Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
not as said by lebed...usually short term but longer term if want full effect of COLTF
COLTF looking a long term play.
lebed has a buy on this this morning...up 9 cents.
Colt Resources Inc. Announces Definition Drilling Program on the Tabuaço Tungsten Project, in Northern Portugal
Colt Resources Inc. (“Colt” or the “Company”) is pleased to announce that it has commenced a definition drilling program at its 100% owned Tabuaço tungsten project, located on the Company’s Armamar-Meda concession in northern Portugal. An initial resource estimate is planned immediately following completion of the drill program.
Nikolas Perrault, CEO of Colt, commented, "This is a significant milestone for the Company as it clearly brings the Tabuaço project closer to resource estimate status. Results from this drilling program as well as ongoing preliminary metallurgical testing are awaited by the Company and several potential partners."
Drill Program
On November 23, 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. Drilling is expected to be completed by mid-March 2011. An initial resource estimate is planned following completion of the drill program.
The 15 diamond drill hole program is designed to better define a thick, shallow dipping, scheelite-bearing main skarn horizon. The shallow (45 to 145 m), vertical to inclined holes will be spaced 50 to 70 m apart along two NW trending fences. One hole will test a lower skarn horizon.
About the Tabuaço tungsten project
Located on the Armamar-Meda concession (436 km2 ) in northern Portugal, the Tabuaço tungsten project is situated some 100 km east of the coastal city of Porto. In the early 1980’s, exploration in the Tabuaço area led to the discovery of significant tungsten mineralization at São Pedro das Águias.
Mineralization consists of fine to coarse-grained disseminations of scheelite within thick (up to 19 m) shallow dipping skarn horizons in metasedimentary rocks adjacent to a major granitic intrusion. Limited historical drilling at São Pedro das Águias, dating back to 1982, produced significant drill results including 19.35 m grading 1.18% WO3.
Earlier this year, a first phase 9 hole drill program at São Pedro das Águias successfully confirmed high grade tungsten results from twinned historical drill holes (see June 14, 2010 press release: www.coltresources.com). Best results included Hole DHT-1B, 18.80 m grading 0.73% WO3; Hole DHT-02, 13.60 m grading 0.93% WO3; and Hole DHT-08, 12.00 m grading 0.60% WO3.
Preliminary metallurgical testing of skarn mineralization from São Pedro das Águias is currently underway: results are expected in January 2011 (see September 2, 2010 press release: www.coltresources.com).
That is nice GSFL. Happy Thanks giving day!!!
I have officially doubled my share price and sold half my shares. It's all free money looking forward. This is a long term hold and prosper. Here's to the future.
No volume......
There is no market awareness present!
I have suggested COLTF to take few steps which will create a market for them..
I am waiting for the reply!
You can ask the CEO for any further questions. I have tried contacting him couple of times but he never replies to the email, not sure why...
Generally speaking, a good CEO ALWAYS reply to the email no matter how busy he is..
I don't think they're on the TSX. Most of the junior gold miners are on the TSX and get good exposure from that exchange. Colt is on the Canadian Stock Exchange. I'm interested in this Company, but may wait on a pullback to buy in. It has run up pretty nicely in the last month.
I am not sure about it. Their website states this:
CNSX: GTP
OTCQX: COLTF
FWB: P01
http://www.cnsx.ca/Page.asp?PageID=2013&AA_RecordID=167
I asked Stockcharts.com to include the chart of COLTF but they told me that COLTF is a Canadian Pink company so they cannot include. I will post the reply over here once I find it. I think that the ticker: COLTF is basically associated to Canadian one and GTP is nothing now. I AM NOT SURE THOUGH...
If you have some questions, you can email the CEO or call the company. They can provide you with details.
Are these guys on the TSX? I don't see where they are and I wonder why they're not.
Thanks for the information. Do you have any idea why the shares have taken off lately? I read on another board that Rob McEwen, a former CEO of Goldcorp has taken a position in Colt. I can't confirm this info. to be true.
That is the latest I have.
Interpretation and Conclusions (according to 43-101 report)
The earlier mining history and the more recent Colt exploration programs have identified several tungsten and tin mineralized areas on the Armamar Meda concession. It is apparent that the geological settings are favourable for the discovery of economic deposits. The extent of the known mineralized zones has yet to be fully tested or delineated. Colt’s 2008 exploration program has successfully met their objective of confirming the presence of and identifying high-grade tungsten potential at Tabuaço. The potential for significant tungsten-tin mineralization was revealed at the Bebezes area. The full potential of any of these mineralized areas have yet to be realized.
Recommended Exploration Program (according to 43-101 report)
A two-phase exploration program is planned and outlined as follows:
Phase I:
At Tabuaço, the program would consist of additional rock sampling to delineate the São Pedro das Âguias zone to the south. Prospecting and sampling should be conducted at the Quintã skarn zone and especially northwest along the Tavora anticline. Prospecting using Ultra-violet lamps will assist in tracing this and other tungsten bearing zones. In prospective areas, soil and heavy mineral sampling is recommended. Excavator work is recommended in accessible areas to test mineralization such as the Quintã and any northwest extensions. Access trails and drill sites could be built at the same time.
