MNM drills 6.49 g/t Au over 5.5 m at Coringa
Magellan drills 6.49 g/t Au over 5.5 m at Coringa
2011-08-25 09:52 ET - News Release
Mr. Alan Carter reports
MAGELLAN MINERALS DRILLS 5.5M @ 6.49G/T GOLD IN STEP OUT HOLE AT DEMETRIO ZONE, CORINGA PROJECT, BRAZIL
MagellanMinerals Ltd. has released drill results from five holes from theValdette and Demetrio zones at the Coringa project. These holes weredrilled to test gold-bearing structures within large soil geochemicalanomalies. Highlights from this set of results include 5.5m @ 6.49g/tgold from the Demetrio zone. The objective of this program is to expandon the Coringa resource which currently totals 269,450oz of gold in themeasured and indicated categories (982,291t @ 8.53 g/t), and 98,224oz ofgold in the inferred category (327,054t @ 9.34 g/t).
Demetrio
Thetwo initial drill holes on the Demetrio structure (111 and 113) weredrilled 320m apart. Results from these holes, as reported in a newsrelease dated July 12th, 2011, include 0.6m @ 9.5g/t gold and 1m @4.38g/t gold from Hole 111, and 3m @ 1.26 g/t gold from Hole 113. Twoadditional drill holes have been completed at Demetrio. Hole 115 wasdrilled 150m northwest of hole 113 and intersected 5.5m @ 6.49g/t gold.Drill hole 116 was collared 50m north of 115 and cut 3m @ 1.19 g/t gold(see map on website). All four holes thus far drilled at Demetrio havecut the mineralized zone which has now been traced over a distance of520m. Further drilling is planned.
Valdette
Results from thethree initial holes drilled at Valdette (see July 12th, 2011 newsrelease) included 28m @ 0.64 g/t gold in hole 112, and 36.7m @ 0.79g/tgold in hole 114. Results from two additional holes drilled at theValdette zone are reported below. Holes 117 and 119 were both step outholes drilled 240m and 430m northwest of hole 114 to test the extensionof the Valdette structure. Both drill holes cut the mineralized zonewith hole 117 intersecting 29.3m @ 0.24g/t gold from 145.2 to 174.5mdepth. Hole 119 intersected 5.5m @ 0.38g/t gold from 75.5 to 81.0mdepth, and 10m @ 0.29g/t gold from 113.5 to 123.5 metres depth (see mapon the website).
With results now in on five holes drilled so farat Valdette, the structure has been traced for a total strike length of750m. The gold-in-soil anomaly extends for 3.8km and further drillingalong the assumed strike extensions of the structure is in progress.Results are currently pending on four additional holes.
Mae de Leite
Onehole (118) was drilled in a soil anomaly approximately 200m west of theMae de Leite zone and failed to intersect any values of interest.
Analytical results from the Demitrio and Valdette zones discussed in the text are tabulated below.
------------------------------------------------------------------------IntervalWidth GoldHole ID From (m) To (m) (m)(i) (g/t)------------------------------------------------------------------------Demetrio Zone------------------------------------------------------------------------DDH 115 81.5 87.0 5.5 6.49------------------------------------------------------------------------incl 83.0 83.5 0.5 34.90------------------------------------------------------------------------DDH 116 262.9 265.9 3.0 1.19------------------------------------------------------------------------Valdette Zone------------------------------------------------------------------------------------------------------------------------------------------------DDH 117 145.2 174.5 29.3 0.24------------------------------------------------------------------------DDH 119 75.5 81.0 5.5 0.38------------------------------------------------------------------------113.5 123.5 10.0 0.29------------------------------------------------------------------------(i) All holes were drilled at -50 degrees. Dips of the intersectedstructures are not known, and intersection widths are not necessarilytrue widths
Drilling is currently in progress at Valdette and on the down dipextensions to the Meio and Serra structures which contain the bulk ofthe resource at Coringa.
All core samples (HQ diameter) were cutwith a diamond saw. One-half of the core was placed in numbered andsealed bags and sent via a secure transport agency to the Company'soffice in Novo Progresso, and subsequently to ACME preparationlaboratory in Itaituba for sample preparation. Core samples were crusheddown to 2 mm and a 1 kg split was pulverized to better than 85% minus200 mesh. From Itaituba, ACME sent the pulp samples to Santiago, Chilefor assaying. Gold analyses were conducted on 30g representative samplecuts using fire assay with an atomic absorption finish. Other samplecuts were subjected to a 4 acid digestion and analysed for silver and anadditional 35 elements using inductively coupled plasma massspectrometry (ICP-MS). ACME is an ISO 9001 registered laboratory and hasa quality control program in place which includes the insertion ofstandard, blank, and duplicate samples, as well as conducting repeatanalyses.
Magellan's QA/QC program includes the insertion ofstandards, field duplicates and blank material into the sample sequencewith the normal core samples to monitor sampling variances, laboratoryprecision and accuracy.This press release was reviewed by Gordon Allen,B.Sc., P.Geo, a Professional Geoscientist in British Columbia and aqualified person in compliance with National Instrument 43-101.
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