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Colossus Minerals Inc (C-CSI) - News Release
Colossus drills 24.11 g/t Au over 46 m at Serra Pelada
2008-06-11 08:38 ET - News Release
Shares issued 39,674,388
CSI Close 2008-06-10 C$ 2.68
Dr. Vic Wall reports
COLOSSUS MINERALS DRILLS FURTHER HIGH GRADE GOLD-PLATINUM-PALLADIUM AT SERRA PELADA
Colossus Minerals Inc. has released the results from three drill holes, SPD-002, SPD-003 and SPD-004, from the company's continuing program on the Serra Pelada project, a Colossus-COOMIGASP joint venture.
Highlights:
SPD-002 intersected 46.72 metres at 24.11 grams per tonne gold, 9.04 g/t platinum and 11.57 g/t palladium (50.95 g/t gold equivalent(ii)) plus 14.65 metres at 22.51 g/t gold, 4.56 g/t platinum and 5.01 g/t palladium (35.64 g/t gold equivalent(ii)).
SPD-004 intersected 53.50 metres at 5.35 g/t gold, 2.51 g/t platinum and 4.01 g/t palladium (13.20 g/t gold equivalent(ii)).
Both holes exhibit very high-grade Au- and PGE-rich subzones.
Drilling to date shows continuity of high-grade gold-platinum-palladium mineralization along 100 metres of strike length and vertical intervals of more than 50 metres in the central mineralized zone up to 260 metres southwest of the historic Serra Pelada open pit.
Details
Diamond drill holes SPD-002, SPD-003 and SPD-004 were HQ-cored for a total of 902 m as part of 5,000 m drill program by the Colossus-COOMIGASP joint venture on the Serra Pelada gold-platinum-palladium deposit, located in Para state, Brazil. SPD-002 was collared 90 m southwest of SPD-001 at an initial inclination of minus-68.5 degrees and azimuth of 310 degrees to test the central mineralized zone on Section 00, 260 m southwest of the historic Serra Pelada open pit. SPD-003 undercut SPD-002 on a similar azimuth, but steepened unexpectedly, largely missing its target. SPD-004 was drilled at an initial azimuth of 305 degrees and inclination of minus-75degrees on Section 50NE, to test the central mineralized zone between Section 100NE and Section 00. An additional hole (SPD-012) is currently drilling on Section 50NE. A plan view of Serra Pelada drill traces may be examined on the company's website.
SPD-002 intersected two intervals of continuous gold-platinum-palladium mineralization, hosted mainly by altered metasediments of the central mineralized zone but separated by a weakly mineralised felsic dike. These subzones respectively contain intervals of spectacular grades of platinum plus palladium and high-grade gold. Assay results for SPD-002 are presented in the table.
From To Recovered/ Gold Platinum Palladium Gold
(metres, (metres, assay g/t g/t g/t equivalent
downhole) downhole) interval g/t
(metres) (i) (ii)
204.5 253.60 46.72 24.11 9.04 11.57 50.95
Incl. 219.00 253.60 32.22 33.25 12.79 16.25 71.18
incl. 228.00 231.00 3.00 233.85 101.35 130.75 535.37
and
274.65 289.50 14.65 22.51 4.56 5.01 35.64
Other intersections (greater than 0.5 g/t gold equivalent) in SPD-002 include 256.25 to 257.45 m down-hole: 1.20 m at 1.2 g/t Au, 0.47 g/t Pt and 0.18 g/t Pd; 269.3 to 270.5m.: 1.20 m at 0.66 g/t Au, 0.32 g/t Pt and 0.27 g/t Pd; 295.25 to 296.4 m: 1.15 m at 1.05 g/t Au, 1.15 g/t Pt and 1.93 g/t Pd. The latter interval appears to represent a mineralized zone footwall to the central zone which may correlate with a similar zone observed in SPD-001.