At Bebezes, more detailed prospecting, mapping and sampling of veins should be done. Where it is feasible, old vein excavations should be cleaned out in order to conduct representative sampling. Soil geochemical surveys (grid or contour traverse) should be conducted to delineate buried vein extensions.
Phase II:
This phase of work should include follow-up detailed sampling of new mineralized zones from the Phase I program. Reconnaissance drilling (two holes) is recommended at Quintã or any Quintã extension discovery. At Bebezes, trenching and drilling (1-2 holes) should be carried out.
The two phase exploration program is estimated to cost €125,000. At an exchange rate of CDN $1.60, this equates to CDN $200,000.
Financial Obligations
The Initial Term of the Armamar Meda Exploration License is for three years (which started December 10, 2007) and can be extended twice on an annual basis. During the Initial Term, Colt is obligated to incur prospecting and exploration expenditures of not less than € 25,000 by December 10, 2008 (incurred), € 50,000 by December 10, 2009 and € 75,000 by December 10, 2010. Upon the expiry of the Initial Term, Colt shall be required to relinquish, on an annual basis, 50% of the area covered by the Armamar Meda Exploration License.
During the Extended Term, Colt is obligated to incur exploration expenditures on an annual basis of not less than € 100,000. During this time, Colt is obligated to pay to the Government of Portugal and annual license fee in the amount of € 35 per sq. km. of ground covered by its license.
Upon the completion of the Initial and Extended Terms, Colt may apply for an Exploitation License, which if granted, shall have a term of 30 years and which may be extended by the approval of the Portuguese Government, for a period not to exceed 20.
Upon the granting of the Exploitation License, and in the event that mining activities are to take place, then Colt shall be obligated, at Colt’s sole discretion, either to pay 10% of the net income derived from its mining activities or, alternatively, pay Net Smelter Returns Royalty on production at NSR rates ranging from 1% to 4% depending on the price of gold. Additionally, as soon as the Exploitation License is granted to Colt, and provided that production from the mining activities is determined to exceed 1,000,000 ounces of gold or of gold equivalent during the life of the mining activities, then Colt will be obligated to pay € 100,000 as a commercial discovery bonus to the Government of Portugal.
Recent exploration Work done by Colt
In 2007, Colt drilled 12 holes (1,355 m) on the Vein 4 and 5 as the widely spaced Rio Narcea holes indicated further potential. Additional mineralized intercepts in veins 4 and 5 indicate a 260 metres strike Iength and a vertical extent of over 110 m. Veins 4 and 5 are considered open in aIl directions. Several gold intercepts in Vein 5 range from 0.23 to 8.96 g/t and vein widths were narrower at 0.57 to 1.53 m. A newly Iocated vein system oriented at 450 to Vein 4 was encountered to depths of 80 metres below surface. Notable intercepts include 1.21 g/t Au over a core Iength of 17.00 metres including 8.40 g/t Au over 0.57 metres.
In 2008, Colt drilled two of the westernmost known veins (Veins 11, 13) of the Santo Antonio cluster where no previous drilling has taken place. Gold and occasional tungsten mineralization was encountered not only in quartz veins but also in greisen-altered granite. The extent of greisen development is substantially greater than that seen in veins further east. Mineralized zones were intersected at depths up to 100 metres below surface. Intercepts of note include 4.62 g/t Au over 12.80 metres and 5.89 g/t Au over 8.14 metres in Vein 11 and 59.99 g/t Au over 1.47 metres in Vein 13. In one hole, tungsten grades of up to 0.30% W were reported.
How are they making revenue when they said in the interview that they won't be coming into production for two more years? I didn't hear in the interview about actual resources they have? They talked about having alot of tungsen and gold, but I didn't hear anything about actual drill results. When are they supposed to have a 43-101 out, detailing what they have in the ground? thanks
Welcome to the board!
http://www.otcmarkets.com/stock/COLTF/news?id=23445&b=y
Colt Announces Trenching and Drilling Program on the Turgueira Gold Prospect, Penedono Concession in Northern Portugal
Oct 28, 2010
OTC Disclosure & News Service
Montreal, QC, Canada -
NEWS RELEASE
October 28, 2010
Trading Symbols: GTP – (CNSX)
P01 – (FRANKFURT)
COLTF – (OTCQX)
Colt Resources Inc. announces Trenching and Drilling Program on the Turgueira Gold Prospect, Penedono Concession in Northern Portugal
Colt Resources Inc. (“Colt” or the “Company”) is very pleased to announce it has commenced a trenching and drilling program to investigate the near surface gold mineralization potential of the Turgueira gold prospect located on the company’s 100% owned Penedono concession in northern Portugal.
