The Conversation (0)
Colt Resources (TSXV:GTP) associate company, Colt Resources Middle East entered into a Shareholders Agreement further to signature of an exclusivity agreement in May 2014 with Lake Resources (ASX:LKE). Under the Joint Venture Agreement, the joint venture Pakistani company called Chagai Resources has now been awarded the three licenses formerly held by Lake Resources and will develop these license areas in Balochistan, Pakistan.
As quoted in the press release:
These licenses cover three primary exploration areas, as indicated in the accompanying map below in Chagai Hills, Balochistan, Pakistan an area known for world class assets such as the Reko Diq deposit. The three Chagai Resources licenses are at Amalaf, Dasht-i-Gauran and Koh-i-Sultan. The Amalaf area adjoins the northern boundary of the Saindak copper-gold mine that has been operating for over 20 years. The exploration target is large tonnage: low grade copper amenable to low-cost open-pit mining and trucking to the adjacent Saindak mine and smelter operated by China Metallurgical Construction Corporation, a private Chinese entity. The Dasht-i-Gauran area is situated to the west of copper mineralisation reported by Tethyan Copper Company from drilling at its Sor Baroot Prospect at the Reko Diq Project and covers a number of possible alteration zones identified from interpretation of satellite images. At Koh-i-Sultan, CRME will be exploring for gold and copper associated with an extensive system of intensely altered breccia and volcanics covering an area of more than five square kilometres on the margin of an extinct volcanic caldera.
CRME is very pleased to take these next and very important steps towards the further exploration and development of these significant properties. CRME has been selected for the award of the first new major exploration licenses issued in over a decade by the Government of Balochistan. CRME is looking forward to working constructively with the Government of Balochistan in the coming years to bring economic and social development to the region.
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