– Tabuaço Tungsten Project (Colt Resources)

LISBON — Tungsten and the properties of mineralized calcium tungstate might reflect the promise of a 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.

I am just learning about scheelite’s properties.

The mineral’s fluoresence might move shares of our moribund Colt Resources in coming days. CEO Nikolas Perrault tells us from Lisbon that the Tabuaço tungsten project in northeastern Portugal could enjoy a resource upgrade in exploration drilling that began last week. That is speculative, of course.

I was there a few years ago, The 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 and some geology advice from outside the box, including from my media partners at, prompted me to contact Mr. Perrault, whom I last saw in Lisbon a few weeks ago.

I now believe that Colt shares look like a sound and immediate TCR proposition for a large increase in indicated metric tons at Tabuaço. That much I will bet my scheelite on. (Of course, 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.

This is the Tabuaço Tungsten Project snapshot. (Attached is panorama.)

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. I think drillers will be following their glow lights.

You might have seen how shares of Euromax Resources, 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 is one of our TCR 6. Colt (GTP IN CANADA AND COLTF IN USA) also has a gold project in southern Portugal and owns real estate (agricultural, winery, vineyards) in the country of Portugal.

Watching: Desert Star Resources (DSR in Canada). The company is performing geophysical work, sampling and drilling at its Red Top and Copper King properties in Arizona. I’ve seen them.

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