SPD-004 intersected broadly continuous gold-platinum-palladium mineralization between 193.0 and 258.0 m downhole, mainly in altered metasediments of the central mineralized zone. Core recoveries were low in a number of intervals and this has probably contributed to underestimation of Au-PGE grades and mineralized intervals for SPD-004, to be clarified by additional drilling on Section 50NE. Assay results for SPD-004 are presented in the table.
From To Recovered/ Gold Platinum Palladium Gold
(metres, (metres, assay g/t g/t g/t equivalent
downhole) downhole) interval g/t
(metres) (i) (ii)
193.00 258.00 53.50 5.35 2.51 4.01 13.20
Incl. 193.00 199.70 6.7 17.83 18.50 29.24 75.56
(i) Total assayed interval -- excludes intervals of no core recovery;
true widths to be established
(ii) Gold equivalent assuming Au:Pt:Pd prices in the ratio 1:2.33:0.5
Other intersections (greater than 0.5 g/t Au equivalent) in SPD-004 include 180.4 to 181.5m downhole: 1.0 m at 0.69 g/t Au, 3.01 g/t Pt and 2.16 g/t Pd; 186.5 to 187.8 m: 0.60 m at 1.59 g/t Au, 0.09 g/t Pt and 0.12 g/t Pd; 261.2 to 262.3 m: 1.10 m at 0.10 g/t Au, 4.63 g/t Pt and 2.25 g/t Pd.
Due to its unexpected steepening, SPD-003 cored mainly siliceous-altered metasediments which commonly envelope the central mineralized zone and are less well mineralized. Evidently SPD-003 clipped the southeast margin of the central mineralized zone, and an additional hole will be drilled to examine the untested parts of this zone on Section 00. Assay results are expected shortly.
The complete assay data sets for SPD-002 and SPD-004, plus geology-drill Section 00 for may be examined on the company's website.
To date, the company has completed 11 holes for approximately 3,350 metres of an initial 5,000-metre drilling program.
Dr. Vic Wall, Colossus president, comments: "Colossus's drilling at Serra Pelada continues to realize the potential of this extraordinary noble metal deposit. The results of SPD-001, SPD-002 and SPD-004 demonstrate the continuity of high value gold-platinum-palladium mineralization through large vertical intervals and over 100 m of strike length of our main target zone well south of the historic Serra Pelada open pit. The apparent persistence of high-grade PGE subzones is particularly encouraging."
Technical information
Sampling of SPD-002, SPD-003 and SPD-004 core (by Colossus personnel) and sample preparation (by SGS Geosol Laboratories Ltda., Belo Horizonte) were carried out under strict protocols recommended in the 43-101 technical report on Serra Pelada. After photographing and logging, nominal one-metre intervals of HQ core were cut and/or split in half, yielding samples of two to three kilograms of mass. Where core recoveries were low, intervals were composited to yield one-kilogram minimum sample masses. Duplicates, blanks and certified gold-PGE reference materials were inserted in the sample train by Colossus personnel prior to secure shipping to SGS.
SGS pulverized one-kilogram splits (greater than 95 per cent passing 106 microns) from the crushed (greater than 95 per cent passing 1.7 millimetres) dried samples. The resulting pulps were quartered by rotary splitter and a 50-gram fire assay, with ICP-AES finish was performed on one 250-gram aliquot, the remaining splits being archived. Additional blanks and duplicates were inserted in the assay stream by SGS and replicate assays were performed every 20 samples. SGS dispatched assay certificate originals directly to Resource and Exploration Mapping Ltd., an independent company which manages Colossus's database.
The assay results for blanks, duplicates, replicates and reference materials were generally satisfactory. However one of the reference materials in one assay batch assayed gold, platinum and palladium values much lower than certified values for this material. The reference material and high value samples in this batch will be check assayed by SGS and an independent laboratory.
Dr. Wall, president of Colossus Minerals and qualified person under National Instrument 43-101, is responsible for this release and has verified the contents disclosed.
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