QualityStocks News - Colt Resources (COLTF) Portuguese Gold and Tungsten Strategy Has Bright Future, New JV in Pakistan

QualityStocks would like to highlight Colt Resources Inc. (OTCQX: COLTF). The company 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.

In the company’s news,

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.

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Forward-Looking Statement:

This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.