Colossus Minerals Inc

Published : August 04th, 2009

’s Check Assays Yield Higher Precious Metal Grades

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Colossus Minerals Inc.

Colossus Minerals Inc.�s Check Assays Yield Higher Precious Metal Grades

August 4, 2009

Toronto, Ontario, August 4, 2009 � Colossus Minerals Inc. (�Colossus�)(TSX:CSI) is pleased to announce the results of check assays for gold, platinum and palladium as well as new full platinum group elements (PGE�s) suite assays on Phase I drilled materials from the Serra Pelada Project, the Colossus-COOMIGASP joint venture located in Para State, Brazil.

HIGHLIGHTS

  • The new assays indicate higher grades of gold, platinum and palladium for most drill-holes, for example:
     
    SPD-001:  77.30 metres at 7.39 g/t gold, 14.49 g/t platinum and 15.19 g/t palladium (vs. 77.30 metres at 6.50 g/t gold, 6.93 g/t platinum, and  7.74 g/t palladium);
     
    SPD-002:  48.25 metres at 30.57 g/t gold, 10.96 g/t platinum and 15.38 g/t palladium (vs. 48.25 metres at 23.37 g/t gold, 8.77 g/t platinum, and 11.21 g/t palladium);
     
    SPD-018:  44.00 metres at 27.32 g/t gold, 1.90 g/t platinum and 3.25 g/t palladium (vs. 44.00 metres at 19.06 g/t gold , 1.75 g/t platinum, and 2.96 g/t palladium);
     
  • Very high grade samples generally have assayed substantially higher in gold, platinum and palladium, individual samples assaying more than 600 g/t gold, 500 g/t platinum and 400 g/t palladium;
  • High grades of rhodium (up to 5.92 g/t over 2.05m) and also iridium were encountered in high grade PGE samples although PGE ratios are extremely variable.

DETAILS

A broad suite of pulps from Colossus� Phase I drilling program was assayed for gold, platinum and palladium plus other PGE�s by Genalysis Laboratory Services Pty. Ltd. (Perth laboratory).  In addition to providing further information on the distribution of the full PGE suite at Serra Pelada, this assay program served as a check on previously announced results for gold, platinum and palladium, essential in view of the difficulties of assaying very high grade gold-platinum-palladium materials.  Phase I drilling was focused on the Central Mineralised Zone (�CMZ�), which overprints metasediments occupying the hinge and inner limbs of a northwest-facing, southwest-plunging, reclined synclinorium that plunges gently southwest from the historical open pit. The CMZ is characterised by intense hydrothermal carbonaceous- and argillic alteration, inboard of siliceous alteration partially mantling the synclinorial hinge. See drill sections plus a plan view of Serra Pelada drill traces at www.colossusminerals.com.

The new data for the PGE suite plus comparisons of gold, platinum and palladium assay sets for continuously mineralised core intervals from ten drill-holes are presented in the following table:

Drillhole
From
(m)
To
(m)
Assay
Interval (m)
Gold
(g/t)
Platinum
(g/t)
Rhodium
(g/t)
Iridium
(g/t)
Osmium
(g/t)
Ruthenium
(g/t)
SPD-001
Gen
(incl)
Lab1
 
