Colt Resources advances Portugal projects

Colt Resources (CVE:GTP) reported on Thursday that it has aggressive exploration plans this year at its gold, tungsten and base metal projects in Portugal, with the aim to release a maiden resource estimate for its Tabuaco tungsten project in late 2011.
"Colt is focused on rapidly advancing its gold, tungsten and base metal projects,” said President and CEO, Nikolas Perrault.
"We have a highly experienced and dedicated team in place in Portugal and have confidence in their abilities to deliver positive results through aggressive exploration at our advanced stage assets."
Colt’s exploration team at Tabuaco has identified a tabular skarn-hosted tungsten deposit within its Armamar Meda concession in northern Portugal, where the tungsten occurs in the mineral scheelite and can be recovered using conventional processing methods, the company said.
Preliminary test work has so far indicated that there are no significant concentrations of deleterious elements present. Presently, Colt has three drill rigs operating on the project and a fourth rig is expected to be mobilized in the near future, and has to date identified several thick zones of high grade mineralization.
The on-going program is designed to measure the tonnage and in-situ grade of the deposit, for an initial NI 43-101 resource estimate to be delivered later this year.
Colt has reported the results of 14 holes drilled on the Tabuaco project to date and will continue to report results regularly.
Meanwhile, the Montemor gold project, located in southern Portugal, has shown a gold-bearing shear zone that has been mapped to extend 30 kilometres. Work started with the preparation of an exploration NI 43-101 report published in March this year.
The company is currently planning an aggressive exploration campaign on Montemor to start later this year, by which time Colt is expecting to have received authorization for its exploration concession application from the government.
The initial campaign will include some 20,000 meters of drilling, trenching, surface mapping and geophysical test work designed to confirm and increase historical resources identified by previous exploration companies.
At San Antonio, Colt recently started a limited exploration campaign focused on testing known gold-bearing veins at the project, which is situated within the Penedono concession in northern Portugal.
Finally, at the company's Santa Margarida do Sado base metal project, situated in southern Portugal within the western portion of the Iberian Pyrite Belt, is known to contain volcanic massive sulphide deposits including Neves Corvo, one  of the world’s largest copper and zinc mines.
Geophysical test work, which is designed to identify conductive structures that may be buried under 300 meters of tertiary sediments, is currently underway and expected to wrap up by August.
Colt said it plans to follow-up immediately with a focused deep drilling campaign to begin testing these anomalies.
Colt Resources is a Canadian junior exploration 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 the second largest lease holder of mineral concessions.