Magellan Minerals Drills 5.5m @ 6.49g/t Gold in Step Out Hole at Demetrio Zone, Coringa Project, Brazil
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/25/11 -- Magellan Minerals Ltd. (TSX VENTURE: MNM) ('Magellan') is pleased to report additional drill results from 5 holes from the Valdette and Demetrio zones at the Coringa project. These holes were drilled to test gold-bearing structures within large soil geochemical anomalies. Highlights from this set of results include 5.5m @ 6.49g/t gold from the Demetrio zone.
The objective of this program is to expand on the Coringa resource which currently totals 269,450oz of gold in the measured and indicated categories (982,291t @ 8.53 g/t), and 98,224oz of gold in the inferred category (327,054t @ 9.34 g/t).
Demetrio
The two initial drill holes on the Demetrio structure (111 and 113) were drilled 320m apart. Results from these holes, as reported in a news release 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. Two additional drill holes have been completed at Demetrio. Hole 115 was drilled 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 have cut the mineralized zone which has now been traced over a distance of 520m. Further drilling is planned.
Valdette
Results from the three initial holes drilled at Valdette (see July 12th, 2011 news release) included 28m @ 0.64 g/t gold in hole 112, and 36.7m @ 0.79g/t gold in hole 114. Results from two additional holes drilled at the Valdette zone are reported below. Holes 117 and 119 were both step out holes drilled 240m and 430m northwest of hole 114 to test the extension of the Valdette structure. Both drill holes cut the mineralized zone with hole 117 intersecting 29.3m @ 0.24g/t gold from 145.2 to 174.5m depth. Hole 119 intersected 5.5m @ 0.38g/t gold from 75.5 to 81.0m depth, and 10m @ 0.29g/t gold from 113.5 to 123.5 metres depth (see map on the website).
With results now in on five holes drilled so far at Valdette, the structure has been traced for a total strike length of 750m. The gold-in-soil anomaly extends for 3.8km and further drilling along the assumed strike extensions of the structure is in progress. Results are currently pending on four additional holes.
Mae de Leite
One hole (118) was drilled in a soil anomaly approximately 200m west of the Mae 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.
------------------------------------------------------------------------
Interval
Width Gold
Hole 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 intersected
structures are not known, and intersection widths are not necessarily
true widths
Drilling is currently in progress at Valdette and on the down dip extensions to the Meio and Serra structures which contain the bulk of the resource at Coringa.
All core samples (HQ diameter) were cut with a diamond saw. One-half of the core was placed in numbered and sealed bags and sent via a secure transport agency to the Company's office in Novo Progresso, and subsequently to ACME preparation laboratory in Itaituba for sample preparation. Core samples were crushed down to 2 mm and a 1 kg split was pulverized to better than 85% minus 200 mesh. From Itaituba, ACME sent the pulp samples to Santiago, Chile for assaying. Gold analyses were conducted on 30g representative sample cuts using fire assay with an atomic absorption finish. Other sample cuts were subjected to a 4 acid digestion and analysed for silver and an additional 35 elements using inductively coupled plasma mass spectrometry (ICP-MS). ACME is an ISO 9001 registered laboratory and has a quality control program in place which includes the insertion of standard, blank, and duplicate samples, as well as conducting repeat analyses.
Magellan's QA/QC program includes the insertion of standards, field duplicates and blank material into the sample sequence with the normal core samples to monitor sampling variances, laboratory precision and accuracy.
This press release was reviewed by Gordon Allen, B.Sc., P.Geo, a Professional Geoscientist in British Columbia and a qualified person in compliance with National Instrument 43-101.
Magellan Minerals Ltd. (TSX VENTURE: MNM) is a TSX Venture Exchange listed exploration company with a number of gold exploration properties in the Tapajos region of northern Brazil and is focused on the Cuiu Cuiu and Coringa projects where drilling is currently in progress.
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.
News Release #2011-17
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
Magellan Minerals Ltd.
Alan Carter
President and CEO
604.676.5663
info@magellanminerals.com
Magellan Minerals Ltd.
Jennifer Duthie
Corporate Communications Manager
778.370.0519
Jennifer@magellanminerals.com
www.magellanminerals.com