Vic Wall, Colossus' Vice-President, Exploration commented, "We are
excited by the results of our geochemical program on the expanded Serra
Pelada land package. While much work needs to be done to assess the
potential significance of these anomalies, it is clear that there is
excellent potential for additional discoveries on the property outside the
known mineralization. Our next step will be to better define the anomalous
areas and design a drill campaign aimed at advancing our understanding of
the exploration potential of these newly discovered areas."
HIGHLIGHTS
5277 soil geochemical samples collected to date outside of the current
Serra Pelada resource delineation area have yielded the following combined
gold-platinum-palladium results in parts per million (1 part per
million = 1 gram/metric tonne):
|
• |
736
samples over 0.1 ppm, 163 over 0.5 ppm and 73 over 1.0 ppm, peaking
at 21.9 ppm. |
|
• |
These
samples have outlined a large area, in excess of 50 hectares, in the
Elefante and Young Garimpo sections of Area B and in Area C (Figure
1) of gold-platinum-palladium surface anomalies.
|
|
• |
Initial
auger drilling of these anomalies has intersected high grades in
each of these areas including 124.78 g/t gold, 6.52 g/t
platinum and 7.67 g/t palladium over 1.5 metres in Elefante
and 3.79 g/t gold, 0.68 g/t platinum and 2.57 g/t palladium over 1.5
metres in Area C (Table 1). |
|
• |
Eight
auger holes in the Elefante area encountered highly anomalous values
in mineralized bedrock siltstones including 0.68 g/t gold, 1.42 g/t
platinum, 1.00 g/t palladium over 1.5 metres in SPTRD-016 and 2.14
g/t gold, 1.46 g/t platinum and 8.09 g/t palladium over 1.0 metre in
SPTRD-017. |
|
• |
Additional
auger holes are planned in these areas to better define drill
targets. |
Claudio Mancuso, Colossus' President & CEO commented, "We are
optimistic these areas, once better defined by further exploration
activities including drilling, may provide additional mining areas and
translate into operational flexibility as we continue with our
infrastructure construction. We continue to make good progress in driving
our underground decline towards the Central Mineralized and GT Zones. Our
ongoing development and new appreciation of the property wide exploration
potential will allow us to provide some exciting news in the coming
months."
DETAILS:
Little historical exploration has taken place outside of the main ore
zones (the CM and GT Zones) which are the focus of current development via
the underground decline. Accordingly, the Company targeted these new areas
with its soil geochemical program in order to obtain information about the
exploration potential of the expanded land package. This soil geochemical
program included:
|
- |
geological
mapping to outline target areas that demonstrate structurally
favorable geologic criteria for bedrock mineralization; |
|
- |
a
closely spaced ground radiometric (K-U-Th) survey to further clarify
physical characteristics of rock formations and identify potentially
mineral rich areas; |
|
- |
an
extensive gold-platinum-palladium soil geochemical program to
outline surface anomalies over a 500 hectare area; and |
|
- |
a
follow-up to the soil sampling program with shallow auger drilling
in selected gold-platinum palladium anomalies to more closely
delineate targets for drilling. |
The key findings of the radiometric survey, geological mapping and soil
geochemical program include:
|
- |
similar
rock types in the south and southeast portion of the property to
those found in the main mineralized corridor but belonging to a
separate sedimentary package; |
|
|
|
|
- |
confirmation
that the deformation found in the Young Garimpo and Elefante areas
is similar to that found in the CMZ area; |
|
|
|
|
- |
significant
garimpeiro activity in both the Young Garimpo and Elefante areas in
the form of numerous exploration pits and working shafts; and |
|
|
|
|
- |
widespread
naturally transported surface material which may be masking
mineralized bedrock therefore resulting in low grade soil results
above favorable host rock. |
Soil geochemical sampling was initially undertaken every 40 metres
along 80 metre-spaced lines and then tightened to a 20 metre by 20 metre
spacing in the Elefante area and mine infrastructure areas (Figure 2)
based on successful results.
Soil sample result statistics:
|
- |
736
are highly anomalous exhibiting gold-platinum-palladium values
>0.1 ppm |
|
- |
163
results with gold-platinum-palladium values >0.5
ppm |
|
- |
73
results with gold-platinum-palladium values >1.0 ppm with a
maximum value of 21.9 ppm. |
The soil geochemical data outlined widespread and extensive anomalous
areas (Figure 2) some of which have been initially followed up auger
drilling (39 auger holes yielding 642 samples the highlights of which can
be seen in Table 1 below).
