Colt Resources Inc. provided an update on exploration activity at its Alvalade, Borba and Cercal base metals concessions, located in southern Portugal. A diamond drilling program has commenced at Colt's 60% owned 902 km2 Alvalade concession in the Iberian Pyrite Belt. The current program will total a minimum of 5,000 metres of drilling, focused on delineating the base metal VMS mineralization of the Sesmarias discovery, where 2014 drilling, operated by Avrupa Minerals and funded by Antofagasta Minerals, discovered massive and disseminated sulphide intercepts over a 1.8km strike length.

The drilling program is being carried out by two rigs operating 24h x 7 days per week. Most of the initial work will be aimed at confirming lateral continuity of mineralization, whereas later holes will test down-dip extent, all with a view of outlining an initial base metal resource. The first two holes, SES015 and SES016, are located respectively at ca.

175m northwest and ca. 175m southeast of the Sesmarias discovery hole SES002, which intersected 11m @ 1.81% Cu, 4.38% Zn, 2.57% Pb, 75g/t Ag. At its 100% owned 634 km2 Borba concession in the Ossa-Morena zone of southern Portugal, Colt has completed the second diamond drill hole of its 2015 campaign at the Miguel Vacas copper deposit.

Hole BOMV-15-002 was collared at around 100 meters southeast of the old copper pit, and aimed to twin historical hole MV-19 (drilled in the 1960's, with a reported intersection of 18.3m @ 1.6% Cu), intersected the main copper mineralized siliceous breccia at depth interval 155-177m. This intersection is located at a vertical depth of around 145m, is well below the oxide zone of the deposit with the predominant copper mineral being chalcopyrite. Sampling of the drill core will be undertaken immediately with a view to determine the copper content of the mineralized structure.

At its 100% owned 445 km2 Cercal concession in the Iberian Pyrite Belt, Colt resumed diamond drilling at the Salgadinho Cu-Au-Ag stockwork deposit, discovered by the Portuguese Government exploration department SFM in 1973. Historic drilling intersected disseminated sulphide mineralization for a 1.3km total strike length, more than 350m down-dip, and locally exceeding 30m in true thickness. Colt believes that the deposit has been poorly investigated to date as a consequence of too widely spaced drilling, significant core loss and inadequate sampling.

Diamond drill hole CESA-15-001 was recently completed and intersected the Salgadinho stockwork mineralization at a depth interval 110.6-118.5m down hole, with a calculated true width of approximately 7 metres. This section of the stockwork revealed impressive chalcopyrite copper mineralization. Sampling hole CESA-15-001 has been completed and the samples were sent for analysis for Cu, Au, Ag and other metals.