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UK5525 Boa Fé PEA Report FINAL 20130507

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UK5525 Boa Fé PEA Report FINAL 20130507 A PRELIMINARY ECONOMIC ASSESSMENT ON THE BOA FÉ GOLD PROJECT, PORTUGAL Prepared For Colt Resources Inc. Report Prepared by SRK Consulting (UK) Limited UK55 25 SRK Consulting Boa Fé PEA – Details COPYRIGHT AND DISCLAIMER Copyright (and any other applicable intellectual property rights) in this document and any accompanying data or models which are created by SRK Consulting (UK) Limited ("SRK") is reserved by SRK and is protected by international copyright and other laws. Copyright in any component parts of this document such as images is owned and reserved by the copyright owner so noted within the document. This document may not be utilised or relied upon for any purpose other than that for which it is stated within and SRK shall not be liable for any loss or damage caused by such use or reliance. In the event that the recipient of this document wishes to use the content of this document in support of any purpose beyond or outside that which it is expressly stated or for the raising of any finance from a third party where the document is not being utilised in its full form for this purpose, the recipient shall, prior to such use, present a draft of any report or document produced by it that may incorporate any of the content of this document to SRK for review so that SRK may ensure that this is presented in a manner which accurately and reasonably reflects any results or conclusions produced by SRK. The use of this document is strictly subject to terms licensed by SRK to its Client as the recipient of this document and unless otherwise agreed by SRK, this does not grant rights to any third party. This document shall only be distributed to any third party in full as provided by SRK and may not be reproduced or circulated in the public domain (in whole or in part) or in any edited, abridged or otherwise amended form unless expressly agreed in writing by SRK. Any other copyright owner’s work may not be separated from this document, used or reproduced for any other purpose other than with the document in full as licensed by SRK. In the event that this document is disclosed or distributed to any third party, no such third party shall be entitled to place reliance upon any information, warranties or representations which may be contained within this document and the recipient of this document shall indemnify SRK against all and any claims, losses and costs which may be incurred by SRK relating to such third parties. © SRK Consulting (UK) Limited 2013 UK5525 Boa Fé PEA Report FINAL 20130507.docx May, 2013 SRK Consulting Boa Fé PEA – Details SRK Legal Entity : SRK Consulting (UK) Limited SRK Address: 5th Floor Churchill House 17 Churchill Way City and County of Cardiff, CF10 2HH Wales, United Kingdom. Date: May, 2013 Project Number: UK5525 SRK Project Director : Mike Beare Corporate Consultant (Mining Engineering) SRK Project Manager : Colleen MacDougall Senior Consultant (Mining Engineering) Client Legal Entity : Aurmont Resources Client Address: Unipessoal LDA, Avenida Duque de Loule No.5, 6A, Lisbon 1050-085, Portugal. A PRELIMINARY ECONOMIC ASSESSMENT ON THE BOA FÉ GOLD Report Title PROJECT, PORTUGAL] Effective Date: 7 May 2013 Signature Date 7 May 2013 Project Number: UK5525 John Arthur CGeol FGS; CEng MIMMM, Principal Resource Geologist Colleen MacDougall BEng MAusIMM(CP), Senior Mining Engineer Jurgen Fuykschot MSc MAusIMM(CP), Principal Mining Engineer Contributors: John Willis BEng MAusIMM, Principal Mineral Processing Engineer Xander Gwynn CEng PhD MIMMM PhD, Geotechnical Engineer Kris Czajewski BSc, Principal Tailings Engineer Mark Raynor MSc, Principal Hydrogeologist Emily Robinson MSc, Senior Environment Consultant Reviewed by: Mike Beare CEng MIMMM ACSM BEng Qualified Person: Jurgen Fuykschot MSc MBA MAusIMM(CP) Principal Consultant (Mining Engineering) UK5525 Boa Fé PEA Report FINAL 20130507.docx May, 2013 SRK Consulting Boa Fé PEA – Table of Contents Executive Summary Table of Contents: Executive Summary 1 INTRODUCTION .................................................................................................. I 2 PROPERTY DESCRIPTION AND OWNERSHIP ................................................. I 3 GEOLOGICAL SETTING AND MINERALISATION ............................................. I 4 EXPLORATION STATUS .................................................................................... II 5 METALLURGICAL TESTWORK ........................................................................ III 6 MINERAL RESOURCE ESTIMATE ................................................................... IV 7 MINERAL RESERVE ESTIMATE ....................................................................... V 8 MINING METHOD ............................................................................................... V 8.1 Mining ...................................................................................................................................... v 8.2 Geotechnical Assessment ...................................................................................................... vii 8.3 Hydrological and Hydrogeological Related Issues ................................................................ viii 9 RECOVERY METHODS ..................................................................................... IX 10 PROJECT INFRASTRUCTURE ......................................................................... IX 11 ENVIRONMENTAL STUDIES, PERMITTING AND SOCIAL OR COMMUNITY IMPACT ............................................................................................................... X 12 CAPITAL AND OPERATING COSTS ................................................................ XI 13 ECONOMIC ANALYSIS ..................................................................................... XI List of Tables: Executive Summary Table ES 1: Mineral Resource Statement for the Boa Fé Gold Project, Alentejo Region, Southern Portugal: SRK Consulting, March 4, 2013* ................................................................... v Table ES 2: Pit Optimisation Scenarios ............................................................................................ v Table ES 3: Pit Optimisation Results ............................................................................................... vi Table ES 4: Life of Mine Schedule Results ...................................................................................... vi Table ES 5: Summary of Capital and Operating Costs .................................................................... xi UK5525 Boa Fé PEA Report FINAL 20130507.docx May, 2013 Page i of i SRK Consulting (UK) Limited 5th Floor Churchill House 17 Churchill Way City and County of Cardiff CF10 2HH, Wales United Kingdom E-mail: [email protected] URL: www.srk.co.uk Tel: + 44 (0) 2920 348 150 Fax: + 44 (0) 2920 348 199 A PRELIMINARY ECONOMIC ASSESSMENT ON THE BOA FÉ GOLD PROJECT, PORTUGAL – EXECUTIVE SUMMARY 1 INTRODUCTION SRK Consulting (UK) Limited (“SRK”) is an associate company of the international group holding company, SRK Consulting (Global) Limited (the “SRK Group”). SRK has been requested by Aurmont Resources (“Aurmont”, hereinafter also referred to as the “Company” or the “Client”) to undertake a Preliminary Economic Assessment (“PEA”) on the Mineral Assets of the Company comprising the Boa Fé – Montemor Gold Project (“Boa Fé”) located in Portugal. Aurmont is 100% owned by Colt Resources Inc. (“Colt”), which currently holds a 100% beneficial ownership of the Boa Fé license area, which was approved on November 2, 2011. 2 PROPERTY DESCRIPTION AND OWNERSHIP The Project is located in the Alentejo Region of Portugal, approximately 100 km east of the city of Lisbon, near the town of Santiago do Escoural. The Project is centred at the UTM coordinates of 569,419E, 4,270,860N, within the WGS84 Zone 29N system. The Project is accessed via highway (A6 motorway) and secondary paved roads from Lisbon. The current license area (Boa Fé experimental mining license, or Boa Fé license area) encompasses 46.8 km 2, with an additional 728.22 m2 of exploration concession (Montemor exploration concession) staked surrounding the Boa Fé license area. Both licenses were fully approved by the Portuguese mining authorities on November 2, 2011. There is currently no mine development or mine operations in the Project area. 3 GEOLOGICAL SETTING AND MINERALISATION The known Montemor gold deposits are located within a segment of the Boa Fé shear corridor, considered as part of the wider Montemor shear zone that crosses the Ossa Morena Zone, an important tectonic and metallogenic domain in southern Portugal. Gold mineralisation at Boa Fé – Montemor is considered to conform to the orogenic gold model and occurs in association with several NW-SE trending shear corridors, which make part of the wide Montemor shear zone. Most of the gold deposits outlined to date locate along the northernmost of such shear corridors, referred to as the Boa Fé shear corridor. Gold mineralisation identified to date is hosted in either silicified schist or felsic meta- volcanics. While there are variations amongst the deposits, there are a number of common characteristics, which point to a common genesis: • Strong silicification of host schist or metavolcanics which can lead to quartz veining; • Gold deposition is disseminated in the schistose fabric of the rock or concentrated in quartz veins; Group Offices: Africa Registered Address: 21 Gold Tops, City and County of Newport, NP20 4PG, Asia Wales, United Kingdom. Australia SRK Consulting (UK)
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