Colt Resources Inc. 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 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.

As part of its experimental mining work program, Colt will proceed with the excavation of both an access adit and a vertical shaft into the São Pedro das Águias deposit, for the purpose of testing the proposed mining method, gathering further information on the rock mechanical conditions, and extracting a bulk sample for pilot ore concentration work. In addition the surface diamond drilling program will be continued to explore and evaluate the above referred deposits and exploration zones.

SANTO ANTÓNIO EXPERIMENTAL MINING LICENCE

The Santo António Experimental Mining Licence (EML) in North-Eastern Portugal covers a total area of 35.34 km2. This concession was granted to a joint venture between Colt and Brazilian company, Contecnica, in which the latter will be the operator. The granting of this concession follows on the exploration project undertaken by Colt in the Penedono concession between 2007 and 2012.

The area is mostly underlain by multi-phase granitic intrusions of the Variscan tectonic cycle (Upper Paleozoic), which host a number of known gold deposits of the "Reduced Intrusion Related" type. These can consist of either individual veins such as at Sendim; clusters of quartz veins such as at Santo António (13 veins), Ferronha and Dacotim (3 main veins each); or sheeted vein systems with or without associated greisen envelopes, such as respectively at Turgueira and Marofa. Some tungsten mineral (wolframite) can also be present in these mineralized structures (e.g. Santo António, Turgueira) which can perhaps originate by-product tungsten production.

Mining activity in the area dates back to Roman times, when gold was produced from Santo António, Ferronha and Dacotim. Small scale artisanal tungsten (wolframite) mining took place in the area during the 1940's and 1950's. Gold mining attempts were also undertaken in the mid 20th Century from Ferronha, Dacotim and particularly Santo António. The latter was exploited by the Companhia das Minas de Ouro de Penedono in the 1950's, having produced a total of around 11,000 ounces of gold from a total of 105,000 tons of ore (ROM) extracted from underground mining along veins # 2 and 3, and to a minor extent veins # 7 and 13.

The 1950's Santo António mining plant never achieved an acceptable level of gold recovery and as a result the ca. 100,000 m3 of tailings material still existing at the Santo António mine are believed to host gold that may be recoverable using more modern methods.

During the experimental mining period the Joint Venture's activity will focus on: trial open pit mining at Turgueira; recovery of gold from the Santo António tailings; excavation of a new adit to access and de-water the Santo António underground workings and recover for pilot metallurgical testwork blasted ore left in the old galleries; and continuing evaluation drilling of the vein deposits.

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.

Modern exploration was carried out in the area between 1986 and 2006 by Rio Tinto, Carnon Holdings, Auvista Minerals, Prominas, Rio Narcea Gold Mines. Most of these exploration programs focussed on the gold potential of the area, having led to the discovery of several gold occurrences and anomalies which were poorly explored, such as at Almagreira, Torre and other locations, besides identifying gold contents also at the old copper mines of Bugalho, Mociços and Mostardeira.

The licence area geology encompasses several sedimentary and volcanic formations that extend from the Upper Proterozoic to the Devonian. The copper, copper-gold and gold mineralizations may occur in rocks of distinct ages as disseminations, veins and breccias which are associated with a zone of regional shearing extending for over 30 km in the NW-SE direction within the concession area.

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.

Subsequent to the SFM discovery, the area was explored between the early 1980's and 2008 successively by Elf-Acquitaine, Empresa Mineira da Serra do Cercal Lda, and Northern Lion Gold Corporation.

The area also encloses favourable Carboniferous volcanic and sedimentary geology for the occurrence of both massive sulphide and disseminated gold deposits. In addition to Salgadinho, several geochemical and geophysical anomalies point at other potential occurrences of gold and/or base metals.

 

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Falling ferro-tungsten prices in Europe could be linked to lower-quality material being sold on the continent, perhaps unknown to market participants.

Metal Bulletin’s price quotation for ferro-tungsten on an in-warehouse Rotterdam basis is nominally based on material with 75% tungsten content. However, Jane Parish, the European representative of Vietnam Youngsun Tungsten, has suggested the price may be falling because the material being sold contains high levels of impurities.


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US Tungsten Corp recently announced that they have reduced their share outstanding by 60 percent. Mr. Markin president of USTU agreed to redeem 123,000,000 shares to the company treasury for cancellation.