183.20
233.0
183.20
 
265.05
235.05
265.05
 
77.30
2.05
77.30
 
7.39
21.17
6.50
 
14.49
399.20
6.93
 
15.19
381.20
7.74
 
0.18
5.92
-
 
0.05
1.08
-
 
-
0.03
-
 
-
0.33
-
SPD-002
Gen
(incl)
Lab1
(and)
Gen
Lab1
 
203.20
228.00
203.20

274.65
=

253.60
229.50
253.60

289.50
=

48.25
1.50
48.25

14.65
=

30.57
638.04
23.37

9.63
22.51

10.96
255.2
8.77

1.93
4.56

15.38
361.9
11.21

2.32
5.01

-
0.36
-

-
-

-
0.31
-

-
-

-
0.22
-

-
-

-
0.04
-

-
-
SPD-003
Gen
Lab1
(and)
Gen
Lab1

225.90
=

267.00
=

232.10
=

273.00
=

3.70
=

6.00
=

1.10
0.98

39.34
40.59

0.98
0.99

1.76
0.42

0.92
0.96

3.30
0.68

-
-

-
-

-
-

-
-

-
-

-
-

-
-

-
-
SPD-003
Gen
Lab1
(and)
Gen
Lab1

225.90
=

267.00
=

232.10
=

273.00
=

3.70
=

6.00
=

1.10
0.98

39.34
40.59

0.98
0.99

1.76
0.42

0.92
0.96

3.30
0.68

-
-

-
-

-
-

-
-

-
-

-
-

-
-

-
-
SPD-004
Gen
Lab1
(and)
Gen
Lab1
(and)
Gen
Lab1

193.00
=

215.40
=

245.10
=

205.50
=

224.80
=

251.80
=

11.70
=

7.90
=

5.30
=

9.53
11.14

7.35
7.68

3.91
4.55

9.75
10.76

0.31
0.31

0.62
0.63

16.79
16.97

0.41
0.33

1.66
1.59

-
-

-
-

-
-

-
-

-
-

-
-

-
-

-
-

-
-

-
-

-
-

-
-
SPD-007
Gen
(incl)
Lab1
(and)
Gen
Lab1

160.50
161.20
160.50

216.45
=

187.30
164.00
187.30

239.10
=

25.80
2.80
25.80

22.15
=

11.66
13.22
8.95

5.12
5.37

12.07
60.00
9.19

1.57
1.61

18.34
68.28
14.99

2.53
2.46

-
1.24
-

-
-

-
0.27
-

-
-

-
-
-

-
-

-
0.11
-

-
-
SPD-008
Gen
(incl)
Lab1
(and)
Gen
(incl)
Lab1

166.40
167.40
166.40

258.80
266.60
258.80

172.40
167.90
172.40

268.50
267.17
268.50

6.00
0.50
6.00

9.70
0.57
9.70

20.46
61.38
23.73

25.71
310.08
22.50

3.10
34.81
2.92

8.46
108.74
6.18

6.56
74.54
6.55

11.33
142.86
8.96

-
1.28
-

-
0.40
-

-
1.38
-

-
0.26
-

-
-
-

-
0.11
-

-
0.11
-

-
0.01
-
SPD-010
Gen
(incl)
Lab1
(and)
Gen
Lab1

183.50
193.00
183.50

229.00
=

213.00
194.11
213.00

239.20
=

29.50
1.11
29.50

9.70
=

8.66
36.20
9.13

15.42
13.25

22.85
488.50
6.08

2.51
2.24

11.17
108.00
11.00

3.31
2.97

-
0.95
-

-
-

-
0.28
-

-
-

-
0.04
-

-
-

-
0.04
-

-
-
SPD-013
Gen
Lab1
 
247.80
=
 
270.10
=
 
23.00
=
 
16.47
20.67
 
2.63
3.26
 
3.30
3.91
 
-
-
 
-
-
 
-
-
 
-
-
SPD-016
Gen
Lab1
 
267.94
=
 
268.70
=
 
0.76
=
 
26.11
24.90
 
3.97
3.84
 
5.24
5.55
 
-
-
 
-
-
 
-
-
 
-
-
SPD-018
Gen
Lab1
(and)
Gen
Lab1
 
209.00
=
 
224.50
=
 
217.50
=
 
270.00
=
 
8.00
=
 
44.00
=
 
3.16
3.16
 
27.32
19.06
 
3.62
4.00
 
1.90
1.75
 
2.52
2.16
 
3.25
2.96
 
-
-
 
-
-
 
-
-
 
-
-
 
-
-
 
-
-
 
-
-
 
-
-
*Total assayed interval (>0.5 g/t gold equivalent) � excludes intervals of no core recovery; true widths to be established.  = denotes corresponding assay intervals, whereas - denotes values less than 0.01g/t. �Gen�: assays by Genalysis Laboratory Services Pty. Ltd. �Lab1�: previous assay programs.

