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Moimenta Almendra

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Total concession area made of 3 separate blocks totaling 566.58 km2 in area, namely from West to East (attached map): Moimenta block (98.00km2), Castainço block (102.72 km2), Almendra block (365.86 km2).

  • The Moimenta block locates to the SW of the Armamar-Meda concession.
  • The Castainço block locates between the Penedono and Armamar-Meda concessions, in their southern zone, consisting of area that was dropped from the initial Penedono concession at the 2007 license extension.
  • The Almendra block is an extension of the Armamar-Meda concession to the East.
  • The Company was officially informed that its application for an exploration license dated January 10, 2008, for the Moimenta Almendra Property in Portugal was approved by the Portuguese Government on July 1, 2008 and as a result, the formal signing of the contract between the Government of Portugal and the Company took place on October 1, 2008.  The Company has entered into a prospecting and exploration license agreement with the Government of Portugal whereby Colt has been granted the exclusive right to prospect and explore for base and precious metals on the MOIMENTA-ALMENDRA Property which has a surface area of approximately 566 km2 and which is partially contiguous to the Company's Penedono and Armamar-Meda Exploration Concessions (the "MOIMENTA-ALMENDRA EXPLORATION LICENSE").

Exploration History

Several artisanal and small scale tin and/or tungsten mines were worked in the area, mostly during the first half of 20th century, particularly at the Almendra block. Modern exploration efforts were first carried by Government exploration department SFM in the 1970's, particularly oriented to the investigation of the tungsten (and tin) occurrences. Virtually the whole area was covered with regional exploration by the SPE-BRGM joint venture in the late 1970's to early 1980's (the same as the Tabuaço tungsten area in Armamar-Meda concession). They also did some follow-up detail exploration (including trenching and drilling) at a couple of the occurrences in the Almendra block. The Castainço block (ex-Penedono) was also covered by exploration work by Rio Narcea, and Colt did also some reconnaissance there.

Interpretation

  • Main target commodities: gold, tungsten, tin; other likely commodities: niobium, tantalum, lithium
  • Gold potential particularly at the Castainço block, which includes an extension of the Marofa belt (one of main targets in Penedono concession)
  • Possible presence of gold mineralization must also be investigated at two reported occurrences of arsenopyrite in the Moimenta block, namely "Serra de Leomil" and "Longa"; gold should also not be disregarded at the Almendra block
  • Tungsten & tin potential particularly at the Almendra block: two main types of mineralization known, namely quartz-vein-type Sn-W (wolframite) and skarn-type W (scheelite); a third type should also be looked for, which is greisen-hosted Sn-W; potential spread throughout that block, but particularly concentrated around the Freixo de Numão and Almendra zones.
Click image to enlarge

 

Financial Obligations

  • Contractual periods: initial period of three years, followed by two extensions of one year each; 50% area reduction at each extension.
  • Bond (bank guarantee): € 10,000.
  • The initial term of the MOIMENTA-ALMENDRA EXPLORATION LICENSE is for three years ending January 10, 2011 (the "Initial Term"), which can be extended twice on an annual basis (the "Extended Term").  During the Initial Term, Colt is obligated to incur prospecting and exploration expenditures of not less than €25,000 by January 10, 2009 (incurred), €50,000 by January 10, 2010 and, €75,000 by January 10, 2011.  During the Extended Term, Colt is obligated to incur exploration expenditures on an annual basis of not less than €100,000.  During the Initial and Extended Term, Colt shall be required to relinquish 50% of the area covered by the MOIMENTA-ALMENDRA EXPLORATION LICENSE.
  • Upon the completion of the Initial and Extended Term, Colt may apply for an Exploitation License, which, if granted, shall have a term of 30 years and which may be extended by Portuguese Government approval for a period not to exceed 20 years (the "Exploitation License").
  • Minimum works: 
    1st year: data compilation & assessment; general geologic reconnaissance; survey, reconnaissance & preliminary evaluation of known mineral occurrences; rock sampling.
    2nd year: geologic prospecting & multielement geochemistry; trenching over selected targets ; scout drilling over selected targets (unquantified).
    3rd year: trenching over selected targets ; scout drilling over selected targets (unquantified); revaluation of the concession based on obtained results.
    Each extension: to be defined and negotiated upon the results obtained in the first three years.
  • Yearly tax for concession: €25 per km2, totaling €14,164.50 for each of the first three years (subsequently reduced upon reduction of area).