550koz Au, as defined over the period 1991-2008, comprising five separate deposits. Through a combination of resource expansion on the existing experimental license area, and regional exploration along the defined shear zone in the Montemor exploration area currently under application, SRK is of the opinion that the potential exists to expand this historical resource to a range of 8-12Mt, grading an average of 2.5-3.0 g/t Au grade above a potentially economic cut-off, contained in a series of small open pit and underground deposits.
Exploration on the Boa Fé experimental license area of Montemor is extensive, but only at shallow depths (60-80m), and has not had modern geophysical methods applied to it. The much larger exploration concession currently under application appears to hold significant potential, given the postulated extension of the currently defined Boa Fé shear zone in the experimental mining license area. Therefore, the potential to extend both the strike length and down-dip extension of known mineralized zones, as well as the discovery of new host structures and potential mineralized zones beneath cover exists.
Initial metallurgical testwork has demonstrated that gold is readily recoverable from Montemor mineralized material using a combination of gravity, flotation and cyanidation technologies. A likely processing strategy would be onsite gold recovery into gravity and flotation concentrates that could be transported offsite for regrinding and cyanidation to recover the gold as a final doré product. SRK recommends additional process amenability testwork, which would include assessment of alternative processing technologies to alleviate the issues of arsenic recovery and disposal.
Recommendations
SRK recommends that Colt conducts a regional exploration program on the larger exploration concession area to identify continuations of known structure and mineralization and to locate and prove up previously unknown buried targets within the Project area. This work will initially involve an historical data compilation and review, detailed regional structural studies and preliminary target generation and ranking. This will then be followed by the design of an appropriate field program for each regional target identified. These programs will involve multi-element geochemistry, detailed ground geophysics and detailed structural analysis to identify and rank five to six quality targets for drilling by the third quarter of 2011.
SRK also recommends that Colt conduct a comprehensive resource expansion program across the known mineralized targets on award of the experimental mining license, targeting extension of mineralization both along strike and at depth. The work will involve detailed 3D structural interpretation, as well as targeted infill and step-out drilling programs to confirm existing results and expand known mineralized zones. Additional verification drilling and modeling of historical drilling and updating of resource estimates would also form part of this work and an NI 43-101 compliant resource report would be produced.
Additional metallurgical studies should be conducted to more fully define ore processing parameters once the resource is more fully defined. Emphasis should be placed on the off-site processing strategies for recovery of gold from the gravity and sulfide flotation concentrates. This work should fully consider the disposal strategies for the residues from off-site processing, with particular emphasis on the safe handling of the arsenic contained in these residues.
“We are very pleased with this initial review of the vast amount of historical data obtained with the acquisition of this project. Colt’s team looks forward to working closely with SRK Exploration Services in the design and execution of an extensive exploration strategy aimed at unlocking the exceptional potential we feel exists on the Boa Fe shear zone. It seems that historical work has only focused on a small portion of what appears to be a significant regional system.” commented Nikolas Perrault, President and CEO of Colt.
The technical portions of this news release have been prepared and approved by Jeffrey Volk, Eric Olin and Anthony Gareth O’Donovan of SRK Consulting (U.S.) Inc., all qualified persons as defined by National Instrument 43-101.
About Colt Resources Inc.
Colt Resources Inc. is a Canadian junior exploration company engaged in acquiring, exploring, and developing mineral properties with an emphasis on gold and tungsten. It is currently focused on advanced stage exploration projects in Portugal, where it is the second largest lease holder of mineral concessions.
In addition to the Tabuaço tungsten project located on the Company’s 100% owned Armamar-Meda concession in northern Portugal, Colt holds gold and base metal properties in Portugal.
Colt is presently 51% owner and operator of the advanced stage Montemor gold project located in southern Portugal for which it is currently in the process of obtaining an Experimental Mining License with the Direcção-
Geral de Energia e Geologia, a division of the Portuguese Ministry of Economy and Innovation. Colt is on a clear path to 100% ownership of this project (see: August 10, 2010 press release and October 13, 2010 press release).
