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Boa Fé

Advanced Stage Gold Project

Presentation Boa Fé Project

The Boa Fé Gold Project (46.78 km2) is located in the northern central section of the Montemor Gold Exploration Concession (728.22km2), located in the Alentejo region of southern Portugal, approximately 100km east of Portugal’s capital of Lisbon. The 100% owned Montemor Gold Exploration Concession is rectangular in shape with the walled city of Évora on the eastern border and Vendas Novas on the western edge.

The Boa Fé Gold Project is located along a 33km shear zone in the Escoural Formation which trends northwest-southeast between Fonte Santa and Chaminé and north-south between Ligeiro and Braços, about two kilometres north of is the city of Montemor-o-Novo. Colt Resources was granted the mineral exploration rights for the Montemor Gold Exploration Concession, and holds a wholly owned Experimental Mining License (BF-EML) for the Boa Fé Gold Project.

The Boa Fé Gold Project hosts several gold deposits such as Banhos, Casas Novas, Chaminé, Ligeiro and Braços. The property is easily accessible all year via state of the art infrastructure and is conveniently located near the Portuguese National Electrical Grid which allows for uninterrupted power.

Base Map Montemor

Locations of the Boa Fé Experimental Mining License and the Montemor Exploration Concession

Preliminary Economic Assessment (PEA)

The Preliminary Economic Assessment (PEA) prepared by SRK based on the 6 NI43-101 supported gold deposits. Assuming open pit mining methods, the study considers 4 processing options, each of which delivered positive NPV5% and IRR results using conservative capital and operating cost estimates. Using Colts preferred Option D, the study delivered a pre-tax NPV5% of $92.8m and IRR of 39.6% and a post-tax NPV5% of $64.3m and IRR of 30.2%. Read May 7th, 2013 Press Release here.

NI 43-101 Resource Estimates

Colt’s NI 43-101 compliant resource estimate for six deposits within the Boa Fé and Montemor area has reported Indicated Resources* of 340,310 oz and Inferred Resources* of 84,200 oz.

Indicated Mineral Resources
  • Tonnage: 6,070,000
  • Grade (g/t Au): 1.74
  • Contained Metal (oz Au): 340,310
Inferred Mineral Resources
  • Tonnage: 1,554,000
  • Grade (g/t Au): 1.69
  • Contained Metal (oz Au): 84,200

News Releases

Project Highlights

  • Concession located 100km east of Lisbon
  • 100% ownership of the Montemor Gold Exploration Concession
  • Experimental Mining License for wholly owned Boa Fé Gold Project located along a major (33km) shear zone
  • Boa Fé Gold Project hosts gold deposits such as: Banhos, Casas Novas, Chaminé, Ligeiro and Braços
  • Several high grade outcropping gold deposits identified with significant untested strike and depth potential
  • Multiple large lower grade gold anomalies not drill tested
  • The Boa Fé / Montemor areas with multiple historic deposits identified
  • Bulk of historical work focused on near surface zones of mineralization (18km strike length) out of an estimated total of 111km of gold mineralization.
  • Initial metallurgical test work has demonstrated that the gold at Boa Fé/Montemor is readily recoverable using a combination of conventional methods such as gravity, flotation and cyanide technologies
  • Aggressive exploration program is currently underway to upgrade a Sub-Million Ounce Mining Project to a potentially World Class Multi-Million Ounce Mining District


Locations of the Gold Occurrences and Gold Deposits in Boa Fé Experimental Mining License and Montemor Exploration Concession

Gold occurs in a series of occurrences and deposits located along the Boa Fé shear zone: a major shear zone formed within a strongly folded Proterozoic volcano-sedimentary sequence of the Ossa Montemor tectonic zone (Figure 2). Some 40 gold prospects and deposits have been identified in the greater region of Montemor and surrounding areas. Individual deposits defined within the Boa Fé Experimental Mining License and Montemor Regional Concession include Banhos, Casas Novas, Chaminé, Ligeiro, Caras, Covas, Braços, Braços South and Monfurado. The principal deposits of economic interest are Casas Novas, Chaminé, Braços, and Banhos (Figure 2) along the Boa Fé shear zone.