Trench and Drill Program
On October 18, 2010, Colt initiated a trenching and drilling campaign on the Turgueira gold prospect located on the company’s 100% owned Penedono concession, in northern Portugal. In all, 850 m of trenching and 1360 m of drilling are planned. The work program is expected to be completed by mid-December 2010.
The trench and drill program is designed to test near surface gold mineralization within a wide area of greisen alteration and quartz veining hosted in granitic country rock. Mineralization consists of locally disseminated pyrite-arsenopyrite and narrow quartz-pyrite-arsenopyrite veins associated with N to NNE trending fractures. Drilling will consist of seventeen inclined, shallow (80 m), 50 m spaced diamond drill holes along four 50 m spaced fences.
About the Turgueira Gold Prospect
The Turgueira gold prospect is located in the western portion of the Penedono concession, about 10 km WNW of the town of Penedono. The 100% owned Penedono concession (102 km2) is situated in northern Portugal, some 100 km east of the city of Porto.
Gold mineralization was discovered in the Turgueira area in 2000 by the previous operators of the Penedono concession. Initial exploration work recognised wide areas of fracture to shear-controlled, greisen alteration within local Hercynian-age granitic intrusions. In the Turgueira area, mapping delineated a near-vertical, N to NNE trending area with greisen alteration and quartz veining. From 2000 to 2005, the previous operators conducted mapping, ground geophysics, stream and soil geochemical surveys, outcrop sampling, trenching (8 trenches; 775 m opened, 346 m sampled) and drilling (7 diamond drill holes; total of 1027 m).
The greisen alteration and quartz veining zone is 60 m to 150 m wide, and extends for at least 600 metres. Near surface, historical gold values from adit, trench, and drill core sampling include the following highlights:
24.10 m @ 2.07 g/t Au, includes 13.25 m @ 3.45 g/t Au (from adit G2);
51.70 m @ 0.50 g/t Au, includes 14.30 m @ 1.10 g/t Au (trench PTR-T1);
51.00 m @ 1.01 g/t Au, includes 13.25 m @ 2.70 g/t Au (trench PTR-T2);
52.20 m @ 0.64 g/t Au, includes 10.00 m @ 1.89 g/t Au (trench PTR-T7);
30.30 m @ 0.79 g/t Au, includes 10.10 m @ 1.51 g/t Au (drill hole PTU-04*);
39.40 m @ 0.93 g/t Au, includes 26.40 m @ 1.23 g/t Au (drill hole PTU-06*);
(*inclination= -50 degrees)
About Colt Resources Inc.
Colt Resources Inc. is a Canadian based junior exploration company engaged in acquiring, exploring, and
developing mineral properties with an emphasis on gold and tungsten. It is focused on advanced
stage exploration projects in Portugal, where it is the second largest holder of mineral claims.
Colt’s most advanced projects besides Montemor, also include the Tabuaço tungsten project and the
Penedono gold project, located on the company’s Armamar-Meda and Penedono concessions, respectively.
Both projects have seen recent drill programs with very encouraging high grade gold and tungsten grades
(see press releases: http://www.coltresources.com/en/press_releases).
Portugal is a mining-friendly country in the European Union (EU) with easy access, excellent infrastructure
and an available labour force. Colt maintains excellent government relationships at both state
and municipal levels. The company is currently reviewing potential EU financial incentive programs.
Colt’s shares trade on the CNSX, symbol: GTP; the OTCQX symbol: COLTF; and Frankfurt Stock Exchange,
symbol: P01.
The technical portions of this news release have been prepared and approved by Mario Justino, P.Geo., Vice President Exploration for Colt, a Qualified Person as defined by National Instrument 43-101.
For more information contact:
Nikolas Perrault,
President & CEO
Colt Resources Inc.
Tel: (514) 394-0009 Ext: 1
Fax: (514) 635-6100
info@coltresources.com
Aurelio Useche,
Director & CFO
Colt Resources Inc.
Tel: (514) 394-0009 Ext: 2
Fax: (514) 635-6100
info@coltresources.com
Helen Bilhete,
Director Investor Relations
Colt Resources Inc.
Tel: (514) 394-0009 Ext: 5
Fax: (514) 635-6100
info@coltresources.com
Statements made in this news release that relate to future plans, events or performances are forward-looking statements. Any statement in this release containing words such as “believes”, “anticipates”, “plans”, “expects” or “intends” and other statements that are not historical facts are forward-looking, and these statements involve risks and uncertainties and are based on current expectations. Consequently, actual results could differ materially from the expectations expressed in those forward-looking statements. The CNSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not Pink OTC Markets Inc. are solely responsible for the accuracy of such news releases.
This company is real with real revenues. It is also listed on German Stock Exchange, I believe. They are working hard to get things on track.
I think that you can put some money for the long run because I believe that the company has a great potential to move in the right direction.
I listened to this radio interview, pretty impressive I must say.
