OT- CSI got monster AU assays back88.00 metres @ 23.7g/t gold equivalent
50.05 metres @ 33.1g/t gold equivalent
37.95 metres @ 10.8g/t gold equivalent
Colossus drills 88 m of 5.8 g/t Au at Serra Pelada
2008-05-29 08:19 ET - News Release
Mr. Ari Sussman reports
COLOSSUS MINERALS DRILLS HIGH GRADE GOLD-PLATINUM-PALLADIUM AT SERRA PELADA
ColossusMinerals Inc. has provided assay results from SPD-001, thecompany'sfirst drill hole on the Serra Pelada project, aColossus-COOMIGASP joint venture.
Highlights:
- SPD-001 intersected 88.00 metres at 5.80 grams per tonne (g/t) gold, 6.11 g/t platinum and 6.83 g/t palladium;
- Broad down-hole intervals within SPD-001 of high-grade gold-platinum-palladium including 50.05 metres at 5.63 g/t gold, 9.58 g/t platinum and 10.24 g/t palladium, and also 37.95 metres and 6.02 g/t gold, 1.56 g/t platinum and 2.34 g/t palladium;
- For gold:platinum:palladium prices in the ratio 1:2.33:0.5, these values equate to 88.00 metres at 23.7 g/t gold equivalent 50.05 metres at 33.1 g/t gold equivalent 37.95 metres at 10.8 g/t gold equivalent;
- Collared 170 metres southwest of the historic Serra Pelada open pit, SPD-001 demonstrates continuity of high-grade mineralization over a vertical interval of 89 metres in the Central mineralized zone;
- SPD-001 also confirms the occurrence of very-high-grade platinum group element- (PGE) and also gold-rich subzones within the Central mineralized zone.
Details
Diamond drill holeSPD-001 is the first hole of a 5,000 m drillprogram by theColossus-COOMIGASP joint venture on the SerraPeladagold-platinum-palladium deposit, located in Para State,Brazil.Collared 170 m southwest of the Serra Pelada open pit, SPD-001wasHQ-cored for 311 m at an initial azimuth of 310 degrees andaninclination of minus 69 degrees, to test the Central mineralizedzone.The drill hole trace may be examined on Section 100NE on thecompany'swebsite.
From 183.20 m to 276.35 m down-hole, SPD-001intersectedcontinuous gold-platinum-palladium mineralization withinalteredmetasediments of the Central mineralized zone. This 93-metreintervalincludes broad PGE- and also gold-rich subzones. Thesesubzonesrespectively contain intervals of spectacular grades ofplatinum pluspalladium and high-grade gold. Assay results are presentedin thetable. The complete assay data set for may be examined on thecompany'swebsite.
Gold
From To Recovered/assay equivalent
(metres, (metres, interval Gold Platinum Palladium g/t
down-hole) down-hole) (metres)(i) g/t g/t g/t (ii)
183.20 237.50 50.05 5.63 9.58 10.24 33.1
Incl. 186.00 203.85 17.85 10.69 6.71 6.99
216.00 228.00 11.15 1.89 8.50 7.98
232.00 236.40 4.40 9.64 54.20 57.72
237.50 276.35 37.95 6.02 1.56 2.34 10.8
Incl. 242.25 262.75 20.20 9.36 2.72 3.90
259.55 262.75 3.20 26.08 5.99 10.41
Total
intersection
183.20 276.35 88.00 5.80 6.11 6.83 23.7
(i) Total assayed interval -- excludes intervals of no core recovery; true
widths to be established.
(ii) Gold equivalent assuming Au:Pt:Pd prices in the ratio 1:2.33:0.5.
Anadditional intersection (between 302.0 and 303.0 metres down-holeat0.15 g/t gold, 1.66 g/t platinum and 0.92 g/t palladium) appearstorepresent a mineralized zone, footwall to the Central zone and ofasyet unknown lateral extent.
To date, the company has completedeight drill holes orapproximately 50 per cent of the initial5,000-metre drill program. Itis anticipated that the turnaround timefor assay results will begin tomove at a more expeditious pace.
Dr.Vic Wall, Colossus president, comments: "These results,from our firstSerra Pelada drill hole, are truly excellent. SPD-001has demonstratedthe continuity of high-grade gold-platinum-palladiummineralization overa large vertical interval in Colossus's main targetzone, well south ofthe historic Serra Pelada open pit. Colossus'songoing drilling atteststo the potential of this unique noble metaldeposit. Our team is workinghard to realize this potential."
Technical information
Sampling of SPD-001 core (by Colossus personnel)and samplepreparation (by SGS Geosol Laboratories Ltda., BeloHorizonte) wascarried out under strict protocols recommended in theNationalInstrument 43-101 technical report on Serra Pelada. Afterphotographingand logging, nominal one-metre intervals of HQ core werecut and/orsplit in half, yielding samples of two- to three-kilogrammass. Wherecore recoveries were low, intervals were composited to yieldonekilogram minimum sample masses. Duplicates, blanks andcertifiedgold-PGE reference materials were inserted in the sample trainbyColossus personnel prior to secure shipping to SGS.
SGSpulverized one-kilogram splits (greater than 95 per centpassing 106microns) from the crushed (greater than 95 per cent passing1.7millimetres) dried samples. The resulting pulps were quartered byrotarysplitter and a 50-gram fire assay, with ICP-AES finish wasperformed onone 250-gram aliquot, the remaining splits being archived.Additionalblanks and duplicates were inserted in the assay stream bySGS andreplicate assays were performed every 20 samples. SGSdispatched assaycertificate originals directly to Resource andExploration Mapping Ltd.,an independent company which managesColossus's database.
Theassay results for blanks, duplicates, replicates andreference materialswere generally satisfactory. However one of thereference materials inone assay batch assayed gold, platinum andpalladium values much lowerthan certified values for this material.The reference material and highvalue samples in this batch will becheck assayed by SGS and anindependent laboratory.
Dr. Wall, president of Colossus Mineralsand qualified personunder National Instrument 43-101, is responsiblefor this release andhas verified the contents disclosed.