Friday 28th October 2016

Resource Clips

Good To Go

Colt Finds Gold and Good Faith in Portugal

By Ted Niles

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When Colt Resources TSXV:GTP finalized the acquisition of its Montemor property in November 2011, it got much more than prospective land in Portugal. “If we had to start from scratch to get to this point,” Nikolas Perrault declares, “it would take us five to 10 years and well over $20 million to replicate the database.” Previous work on the property was extensive, including upwards of 1,100 drill holes and 510 trenches and an historical (non-NI 43-101-compliant) resource estimate of 610,000 gold ounces. “What is striking,” the President/CEO adds, “is the exceptional nature of the work. Our drilling so far and some of the holes we’ve twinned have been confirming the high quality of this database. It will allow us to incorporate a lot of the historical data into our resource estimate.”

Located 95 kilometres east of the city of Lisbon, Colt‘s Montemor concession consists of 732-square kilometres. Contained within that is the 47-square-kilometre Boa Fé Gold Project, for which Colt has an Experimental Mining License and which saw the bulk of the historical work. The company’s first order of business is to confirm the previous results and release a maiden resource in June.

Colt Finds Gold and Good Faith in Portugal

Colt: 'We actually have the ability to commence mining, if we so desire'

May 10 assays from the Chaminé, Casas Novas, Ligeiro and Braços deposits of the Boa Fé project include

  • 3.37 g/t gold over 7.5 metres (including 7.38 g/t over 2.1 metres)
  • 1.77 g/t over 12.1 metres
  • 8.4 g/t over 9.6 metres (including 31.7 g/t over 2.2 metres)
  • 1.36 g/t over 19.7 metres (including 4.48 g/t over 2.5 metres)

April 30 assays of the Chaminé and Ligeiro deposits include

  • 6.96 g/t gold over 14.5 metres (including 16.96 g/t over 5.6 metres)
  • 2.03 g/t over 4 metres
  • 5.42 g/t over 23.6 metres (including 11.6 g/t over 7.6 metres)

Perrault comments, “Most of the drilling done previously was done in one orientation, and so we’re doing a combination of vertical holes to compliment that and get a better handle on the structure. We’re getting at surface grades that you’d be happy to see underground. Initially, this will be a series of open pits, which we’re hoping to be able to connect into larger ones. After that, if our theory proves right, we believe we’re going to get a series of these deposits, one on top of the other.”

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