TABLE 1: Highlights of auger drilling
results |
|
Area |
Hole
ID |
From (m) |
To (m) |
Interval* (m) |
Gold (g/t) |
Platinum (g/t) |
palladium (g/t) |
Lithology |
Elefante |
SPTRD003 |
0.0 |
4.0 |
4.0 |
0.43 |
0.07 |
0.18 |
Soil |
|
|
4.5 |
5.5 |
1.0 |
1.52 |
<0.020 |
0.25 |
Siltstone |
|
SPTRD016 |
2.5 |
5.0 |
2.5 |
0.08 |
0.41 |
0.43 |
Soil |
|
|
5.5 |
11.0 |
5.5 |
0.20 |
0.53 |
0.45 |
Siltstone |
|
Incl. |
9.5 |
11.0 |
1.5 |
0.69 |
1.42 |
1.00 |
|
|
SPTRD017 |
0.0 |
3.0 |
3.0 |
62.79 |
3.38 |
3.99 |
Soil |
|
Incl. |
1.5 |
3.0 |
1.5 |
124.78 |
6.52 |
7.67 |
|
|
|
3.0 |
8.0 |
5.0 |
1.24 |
0.63 |
4.12 |
Siltstone |
|
Incl. |
3.0 |
4.0 |
1.0 |
2.14 |
1.46 |
8.09 |
|
|
SPTRD019 |
3.5 |
4 |
0.5 |
0.32 |
<0.02 |
<0.005 |
Siltstone |
|
SPTRD024 |
0.0 |
1.0 |
1.0 |
0.33 |
0.42 |
0.43 |
Soil |
|
SPTRD027 |
0.0 |
1.0 |
1.0 |
0.61 |
0.15 |
0.30 |
Soil |
|
|
|
|
|
|
|
|
|
Young Garimpo |
SPTRD008 |
0.0 |
1.50 |
1.5 |
0.12 |
0.37 |
0.36 |
Soil |
|
SPTRD009 |
0.0 |
1.50 |
1.50 |
0.56 |
0.29 |
0.90 |
Soil |
|
SPTRD010 |
0.0 |
2.0 |
2.0 |
0.81 |
0.07 |
0.28 |
Soil |
|
Incl. |
0.0 |
0.5 |
0.5 |
2.92 |
0.17 |
0.96 |
|
|
|
|
|
|
|
|
|
|
Area
C |
SPTRD033 |
0.0 |
1.5 |
1.5 |
3.79 |
0.68 |
2.57 |
Soil |
|
SPTRD035 |
0.0 |
1.5 |
1.5 |
3.04 |
0.31 |
1.04 |
Soil |
|
|
7.0 |
9.0 |
2.0 |
<0.005 |
0.13 |
0.17 |
Schist |
|
* Intercepts determined on a 0.3 g/t
gold-platinum-palladium cut-off
grade. |
Elefante
This area (Figure 2) contains three main soil anomalies (>0.1 ppm
combined gold-platinum-palladium). The first is a northeast-trending
anomaly approximately 800 metres in length. The other two are
northwest-trending and are 600 metres and 400 metres, respectively, in
length. All three anomalies are 50 to 100 metres wide. Several
garimpeiro shafts and pits occur in the areas where these samples have
been collected.
A total of 15 auger holes were drilled within three main anomalous
areas to clarify the nature and distribution of mineralization and, where
possible, sample the underlying bedrock (see Table 1 for highlights). All
auger holes intersected anomalous lateritic soils and returned results
with higher grades than nearby soil samples and greater than 1 metre
thicknesses that included 124.78 g/t gold, 6.52 g/t platinum and
7.67 g/t palladium over 1.5 metres from hole SPTRD-017.
Significantly eight auger holes
(SPTRD-002,-003,-007,-012,-016,-017,-019: Figure 2) intersected precious
metal anomalies including hole SPTRD-016 (0.69 g/t gold, 1.42 g/t
platinum and 1.00 g/t palladium over 1.5 metres) and SPTRD-017
(2.14 g/t gold, 1.46 g/t platinum and 8.09 g/t palladium over 1.0
metre) within broader mineralized intercepts (Table 1).
Several other areas to the north of the main Elefante anomalies have
been subject to initial auger drilling. Holes SPTRD-024 & SPTRD-027
both intersected metre long intervals of +1 g/t gold-platinum-palladium
(Table 1). Further work is needed to clarify the extent and grade
distribution of shallow mineralization in this area.
Young Garimpo
Soil gold-platinum-palladium anomalies up to 8.9 ppm
gold-platinum-palladium have been returned from this area (Figure 2).
Auger holes SPTRD-008,-009 and -010 drilled to the southeast of these
anomalies intersected significant thicknesses of >1 g/t
gold-platinum-palladium bearing material (Table 1).
Area C
Detailed soil sampling (Figure 2) in this area has yielded 152 samples
with values greater than 0.5 g/t gold-platinum-palladium with the highest
value being 21.9 ppm.
The extensive soil anomalies may indicate bedrock mineralization. A
series of five auger holes were drilled in this area and the best grades
came from holes SPTRD-033 and SPTRD-034 (Figure 2 and Table 1) that
yielded grades of >6 g/t and >5 g/t combined gold-platinum-palladium
values respectively. Further auger drilling is planned in this area
to better define the mineralized zone before Diamond drilling targets are
chosen.
