Colt Resources (TSX-V: GTP) (OTCQX: COLTF), is a Canadian mining exploration and development company, engaged in acquiring, exploring and developing gold and tungsten projects with high grade deposits.
The company is currently focused on advanced stage exploration projects in Portugal, where it is the largest lease holder of mineral concessions.
The firm’s portfolio is comprised of eight mineral exploration properties located in Portugal, including the Boa Fe and Montemor gold projects, the Penedono concession, the Armamar-Meda concession which includes the Tabuaço Tungsten project, the Moimenta-Almendra concession, the Cedovim concession, and the Santa Margarida do Sado concession.
The company was founded on April 25, 2000 and is based in Montreal, Canada.
Montemor gold project
The Montemor gold project is an advanced stage exploration project, covering an area of some 46.8 km 2 in southernPortugal.
The Montemor gold project and Montemor Regional concession are located some 100 km east of the Lisbon, the capital city, near the towns of Montemor-o-Novo and Évora, in the Alentejo region of southern Portugal.
On September 29, 2010 Colt submitted to the Direcao Geral de Energia e Geologia (DGEG) an application for an exploration license, the Montemor Regional concession, which is contiguous with and completely surrounds the Montemor gold project. Granting of the concession contract signed on November 2, 2011.
The Montemor Regional concession (including the Montemor gold project) covers a total area of some 728,22 km2. The concession encompasses nearly the entire length of the Boa Fe shear zone and most of the known gold prospects that have been identified in the greater area surrounding the Montemor gold project.
Located in northern Portugal, some 100 km east of city of Porto, the Moimenta-Almendra concession consists of 3 separate blocks totalling 566 km2 in area. These concession blocks partially surround the Penedono and Armamar-Meda concessions and are namely from west to east, Moimenta block (98 km2) , Castainço block (102 km2), and Almendra block (365 km2).
Colt Resources Inc. has a 100% interest in the Moimenta-Almendra concession. On October 1, 2008, the Company entered into a prospecting and exploration license agreement with the Direccao-Geral de Energia e Geologia (DGEG), a branch of the Government of Portugal, whereby the Company was granted the exclusive right to prospect and explore for base and precious metals on the Moimenta-Almendra concession.
Located in the NE part of the Moimenta-Almendra concession, the area of Numao was chosen as a follow-up to historical gold and arsenic stream sediment anomalies. No mineral occurrences were known in the area prior to work carried out by Colt.
Preliminary prospecting and mapping work revealed granite-hosted, high grade gold mineralization consisting of millimetric to centimetric quartz-arsenopyrite-scorodite-pyrite veins, locally with enclosing envelopes of arsenopyrite-bearing greisen or sericitized granite. Mineralization was observed over an area some 200 m by 400 m.
Of 39 outcrop and float rock samples collected, 13 samples assayed greater than 1 g/t Au; 7 samples greater than 5 g/t Au; and, 4 samples greater than 10 g/t Au: the latter ranging from 13.81 g/t to 38.29 g/t Au. High grade results, > 5 g/t Au, were mostly from grab samples of thin quartz-arsenopyrite-scorodite or thin semi-massive arsenopyrite-scorodite veinlets in altered granite.