CSI.t reporting more high grade gold and super PGM numbers:
I own the warrants, for now anyway!!
Colossus drills 8.6 g/t Au over 26.85 m at Serra Pelada
2008-09-29 08:52 ET - News Release
Mr. Scott Koyich reports
COLOSSUS MINERALS DRILLS MORE HIGH GRADE GOLD-PLATINUM-PALLADIUM AT SERRA PELADA
Colossus Minerals Inc. has intersected further high-grade gold-platinum-palladium in the Central Mineralized zone of the Serra Pelada project, the Colossus-COOMIGASP joint venture located in Para state, Brazil.
Highlights:
* SPD-007 intersected 26.85 metres at 8.61 grams per tonne gold, 8.85 g/t platinum and 14.43 g/t palladium plus 23.30 metres at 5.11 g/t gold, 1.55 g/t platinum and 2.34 g/t palladium.
* SPD-008 intersected 7.50 metres at 19.28 g/t gold, 2.37 g/t platinum and 5.27 g/t palladium plus 10.34 metres at 21.13 g/t gold, 5.80 g/t platinum and 8.42 g/t palladium.
* Both holes exhibit very-high-grade gold and platinum group element (PGE)-rich subzones.
* SPD-003 extended outer hinge zone mineralization, intersecting 6.0 metres at 40.59 g/t gold, 0.42 g/t platinum and 0.68 g/t palladium.
* Drilling to date shows continuity of high-grade gold-platinum-palladium mineralization along 100 metres of strike length, over vertical intervals of more than 70 metres and with widths up to 40 metres in the Central Mineralized zone, up to 260 metres southwest of the historic Serra Pelada open pit.
"Colossus drilling has continued to delineate and extend high-grade gold and PGE-rich subzones of the Central Mineralized zone at Serra Pelada. Given the technical challenges we faced during the early part of phase I, it is gratifying to have achieved such excellent results to date. With nine more drill holes and some historical CVRD drill core in the lab for analysis, results will be forthcoming as our team continues to unlock the potential of Serra Pelada," stated Ari Sussman, chief executive officer.
Details
Diamond drill holes SPD-003, SPD-005, SPD-006, SPD-007 and SPD-008 were HQ-cored for a total of 1,645 metres as part of the initial 5,000 m drill program by the Colossus-COOMIGASP joint venture on the Serra Pelada gold-platinum-palladium deposit, located in Para state, Brazil. Drilling was focused on the Central Mineralized zone which overprints metasediments occupying the hinge and inner limbs of a northwest-facing, southwest-plunging, reclined synclinorium which plunges gently SW from the historical open pit. The Central Mineralized zone is characterized by intense carbonaceous and also argillic alteration, inboard of siliceous alteration partially mantling the synclinorial hinge. See Section 00 and Section 100NE plus a plan view of Serra Pelada drill traces at the company's website.
SPD-007 was drilled on Section 100NE, to the northwest of and above SPD-001 (see news in Stockwatch May, 29, 2008). SPD007 encountered more than 50 m of mineralization including two continuous intervals of high-grade gold-platinum-palladium separated by lower grade material. The upper interval shows platinum grades up to 110 g/t and appears to be contiguous with and extends the high PGE/Au subzone apparent in SPD-001. This subzone (159.45 to 187.30 m) is separated from the lower zone (higher Au/PGE, 215.30 to 239.10 m) by lower grade material partly in a felsic dike. Additional low-grade mineralization (240 to 254.50 m) occupies the footwall of the fold structure and appears to be contiguous with an extensive lower limb mineralized zone. Assay results for SPD007 are summarized in the attached table.
From To Recovered/assay Gold Platinum Palladium
(metres, (metres, interval g/t g/t g/t
down-hole) down-hole) (metres)(i)
159.45 187.30 26.85 8.61 8.85 14.43
and
215.30 239.10 23.30 5.11 1.55 2.34
(i) Total assayed interval (greater than 0.5 g/t gold equivalent) --
excludes intervals of no core recovery; true widths to be
established.