Gold values are significantly higher over substantial intervals in several drill-holes (SPD-002: upper interval, SPD-007 and SPD-018) compared with previous assays. This mainly, but not exclusively, reflects the higher gold assays (up to 600g/t gold) of high grade gold-platinum-palladium samples.  In most other intervals the new and previous assay values compare favourably, variations between the datasets largely correlated with Lab1 assay batches.  The lower gold and PGM grades of the lower interval in SPD-002 reflect blocks of assays in several Lab1 batches which are approximately twice the Genalysis values. Repeat & check assays have confirmed the Genalysis values, see TECHNICAL, below.

The new platinum and palladium values are substantially higher for several major intervals in drill-holes SPD-001, SPD-002 (upper interval), SPD-007, SPD-008 and SPD-010. This largely,  but not exclusively, reflects the very much higher new platinum and palladium assays (up to over 500 g/t platinum for example) for very high grade samples. The very high grade PGE sample in SPD-010 has an unusually high Pt/Pd but has withstood three repeat assays and appears to relate to a subzone in which Pt/Pd varies greatly. 

In relation to the other PGE�s, very high grades of rhodium (5.92 g/t Rh over 2.05m) were encountered in SPD-001 as well as +1g/t in SPD-007 and SPD-008. Unexpectedly high grades of iridium (+1g/t) were assayed in SPD-001 and SPD-007. However the Rh/Pt varies greatly and appears to be lower in the central part of the Central Mineralised zone compared with the previously assayed more southerly high PGE subzones.

 Vic Wall, Colossus� President comments �The new assay data for Serra Pelada Phase I drilling confirms the very high gold and PGE grades of parts of the Serra Pelada Central Mineralised zone.  These results materially increase gold and particularly PGE grades over substantial intervals in several drill-holes which cross-cut the orebody.   The results further indicate that significant portions of Serra Pelada�s noble metal inventory is localised in very high grade subzones. This doesn�t make resource estimation any easier, but high grade is a nice problem to have. The Serra Pelada joint venture is investigating potential underground access to and development of the Central Mineralised Zone which will facilitate underground drilling ahead of production initially of high grade subzones.  In the interim, consistent with industry best practice, we will be doing some further check assays of previous drilling.�

With the completion of the check assay and re-assay program, assay results from current drilling will be expedited over the coming weeks.

TECHNICAL

Some 350 pulps plus reference materials and blanks as returned from the previous (Lab1) assay program were submitted to Genalysis Laboratory Services Pty. Ltd., Perth.  The pulps represent assayed core intervals totalling 360 metres in ten Phase I drill-holes, and included a broad range of precious-metal grades and Lab1 assay batches. 

Genalysis re-homogenized the pulps and the mixer mills were subject to quartz washes after each sample to eliminate potential sample carry over.  Every fifth quartz wash was assayed for gold & PGE, generally indicating minimal sample loss to pulveriser vessel walls.  Re-homogenization, as evidenced by check and repeat assays, was largely effective in minimising coarse gold effects, although variations in gold results for some high grade samples may reflect such sample heterogeneity.  PGE results are more uniform.

25gm. fire assays for gold and PGE�s utilised NiS collectors with ICP-MS finish.  These data are presented in the table above.  23 check assays were done by this method. Genalysis performance on these checks, blanks and five certified reference materials (including very high grade gold & PGE standards) were all within acceptable ranges, as were new assays of reference materials utilised in previous assay programs.  Genalysis assays of the latter exhibit far less scatter around recommended values for gold, platinum and palladium than results from Lab1.

