Colt Resources (CVE:GTP) (OTCQX:COLTF) announced Monday the results of an NI 43-101 compliant technical report for the company's Montemor gold project in Portugal, recommending a regional exploration program at the property.
The project is located in the Alentejo Region, east of the city of Lisbon, and has historical resource estimates that range from 150koz to 550koz gold.
The report, conducted by SRK Consulting, concluded that there is potential to expand this historical resource to a range of 8-12 million tonnes grading an average of 2.5 to 3.0 g/t gold.
"The potential to extend both the strike length and down-dip extension of known mineralized zones, as well as the discovery of new host structures and potential mineralized zones beneath cover exists," the company said in a statement.
Colt said it plans to undertake a regional exploration program to identify up to six new targets for drilling by the third quarter of this year. In addition, SRK recommended that Colt also conduct a resource expansion campaign across the known mineralized zones through infill and step out drill programs.
"Colt's team looks forward to working closely with SRK Exploration Services in the design and execution of an extensive exploration strategy aimed at unlocking the exceptional potential we feel exists on the Boa Fe shear zone," said Colt president and CEO Nikolas Perrault.
"It seems that historical work has only focused on a small portion of what appears to be a significant regional system."
The NI 43-101 compliant technical report for Montemor has now been filed on Sedar and is also available on the company's website at www.coltresources.com .