Canadian mining company Colt Resources has confirmed the existence of underground gold in Montemor, Alentejo, with preliminary tests carried out on six bore holes drilled in the area of Monfurado recording positive results.
A press statement from the company confirmed that gold minerals “were identified in several places within an area of 30 kilometres”.
According to Colt Resources CEO Nikolas Perrault, “the drilling programme in Monfurado was conceived to increase our knowledge about the deposit within Montemor’s concession. We finished this programme and congratulate ourselves that every borehole has hit the mineralised area”.
A source from Colt Resources has revealed that drilling an underground mine won’t be necessary because gold minerals were found between 10 and 70 metres deep and can be extracted through open-pit mining.
There are 40 people currently working full-time for Colt Resources in the area. The company estimates that, at full capacity, mining in Montemor will require an investment of around €50 million and will generate 100 jobs.