25gm. fire assays for gold, platinum and palladium (85 repeats in all), utilising Pb-rich collectors with ICP-MS finish were performed by Genalysis on a selection of medium to high grade samples and for which substantial discrepancies with Lab1 assays were evident.   Agreement between the Genalysis repeats and NiS fire assays is excellent for platinum and palladium and also for gold, generally within 10% even for bonanza samples, the repeats averaging slightly higher gold values.

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.

About Colossus:

Colossus is an exploration and development Company focused on mineral resource properties in Brazil.  The Company is currently focusing its efforts on the high grade gold-platinum-palladium Serra Pelada project in Para State, Brazil.  Between 1980 and 1986 Serra Pelada was host to the largest precious metals rush in Latin American history.  Coverage by 60 Minutes of this famous mining rush can be viewed at the following link:  http://sixtyminutes.ninemsn.com.au/article.aspx?id=299887 .  

For further information, please contact:

Elina Chow, Public Relations Manager
Colossus Minerals Inc.
Tel: (416) 643-7655
Web site: www.colossusminerals.com
Email: info@colossusminerals.com

<
Data and Statistics for these countries : Brazil | All
Gold and Silver Prices for these countries : Brazil | All

Colossus Minerals Inc

EXPLORATION STAGE
CODE : CSI.TO
ISIN : CA19681L1094
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Colossus Minerals is a gold and palladium exploration company based in Canada.

Its main exploration properties are SERRA PELADA and NATIVIDADE in Brazil.

Colossus Minerals is listed in Canada. Its market capitalisation is CA$ 4.3 millions as of today (US$ 3.8 millions, € 2.8 millions).

Its stock quote reached its highest recent level on December 03, 2010 at CA$ 9.87, and its lowest recent point on January 17, 2014 at CA$ 0.03.

Colossus Minerals has 106 978 000 shares outstanding.

