I have heard of the colt lightning but I don't know what calibers they came in,will look it up in a few minutes and give some feed back, more information,made from 1887-1904,alsoo called small frame rifle. lots of information on the web. Even parts list and schmetics{SP?} Would like to see pictures,but anyway would have value.
The Colt Lightning rifle was quite a hit when it came out in the late 1800s. It was made in three different frame sizes, the .22 being the smallest. If found in original condition, it is worth a considerable sum to a collector. Trouble is, most were well used and the condition generally reflects it. If you have one, try to avoid refinishing it. Also, don't use hi speed ammo, as it was produced during the era of blackpowder ammunition.