Colt Resources Inc. provided an update on drilling results obtained from the Salgadinho copper-gold project at its 100% owned Cercal exploration concession in southern Portugal. The Cercal concession is located in the prolific Iberian Pyrite Belt, approximately 25km southwest of Colt's 60%-owned Alvalade project. The Cercal concession was recently reduced in area to 222.5 km2.

The main focus of attention in the concession is the Salgadinho Cu-Au-Ag stockwork mineralization hosted by gently-dipping felsic volcanic tuffs with intensive sericitic alteration. Colt's drill hole CESA-15-001 intersected the Salgadinho stockwork mineralization at a depth interval of 110.50-118.35 metres, equating to a true width of approximately 7 metres. Mineralized results from hole CESA-15-001 (vertical, 180.59m deep) depth from 110.50 meters to 118.35 meters, drilled 7.85 meters length and 6.80 meters width with Cu of 1.73%, Au of 4.11 g/t and Ag 26.21g/t. Discovered by the Portuguese Government exploration department SFM in 1973, the Salgadinho prospect was never mined.

Historic drilling intersected disseminated sulphide mineralization over a total strike length of 1.3 kilometres, greater than 350m down-dip and locally exceeding 30m in true thickness. After a detailed examination of historic data, Colt concluded that the deposit has been poorly investigated to date, as a consequence of too widely spaced drilling, significant core loss and inadequate sampling. In addition, other thicker horizons of felsic volcanics occur at depth which remain essentially untested, as most historic drilling was shallow and focused on the upper horizon.

A few historic holes have hit mineralization in these deeper horizons but were not followed up.