It would nice it they were going to start production sooner. It sounds like they have nice deposits of tungsten and gold on their concessions. They maybe a takeover candidate.
I'm new to the Company and this board. Why did the shares moves so big on Friday? I read where Rob McEwan put some money into this Company? Anyone hear that?
Looking good here..
They have actually done a pretty good job, however, slowly. They went from nothing to a fully reporting company and listing on the German stock exchange in a relative short time. When I bought them I had to call a broker at Ameritrade because I couldn't find a listing for them. It took the broker a while to find it and a week later they listed them. A few month's later they were on the OTC listings. The future looks very bright.
Where is the buzz. . . . Look at our stock. . . . Damn this board should be buzzing?
I am up 120%
We are seeing increased volume which is a good sign. Welcome to any newbies that come aboard.
Colt Resources Inc. Announces Trenching and Drilling Program on the Turgueira Gold Prospect, Penedono Concession in Northern Portugal
Colt Resources Inc. (“Colt” or the “Company”) is very pleased to announce it has commenced a trenching and drilling program to investigate the near surface gold mineralization potential of the Turgueira gold prospect located on the company’s 100% owned Penedono concession in northern Portugal.
Trench and Drill Program
On October 18, 2010, Colt initiated a trenching and drilling campaign on the Turgueira gold prospect located on the company’s 100% owned Penedono concession, in northern Portugal. In all, 850 m of trenching and 1360 m of drilling are planned. The work program is expected to be completed by mid-December 2010.
The trench and drill program is designed to test near surface gold mineralization within a wide area of greisen alteration and quartz veining hosted in granitic country rock. Mineralization consists of locally disseminated pyrite-arsenopyrite and narrow quartz-pyrite-arsenopyrite veins associated with N to NNE trending fractures. Drilling will consist of seventeen inclined, shallow (80 m), 50 m spaced diamond drill holes along four 50 m spaced fences.
About the Turgueira Gold Prospect
The Turgueira gold prospect is located in the western portion of the Penedono concession, about 10 km WNW of the town of Penedono. The 100% owned Penedono concession (102 km2) is situated in northern Portugal, some 100 km east of the city of Porto.
Gold mineralization was discovered in the Turgueira area in 2000 by the previous operators of the Penedono concession. Initial exploration work recognised wide areas of fracture to shear-controlled, greisen alteration within local Hercynian-age granitic intrusions. In the Turgueira area, mapping delineated a near-vertical, N to NNE trending area with greisen alteration and quartz veining. From 2000 to 2005, the previous operators conducted mapping, ground geophysics, stream and soil geochemical surveys, outcrop sampling, trenching (8 trenches; 775 m opened, 346 m sampled) and drilling (7 diamond drill holes; total of 1027 m).
The greisen alteration and quartz veining zone is 60 m to 150 m wide, and extends for at least 600 metres. Near surface, historical gold values from adit, trench, and drill core sampling include the following highlights:
• 24.10 m @ 2.07 g/t Au, includes 13.25 m @ 3.45 g/t Au (from adit G2)
• 51.70 m @ 0.50 g/t Au, includes 14.30 m @ 1.10 g/t Au (trench PTR-T1);
• 51.00 m @ 1.01 g/t Au, includes 13.25 m @ 2.70 g/t Au (trench PTR-T2); • 52.20 m @ 0.64 g/t Au, includes 10.00 m @ 1.89 g/t Au (trench PTR-T7);
• 30.30 m @ 0.79 g/t Au, includes 10.10 m @ 1.51 g/t Au (drill hole PTU-04*);
• 39.40 m @ 0.93 g/t Au, includes 26.40 m @ 1.23 g/t Au (drill hole PTU-06*); (*inclination= -50 degrees)
Promising news and a good bump up. Although I invested with a 2 year plan it's nice to get this kind of interest from investors so soon.
Colt Resources Inc. Announces Trenching and Drilling Program on the Turgueira Gold Prospect, Penedono Concession in Northern Por
Posted on: Thu, 28 Oct 2010 02:22:00 EDT
Symbols: GTP, COLTF
MONTREAL, Oct. 28, 2010 (Canada NewsWire via COMTEX) --
Trading Symbols: GTP - (CNSX)
P01 - (FRANKFURT)
COLTF - (OTCQX)
Colt Resources Inc. ("Colt" or the "Company") is very pleased to announce it has commenced a trenching and drilling program to investigate the near surface gold mineralization potential of the Turgueira gold prospect located on the company's 100% owned Penedono concession in northern Portugal.
Trench and Drill Program
On October 18, 2010, Colt initiated a trenching and drilling campaign on the Turgueira gold prospect located on the company's 100% owned Penedono concession, in northern Portugal. In all, 850 m of trenching and 1360 m of drilling are planned. The work program is expected to be completed by mid-December 2010.