The share price plunged 16.43 percent in today’s session to close at $0.585. The share price has touched the lowest of $0.17 in last one year while its highest stood at $0.74 in last 52 weeks. The share volume stood at 1.20 million shares while its average volume stood at 288,298.00 shares per day.

US Tungsten Corp currently doesn’t have any business. It is looking for some business. Previously it was dealing in acquisition and exploration of mineral properties in Canada. The company is settled in Henderson, Nevada.

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Australian tungsten producer Carbine Tungsten has entered a Memorandum of Understanding (MoU) with offtake partner Mitsubishi Corporation Unimetals (MCU) to support the development of its existing hard-rock stockpiles and historic open pit tungsten mine.

MCU, part of the Mitsubishi Group, intends to provide funding for Carbine’s hard-rock project, and to continue to participate in the offtake agreement once Carbine moves into the development phase for these assets, the company said on Monday February 25. The MoU includes potential financing and technical support for the development of the hard-rock project, and an offtake consideration for 80% of the tungsten stockpiles and 50% of the ore produced from the historic open pit tungsten mine, Carbine said. MCU has also begun its consideration to fund A$15 million ($15.5 million) of the capital requirement for Carbine’s planned development programme of the existing stockpiles, which is the company’s main focus.

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Domestic the tungsten ore businessmen bullish market outlook, Tungsten ore market is a good trend, 65 degrees wolframite actual transaction concentrated to around 1.5 yuan / kWh; caution APT some businesses, the market price is low float up to 170,000 yuan / ton,powder and alloy market prices of power to continue the maintenance of stability, we expected the tungsten market conditions in the short term or remain stable and inflation trend.

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Miners have pulled gold, silver, arsenic and tungsten out of the ore in southwestern Tooele County dating back to the 1860s.

Now, under a proposal pitched to the Bureau of Land Management, the Clifton-Gold Hill Mining District may become home to the area's first large mining operation to tap gold and silver deposits.

Seattle-based Desert Hawk Corp., wants to set up camp in the west desert and process a million tons of ore a year for two years. The entire life of the mining operation would be for six years, with another three years to reclaim the land.

Desert Hawk President Rick Havenstrite said about $12 million has been spent so far to get the project rolling, including money sunk into documentation for regulators that there won't be a problem with acid mine drainage, which is acidic water laden with iron, sulfate and other metals.

"Our system doesn't have sulfate in it — that's the beautiful thing," he said.

What's been dubbed the Kiewit Mine Project has gone through an environmental analysis by the Bureau of Land Management because part of it is on federal lands east of Iabapah and west of the salt flats. The public has a chance to weigh in on the proposal through March 14 and a similar public review of a state mining permit has already been completed.

Jim Springer, spokesman with the state Division of Oil, Gas and Mining, said no negative comments were received on the project, which involves exploratory drilling, blasting, an open-pit mine and a process to extract the gold and silver using cyanide.

While the division is a long way off in the permitting arena, the project's proposed use of what's called "cyanide heap leach pads," would be the state's only active mining operation using this extraction method.

Using cyanide

Cyanide is highly toxic and state mining regulators say the word itself alarms people. They say if it is handled properly it is safe in these types of applications.

The compound has been used in gold mining since the 1880s and continues to be used in more than 90 percent of the world's gold production today. In neighboring Nevada, there are about 30 mines that use the cyanide process to separate gold and silver from ore.

"Even though this may be slightly new to Utah, the regulatory environment is well known," Havenstrite said, adding that it is a fairly simple process.

Basically, the mounds of rock are piled on a lined pad that receive a cyanide solution through a drip application, he said.

"We mine it, crush it and sprinkle it on," he said. "Cyanide bonds to the gold and silver and carries it out. They are all in liquid form."

In its analysis of the project, the BLM notes that the cyanide would be trucked to the site from Nevada from a company with employees certified in safety procedures for handling the compound.

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China has approved funding to develop core technologies for nuclear-powered ships. Professionals speculated that Beijing is planning to build nuclear-powered aircraft carrier.

Reported by China Daily reported, China Shipbuilding Industry Corp. said that one of its research institutions has received State approval and funding to formally begin research on core technologies and safety for nuclear-powered ships.

A senior researcher at the People's Liberation Army's Academy of Military Science told the Daily that Nuclear-powered ships can travel farther and are more reliable compared with used conventional propulsion. Factors make the ships a wise choice for polar expeditionary missions.

Reported many military followers link the announcement to widespread speculation that China may develop its own nuclear-powered aircraft carriers.  
China launched its first conventional aircraft carrier last year which is still undergoing trials.

