Magellan Minerals Ltd

Published : June 08th, 2010

Drills 136.2m at 0.91g/t Gold and Extends Central Zone by 230m

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Keywords :   Chile | Diamond | Gold |

Magellan drills 136.2m at 0.91g/t gold and extends Central Zone at Cuiu Cuiu by 230m

 

Vancouver, BC, June 8th, 2010 ? Magellan Minerals Ltd. (TSX-V: MNM) (?Magellan?) is pleased to report results for the first three holes (706m) of the 5500m Diamond drill program.

 

Central Zone

 

Diamond drilling at the Central Zone is currently in progress and eight Diamond drill holes (2013.55m) have been completed to date, mainly in a previously untested area immediately NW of the Central mineralized zone. Holes 55 and 56 were drilled over a strike length of 230m immediately to the northwest of hole 54 which until now was the most northerly drill hole in the Central zone and which returned 82.5m at 1.02g/t Au (see press release dated January 28, 2010).

 

Hole 55 intersected 136.2m at 0.91g/t Au from 134.4m to 270.6m.  Included within this interval were 50.8m of 1.54g/t Au from 180.6m to 231.4m extending the Central mineralized zone by 100m to the northwest.  Hole 56 was drilled 230m NW of hole 54 and intersected 73.2m at 0.96g/t Au and is now the most northerly hole at Central.  The mineralized zone remains open to the NW. 

 

Hole 57 was drilled beneath hole 54 but was abandoned prematurely at a depth of 179m due to drilling problems but intersected 12.8m at 0.60g/t Au from 91 to 103.8m and 14.5m @ 0.45g/t from 108.5 to 123m. (see Figures of drill plan on website: www.magellanminerals.com). 

 

Gold mineralization at Central now extends over a strike length of 530m and is still open to the northwest. Holes 63 and 65 have been drilled over an additional 150m of strike and results are expected in the coming weeks.  A table of results for this phase of drilling at Central is shown below.

 

Table of Results: NW Central Zone

 

Hole ID

From (m)

To (m)

Width (m)

Gold (g/t)

CC_55_10

134.4

270.6

136.2

0.91

Includes

180.6

231.4

50.8

1.54

CC_56_10

41.5

114.7

73.2

0.96

Includes

67.5

114.7

47.2

1.44

Includes

111.7

114.7

3.0

18.75

CC_57_10 (abandoned at 179m ? drilling problems)

85.0

133.6

48.6

0.38

Includes

91.0

103.8

12.8

0.60

Includes

108.5

123.0

14.5

0.45

 

Moreira Gomes Zone

 

A second rig is currently drilling at the Moreira Gomes zone located 5km SE of Central, where previous drilling has identified an E-W trending mineralized structure. Previous drilling has returned 17.3m at 13.69g/t gold (see press release dated January 19, 2010) along a 700m long mineralized corridor that is open along strike in both directions. Six Diamond drill holes (1301m) have been completed as part of the current program and are testing the strike extensions, down dip extensions and northern part of the Moreira Gomes zone.  Drilling of at least an additional four holes will be completed in order to define the limits of the current known mineralization. Initial drill results from the drilling at Moreira Gomes are expected within the next 2 weeks.

 

Alan Carter, President and CEO of Magellan stated ?the drill results from holes 55 and 56 at Central are very significant because they have expanded the mineralized zone from a strike length of 300m to 530m. In addition, the zone remains open to the north and at depth.  This is an exciting time for Magellan and its shareholders as we continue to expand the known zones at Cuiu Cuiu as well as defining new targets.?

 

The three holes at the Central Zone 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 prepared and 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 : Chile | All
Gold and Silver Prices for these countries : 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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Financings of Magellan Minerals Ltd
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6/3/2010Completes $7.5 Million Brokered Private Placement
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1/15/2013(Coringa)Announces the Initiation of a Feasibility Study for the Cori...
10/11/2012(Cuiu Cuiu).: Channel Sample Results From Ivo Zone at Cuiu Cuiu Return ...
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3/8/2011(Cuiu Cuiu)Announces Initial Resource Estimate at Cuiu Cuiu Project, Br...
6/8/2010(Cuiu Cuiu)Drills 136.2m at 0.91g/t Gold and Extends Central Zone by 23...
5/27/2010(Coringa)Extends Meio Zone at Coringa Project and Expands Drill Progr...
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9/28/2009(Cuiu Cuiu)Commences Drilling at Cuiu Cuiu
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4/8/2015Magellan Minerals Ltd.: Feasibility Study Resource Estimate ...
12/2/2014Magellan Completes Third and Final Tranche of $3,000,000 Pri...
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9/23/2014Magellan Completes First Tranche of $3,000,000 Private Place...
9/4/2014Magellan Announces $3,000,000 Private Placement
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8/18/2010Drills 84m @ 1.24 gold and extends mineralized zone by 600m ...
7/22/2010Drills 112m of 1.70g/t Gold at Moreira Gomes
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6/23/2010Drills 32.1m @ 1.05g/t gold at Moreira Gomes
11/18/2009Signs Deal to Acquire Majority Interest in Creporizinho Gold...
5/14/2010Announces up to $7.5 Million Equity Financing
1/28/2010Drills 82.5m @ 1.02 g/t Gold and Extends Central Zone
1/5/2010Commences Preliminary Economic Assessment at Coringa
10/8/2009Reports Initial Resource Estimate at Coringa Project
9/1/2009Completes Plan of Arrangement with Chapleau
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