news reportMagellan Drills 32.1m @ 1.05g/t Gold at Moreira Gomes, Cuiu Cuiu Project, Brazil
June 23, 2010 9:01 AM EDT
VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 23, 2010) - Magellan Minerals Ltd. (TSX VENTURE: MNM) ("Magellan") announces results on the initial four holes completed at the MoreiraGomes zone, 5km SE of the Central zone at the Cuiu Cuiu 
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Moreira Gomes Zone
Of the four holes reported here, three holes (58, 59 and 62) were drilled within the main Moreira Gomes structure. Hole 64 was drilled 160m to the north of the main structure within a parallel geophysical and geochemical anomaly (see map on ). Drill holes 60, 61 and 63 were all drilled at Central and results on these holes are pending.
Hole 58 was drilled beneath hole 53 which previously intersected 17.3m @ 13.69g/t gold. Hole 58 intersected a broader low grade zone of 0.52g/t gold over 88m from 102 to 190m depth including 39.1m @ 0.85g/t or 32.1m @ 1.05g/t gold. Mineralization clearly continues with depth and also appears to become wider with depth.
Hole 59 was drilled 100m east of hole 58 and 125m west of previous hole 47. Hole 59 similarly intersected 80.6m @ 0.57g/t gold from 87.5 to 168.1m including 26.9m @ 0.82 g/t gold and a further 12m @ 1.26g/t gold. The hole confirms the presence of two parallel-mineralized zones intersected in holes 47 and 48, which continue for another 420m to the east through holes 46 and 51.
Hole 62 was drilled 140m west of previously drilled hole 49 (4.9m @ 0.97g/t) to test the western limit to the Moreira Gomes zone and intersected 13.3m @ 0.50g/t from 83.5 to 96.8m suggesting that the zone narrows and is more weakly mineralized to the west.
Hole 64 was drilled approximately 160m north of hole 49 and was designed to partially test the western edge of a geochemical and geophysical anomaly. The hole returned no significant values.
A complete set of drill results for holes 58, 59, 62 and 64 are as follows: