Business & Finance
Business and Finance
Business and Finance
Tue, July 6, 2010
Mon, July 5, 2010 Magellan Drills 13.86g/t Gold Over 1 Meter and Discovers Three New Gold Zones at Coringa
VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 5, 2010) - Magellan Minerals Ltd. (TSX VENTURE:MNM) ("Magellan") is pleased to provide an update on its drilling program at the Coringa project in northern Brazil.
Diamond drilling at Coringa is currently in progress and 2552m (20 diamond drill holes) have been completed to date. Results have been received on five additional holes. Two of the five holes were drilled at the new target area of Mae de Leite, 2km along strike and to the north of the gold resource at the Meio Zone (see press release on October 8, 2009 and PEA study, May 5, 2010). These holes intersected a well-developed mineralized zone varying from 1.3 to 9.0m in width. Hole 96 was drilled approximately 80m north of hole 98 and intersected 1.3m at 7.89g/t gold, and hole 98 intersected 9.0m of 1.05g/t gold which, included an interval of 1.0m of 13.86g/t gold (see figures on website: [ www.magellanminerals.com ] and table below for results). An additional four holes are in the process of being completed to test the strike extension of this zone, but the initial indications are that Mae de Leite is a new mineralized zone that has the potential to add to the existing resource at Coringa.
Hole 94 was drilled south of Meio into a previously untested anomaly parallel to, and 70m SW of the main mineralized structure. The hole returned 2.6m at 7.52g/t gold suggesting the presence of a new mineralized structure, the strike extent of which is currently unknown.
Hole 95, which was drilled 57m southeast of previously drilled hole 93 (0.5m at 7.48g/t) on the main Meio structure and intersected 0.5m at 10.03g/t suggesting the presence of a new ore shoot between the Meio zone and the Come Quieto area to the south (see figures on website: [ www.magellanminerals.com ]).
A table of the latest results is shown below.
Table of Results: Coringa
| Hole ID | From (m) | To (m) | Width (m) | Gold (g/t) |
| (BR_COR) | ||||
| Guapo Oeste Zone | ||||
| DDH94 | 26.6 | 29.2 | 2.6 | 7.52 |
| 119.7 | 120.3 | 0.6 | 1.91 | |
| Onça Zone | ||||
| DDH95 | 64.7 | 65.2 | 0.5 | 10.03 |
| Mae de Leite Zone | ||||
| DDH96 | 123.2 | 124.5 | 1.3 | 7.89 |
| DDH98 | 46.0 | 55.0 | 9.0 | 1.95 |
| includes | 48.5 | 49.5 | 1.0 | 13.86 |
| Bravo Zone | ||||
| DDH97 | No Significant results | |||
Ian Gendall, COO commented; "The discovery of the high grade zone at Mae de Leite, between the Meio and Galena resource blocks, is very encouraging for expanding the current gold resource at Coringa. Furthermore the discovery of a new mineralized gold bearing vein structure which is parallel to the main structure bodes very well for further expansions."
Drill results are currently pending on five additional holes drilled at the new Mae de Leite zone and on another previously untested gold-in-soil anomaly 120m south-west of Mae de Leite. Drilling is currently ongoing.
Holes were drilled at angles of 50 to 60 degrees. All core samples (HQ diameter) were cut with a diamond saw and one-half of the core placed in bags, numbered and sealed then sent via a secure transport agency to the Company's office in Novo Progresso before shipping via secure transport to ACME preparation laboratory in Itaituba for sample preparation. Core samples were crushed down to 2 mm and a 1 kg split taken and pulverized to better than 85% minus 200 mesh. From Itaituba, ACME sent the pulp samples to Santiago, Chile for assaying. Gold analysis was by fire assay of a 30 g sample and atomic absorption finish. Silver and additional 35 elements using a 4 acid digestion were analyzed by Inductively Coupled Plasma Mass Spectrometry (ICP-MS). ACME is an ISO 9001 registered laboratory and has a quality control program in place which includes standards, blanks, repeats, and duplicates.
Magellan's QA/QC program also includes the insertion of standards, field duplicates and blank material in the sample sequence with the normal core samples to monitor sampling variances, laboratory precision and accuracy, and to identify problems caused by poor sampling, preparation, assaying errors and possible sample contamination.
Ian Gendall (Pr. Sci. Nat.), Magellan's Chief Operating Officer and a "qualified person" within the definition of that term in NI 43-101, has prepared and reviewed the technical information contained in this news release.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
