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Colt Resources – Developing Portugal’s Next Tungsten and Gold Mines

Colt Resources Inc.


Colt Resources Inc. (TSXV:GTP,FWAB:P01) is a mining exploration and development company focused on on its wholly owned advanced stage tungsten and high-grade gold projects in Portugal.

In July 2014, Colt reported a promising new discovery at its Tabuaco Tungsten Project, with three initial holes strongly suggesting the presence of a previously undetected zone of mineralization.

Investment Highlights

  • Tightly held with a market capitalization of $33.7 million
  • Experienced management team, well known and supported in Europe
  • 100 percent ownership of advanced stage gold and tungsten projects
  • Significant upside potential for Tabuaço Tungsten Project with drill results expected moving forward
  • Operating in the mining friendly jurisdiction of Portugal in areas with unexplored mineral potential

Key Properties

Tabuaço Tungsten Project


Located in North Central Portugal roughly 300 km north east of Lisbon and 100 km east-south east of Porto, Colt’s 100 percent owned Tabuaço Tungsten Project is contained within the 45 km2 Tabuaço Experimental Mining License, which was formerly known as the Armamar block of the Armamar-Meda exploration concession.

The project is divided into three deposit areas – the Aveleira and Quintã exploration areas and the São Pedro das Águias-Herédias resource area.

The broader Tabuaço exploration mining license sits on the border of two major geologic units, while the region has been noted for tungsten and tin occurences, and has been the site of a number of past artisinal workings. Tungsten is found as fine to coarse disseminations of scheelite within skarn horizons on the property, and importantly, the skarns have almost no sulphides or molybdenum, giving them a very favourable potential for mineral processing.

Notably, the area also features excellent infrastructure including roads, railway, water supply, and electricity.

A mineral resource estimate for the Aveleira deposits from October 2013 outlined an Indicated resource of 1,495,000 tons grading 0.55 percent WO3, and an Inferred resource of 1,230,000 tons grading 0.59 percent W03.

Additionally, preliminary economic assessment was also prepared in the fall of 2013 for deposits within Tabuaço for two deposits for which N143-101 compliant mineral resource estimates had been prepared. The study considered six processing scenarios, the most attractive of which being a conventional open pit mining operation with gravity recovery, flotation, acid digestion and precipitation of tungsten containing powders for end users.

With the assumption of a life of mine constant WO3 price of $400/MTU, that preferred processing option would demonstrate a post tax net present value of US$70.3 million with a discount of five percent, an internal rate of return of 30.7 percent and cash costs of US$206.9/MTU.

On July 7 2014, the company reported a new discovery as part of its expansion drilling program at the Tabuaço project. Assay results have yet to be returned, but a visual inspection of the mineralized skarns intersected by all three holes, both under natural light and short wave UV-light, indicated that generally, they compare well in terms of mineralogy and texture with results from an earlier isolated hole. Drilled in 2012, hat hole intersected rich tungsten mineralization away from existing deposits.

These results highlight the upside potential of the Tabuaço project. Currently, the delineated mineral resources are believed to represent just a fraction of a larger resource base, with the entire zone 100 percent controlled by Colt.

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Colt has commenced the feasibility study phase for the project, and is working to complete an environmental impact assessment so that a full mining license application can be made. The company received a Trial Mining licence in March 2013.

Boa Fé Gold Project

Located in the Alentejo region of Portugal, roughly 100 km east of Lisbon near the town of Santiago do Escoural, Colt’s 100 percent owned Boa Fé Gold Project license area encompasses 47 km2 with an additional 728 km2 as its Montemor exploration concession. Colt’s licenses for both projects were approved by Portuguese mining authorities in November 2011.

The area is highly prospective, as the area is known to host several near surface gold deposits within a regional shear that has been mapped to extend over 30 km. The deposits remain open along strike and to depth.

As with Colt’s Tabuaço Tungsten Project, the Boa Fé Gold Project is located near excellent infrastructure including roads, railways, water supplies, and electricity.

In March 2013, an N143-101 compliant mineral resource estimate was completed for Chaminé, Casa Novas, Banhos, Braços, Ligeiro and Monfurado deposits in the Boa Fé – Montemor gold project, using data from both historic drilling and the 2011/2012 exploration drilling program carried out by Colt. In total, the project area was estimated to contain an Indicated mineral resource 6,070,000 tonnes with an average grade of 1.74 grams per tonne of gold, and an Inferred resource of 1,554,000 tonnes with an average grade of 1.69 grams per tonne of gold.

Colt also published a preliminary economic assessment for the project in May 2013, which studied four processing scenarios. In the most favourable scenario, assuming a life of mine constant gold price of US$1425 per ounce, the PEA demonstrated a post tax net present value for Colt of US$64 million with a five percent discount, an internal rate of return of 33 percent, and cash costs of US$666 per ounce.

The Boa Fé project has significant upside potential, as indicated by regional geophysics, geochemistry and mapping. This has indicated good potential to identify similar deposits along the entire strike of the shear in the area 100 percent controlled by Colt.

An environmental impact assessment was approved on July 2013, and the company is now moving into the feasibility phase for Boa Fé.

Other Projects


Colt Resources also holds several other licenses with good exploration upsides. These include its Santo Antonio gold property with an experimental mining license in north-eastern Portugal,the Cercal and Cedovim gold exploration licenses and the Borba gold-copper exploration license.


Colt Resources is rapidly advancing its Tabuaço Tungsten Project in the mining friendly jurisdiction of north central Portugal in addition to its Boa Fé Gold Project. With its experienced management team, Colt is currently moving forward with feasibility studies for both projects, which both feature good additional upside potential.

Recent preliminary interpretations from drilling at Tabuaço have indicated a previously unrecognized deposit in the project area. Drill results are forthcoming, and a series of follow up holes have been planned to better develop an understanding of the new zone.