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14 years ago
Colt Resources Inc. Receives Positive Scoping Level Metallurgical Test Results on Tabuaço Tungsten Project, Northern Portugal
Colt Resources Inc. (“Colt” or the “Company”) (TSXV: GTP) (FSE: PO1) (OTCQX: COLTF) is pleased to announce excellent results from scoping level metallurgical testing of scheelite recovery on bulk samples from the Tabuaço tungsten project, located on the Company’s wholly owned Armamar-Meda concession in northern Portugal. Results indicate high scheelite recovery of over 90% can be achieved by centrifugal gravity separation and tabling into ~30% of mass.
The report titled “Scoping Metallurgical Testing for the Recovery of Scheelite on Samples from the Tabuaço Property of Colt Resources” is dated February 22, 2011 and was prepared by Inspectorate Exploration & Mining Services Ltd., Metallurgical Division, of Richmond, B.C. The test program was conducted under the direction of Mr. Matt Bolu, P.Eng. of Bolu Consulting Engineering of Vancouver, B.C. The report will be available on the Colt website at www.coltresources.com/en/armamar-meda.
Inspectorate Exploration & Mining Services Ltd., conducted a scoping level metallurgical study for Colt on outcrop and drill core composite samples from the Tabuaço tungsten project. The objective of the test program was to provide preliminary information about ore characterization, gravity separation and flotation characterization.
The test program included sample preparation, head characterization, hardness determination and mineralogy examination. Gravity testwork included heavy liquid separation, tabling, centrifugal gravity separation and spiral testwork. Due to sample size, gravity and flotation tests were only performed on the outcrop composite sample.
Metallurgical testwork was conducted on a mini-bulk sample of scheelite bearing skarn derived from drill core intervals as well as outcrop. Samples are characterized by abundant silica gangue consisting of a variety of silicates. Sulphides and cassiterite do not exceed trace amounts. In both composites, scheelite appeared unlocked or as intergrowths with gangue: this should not present an obstacle to liberation.
Assays for the composite samples are as follows: • Drill core composite sample (76.8 kg) assayed: 0.57% WO3, 0.08% S, 2.17% F and 0.065% Sn
• Outcrop composite sample (236.7 kg) assayed: 0.64% WO3, 0.05% S, 1.67% F and 0.043% Sn In brief, the report includes the following conclusions:
• Centrifugal gravity separation on the outcrop sample, stage ground to 95% passing 300µm, achieved ~90% scheelite recovery into a gravity concentrate containing 29% of the mass.
• Scoping level gravity tabling separation tests on outcrop sample fractions -500+150 µm and -150 µm indicated scheelite recoveries from the +150 µm fraction of about 85% into a concentrate containing ~25% and assaying ~2.2% WO3. Scheelite recovery of ~65% into a gravity concentrate containing ~20% mass was achieved on the -150µm fraction.
• Heavy liquid separation (HLS) performed at three specific gravities on coarse -12.7+0.84mm fraction of the outcrop composite sample showed about 92% of scheelite is present in the 65% of HLS feed mass in the +2.96 SG sink product.
“We are very encouraged by these scoping level metallurgical test results that indicate high recoveries of scheelite,” commented Nikolas Perrault, President and CEO of Colt. “This report is another step forward in advancing the Tabuaço tungsten project and showing its viability.”
In late 2010, Colt initiated a definition drilling campaign on the Tabuaço tungsten project. A total of 1530 m of drilling is planned and this will lead to an initial resources estimate by Q3 2011 (see: November 29, 2010 press release).
The technical portions of this news release have been prepared and approved by Eric Olin of SRK Consulting (U.S.) Inc., a qualified person as defined by National Instrument 43-101.
About Colt Resources Inc.
Colt Resources Inc. is a Canadian junior exploration company engaged in acquiring, exploring, and developing mineral properties with an emphasis on gold and tungsten. It is currently focused on advanced stage exploration projects in Portugal, where it is the second largest lease holder of mineral concessions.
