Colt Resources Inc. provided an update on exploration results at its 60% owned 902 km2 Alvalade exploration concession located in the prolific Iberian Pyrite Belt VMS province, southern Portugal. Analytical results freshly received for four, 70? inclined diamond drill holes completed in late 2015 at the Sesmarias target, confirm and expand the massive sulphide lens first intersected by 2014 drill hole SES010 (down-hole intercept of 58 metres averaging 0.32% Cu, 0.61% Pb, 1.95% Zn, 0.45g/t Au, 25ppm Ag).

These four holes together with SES010 define an up to 35-40 metres thick massive sulphide lens extending for a confirmed strike length of around 300 metres and dipping 50? to 60? to the NE.

This lens is open both along strike to the NW and down-dip to the NE. A recently completed down-hole geophysical survey ("mise-a-la-masse" method) indicates a possible additional strike length for the massive sulphide lens to the NW of at least 300 metres. As at most other deposits in the Iberian Pyrite Belt, the Sesmarias prospect is suspected of encompassing a number of separate, but nearby, massive sulphide lenses, some of which may be enriched in base metals.

While continuing to outline the full extent of the currently identified VMS lens, future drilling at Alvalade will also be focused towards the discovery of additional massive sulphide lenses, with a view to delineate a potentially economic base metal resource.