Locations of the Main gold Deposits and gold Occurrences Along the Aero-Magnetic Survey

The geological model for the gold occurrences and deposits within the Montemor project has been described as “orogenic” or “shear-zone-related” gold deposits. The Montemor Regional concession is located in the Ossa-Moreno Zone (OMZ), “a geologically complex and diverse domain”. The OMZ exhibits a complex evolution pattern of orogenic events conducive to the deposition of gold mineralization hosted by faults and shear zones. In an orogenic process, the Earth’s crust is structurally deformed by the tectonic plate movement over a period of tens of millions of years. Within the Montemor Regional concession, the gold disposition first occurred in the host rocks of the Escoural Formation and later during the orogeny, the Boa Fé shear zone was formed as a result of intense shearing and high levels of deformation by the movement of tectonic units. Various degrees of partial melting and hydrothermal alteration remobilized the gold deposits in the host rocks to areas of enhanced permeability, such as the Boa Fé shear zone where evidence of hydrothermal activity is present. The gold mineralization is characterized as 1) orogenic gold deposits due to the orogenic tectonic setting and 2) shear-zone gold deposits owing to the subsequent creation of hydrothermal gold deposits.


Regional Geological Map

Gold deposits are commonly associated with sulfides such as arsenopyrite, loellingite, and pyrite. Locally, they occur in native form. Gold mineralization, for the most part, occurs disseminated in the schistose fabric of host schists or in quartz veins. Gold is closely associated with zones of silicification and adjacent quartz veins and also occur in host rocks, usually metamorphic rocks called schists. Gold is also commonly found in proximity to breccias zones, fault intersections and shear zones. Within individual deposits, gold mineralization occurs largely near-surface and because of this it is appropriately fit for open pit mine development and shallow underground mining.

  1. The Ossa Morena Zone is one of five tectonic sub-divisions of the Iberian-Hesperian Massif (a section of the Earth’s crust underlying the Iberian Peninsula).
  2. A domain is a geologic formation with distinctive structural characteristics.


Exploration Highlights

1991 – Rio Tinto Riofinex

  • Environmental base line studies
  • Resource estimates

1995-1999 – Portuglobal and MRI (Montemor Resources Inc.)

  • Resource estimates

2004-2005 – Iberian Resources

  • Resource estimates

2006 – Iberian Resources

  • Metallurgical testing and open pit design

2007 – Tamaya Resources

  • Resource estimates

2008 – Tamaya Resources

  • Resource estimates
  • Metallurgical testing and open pit design

2009 – Australian Iron Ore

  • Experimental Mining License Application

November 3, 2011 – Colt Resources Inc.

  • 100% ownership of the Montemor Gold Exploration concession and the Boa Fé Gold Project


  • Q2 2012 – Initial NI 43-101 Estimation (completed)
  • Q1 2013 – Advanced Deposit Modeling (completed)
  • Q1 2013 – NI 43-101 Resource Update (completed)
  • Q2 2013 – Preliminary Economic Analysis (PEA) (completed)
  • Q4 2014 – Resource Update
  • Q1 2015 – Bankable Feasibility Study
  • Q2 2015 – Full Mine Permit
  • Q3 2015 – Beginning of Construction
  • 2016 – Production

Boa Fé Next Steps

  • Resource definition and infill drilling will continue to improve confidence in near term mining production targets.
  • Geophysical testwork to model mineralization close to known deposits.
  • Targeted deep drilling to continue to test deep gold mineralization potential close to planned mining operations.
  • Environmental impact studies will continue so as to optimize the mining and processing facilities and minimize their environmental impact.
  • Geotechnical and Hydrological testwork will continue to provide data for pit design.
  • Metallurgical bulk sampling to provide sufficient representative volumes for final plant design and gold recovery optimization.
  • Feasibility Study will be accelerated so as to be completed by the end of Q1 2015.
  • Advance the project to construction during 2015 and full production by 2016.

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