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Magellan Minerals Ltd. (TSX VENTURE:MNM - News;
"Magellan") is pleased to report the results for three of seven
diamond drill holes (1612.47m) recently completed at the Jerimum
Baixo target area, located approximately mid-way
between the previously discovered Central and Moreira
Gomes zones. Gold mineralization was intersected in all three holes with the
best intersection consisting of 105.2m @ 0.60g/t gold in hole
94 including 40.7m @ 1.29g/t gold. See table below for the summarized results
with Figure of drill plan on website: www.magellanminerals.com.
Jerimum Baixo Target
Jerimum Baixo is
located approximately 3km ESE of Central and 2.2km WNW of Moreira
Gomes. The seven-hole drill plan was designed to test an interpreted NW
trending structure and a +100ppb gold-in-soil anomaly extending over
approximately 850m in length and 450m wide. Extensive alluvial and saprolite-hosted gold workings at Jerimum
Baixo occur immediately to the east and west of
this soil anomaly (see Figure on website). Previous drilling of one hole (CC_10_06), within the target area returned 9.7m @
0.84g/t gold from 55.2m to 64.9m.
Of the three holes received to date, 91
and 92 cut low-grade mineralization over 30-40m width (see results table),
which may represent the SE and NW extensions of the zone intersected in hole
10. Hole 94 however intersected 105.2m @ 0.60g/t
gold including 40.7m @ 1.29 g/t gold and may have cut a different zone to the
northeast which possibly trends parallel to the zone intersected in holes 91
and 92. The zone intersected in hole 94 is
coincident with the highest gold values in soils, which are in excess of
350ppb. Gold mineralization in all three holes is associated with strong
silica-sericite-chlorite-pyrite alteration.
Alan Carter, President & CEO
commented that, "Whilst it is still early days for Jerimum
Baixo, drilling appears to have intersected another
mineralized zone at Cuiu Cuiu
between Central and Moreira Gomes, and perhaps most
significantly, the style of mineralization is very similar to the previously
discovered zones, as well as mineralization at the nearby Tocantinzinho
deposit."
Table of Results: Jerimum
Baixo Zone
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Hole ID From (m) To (m) Width (m) Gold (g/t)
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CC_91_10 130.0 160.4 30.4 0.40
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CC_92_10 101.0 141.0 40.0 0.36
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CC-94_10 1.5 106.7 105.2 0.60
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Includes 1.5 42.2 40.7 1.29
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Note: Widths reported in the above table are down hole widths and the true
widths are estimated to be between 70 and 90%.
Results are currently pending on four
additional holes (95, 97, 98 and 100) from the Jerimum
Baixo target.
Pau da Merenda Target
Pau da Merenda is located approximately 3km NW of Central and
results for six recent follow up holes (1530m) have been received. Narrow
gold mineralized structures were intersected in five of the six holes with
the best intersections being, 7.1m @ 2.35g/t gold in hole 78, 6m @ 2.00g/t
gold in hole 75 and 4m @ 6.42g/t gold in hole 72. See table below for all
summarized results with Figure of drill plan on website:
www.magellanminerals.com.
The six-hole drill plan was designed to
test the possible gold extension along a northwest trending structure and a
+100ppb gold-in-soil anomaly which extends over approximately 800m in length
and 370m wide. Previous drilling by Magellan at Pau de Merenda
returned 47.1m @ 1.76g/t gold in hole 20, 8.5m @ 5.07 g/t gold in hole 22 and
30.2m @ 1.11 g/t gold in hole 19 (see press release of April 15, 2008).
The follow up drill program at Pau de Merenda suggests that the mineralized zones in this area
are narrower than at Central, Moreira Gomes or Jerimum Baixo and may be of a
different orientation. The zone of 7.1m @ 2.35g/t gold intersected in hole 78 may represent the eastern extension of the zone
intersected in holes 19 and 20 which would suggest an ESE orientation. If
this is the case the zone is still open to the west and the east.
Furthermore, the mineralized zones intersected in holes 72 (4m @ 6.42g/t
gold) and 82 (18.3m @ 0.46g/t gold) will require follow up. Further
evaluation of geophysical and geochemical data at Pau de Merenda
is in progress prior to further drilling.
Table of Results: Pau da Merenda Zone
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Hole ID From (m) To (m) Width (m) Gold (g/t)
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CC_72_10 65.9 69.9 4.0 6.42
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CC_75_10 95.8 99.8 4.0 0.68
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240.2 246.2 6.0 2.00
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CC-78_10 151.1 158.2 7.1 2.35
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CC_80_10 No significant results
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CC_82_10 0 18.3 18.3 0.46
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CC_84_10 101.1 106.6 5.5 0.25
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Note: Widths reported in the above table are down hole widths and the true
widths are estimated to be between 70 and 90%.
Babi Target
Drilling of three holes, (DDH 85, 87 and
89) totaling 667.5m on the Babi target located
approximately 800m north of Central was completed. Babi
is a coincident gold-in-soil geochemical and magnetic anomaly which spans the
main stream at Cuiu Cuiu.
Whilst no significant gold mineralization was intersected in any of the three
holes, thus far only the southern portion of the anomaly has been tested.
Further drilling on the northern part of this target is planned for 2011.
Drilling is currently in progress at
Central and Moreira Gomes where both infill and
deep (250m vertical depth) drilling below previously reported mineralized
zones (see press releases on website: www.magellanminerals.com) is being
undertaken.
The seven holes at Jerimum
Baixo were drilled at angles of between 50 and 60
degrees. The holes at Pau da Merenda
and Babi were drilled at an angle of 50 degrees.
All core samples were cut with a diamond saw and one-half of the core placed
in bags, numbered and sealed then sent via a secure transport agency directly
to ACME preparation laboratory in Itaituba for
sample preparation. Core samples were crushed down to 2 mm and a 1 kg split
taken and pulverized to better than 85% minus 200 mesh.
From Itaituba, ACME sent the pulp samples to
Santiago, Chile for assaying. Gold analysis was by fire assay of a 50 g
sample and atomic absorption finish. ACME is an ISO 9001 registered
laboratory and has a quality control program in place which includes
standards, blanks, repeats, and duplicates.
Magellan's QA/QC program also includes
the insertion of standards, field duplicates and blank material in the sample
sequence with the normal core samples to monitor sampling variances,
laboratory precision and accuracy, and to identify problems caused by poor
sampling, preparation, assaying errors and possible sample contamination.
Ian Gendall
(Pr. Sci. Nat.), Magellan's Chief Operating Officer and a "qualified
person" within the definition of that term in NI 43-101, has prepared
and reviewed the technical information contained in this news release.
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.
The TSX Venture Exchange has not
reviewed and does not accept responsibility for the adequacy or accuracy of
this release.
Contact:
Alan Carter
Magellan Minerals Ltd.
President and CEO
604.676.5663
info@magellanminerals.com
Ian Gendall
Magellan Minerals Ltd.
COO
604.676.5661
info@magellanminerals.com
www.magellanminerals.com |