Canada-based Colt Resources has received a mining licenxe from the Portuguese Secretary of State for Energy and Mining for its Boa Fé gold project.

The firm has also received an exploration licence for its 728km2 Montemor gold concession, which surrounds the 42km2 Boa Fé concession.

The Boa Fé Shear zone is located about 95km east of Lisbon, Portugal and is extended over 30km.

Next month, Colt Resources will start a resource definition, mine development and exploration programme at Boa Fé.

With the receipt of the licence, the firm will now pay €125,000 and issue three million shares to Iberian Resources Portugal Recursos Minerais Unipessoal to increase its control and ownership of the project from 51% to 100%.