In addition to the Tabuaço tungsten project located on the Company’s 100% owned Armamar-Meda concession in northern Portugal, Colt holds gold and base metal properties in Portugal.
Colt is presently 51% owner and operator of the advanced stage Montemor gold project located in southern Portugal for which it is currently in the process of obtaining an Experimental Mining License with the Direcção- Geral de Energia e Geologia, a division of the Portuguese Ministry of Economy and Innovation. Colt is on a clear path to 100% ownership of this project (see: August 10, 2010 press release and October 13, 2010 press release).
At the Penedono gold project, located on the Company’s Penedono concession in northern Portugal, a trench and drill program is currently underway to test near surface gold mineralization at the Turgueira prospect (see: October 28, 2010 press release).
The Company also holds a large base metals concession, Santa Margarida do Sado, in southern Portugal, located in the Iberian Pyrite Belt (“IPB”) a 60 km wide by 250 km long mineralized belt that extends from the southwest coast of Portugal to Spain. This world class massive sulphide environment has been explored for many years and a number of important mines have been discovered and exploited for copper, lead, zinc, locally including silver and gold. The IPB is host to 5 supergiant volcanogenic massive sulphide deposits. Two of these occur in Portugal, namely Neves Corvo and Aljustrel, and are located 75 and 35 km southeast, respectively, of Santa Margarida. Colt filed a NI 43-101 Technical Report on the Santa Margarida do Sado property on February 14, 2011 (see: February 16, 2011 press release). The Company is currently implementing the recommended follow-up exploration program.
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14 years ago
Colt Appoints Declan Costelloe as Executive Vice President and Chief Operating Officer
Colt Resources Inc. (“Colt” or the “Company”) (TSXV: GTP) (FSE: PO1) (OTCQX: COLTF) is pleased to announce that Mr. Declan Costelloe has accepted the position of Executive Vice President and Chief Operating Officer effective immediately. Mr. Costelloe has served on the Company’s Board of Directors since 2010 and will remain on the Board. He brings a wealth of global mining and business experience to the Company.
“I am personally very pleased to welcome Mr. Costelloe in this key role as we are further strengthening Colt’s management team,” noted Nikolas Perrault, President and CEO of Colt Resources Inc.
About Colt Resources Inc.
Colt Resources Inc. is a Canadian junior exploration company engaged in acquiring, exploring, and developing mineral properties with an emphasis on gold and tungsten. It is currently focused on advanced stage exploration projects in Portugal, where it is the second largest lease holder of mineral concessions.
Colt is presently 51% owner and operator of the advanced stage Montemor gold project located in southern Portugal for which it is currently in the process of obtaining an Experimental Mining License with the Direcção- Geral de Energia e Geologia, a division of the Portuguese Ministry of Economy and Innovation. Colt is on a clear path to 100% ownership of this project (see August 10 and October 13, 2010 press releases:
http://www.coltresources.com/sites/default/files/news_releases_en/colt-08102010-en.pdf and http://www.coltresources.com/sites/default/files/news_releases_en/colt-10132010-en.pdf).
In late 2010, Colt initiated a definition drilling campaign on the Tabuaço tungsten project located on the Company’s 100% owned Armamar-Meda concession in northern Portugal. A total of 1530 m of drilling is planned and this will lead to an initial resources estimate by Q3 2011 (see November 29, 2010 press release: http://www.coltresources.com/sites/default/files/news_releases_en/colt-11292010-en.pdf).
At the Penedono gold project, located on the Company’s Penedono concession in northern Portugal, a trench and drill program is currently underway to test near surface gold mineralization at the Turgueira prospect (see October 28, 2010 press release:
http://www.coltresources.com/sites/default/files/news_releases_en/colt- 10282010-en.pdf).