Profesional said that China already has the technology and industrial capability to develop and build a nuclear-powered aircraft carrier.  

The only operating aircraft carrier outside the US is France's Charles de Gaulle, also the first French nuclear-powered surface vessel.

As we have known, thanks to tungsten’s particular properties, tungsten products are widely used in aerospace and aviation, especially under harsh environments.


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Montreal-based explorer Colt Resources(GTP-V) tumbled to a new 52-week low after announcing it received two experimental mining licenses allowing it to advance its tungsten and gold exploration projects in Portugal, likely not the reaction the company was anticipating. The stock dropped nearly 16% to close Feb. 20 at a year low of 32.5¢. The next day it shares rebounded, gaining 17% to end at 38¢.    

Government officials granted the junior a 45-sq.-km experimental mining licence or EML for its Tabuaço tungsten project located some 300 km north-northeast from the country’s capital Lisbon and 100 km east-southeast of Porto.

The advanced-stage tungsten project sits near the city of Vila Real in Colt’s 100%-owned 218-sq.-km Armamar-Meda exploration concession, which partially surrounds its Penedono and Moimenta-Almendra concessions.

The EML covers the Tabuaço skarn-type tungsten deposits, including the Sao Pedro Aguias (SPA) and Aveleira tungsten resource areas, exploration targets on the SPA-Aveleira Gap, the Quinta-Tavora zone, and the East bank of the Tavora River.

The licence came after Colt spent nearly six years exploring the property, after staking it directly from the Portuguese government in December 2007.

Since then the junior — with big ambitions of bringing the country’s next gold and tungsten mines on stream in the next two to three years — carried out extensive outcrop sampling work followed by a diamond drilling program. To date, it has punched more than 100 holes or 11,400 metres at Tabuaço to help delineate a NI 43-101 mineral resource.  

The most recent estimate, published last October, show the SPA and Aveleira deposits host 1.49 million tonnes grading 0.55% tungsten trioxide (WO₃) in indicated, with another 1.23 million tonnes of 0.59%  WO₃  in inferred, using a 0.3% cutoff grade.  

While the Montreal-based entity aims to keep exploring the tungsten property, its experimental mining program will focus on the SPA deposit, where it will excavate an access adit and a vertical shaft to test the proposed mining method, evaluate the rock mechanical conditions, and recover a bulk sample to complete pilot ore concentration work.

Earlier this year, Colt provided a small representative sample of drill core to a Chinese metallurgical services provider to test recoveries. It reported flotation followed by acid leaching returned overall tungsten recoveries of 87%, as well as a final concentrate grading around 70% WO₃ from an ore sample containing 0.64% WO_3.

“These final metallurgical test results further demonstrate the potential to develop a successful tungsten mining operation at Tabuaço,” Nikolas Perrault, the company’s CEO, stated in a Jan. 30 release.

Colt intends to wrap up a preliminary economic assessment on the project by July, Perrault said, adding it is actively pursuing a joint-venture partner for Tabuaço so it could concentrate on its gold projects.

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At the beginning of this century, when Inner Mongolia North Heavy Industries Group seeked a strategic value of technology from abroad, encountered many setbacks; however, though that company was suffering a setback but then braved. Many decades, North Heavy Industries Group adheres to innovation; constantly breaks the foreign technology blockade, finally to fill a blank in the field of high-end equipment manufacturing in China.

Commodity natural resources company Premier African Minerals yesterday said a recent exploration update from its flagship RHA tungsten project, in Zimbabwe, indicated the potential for development of a low-capital and low-operating-cost mine in the near term.

A five-hole diamond drilling programme undertaken on site confirmed significant tungsten oxide values.

“This update has revealed significant tungsten mineralisation in the form of very coarse wolframite crystals hosted by quartz veins identified from drillhole intersections and highlights the exceptional prospectivity of our RHA tungsten project,” Premier chief executive officer George Roach said in a statement.

Drilling had also potentially uncovered three previously unknown, well-mineralised quartz veins in the existing lode system. Further low-cost surface trenching and sampling would be undertaken in the first quarter of the year to confirm the surface location and extent of the hanging wall lodes, with a South African Mineral Codes-compliant resource on target for completion within the first half of the year.

“In tandem with this, we are also completing a conceptual mine study, which will determine the most beneficial and cost-effective method of exploiting the known extent of the RHA deposit,” Roach added.

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