Colt Resources (TSXV:GTP) announced the first drill results from its Miguel Vacas copper project in Portugal. The company drilled two inclined holes to test mineralization in the vicinity of a previously mined pit in the area.
As quoted in the press release:
Hole BOMV-14-001, drilled inclined -50° under the Miguel Vacas pit (Figure 2), 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).
Colt president and CEO, Nikolas Perrault, said:
These first results obtained from the short drilling program carried out by Colt at the Miguel Vacas copper prospect, along with the historical data, give us confidence that the copper mineralization has significant potential beyond the old mining pit, either along strike and down dip. This confirmed prospective potential of Miguel Vacas warrants another, more extensive drilling program, which Colt is currently planning and is expected to resume during the current year. With Star Mining (press release dated February 25, 2013) failing to fulfil its obligations towards Colt, the Borba concession remains 100% owned by the company.