Colt Resources Inc. (TSXV:GTP) provided an updated resource estimate for its wholly-owned, Portugal-based Tabuaço tungsten project, commenting that the approximate tungsten trioxide in the indicated mineral resource category is now 815,000 MTUs — nearly double the previous estimate. The company also noted that the estimate marks the first inclusion of material from the Aveleira zone.
According to the press release, highlights of the resource estimate include:
- Indicated Mineral Resources have almost doubled in tonnage as a result of the new drilling, overall the Mineral Resources have increased by a third; grade remains similar.
- Indicated resources total 1,495,000 tonnes with an average grade of 0.55% WO3.
- Inferred resources totaly 1,230,000 tonnes with an average grade of 0.59% WO3.
- The Aveleira model in particular remains open in several directions and the gap in between Tabuaço (São Pedro das Águias) and Aveleira is now considered to have good Exploration Potential