The Company also holds a large base metals concession, Santa Margarida do Sado, in southern Portugal, located in the Iberian Pyrite Belt (“IPB”) a 60 km wide by 250 km long mineralized belt that extends from the SW coast of Portugal to Spain. This world class massive sulphide environment has been explored for many years and a number of important mines have been discovered and exploited for copper, lead, zinc, locally including silver and gold. The IPB is host to 5 giant sulphide (VMS) deposits. Two of these occur in Portugal, namely Neves Corvo and Aljustrel, and are located 75 and 35 km SE, respectively, of Santa Margarida. Colt
filed a NI 43-101 technical report on the Santa Margarida do Sado property on February 14, 2011 (see February 16, 2011 press release:
http://www.coltresources.com/sites/default/files/news_releases_en/colt- 02162011-en.pdf.)
Portugal is a mining friendly member country of the European Union (EU) with easy access, excellent infrastructure and available labour force. Colt maintains excellent government relationships at both state and municipal levels. The company is currently reviewing potential EU financial incentive programs.
SRK Consulting (U.S.) Inc. has been awarded a broad mandate to provide overall technical assistance to Colt in Portugal and will be producing several NI 43-101 compliant reports as projects progress (see January 18, 2011 press release:
http://www.coltresources.com/sites/default/files/news_releases_en/colt-01182011- en.pdf).
Jeffrey Volk, Msc, CPG, FAusIMM, SRK Consulting (U.S.) Inc., is the independent qualified person as defined by National Instrument 43-101 for Colt’s Portuguese projects.
The Company’s shares trade on the TSX-V, symbol: GTP; the OTCQX, symbol: COLTF; and Frankfurt Stock Exchange, symbol: P01.
For more information contact:
Nikolas Perrault, President & CEO Colt Resources Inc. Tel: (514) 317-6301 Fax: (514) 317-6302 info@coltresources.com
Helen Bilhete, Director Investor Relations Colt Resources Inc. Tel: (514) 317-6301 Fax: (514) 317-6302 info@coltresources.com
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14 years ago
Colt Appoints Jean Depatie to the Board of Directors and Announces Administrative Changes
Appointment of Jean Depatie to the Board of Directors
Colt Resources Inc. (“Colt” or the “Company”) is pleased to announce that Mr. Jean Depatie has joined its Board of Directors. In addition to being a member of Colt’s Advisory Board for the past 3 years, Mr. Depatie has over 35 years of national and international experience in economic geology. He has worked in over 15 countries and acted as a consultant for organizations such as the United Nations, the World Bank, the Commonwealth Secretariat, the Asian Development Bank, Banco Interamericano, the Canadian International Development Agency and Quebec's Ministry of Natural Resources. Since 1981, he has been working as president or vice president or director of several mining companies including Cambiex, Novicourt, Noranda Group, Glamis Gold, Richmont Mines, Alexis Minerals, Louvem Mines and Sulliden Explorations. Mr. Depatie sits on the board of directors of several mining companies including Consolidated Thompson Iron Mines Inc. and Trinity Mining A.G. of Switzerland. He is currently president of Decamines Inc. of Montreal.
Vice President, Operations (Portugal) - João Carlos Gaspar de Sousa
Colt is also pleased to announce that Mr. João Carlos Gaspar de Sousa has joined the Company as its Vice President of Operations, Portugal. He comes to Colt from having worked as the senior project geologist of Genius Mineira, Lda., an Angolan company. He is a Senior Exploration Geologist with 28 years of experience including 5 years as the Country Manager for Iberian Resources Portugal (the former owner of Colt’s Montemor project), more than 2 years with Empresa de Desenvolvimento Mineiro, S.A. and its subsidiary, 13 years with Rio Tinto and 5 years with Lundin Mining Corporation (EuroZinc Mining Corp.) which owns the “Neves-Corvo” copper mine in Portugal. Mr. Gaspar de Sousa has a Geological degree from Faculdade de Ciências de Lisboa.
Retail Investor Relations Program.
Colt is pleased to announce that it has retained the services of Renmark Financial Communications Inc. to handle its retail investor relations activities.
