MONTRÉAL, Feb. 20, 2013 /PRNewswire/ - Montréal, Québec, Colt Resources Inc. ("Colt" or the "Company") (TSXV: GTP) (FRA: P01) (OTCQX: COLTF) is pleased to announce that in an official signing ceremony held earlier today at the Company's 100% owned Tabuaço project the following concessions were formally awarded:
TABUAÇO EXPERIMENTAL MINING LICENCE
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.
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, totalling more than 11,400 metres.
The most recent NI 43-101 resource statement issued by Colt for the Tabuaço tungsten deposits (News Release of October 3 rd, 2012) reported Indicated Mineral Resources of 1,495,000 tonnes grading 0.55% WO3 containing 815,000 MTU's and Inferred Mineral Resources of 1,230,000 tonnes grading 0.59% WO3 containing 720,000 MTU's (1 MTU = 1 metric tonne unit = 10kg of contained WO3) from the São Pedro das Águias and Aveleira deposits. Colt is continuing exploration work and is confident that the deposit has good potential for expansion.
BORBA EXPLORATION LICENCE
The Borba exploration licence in central-eastern Portugal covers a total area of 636 km2. It is located in the Variscan terrain known as the "Ossa-Morena Zone", the same terrain that hosts Colt's Boa Fé and Montemor projects, relative to which Borba is located approximately 65km due East.
The region is mostly known for its production of high quality marble dimension stone for the international market, namely from the municipalities of Estremoz, Borba and Vila Viçosa. Small scale underground mines produced copper until the early 20th Century from a number of disseminated deposits, namely Mostardeira, Miguel Vacas, Bugalho and Mociços. Modern opencast mining was carried out to exploit the oxide zone of the Miguel Vacas copper deposit in the period 1980-1990, during which an estimated total of around 1650 tonnes of copper metal were produced; upon the interruption of this exploitation the deposit was believed to be open both along strike and (particularly) down dip.
CERCAL EXPLORATION LICENCE
The Cercal exploration license located in coastal Alentejo province (Southern Portugal) some 110km due South of Lisbon covers a total area of 455 km2. It is located within the Iberian Pyrite Belt, a prolific World-Class province of volcanogenic massive sulphide deposits with several centers of historical production of copper, lead, zinc, and to a lesser extent tin, gold and silver.
Historically, there were a number of small artisanal mines at Cercal exploiting Fe-Mn, Cu, Zn-Pb, Cu-Pb-Ag until the mid 20th Century; and a modern, small-size underground mine that produced Fe-Mn oxide concentrates (with by-product barite) to supply a Portuguese steel manufacturing plant until the early 1990's.
The license area also encloses the Salgadinho stockwork deposit, first discovered and explored by the Portuguese Government exploration department SFM between 1973 and 1979. The perception that the gold potential of this deposit was poorly investigated in the past (e.g. incomplete sampling not including gold assaying) led Colt to consider it as a gold exploration target for its exploration program.
About Colt Resources Inc.
Colt Resources Inc. is a Canadian mining exploration and development 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 one of the largest lease holders of mineral concessions.
SOURCE COLT RESOURCES INC.