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Colt Resources Strikes Gold in Alentejo

Alentejo - Portugal

Published on 8th July, 2012

The Canadian gold mining company, Colt Resources, has struck gold in the Evora region of the Alentejo area of Portugal. The recent drilling results from seven different drilling rigs will determine the amount of mining that will be able to be done in the future as exploratory holes continue to be drilled.

Colt Resources has been working in concert with the Iberian Resources of Portugal, with the approval of a governmental test drilling license in selected areas. Currently, the test drilling has been located in the Boa - Fe area and according to the statements by Nikolas Perrault, drilling could possibly start in 2014.

The exploration and evaluation of the strike zone in the Montemor-o-Novo bloc, one of the areas that are 100 percent owned by Colt Resources is very promising for future extraction of gold with drilling techniques used by the company.

Helicopter surveys using aeromagnetic surveys are also showing promise in locating other areas and the extent of the gold strike; the formation of the underlying rock shear shows that the minerals or ores found within should be fairly easy to recover.

Further testing and surveys are done by specialists in Seville, Spain, giving a greater accuracy concerning the gold results that have shown in the test holes that have been already drilled. The core samples show the density of the ores below the surface, giving a good idea of the quality of gold and other minerals available for extraction with regular mining techniques.

The exploration and drilling of more test holes is done to confirm to the earlier testing and to show the extent of the site to be drilled has neared completion with the signs positive for development of the strike. The geographical strata and features of the Monfurado area are one of the areas where Colt Resources has decided to begin operations at a later date.

The recent news of the positive developments means that there is opportunity for growth within the company and also locally as the need for qualified employees surfaces. The region of Alentejo in Portugal is agriculturally based with the reputation of being the source of grain and wheat crops; something else it has in common with Canada. The company trades on several different stock exchanges: GTP – (TSX-V) P01 Frankfurt and COLTF- (OTCQX); this makes it one to watch and keep an eye on as developments continue.

http://www.portugalproperty.com - Portugal's largest real estate agency - If you love Portugal you will love Portugal Property. Contact the team via email at: info@portugalproperty.com or call free now on +44 (0) 800 014 8201

Published in: News and Updates / Portuguese Life