“We are pleased to announce that we have selected Renmark to reinforce Colt Resources profile in the financial community and enhance the visibility of our project portfolio. We chose Renmark because its standards and methodologies fit best with the message we wish to communicate to the investing public,” noted Nikolas Perrault, President and CEO of Colt Resources Inc.
In consideration of the services to be provided, the Company has an agreement commencing in February 2011 to pay a monthly retainer of $7,000 to Renmark Financial Communications Inc.
Renmark Financial Communications does not have any interest, directly or indirectly, in Colt Resources Inc. or its securities, or any right or intent to acquire such an interest.
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14 years ago
Colt Resources Inc. Receives NI 43-101 Technical Report on Santa Margarida do Sado Concession in Southern Portugal
Colt Resources Inc. (“Colt” or the “Company”) is pleased to announce that it has received an independent NI 43-101 compliant technical report on its large base metals concession, Santa Margarida do Sado, located within the prolific Iberian Pyrite Belt in southern Portugal. Following the processing and re-interpretation of available historical gravity data, thirteen high priority gravity anomalies have been selected for follow-up geophysical work leading to definition of targets for drilling.
The Iberian Pyrite Belt (“IPB”) is a 60 km wide by 250 km long mineralized belt that extends from the southwest coast of Portugal to Spain. This world class massive sulphide environment has been explored for many years and a number of important mines have been discovered and exploited for copper, lead, zinc, locally including silver and gold. The IPB is host to 5 supergiant volcanogenic massive sulphide (VMS) deposits. Two of these occur in Portugal, namely Neves Corvo and Aljustrel, which are located 75 and 35 km southeast, respectively, of the Santa Margarida concession.
The wholly-owned Santa Margarida do Sado concession (360 km2) is located some 110 km southeast of Lisbon, at the northwestern extension of the Iberian Pyrite Belt. Within the concession area, exposure of prospective Paleozoic age rocks of the Iberian Pyrite Belt is very limited. Most of the concession area is overlain by up to 320 metres of Tertiary age rocks of the Baixo Sado Basin. As a result of such limited exposure, exploration for volcanogenic massive sulphide deposits is largely dependent on gravity and EM geophysical methods.
In late 2010, Colt commissioned an independent NI 43-101 compliant technical report to document previous mineral exploration work in and around the concession; to compile, process, and re-interpret extensive historical gravity data and define gravity anomalies; and, to recommend additional follow-up work leading to drilling of selected targets.
Re-interpretation of available historical gravity data outlined twenty-three gravity anomalies: seven are previously known anomalies that have had some historical exploration work; sixteen are newly defined anomalies that have never been worked. Thirteen higher priority gravity anomalies have been selected for follow-up ground geophysical surveys and anomaly modelling work, which includes shallow seismic reflection work, more detailed gravity work, anomaly gravity inversion modelling, and time domain electromagnetic (TDEM) surveying using SQUID sensors.
The report titled “NI 43-101 Technical Report on the Santa Margarida do Sado Concession, Iberian Pyrite Belt, Southern Portugal,” is dated February 9, 2011 and was prepared by Jim Cuttle, P.Geo., an independent “Qualified Person” as defined in NI 43-101. The report was filed on SEDAR and is available at www.sedar.com and on the Colt website at www.coltresources.com.
About Colt Resources Inc.
Colt Resources Inc. is a Canadian junior exploration company engaged in acquiring, exploring, and developing mineral properties with an emphasis on gold and tungsten. It is currently focused on advanced stage exploration projects in Portugal, where it is the second largest lease holder of mineral concessions.
In addition to the Santa Margarida do Sado base metals concession, Colt holds gold and tungsten properties in Portugal.
Colt is presently 51% owner and operator of the advanced stage Montemor gold project located in southern Portugal for which it is currently in the process of obtaining an Experimental Mining License with the Direcção- Geral de Energia e Geologia, a division of the Portuguese Ministry of Economy and Innovation. Colt is on a clear path to 100% ownership of this project (see August 10 and October 13, 2010 press releases: www.coltresources.com ).
