Colt Resources Inc. announced results from the first hole drilled in 2015 at the Miguel Vacas copper project located within its 634 km2 Borba exploration concession in East Central Portugal, 160km east of Lisbon and 65km due east of Colt's Boa Fé gold project. Copper mineralization at Miguel Vacas is structurally controlled, hosted by late tectonic breccias related to a north-northeast trending shear zone that cuts through lower-Palaeozoic formations. During historical mining two types of mineralized breccias were distinguished, namely siliceous breccias and schist breccias, the former being generally higher in copper contents.

The deposit dips steeply, around 70° east, and is zoned vertically, comprising an upper zone of oxide copper mineralization which can exceed the depth of 70 metres, and a lower zone of sulphide copper mineralization. A drilling program carried out in the 1960's (20 holes, 4,093 metres) has intersected the Miguel Vacas copper mineralized structure for a strike length in excess of 1 kilometre and down to a vertical depth of 370 metres, with the deposit remaining still open both along strike and down dip. Part of the oxide mineralization hosted by the siliceous breccias of Miguel Vacas was mined in the 1980's by opencast methods over a 340 metre strike length, a width in excess of 13 metres and down to a depth of nearly 40 metres.

Colt's first drilling Miguel Vacas comprised two inclined holes completed in 2014, one of which was under the central zone of the abandoned pit, and the second just north of the pit. The drilling program planned for 2015 comprises three inclined diamond drill holes, including hole BOMV-15-001 under the southern tip of the old pit; hole BOMV-15-002 at around 75 metres south of the pit, to twin historical hole MV-19 (reported intersection of 18.3m @ 1.6% Cu); and hole BOMV-15-003 at around 600 metres south of the pit, to twin historical hole MV-7 (reported intersection of 11.7m @ 0.73% Cu). While drill hole BOMV-15-002 is still underway and has not yet reached the target mineralized structure, analytical results were already obtained for drill hole BOMV-15-001.

The main mineralized structure was intersected by BOMV-15-001 between 60.00 and 71.63 meters down hole, being located approximately 50 meters below the bottom of the old mining pit. A number of other, narrower mineralized intervals were also intersected, both before and after the main structure.