The trench and drill program is designed to test near surface gold mineralization within a wide area of greisen alteration and quartz veining hosted in granitic country rock. Mineralization consists of locally disseminated pyrite-arsenopyrite and narrow quartz-pyrite-arsenopyrite veins associated with N to NNE trending fractures. Drilling will consist of seventeen inclined, shallow (80 m), 50 m spaced diamond drill holes along four 50 m spaced fences.
About the Turgueira Gold Prospect
The Turgueira gold prospect is located in the western portion of the Penedono concession, about 10 km WNW of the town of Penedono. The 100% owned Penedono concession (102 km(2)) is situated in northern Portugal, some 100 km east of the city of Porto.
Gold mineralization was discovered in the Turgueira area in 2000 by the previous operators of the Penedono concession. Initial exploration work recognised wide areas of fracture to shear-controlled, greisen alteration within local Hercynian-age granitic intrusions. In the Turgueira area, mapping delineated a near-vertical, N to NNE trending area with greisen alteration and quartz veining. From 2000 to 2005, the previous operators conducted mapping, ground geophysics, stream and soil geochemical surveys, outcrop sampling, trenching (8 trenches; 775 m opened, 346 m sampled) and drilling (7 diamond drill holes; total of 1027 m).
The greisen alteration and quartz veining zone is 60 m to 150 m wide, and extends for at least 600 metres. Near surface, historical gold values from adit, trench, and drill core sampling include the following highlights:
-- 24.10 m @ 2.07 g/t Au, includes 13.25 m @ 3.45 g/t Au (from
adit G2);
-- 51.70 m @ 0.50 g/t Au, includes 14.30 m @ 1.10 g/t Au (trench
PTR-T1);
-- 51.00 m @ 1.01 g/t Au, includes 13.25 m @ 2.70 g/t Au (trench
PTR-T2);
-- 52.20 m @ 0.64 g/t Au, includes 10.00 m @ 1.89 g/t Au (trench
PTR-T7);
-- 30.30 m @ 0.79 g/t Au, includes 10.10 m @ 1.51 g/t Au (drill
hole PTU-04*);
-- 39.40 m @ 0.93 g/t Au, includes 26.40 m @ 1.23 g/t Au (drill
hole PTU-06*);
(*inclination= -50 degrees)
About Colt Resources Inc.
Colt Resources Inc. is a Canadian based junior exploration company engaged in acquiring, exploring, and developing mineral properties with an emphasis on gold and tungsten. It is focused on advanced stage exploration projects in Portugal, where it is the second largest holder of mineral claims.
Colt's most advanced projects besides Montemor, also include the Tabuaco tungsten project and the Penedono gold project, located on the company's Armamar-Meda and Penedono concessions, respectively. Both projects have seen recent drill programs with very encouraging high grade gold and tungsten grades (see press releases: http://www.coltresources.com/en/press_releases).
Portugal is a mining-friendly country in the European Union (EU) with easy access, excellent infrastructure and an available labour force. Colt maintains excellent government relationships at both state and municipal levels. The company is currently reviewing potential EU financial incentive programs.
Colt's shares trade on the CNSX, symbol: GTP; the OTCQX symbol: COLTF; and Frankfurt Stock Exchange, symbol: P01.
The technical portions of this news release have been prepared and approved by Mario Justino, P.Geo., Vice President Exploration for Colt, a Qualified Person as defined by National Instrument 43-101.
Statements made in this news release that relate to future plans, events or performances are forward-looking statements. Any statement in this release containing words such as "believes", "anticipates", "plans", "expects" or "intends" and other statements that are not historical facts are forward-looking, and these statements involve risks and uncertainties and are based on current expectations. Consequently, actual results could differ materially from the expectations expressed in those forward-looking statements. The CNSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
To view this news release in HTML formatting, please use the following URL: http://www.cnw.ca/en/releases/archive/October2010/28/c6648.html
SOURCE: COLT RESOURCES INC.
For full details on (GTP) GTP. (GTP) has Short Term PowerRatings at TradingMarkets. Details on (GTP) Short Term PowerRatings is available at This Link.
For full details on (COLTF) COLTF. (COLTF) has Short Term PowerRatings at TradingMarkets. Details on (COLTF) Short Term PowerRatings is available at This Link.
Colt to proceed with a Private Placement
Colt Resources Inc. (“Colt” or the “Company”) will proceed with a non-brokered private placement financing of 10,000,000 Units at a price of CAD $0.35 per Unit raising gross proceeds of CAD $3,500,000.
Each Unit consists of one common share of Colt and one-half common share purchase warrant of Colt. One full warrant shall entitle the holder to acquire one additional common share of Colt at CAD $0.45 per share up to and including the 25th day of February 2012.
The Company will use the proceeds of this financing to accelerate work currently underway on its concessions in Portugal where Colt is the second largest holder of mineral claims, and for general working capital purposes.
Where appropriate, the Company will pay a finders fee of up to 8 per cent cash and 8 per cent non- transferable compensation warrants. Each compensation warrant entitling the holder to purchase one additional common share of Colt at CAD $0.35 per share up to and including the 25th day of February 2012.