In late 2010, Colt initiated a definition drilling campaign on the Tabuaço tungsten project located on the Company’s 100% owned Armamar-Meda concession in northern Portugal. A total of 1530 m of drilling is planned and this will lead to an initial resources estimate by Q3 2011 (see November 29, 2010 press release: www.coltresources.com ).
At the Penedono gold project, located on the Company’s Penedono concession in northern Portugal, a trench and drill program is currently underway to test near surface gold mineralization at the Turgueira prospect (see October 28, 2010 press release: www.coltresources.com ).
Portugal is a mining friendly member country of the European Union (EU) with easy access, excellent infrastructure and available labour force. Colt maintains excellent government relationships at both state and municipal levels. The company is currently reviewing potential EU financial incentive programs.
SRK Consulting (U.S.) Inc. has been awarded a broad mandate to provide overall technical assistance to Colt in Portugal and will be producing several NI 43-101 compliant reports as projects progress (see January 18, 2011 press release: www.coltresources.com ).
The Company’s shares trade on the TSX-V, symbol: GTP; the OTCQX, symbol: COLTF; and Frankfurt Stock Exchange, symbol: P01.
Mario Justino, P.Geo., Vice President Exploration for Colt, a “Qualified Person” as defined in NI 43-101, prepared the technical content of this news release.
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14 years ago
Colt Resources Contracts SRK Consulting (U.S.) Inc. to Advance its Gold and Tungsten Assets in Portugal
Colt Resources Inc. (“Colt” or the “Company”) is pleased to announce that SRK Consulting (U.S.) Inc. (SRK) has been contracted to design and implement a comprehensive work program to advance Colt’s gold and tungsten properties located in Portugal.
Main objectives of the contract are as follows:
? Assess mineral resources of the advanced stage Montemor gold project (MGP) located in southern Portugal (Experimental Mining License under application) and produce a NI 43-101 compliant report on exploration; assess the mineral potential of the Montemor Regional concession (pending) surrounding the MGP.
? Assess the mineral resources and potential of the Tabuaço tungsten project and surrounding area, located in northern Portugal.
? Define and execute regional exploration programs surrounding the Montemor gold and Tabuaço tungsten projects to add potential mineral resources to known areas of mineralization.
? Review past and current exploration programs at Colt’s mineral concessions in Portugal and make recommendations for advancing these projects.
? Evaluate various processing facility options for future gold and tungsten production in Portugal. SRK will use the following phased approach:
? Phase 1: Review of all currently available geological, metallurgical and resource related data. Conduct site visits to Colt’s projects in Portugal.
? Phase 2: Design and implement regional exploration programs for both the greater Montemor Regional gold and Tabuaço tungsten projects. Initiate additional metallurgical testwork/data verification in support of advancing the Montemor and Tabuaço projects towards resource disclosure.
? Phase 3: Carry out drilling of key target areas as identified during Phase 2. ? Phase 4: Complete resource estimates for both the greater Montemor and Tabuaço areas and
prepare technical reports in support of resource disclosure and initial project valuation.
Site visits to Portugal are planned for the end of January 2011. Timeline for Phase 1 and design portion of Phase 2 is end of March 2011.
Nikolas Perrault, CEO of Colt Resources stated, “We are very excited to be working with SRK. Over the past three and a half years, Colt has assembled an important and strategic portfolio of projects in Portugal. The Company has now reached a stage where its further advancement will benefit and be better achieved by working in close association with such a multi-skilled and well-respected engineering group."
About the SRK Group
The SRK Group employs over 1,000 professional staff providing expertise in a wide range of exploration, mining and engineering disciplines.
Consultants include specialists in the fields of exploration, geology, mineral resource / ore reserve estimation and classification, open-pit and underground mining, geotechnical engineering, metallurgical processing, hydrogeology and hydrology, tailings management, infrastructure, environmental management and mining economics.
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