Nikolas Perrault – President & Chief Executive Officer

Mr. Nikolas Perrault is a Chartered Financial Analyst who has spent the first 15 years of his career working with some of Canada’s largest financial institutions, including National Bank, Merrill-Lynch, CIBC and Scotia Capital. He is President, CEO and Director of Colt Resources Inc., a Canadian exploration and development company focused on advanced-stage high-grade gold and tungsten deposits in Portugal. His focus throughout his career has been on small cap resource companies worldwide which has allowed him to develop an extensive international network. In May 2007, he founded a management consulting company providing strategic advice to early stage energy and resource companies. Mr. Perrault is also an independent director of TSX listed Calvalley Petroleum as well as NEX listed Bitumen Capital Mr. Perrault holds a Bachelor of Commerce and obtained his Chartered Financial Analyst designation in 1997.

Shahab Jaffrey – Chief Financial Officer

Mr. Jaffrey is an experienced chartered accountant possessing strong commercial and technical skills with core expertise in financial reporting and advisory related issues having worked with large International and Canadian accounting firms. He possesses more than 13 years of experience across Australia, Canada, Russia, Kazakhstan, Pakistan and the Middle East with major clients being listed companies in the Mining and Oil & Gas sector. His last role was with Sherritt International Corporation as part of their senior internal audit and risk management team.

David A. Johnson – Chief Legal Officer and Corporate Secretary

Mr. Johnson is an attorney and trade-mark agent with his own law firm based in Montreal, Quebec, Canada. Mr. Johnson specializes in corporate law, commercial transactions and intellectual property. He also practises across several industries including mining, software, energy, manufacturing, clean tech, transportation and entertainment. His international legal experience includes work in France, Portugal, Germany, Albania, the United States of America, the United Kingdom and Israel. Mr. Johnson has several years’ experience at the senior management level in a variety of companies and not for profit organizations. He is presently a director and the Secretary-Treasurer of the International Law Association, Canadian Branch, a registered charity. Mr. Johnson holds a Bachelor of Arts (Hons.) from Queen’s University, a Master of Urban Planning (M.U.P.), Bachelor of Common Law (LL.B.) and a Bachelor of Civil Law (B.C.L.) from McGill University. He also completed the Directors’ Education Program at the Rotman School of Management, University of Toronto and has been certified at the Institute of Corporate Directors, (ICD.D), the International Executive Program for Mining Leadership at the School of Business, Queen’s University and the Canadian Securities Course at the Canadian Securities Institute.

Filipe Faria – Vice President, Exploration

Mr. Faria is a geologist with over thirty years experience in mineral exploration. Over the last thirteen years he has been a partner and the principal consulting geologist of GEOLOG – Gabinete de Geociências Lda, a geological consultancy based in Lisbon, Portugal. Prior to that he worked for Rio Tinto plc, Ashanti Goldfields Ltd, European Gold Resources Inc., and as an independent consultant. Over the course of his career, he has been responsible of numerous geological and mineral exploration/evaluation projects for a number of domestic and international companies focusing in Western Europe and Southern Africa. Fluent in Portuguese and English, Mr. Faria has been a member of the Portuguese Association of Geologists since 1982 and the Geological Society of Portugal since 1978.

João Carlos Gaspar de Sousa – Vice President, Operations

Joao comes to Colt from having worked as the senior project geologist of Genius Mineira, Lda., an Angolan company. He is a Senior Exploration Geologist with 28 years of experience including 5 years as the Country Manager for Iberian Resources Portugal (the former owner of Colt’s Montemor project), more than 2 years with Empresa de Desenvolvimento Mineiro, S.A. and its subsidiary, 13 years with Rio Tinto and 5 years with Lundin Mining Corporation (EuroZinc Mining Corp.) which owns the “Neves-Corvo” copper mine in Portugal. Mr. Gaspar de Sousa has a Geological degree from Faculdade de Ciências de Lisboa.

Jorge Valente – Vice President, Engineering and Development

Jorge Valente is a Portuguese citizen and resides in Brazil. Mr Valente has over 40 years of extensive experience in the mining industry. He is a mining engineer (graduated from IST, Lisbon, 1970), specializing in Geomathematics (mineral resources and ore reserves estimation and mine planning). He also teaches post-graduate courses at the School of Mines of UFOP (Ouro Preto Federal University), and is a certified CP (“competent person”, by SME – USA). He is the author of two books and many articles dealing with subjects of his specialty, some of which have been published in English.

Luís Martins – Director of Business & Development Europe

Luis Martins is a geologist with 30 years of experience in the exploration and mining sector. He graduated from the Faculty of Sciences of Lisbon (1973) and has a MsC in Economic Geology from the same faculty (1995) and also several national and international post-graduation courses. He was a former Director of the Mineral Resources Department at the Geology and Mining Institute (the Geological Survey) and a former Director of the Mines and Quarries Department at the Directorate-General of Energy and Geology (the Mining Authority). He has participated in several national and international research projects, especially in the mineral exploration, environmental geology and mining heritage fields, the majority of them with co-ordination functions and coordinated several international working groups, like the “Mineral Resources Topic Network” and the “Minerals Policy Sector” of the EuroGeoSurveys (1997-2002) and the CYTED Ibero-American Network “Land Use and Mineral Resources” (2002-2007). He was the Portuguese representative on the “Raw Materials Supply Group” of DG Enterprise and Industry of the European Commission (June 2010-August 2012) and, as an expert, on the “UNECE Expert Group on Resource Classification” (October 2010-August 2012). He has published over 100 national and international peer-review publications. He has participated in 350 conferences, workshops and seminars where he has presented papers in 80 of them and taught more than 20 graduate level short courses.