The Closing of this private placement is expected within a few days as the company has received strong interest from European and North American investors in the last few weeks especially since the acquisition of the highly advanced stage Montemor gold project.
The securities issued pursuant to the private placement will be subject to a four month hold period and the offering will be subject to normal regulatory approvals.
Welcome to the team!
News. . .
Colt Resources Inc. becomes 51% owner and operator of the Montemor Gold Project in Southern Portugal
Further to its press release of August 10, 2010, Colt Resources Inc. (“Colt” or the “Company”) is very pleased to announce that the Direcção-Geral de Energia e Geologia (DGEG), a division of the Portuguese Ministry of Economy and Innovation, has given the Company until January 31, 2011 to file an experimental mining license application for the Montemor gold concession located in southern Portugal.
Colt is currently under an agreement with privately owned Iberian Resources Portugal Recursos Minerais Unipessoal Lda (Iberian Resources Portugal), a Portuguese subsidiary of Australian Iron Ore PLC (AIOC). Under conditions of this agreement, Colt will become the operator of and acquire, in two stages, 100% ownership of the Montemor gold project.
With the official granting by DGEG of the above mentioned filing date, Colt under the terms of its agreement with Iberian, has now become operator and 51% owner of all the mining rights and claims to the property and is now on a clear path for 100% ownership of this project.
Extension and Amendment of Warrants
Further to its September 10, 2010 press release, Colt has sought and received unanimous consent from its December 30th class of warrant holders. All 3,908,000 warrants set to expire on December 30, 2010 have now been amended and extended until February 26, 2012. The new strike price is $0.45.
New Director appointed
http://www.coltresources.com/files/press_releases/Colt-10082010-EN.pdf
Yes, they also deal with gold along with other minerals.
This a gold play?
Picture gallery on the website:
http://www.coltresources.com/en/photo-gallery
The company looks promising!
A great radio program to watch:
http://coltresources.com/sites/all/themes/coltresources/MOTM20100717-COLT.mp3
Fact sheet:
Colt Resources is a Canadian based junior exploration company engaged in acquiring, exploring, and developing mineral properties with an emphasis on tungsten and gold. It is currently focused on advanced stage exploration projects in Portugal, where it is the second largest lease holder of mineral concessions.
Colt’s most advanced projects include the Tabuaço Tungsten Project and the Penedono Gold Project, located on the company’s Armamar-Meda and Penedono concessions, respectively. Both projects have seen recent drill programs with very encouraging high grade tungsten and gold grades.
Portugal is a mining-friendly country of the EU with easy access, excellent infrastructure and a hard-working available labour force. Colt maintains excellent government relationships at both state and municipal levels. Colt is particularly encouraged by recent meetings and the rapport established with the mayors of municipalities in the vicinity of its major projects in northern Portugal. The company is currently reviewing potential EU financial incentive programs.
The Company’s shares trade on the Canadian National Stock Exchange (CNSX), symbol: GTP; the USA OTC Pink Sheets under the symbol: COLTF.PK; and on the Frankfurt Stock Exchange, symbol: P01.
Colt Resources Inc. (“Colt” or the “Company”) proposes to extend 3,908,000 warrants expiring on December 30, 2010 until February 26, 2012 and amending the strike price from $0.30 to $0.45. The Company offers to all warrant holders 30 calendar days from today to review and accept such terms. Warrant holders who do not wish to accept the extension and amended strike price or do not accept within the 30 days will remain with the original terms and conditions of their warrants.
The Company advises all warrant holders to seek independent tax advice concerning the extension and amended pricing.
About Colt Resources Inc.
Colt Resources Inc. is a Canadian based junior exploration company engaged in acquiring, exploring, and developing mineral properties with an emphasis on tungsten and gold. It is currently focused on advanced stage exploration projects in Portugal, where it is the second largest lease holder of mineral concessions.
Colt’s most advanced projects include the Tabuaço tungsten project and the Penedono gold project, located on the company’s Armamar-Meda and Penedono concessions, respectively. Both projects have seen recent drill programs with very encouraging high grade tungsten and gold grades, respectively (see press releases: http://www.coltresources.com/en/press_releases).
Portugal is a mining-friendly country of the European Union (EU) with easy access, excellent infrastructure and a hard-working available labour force. Colt maintains excellent government relationships at both state and municipal levels. The company is currently reviewing potential EU financial incentive programs.
The Company’s shares trade on the Canadian National Stock Exchange (CNSX), symbol: GTP; the USA OTC Pink Sheets under the symbol: COLTF.PK; and on the Frankfurt Stock Exchange, symbol: P01.
Followers
|
3
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
98
|
Created
|
09/20/10
|
Type
|
Free
|
Moderators |
Colt Resources Inc. (COLTF) 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.
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.