BACKGROUND
INFORMATION:
Known mineralization at Serra Pelada is mainly hosted by an area of
carbon enrichment along the hinge of a folded metamorphosed siltstone. The
gold-platinum-palladium enriched area known as the CMZ plunges gently
southwestward away from the surface area that was historically mined out
by artisanal miners. The other main zone is the GT zone and is located on
the lower limb of the folded siltstone in an iron rich breccia.
The most recent exploration work on the Serra Pelada Property has
focused on the surface delineation drilling of the down plunge extension
of the high grade gold-platinum-palladium mineralization in the CMZ and
the GT Zone. Step-out drilling further southwest along the interpreted
strike of the CMZ is also ongoing.
TECHNICAL
INFORMATION:
Soil geochemical samples were collected from shallow pits targeting
Zone B soil horizons. After sieving off +2 millimetre rock
fragments the 1-3 kilogram samples were bagged and dispatched to the
Parauapebas Intertek laboratory where the -80 mesh fraction was assayed
for gold, platinum and palladium.
Every 0.5 metres of depth of the motorized auger drilling was sampled.
The resulting +3 kilogram samples were dispatched to Intertek Parauapebas
for sample preparation and assaying for gold, platinum and palladium.
Duplicates, blanks and certified gold-PGE reference materials were
inserted in the sample train by Colossus personnel prior to Intertek
preparation work.
Intertek inserted additional blanks, duplicates and high grade gold/PGE
reference materials in the assay stream and replicate or duplicate assays
were performed routinely and on most medium to high-grade materials. Fire
assays for gold, platinum and palladium were on 25 gram subsamples using a
lead-rich collector material and AA finish by Intertek. The assay lab
dispatched assay certificate originals directly to Resource and
Exploration Mapping Ltd., an independent company, which manages Colossus'
database.
The Intertek assay results for blanks, duplicates, replicates and also
all reference materials were well within generally accepted QA/QC
measures.
Dr. Vic Wall, the Vice President, Exploration of Colossus, is a
qualified person under National Instrument 43-101 and is responsible for
this release and has verified the contents disclosed.
About Colossus:
Colossus is a development-stage mining company focused on bringing into
production the high-grade gold-platinum-palladium Serra Pelada project,
located in the mineral prolific Carajas region in Pará 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://video.au.msn.com/watch/video/the-treasure-of-serra-pelada/xx3k2px.
CAUTIONARY STATEMENT REGARDING
FORWARD-LOOKING INFORMATION
Forward-looking statements in this press release include statements
regarding the timing and nature of future exploration and development
programs that are dependent on projections that may change as drilling
continues, or if unexpected ground conditions are encountered. The Company
does not currently have any mineral properties that are in production or
that contain a reserve as defined by National Instrument 43-101. In
addition, areas of exploration potential are identified which will require
additional drilling to determine whether or not they contain similar
mineralization to areas that have been explored in more detail.
Significant additional drilling is required at Serra Pelada to fully
understand system size.
Except for statements of historical fact relating to Colossus, certain
statements in this press release relating but not limited to the Company's
exploration and development plans, activities and intentions, constitute
"forward-looking information" within the meaning of the Securities Act
(Ontario) or "forward-looking statements" within the meaning of the United
States Private Litigation Reform Act of 1995. These forward-looking
statements represent management's best judgment based on current facts and
assumptions that management considers reasonable. Forward-looking
statements are frequently characterized by words such as "target", "plan",
"expect", "project", "intend", believe", "anticipate" and other similar
words, or statements that certain events or conditions "appear to", "may"
or "will" occur. Forward-looking statements are based on the opinions
and estimates of management at the date the statements are made, and are
subject to a variety of risks and uncertainties and other factors that
could cause actual events or results to differ materially from those
projected in the forward-looking statements. The factors include but
are not limited to risks related to the joint venture operation, actual
results of exploration activities, the inherent risks involved in the
exploration and development of mineral properties, changes in project
parameters as plans continue to be refined, delays in obtaining government
approvals, the uncertainties of project cost overruns or unanticipated
costs and expenses, uncertainties relating to the availability and costs
of financing needed in the future, the uncertainties inherent to
conducting business in Brazil and the rest of Latin America, the
availability of equipment and supplies, unexpected adverse climate
conditions, the reliance on only a few key members of management, as well
as those factors discussed in the section entitled "Risk Factors" in the
Company's most recent Annual Information Form filed with Canadian
provincial securities regulatory authorities and other regulatory filings
which are posted on SEDAR at www.sedar.com. Unless required by
law, Colossus undertakes no obligation to update forward-looking
statements if circumstances or management's estimates or opinions should
change. The reader is cautioned not to place undue reliance on
forward-looking statements.
To view Figure 1: Overview of soil geochemical
results, and Figure 2: Detail of major Au+Pt+Pd anomalous
areas, please visit the following link: http://media3.marketwire.com/docs/colossus_minerals_fig0102_nov14.pdf