THE CALANDRA REPORT
LISBON --
The 'gimme' is right here, for those who are seeking a specialty metals mover this week:
Colt Resources' GTP shares are actionable at 20 cents CAD -- GTP in Canada and COLTF in USA.
Tungsten and the properties of mineralized calcium tungstate look poised to reflect the promise of Colt's growing deposit in Portugal.
Calcium tungstate, or CaWO4, also goes by the name scheelite. It is luminous and used in paints, fluorescent lamps and as root filling for teeth.
The mineral's fluorescence is sure to move shares of moribund Colt Resources (TSX:V.GTP, Stock Forum) in coming days.
CEO Nikolas Perrault tells us from Lisbon that his Tabuaço tungsten project in northeastern Portugal could enjoy a sizable resource upgrade in exploration drilling that began last week.
I was at Tabuaço a few years ago, and I was with Mr. Perrault in Lisbon, and in Africa, a few weeks ago.
The tungsten site is something on the order of 45 square kilometers and is characterized by what geologists call skarn-type tungsten.
The underground tungsten project has an experimental mining license from the nation’s mining ministry. Over the years, Colt’s exploration drills have punched more than 100 holes into targets at Tabuaço across more than 11,000 meters.
Colt’s recent press release prompted me to contact Mr. Perrault, a Quebec resident who lives full time in Lisbon with his family, managing a tungsten project in the north and a gold project in the south.
Colt shares are a sound TCR proposition for a 30 percent or greater increase in indicated metric tons at Tabuaço. That much we can bet our scheelite on. (Consider please that I own a scheelite-load of Colt shares and have for more than 3 years.)
The last time Colt updated its wholly owned tungsten resource with infill drilling, indicated tonnage came within a few percentage points of doubling in size. Indicated tungsten of 1.495 million tons at Tabuaço holds an average grade of 0.55 percent of tungsten trioxide. Inferred total is 1.23 million tons and a slightly better grade.
Strategy for investors: consider that a resource upgrade from relatively shallow drilling will become clear well before the data arrive. This is because tungsten ore has those scheelite crystals.
The calcium tungstate fluoresces when shortwave ultraviolet light hits it. Drillers work fast with these color cues, and data are tallied quickly. Word spreads quickly, too. Well before lab results return to HQ.
Here is the Tabuaço Tungsten Project snapshot.
Investors might consider that Colt's team has drilled the be-jesus out of Tabuaço the past seven years.
If TCR is correct, fresh tungsten (WO3 -- for tungsten trioxide) assays will drive the slumping shares higher by 40 percent in a week. That would lead to a 28-cent to 30-cent CAD stock price by the close of the month. That makes the shares actionable right now. I won't be selling into any rally, and I am advising our TCR audience to hold as well.
Call it a dead tungsten bounce for Colt, whose shares are among the worst performing of Canada's listed juniors.
?Drillers will be following their glow lights.
In addition, you might have seen how shares of Euromax Resources (TSX:V.EOX, Stock Forum), also active in Europe (Macedonia), tripled about a week ago (to a $47 million market worth) after EOX (Canada ticker) published a pre-feasibility study on its copper and gold project.
The audience for fundamental news on longstanding mineral projects is improving.
Colt’s work in Portugal started in 2007 or so.
Colt also has a gold project in southern Portugal and owns real estate (agricultural, winery, vineyards) in the country of Portugal.
We might see word of a scheelite glow, one that puts Colt's paragraph factory in action, even before lab assays come in.
Ahead For Subscribers: True North Gems Pays Off For TCR Family. Also -- Bitterroot Resources Looks To Defy Odds In Michigan Platinum Drilling.
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