Investment Highlights
Projects and Concessions
Colt has become one of the largest holders of mining and mineral exploration rights in Portugal 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. Current concessions:
Concession | Type* | Commodity | Area |
Boa Fé Advanced Stage Gold Project | EML | Gold | 47 km2 |
Tabuaço Advanced Stage Tungsten Project | EML | Tungsten | 45 km2 |
Santo António | EML | Gold | 35 km2 |
Montemor | EC | Gold | 728 km2 |
Cercal | EC | Gold | 455 km2 |
Cedovim | EC | Gold | 218 km2 |
Borba | EC | Gold/Copper | 634 km2 |
Total Area | 2,162 Km2 |
*Note: EML – Experimental Mining License; EC – Exploration Concession
Advanced-Stage Projects
The Boa Fé Gold Project (46.78 km²) is located in the northern central section of the Montemor Gold Exploration Concession (728.22km²), located in the Alentejo region of southern Portugal. The Montemor Gold Exploration Concession is rectangular in shape with the walled city of Évora on the eastern border and Vendas Novas on the western edge. The Boa Fé Gold Project is located along a 33km shear zone in the Escoural Formation which trends northwest-southeast between Fonte Santa and Chaminé and north-south between Ligeiro and Braços, about two kilometres north of is the city of Montemor-o-Novo. Colt Resources was granted the mineral exploration rights for the Montemor Gold Exploration Concession, and holds a wholly owned Experimental Mining License (BF-EML) for the Boa Fé Gold Project. The Boa Fé Gold Project hosts several gold deposits such as Banhos, Casas Novas, Chaminé, Ligeiro and Braços. The property is easily accessible all year via state-of-the-art infrastructure and is conveniently located near the Portuguese National Electrical Grid which allows for uninterrupted power.
Project Highlights
Boa Fé Next Steps
NI 43-101 Resource Estimates
Colt’s NI 43-101 compliant resource estimate for six deposits within the Boa Fé and Montemor area has reported Indicated Resources* of 340,310 oz and Inferred Resources* of 84,200 oz.
NI43-101 Compliant Resource Classification | Tonnage | Grade g/t Au | Contained Metal Oz Au |
Indicated Mineral Resources | 6,070,000 | 1.74 | 340,310 |
Inferred Mineral Resources | 1,554,000 | 1.69 | 84,200 |
The Tabuaço Experimental Mining Licence (EML) in North-Eastern Portugal covers a total area of 45.13 km², and has been granted to Colt following, and as a consequence of, the exploration project undertaken by the company at its Armamar-Meda exploration concession between 2007 and 2012. It is located 300 km north, north-east of Lisbon, 100 km to the east south-east of Porto and 25 km to the south-east from Peso da Régua. Surrounding towns include: Armamar, Moimenta da Beira, Penedono, S. João da Pesqueira and Tabuaço. The EML encloses the Tabuaço skarn-type tungsten (scheelite) deposits, which include the São Pedro das Águias (SPA) and Aveleira tungsten resource areas,and the adjacent exploration targets of the SPA-Aveleira Gap, the Quintã-Távora zone, as well as on the East bank of the Távora river.
Since acquiring the exploration rights over this area in late 2007, as part of its Armamar-Meda exploration concession, Colt carried out extensive outcrop sampling work, and then embarked on an exploration and evaluation diamond drilling program which to date involved in excess of 100 drill holes, totaling more than 11,400 metres.
A portion of the deposit underlies a port wine vineyard on the western terraced slope of the Távora River valley. Though surface rights are subordinate to mining rights, often exploration and development activities are hampered by delays imposed by land owners. Therefore, in August 2011, Colt acquired 140 hectares of surface rights, which includes a vineyard and operational winery producing Senhora do Convento port and red table wines, along with a former Cistercian monastery. By securing the land over the majority of the deposit area, the company has unencumbered access to the most of the project area during the drilling program. In addition, the land is suitable for the entrance to the planned underground mine. Additional acreage will be required to accommodate the mine’s infrastructure upon development, specifically for the mine tailings disposal facility and tungsten ore concentrator plant; however, management plans to procure a site within three kilometers of the proposed mine entrance.
Project Highlights
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;
NI 43-101 Resource Estimates
November 2011 Resource Estimate | October 2012 Resource Estimate | |||||
Resource Category | Tonnage (thousand tonnes) | Grade (% WO3) | Contained Metal (MTU WO3)* | Tonnage (thousand tonnes) | Grade (% WO3) | Contained Metal (MTU WO3)* |
Indicated Mineral Resources | 760 | 0.58 | 440,000 | 1,495 | 0.55 | 815,000 |
Inferred Mineral Resources | 1,330 | 0.57 | 760,000 | 1,230 | 0.59 | 720,000 |
Table 1 - Tabuaco/Aveleira Tungsten Project Resource Highlights (0.3% WO3 Cut-off Grade)
* The term “MTU” is an abbreviation for one “Metric Tonne Unit” and is equal to 10Kg of material.