Two drill holes, SPD-003 and SPD-008, were completed on Section 00, 100 metres SW of Section 100NE. SPD003 undercut and was collared on a similar azimuth to SPD-002. Designed to test the outer fold hinge mineralization, SPD-003, as previously noted (see news in Stockwatch June 11 and Aug. 17, 2008), steepened unexpectedly and grazed its target. Nonetheless, SPD-003 encountered gold-platinum-palladium mineralization in the siliceous alteration envelope, including a high-grade gold subzone (267 to 273 m) and also mineralization (276.65 to 280.50 m) footwall to the fold hinge. SPD-013 (assays awaited) was later drilled to infill the gap between SPD-002 and SPD-003 assay results for SPD-003 are summarized in the attached table.
From To Recovered/assay Gold Platinum Palladium
(metres, (metres, interval g/t g/t g/t
down-hole) down-hole) (metres)(i)
267.00 273.00 6.00 40.59 0.42 0.68
SPD-008, drilled from the NW, successfully tested its upper inner limb and footwall hinge zone targets, encountering more than 40 m of mineralization. The upper target contains a substantial interval (166.4 to 173.90 m) of high-grade gold-platinum-palladium and is separated from the footwall target by less well-mineralized metasediments and felsic dike material. The inner footwall hinge subzone (258.80 to 269.14 m) also exhibits high-grade gold-PGE mineralization. High PGE gold mineralization was also encountered (275.2 to 275.90 m) in footwall psammitic host rocks. Assay results for SPD-008 are summarized in the attached table.
From To Recovered/assay Gold Platinum Palladium
(metres, (metres, interval g/t g/t g/t
down-hole) down-hole) (metres)(i)
166.40 173.90 7.50 19.28 2.37 5.27
and
176.27 184.40 8.13 1.78 0.14 0.15
and
258.80 269.14 10.34 21.13 5.80 8.42
and
275.20 275.90 0.70 9.28 9.75 15.90
SPD-006 was collared on Section 50SW (about 60 m SW of Section 00) and drilled to the NW along this previously sparsely drilled section, targeting the outer fold hinge. The hole undercut its target, apparently due to a small fault offset of the fold hinge and intersected sporadic mineralization in the outer siliceous alteration envelope. SPD-014 was later drilled on Section 50SW and encountered the fold hinge and more prospective geology.
SPD-005 was drilled to the NW on Section 100SW, targeting a high-grade Au-PGE zone evident in historical CVRD drilling. However the hole missed this target and intersected only a few minor mineralized intervals in variably silicified meta-siltstones. SPD-009 was aimed to clarify mineralization on Section 100SW, but encountered fluid circulation problems and was abandoned. SPD-016 was later drilled obliquely from Section 50SW toward the target zones of SPD-006 and SPD-009 and intersected prospective geology and alteration.
Complete assay data sets for SPD-003, SPD-007 and SPD-008, plus geology and drilling for Section 100NE and Section 00, may be examined on the company's website.
The company has completed its phase I drilling, comprising 17 holes for 5,129 metres of core. All relevant drill core has been logged, sampled and submitted for assay, with assay results awaited for nine holes. A 5,000 m phase II drilling program is expected to get under way in early October.
Technical information
Sampling of SPD 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 approximately 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-OES 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 Minerals' database. During data validation it became evident that a number of assay values in several assay batches had been mislabelled by SGS. On consultation SGS issued revised assay certificates.
The SGS assay results for blanks, duplicates and replicates were generally satisfactory. Au, Pt and Pd values obtained by SGS for certified reference materials are typically on the low side of mean multilaboratory values, but are mostly within accepted ranges for reference materials of medium grade. A high-grade gold reference material inserted by SGS in several batches has assayed consistently low relative to its certified gold values. This reference material and also high value samples in these and other batches will be check assayed by an independent laboratory.
Dr. Vic 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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