Colt Resources Inc. announced its first drilling results from the Miguel Vacas copper project located within its 100% owned 634 km2 Borba exploration concession in east central Portugal, 160km east of Lisbon and 65km due east of Colt's Boa Fe 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 is zoned vertically, comprising an upper zone of oxide copper mineralization which can reach the depth of 72 metres, and a lower zone of sulphide copper mineralization. A total of 346,000 tons of oxide copper mineralization were extracted, from which copper concentrates were produced by SEXEW (solvent-extraction electro-winning) methods. In its first approach to re-valuate the Miguel Vacas copper deposit, Colt drilled two inclined diamond drill holes, of which hole BOMV-14-001 was positioned to drill under the abandoned pit and hole BOVM-14-002 was positioned to drill at shallow depth through the extension of the mineralized structure north of the pit.

Hole BOMV-14-001, drilled inclined -50 under the Miguel Vacas pit, intersected three copper mineralized zones between 89.15m and 143.9m down hole(Table 1), thus confirming extension of the Miguel Vacas copper mineralization underneath the old pit down to a vertical depth of 110 metres (70 metres under pit bottom). Hole BOMV-14-002 confirmed the extension of the mineralized structure to the north of the Miguel Vacas pit but intersected only modest copper mineralization over a narrow interval at 56m deep (ca. 40m vertical depth).