There could indeed be an..................... elephant lurking beneath, a golden one carrying PGMs. I have to think management is very excited about this zone. Good chance it will become an important element in their future plans. GLTA
Elefante Area
A follow-up auger drilling program was conducted in the Elefante Area after the initial auger holes SPTRD-016 and SPTRD-017 reported high grade mineralization in the area (see Press Release dated December 15, 2011 available on SEDAR at www.sedar.com and on the Company's website at www.colossusminerals.com). A twenty-three hole grid system was established and auger holes were drilled on 20 metre centers in order to establish a vector for the earlier results. The results of the program can be found in Table 1 above and the positions of the holes may be seen in the location maps in Figures 1 and 2 below.
The latest results, which include values ranging from 1.06 g/t to 18.00 g/t of gold all within two metres from surface, suggest there could be a broad halo of gold mineralization occurring in the Elefante Area sourced by a deeper bedrock zone. SPTRD090 returned 1.5 metres of 2.71 g/t gold, 0.11 g/t platinum and 0.12 g/t palladium in the saprolite. This hole is located due west and along strike of the two high grade holes reported in December 2011 (SPTRD016 and SPTRD017). Currently the trend (approximately 100 metres by 50 metres) remains open to the west, east and north. Additional auger drilling is planned in the next few weeks to expand on the current program. The resulting data will be used to help guide the diamond drilling program that is tentatively scheduled for late in the second quarter of this year.
The Elefante Area is situated roughly two kilometres southeast of the historic Serra Pelada pit and consists of siltstone and sandstone units of the Paleoproterozoic Rio Fresco group of lithologies similar to those hosting the CMZ mineralization. Although the carbon overprinting that characterizes the CMZ mineralization has not been identified at Elefante to date, precious metal mineralization does occur in this area. If a sufficient area of contiguous metal content is identified then tight infill auger drilling would be justified in order to establish a resource calculation for what could be an easily mined resource. Additional auger holes are planned and will be executed in the coming weeks in order to delineate the extent of this mineralized area and to try and identify the bedrock source as a target for diamond drill testing tentatively scheduled for late in the second quarter of 2012.