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Financings of Colossus Minerals Inc
11/30/2009Expiry of Warrants
11/25/2009’s Final Reminder to Holders of Unexercised $2.70 Common Sha...
10/26/2009Provides Notice of Early Expiry of Warrants
3/10/2009Announces Closing Of $24.7 Million Bought Deal Financing
2/12/2009Announces Cdn$21,500,000 Bought Deal Financing
Nominations of Colossus Minerals Inc
10/16/2013Names David Massola as New Chief Financial Officer
3/28/2013Provides Development Update and Announces the Addition of J....
12/11/2012Announces Management Appointments and Board Changes
11/8/2012Announces Search for Chief Operating Officer
10/12/2012Appoints John Frostiak as Chairman Following Planned Departu...
7/16/2012Appoints Lyle Pritchard as Vice President, Operations and Pr...
8/2/2011Appoints Antenor Silva and Mel Leiderman to its Board of Dir...
5/18/2011Appoints David Anthony to the Board of Directors
5/9/2011Appoints Paulo de Tarso Serpa Fagundes Chief Operating Offic...
3/3/2011Appoints Claudio Mancuso as Chief Financial Officer
9/28/2009Appoints Randy Reichert as President & COO
Project news of Colossus Minerals Inc
2/7/2013' Development Remains On Schedule for Initial Production In ...
12/15/2011(Serra Pelada)Extends High Grade Subzones in the CMZ and Expands the GT Zo...
3/24/2011(Serra Pelada)Drills 7.81 Metres at 136.43 g/t Gold, 249.20 g/t Platinum a...
12/17/2009(Serra Pelada)Approval of the Final Exploration Report for the Serra Pelad...
11/2/2009(Serra Pelada)Media Coverage: “Colossus Delivers More Monster Holes at Ser...
11/3/2009(Serra Pelada)Commences Metallurgical Testing on Gold-Platinum-Palladium M...
9/3/2009(Serra Pelada)Drills 4.15 Metres @ 8.04 g/t Gold, 154.5 g/t Platinum and 2...
6/1/2009(Serra Pelada)Sponsors First Essay Writing Contest in Serra Pelada
2/11/2009(Serra Pelada)7.88M @ 98.4 g/t Platinum, 115.7 g/t Palladium, 2.74 g/t Rho...
Corporate news of Colossus Minerals Inc
10/25/2013Announces Board Change
9/23/2013Provides Development Update
9/10/2013to Present at the Bank of America Merrill Lynch 19th Annual ...
8/26/2013(Serra Pelada). Clarifies Events at Serra Pelada
8/13/2013. Completes C$37,950,000 Million Bought Deal Financing
7/23/2013. Announces Overnight Marketed Offering
7/15/2013Provides Development Update
7/8/2013Intersects Gold and Copper in its Phase 1 Drilling Program o...
7/8/2013Intersects Gold and Copper in its Phase 1 Drilling Program o...
6/18/2013Provides Development Update
6/12/2013. Completes C$28.75 Million Bought Deal Financing
5/21/2013Announces Voting Results
5/15/2013Provides Development Update
4/16/2013to Present at the European Gold Forum 2013
2/25/2013to Present at the BMO Capital Markets 22nd Global Metals & M...
1/25/2013to Present at the 2013 TD Securities Mining Conference
1/10/2013Intersects High Grade Gold Values in Diamond Drilling at Ele...
9/19/2012and Sandstorm Agree to a US$75 Million Long-Term Precious Me...
9/10/2012to Present at the 2012 Denver Gold Forum
8/20/2012Provides Update on Exploration on Elefante Area
6/18/2012Drills 3.30 Metres at 54.48 g/t Gold, 0.69 g/t Platinum and ...
5/29/2012to Present at Euro Pacific Global Investment Conference
5/15/2012Provides Update and Reminder of Annual General Meeting
4/30/2012to Present at Macquarie's "Making the Grade" Mining Conferen...
4/25/2012Drills 109.89 g/t Gold, 0.75 g/t Platinum and 15.51 g/t Pall...
4/10/2012Announces Significant Achievement in Metallurgical Recoverie...
4/2/2012(Serra Pelada)Provides Operations and Development Update for Serra Pelada
3/12/2012Expands the Elefante Mineralization, Intersects Gold in Uppe...
3/1/2012. Joins OTCQX
2/23/2012to Present at BMO Capital Markets 2012 Global Metals & Minin...
1/24/2012to Present at TD Securities 2012 Mining Conference
1/16/2012Acquires Cutia Property
12/2/2011to Present at Clarus Securities Inc. "Top of the Rocks" Inve...
10/11/2011Continues Strategic Evolution Toward Producer Status
9/7/2011Drilling Extends the GT Zone and High-Grade Subzones in the ...
4/26/2011Drills 7.30 Metres at 1494.7 g/t Gold, 516.6 g/t Platinum an...
1/24/2011Announces Results of AGM and Expiry of Warrants
11/23/2009Earning a 75% Interest in Serra Pelada Project
11/12/2009Listed on Van Eck’s Junior Miners ETF Index
11/12/2009Announces an Amendment to the Partnership Agreement with Coo...
10/28/2009Media Coverage: Steve Palmer, President & CEO of Alpha North...
10/7/2009Announces Filing Of Preliminary Prospectus
10/1/2009Announces $57.5 Million Bought-Deal Financing and Adopts Sha...
9/30/2009Drills 70.70 metres @ 53.59 g/t gold, 20.77 g/t platinum and...
8/10/2009Announces Change of Auditors
8/4/2009’s Check Assays Yield Higher Precious Metal Grades
7/3/2009Media Coverage: Mining Journal’s Feature on Brazil Highlight...
7/2/2009Media Coverage: Sprott Asset Management's Charles Oliver and...
6/15/2009Media Coverage: John Embry, Chief Investment Strategist at S...
6/4/2009Drills 27.9 metres @ 35.49 g/t gold, 19.89 g/t platinum and ...
2/11/2009Media Coverage: Steve Palmer, President & CEO of Alpha North...
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