Magellan Minerals Ltd

Published : July 22nd, 2010

Drills 112m of 1.70g/t Gold at Moreira Gomes

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Keywords :   Brazil | Chile | Diamond | Gold |

MAGELLAN DRILLS 112M OF 1.70G/T GOLD AT MOREIRA GOMES, CUIU CUIU PROJECT, BRAZIL

 

Vancouver, BC, July 22, 2010 ? Magellan Minerals Ltd. (TSX-V: MNM) (?Magellan?) announces results on an additional five holes completed at the Moreira Gomes zone, 5km SE of the Central zone at the Cuiu Cuiu project. 

 

Moreira Gomes Zone

 

Of the five holes reported here, one hole (66) was an infill hole along the main structure and two holes (69 and 70) were 90m and 200m step-out holes respectively and drilled along the eastern extension of the main structure (see map on website).  Holes 71 and 73 were drilled on the same parallel target and to the east of hole 64 located immediately to the north of the main zone.  Neither hole 71 or 73 intersected any significant results.

 

Hole 66 was drilled between holes 46 (31.1m at 1.23g/t gold) and 51 (27.7m at 0.66g/t gold ? see press release of January 19, 2010) and returned a near surface oxidized interval of 20.0m at 0.55g/t gold from 0 to 20.0m and 56.3m at 0.41g/t gold from 97.5 to 153.8m.  Included within the 56.3m interval was 7.8m at 2.28g/t gold from 146.0 to 153.8m.

 

Hole 69, which was drilled 90m east of hole 51 intersected 112.0m at 1.70g/t gold from 72.0 to 184.0m.  Included within the 112m mineralized interval of hole 69 are 3.5m at 32.29g/t gold from 72.8 to 76.3m and 27.8m at 5.03g/t gold from 72.0 to 99.8m.  The mineralization intersected in this hole is an indication of higher-grade zones developed along strike of the shear zone, which can be traced over more than 1km.

 

Hole 70 drilled 100m to the east of hole 69, intersected a lower grade zone of 21m at 0.36g/t gold including a 3.0m interval of 1.08g/t gold and a 10.5m interval of 0.61g/t gold. 

 

Moreira Gomes mineralization has now been extended over an additional 200m and the total strike length is now 1,040m.

 

A complete set of drill results for holes 66, 69, 70, 71 and 73 are as follows:-

 

Hole ID

From (m)

To (m)

Width (m)

Gold (g/t)

CC_66_10

0

20.0

20.0

0.55

 

97.5

153.8

56.3

0.41

Includes

146.0

153.8

7.8

2.28

 

CC_69_10

72.0

184.0

112.0

1.70

Includes

72.0

99.8

27.8

5.03

Includes

72.8

76.3

3.5

32.29

 

CC_70_10

72.0

93.0

21.0

0.36

Includes

87.5

90.5

3.0

1.08

 

123.0

133.5

10.5

0.61

 

 

CC_71_10

No significant results

CC_73_10

No significant results

 

Commenting on the results, Alan Carter, President and CEO of Magellan said ?these results from Moreira Gomes are significant for two reasons; firstly they demonstrate that the mineralization is extending to the east and remains open, secondly the results from hole 69 suggest that the zone widens in places and contains higher grades?.  

 

Drilling at Moreira Gomes is continuing with results currently pending on an additional 5 holes including holes 74, 76, 77, 79 and 81 which are all drilled east of hole 70 over an additional 500m strike length.

 

Holes were drilled at angles of 50 degrees.  All core samples (NTW and BTW diameter) 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 reviewed the technical information contained in this news release.

 

For further information, please contact:

Alan Carter                                                                           Ian Gendall

President and CEO                                                             COO

Tel:     604 676 5663                                                           Tel: 604 676 5660

Email: info@magellanminerals.com                                              Email: info@magellanminerals.com

 

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

Magellan Minerals Ltd

EXPLORATION STAGE
CODE : MNM.V
ISIN : CA55908M1086
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Magellan is a gold exploration company based in Canada.

Its main exploration properties are PORQUINHO, CORINGA, MARANHENSE, MATO VELHO, JERIMUM BAIXO, UNIÃO, NHAMUNDÁ and CUIU CUIU in Brazil.

Magellan is listed in Canada. Its market capitalisation is CA$ 15.4 millions as of today (US$ 12.0 millions, € 10.5 millions).

Its stock quote reached its highest recent level on December 17, 2010 at CA$ 1.94, and its lowest recent point on January 22, 2016 at CA$ 0.03.

Magellan has 205 850 000 shares outstanding.

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