Portugal
Portugal’s diverse geology and significant mineral potential have led to the occurrence of a considerable number of ore, industrial, and ornamental stone deposits. Mineral exploitation in Portugal is presently at a considerably high level, originating from world class deposits, such as Neves-Corvo (Cu, Zn) and Panasqueira (W), but also from a lot of some 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.
Exploration activity is at a high level considering the relative small extent of the territory (roughly 90,000 Km2). Several international companies conduct exploration focus on base and precious metals. Despite this, the country remains largely overlooked and underexplored.
The mining of mineral resources in Portugal was initially carried out by the Phoenicians, but was intensely developed by the Romans, so the country has a long tradition in mining.
Portugal has world-class well-developed infrastructure; modern roads, efficient power and communication networks, and easily accessible ports and airports and is ranked 34th out of 155 countries by the World Bank in their 2011 Logistics Performance Index.
The country has significant and favorable European Union and Portuguese government financial incentive programs, which can be benefited from as the projects advance towards the development and production phases.
Portugal has a supportive government and favorable mining laws that encourages mineral exploration and mine development.
The Portuguese government’s geology and mining agencies the Laboratório Nacional de Energia e Geologia and the Direcção-Geral de Energia e Geologia encourage and promote the advancement of projects geared toward the exploitation of the country's mineral resources, like the recent published “National Strategy for Geological Resources – Mineral Resources” states.
Colt Middle East
Colt also has 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.
The company sees an opportunity to apply its expertise in mineral exploration, mine development, and mine operation to enhance the quality of life as well as supporting the economic independence in a number of emerging regions of the world that are naturally endowed with economically viable deposits while simultaneously enhancing shareholder value.
Principal areas of interest for Colt Middle East in Pakistan (Chagai Hills Balochistan)
The deposits, which are the focus of Colt Middle East Pakistan’s interest, are all located in the Tethyan belt, which runs from Asia to Europe and comprises one of the largest mineral deposits on earth. Our particular area of interest is in the Chagai Hills, an area explored in detail in the 1970s by the geological survey of Pakistan. To date the only significant mining operation being carried out here is by Chinese State companies in a location called Saindak, which was put into production in the 1980s as a copper mine. It is estimated that there could be over a substantial wealth of recoverable mineral resources in the region which if further investigated could be exploited for the greater benefit of the Baloch people and the Pakistani nation. All the surveys conducted so far have supported this assumption.
Regional Geology
Most of the area is situated on Tethyan belt, one of the most well-known belts in the world for natural resources. The sub-duction of Arabian plate into Afghan micro plate resulted in magmatic eruptions in the region which mainly comprise a submarine environment with the oldest being the Sinjarani volcanic group and the youngest multiple phase porphyry intrusions in the NE, NW portion as well as sedimentary sequences in the SE, SW portion.
Pakistan Mining
Our potential areas of interest are focused within one of the world's major metal producing belts, the Tethyan belt.
Principal areas of interest for Colt Middle East in Pakistan (Chagai Hills Balochistan)
The deposits, which are the focus of Colt Middle East Pakistan’s interest, are all located in the Tethyan belt, which runs from Asia to Europe and comprises one of the largest mineral deposits on earth. Our particular area of interest is in the Chagai Hills, an area explored in detail in the 1970s by the geological survey of Pakistan. To date the only significant mining operation being carried out here is by Chinese State companies in a location called Saindak, which was put into production in the 1980s as a copper mine. It is estimated that there could be over a substantial wealth of recoverable mineral resources in the region which if further investigated could be exploited for the greater benefit of the Baloch people and the Pakistani nation. All the surveys conducted so far have supported this assumption.
Regional Geology
Most of the area is situated on Tethyan belt, one of the most well-known belts in the world for natural resources. The sub-duction of Arabian plate into Afghan micro plate resulted in magmatic eruptions in the region which mainly comprise a submarine environment with the oldest being the Sinjarani volcanic group and the youngest multiple phase porphyry intrusions in the NE, NW portion as well as sedimentary sequences in the SE, SW portion.
Other advantages
Most mining and geological who have reviewed the area have confirmed that if modern techniques of exploration and production are employed in this area then many more recoverable grade deposits will be uncovered.
Afghanistan
Mining in Afghanistan is controlled by the Ministry of Mines and Industry. Afghanistan has more than 1,400 mineral fields, containing barite, chromite, coal, copper, gold, iron ore, lead, natural gas, petroleum, precious and semiprecious stones, salt, sulfur, talc, zinc, among many other minerals. Gemstones include high-quality emerald, lapis lazuli, red garnet, and ruby. Some reports have suggested that the country could hold up to $3 trillion in untapped mineral deposits.
Afghanistan’s significance from an energy standpoint stems from its geographical position as a potential transit route for oil and natural gas exports from Central Asia to the Arabian Sea. This potential includes the construction of the Trans-Afghanistan Pipeline gas pipeline. The first Afghan oil production began in October 2012.
Leadership
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.
Colt Resources, Inc. |
|
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |