The Gazette reported Colt Resources Inc. (TSXV:GTP) believes it has found a future high-grade gold mine and a big tungsten mine in Portugal.
As quoted in the market news:
CEO Nikolas Perrault, a Canadian investment banker and junior mining company financier, was drawn to Portugal and its underdeveloped mineral resource sector by a well-known Portuguese geologist in 2006.
The tungsten (a toughener used in steelmaking and in alloys) property 300 kilometres north of Lisbon came much later. The projects need much more drilling yet and $150 million to $200 million of investment to reach startup in 2015, assuming the feasibility studies are favourable.