Colossus Minerals Drills 7.30 Metres at 1494.7 g/t Gold, 516.6 g/t Platinum and 558.9 g/t Palladium in Extensions of Central Mineralized Zone at Serra Pelada, Brazil
Published : April 26, 2011
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TORONTO, ONTARIO--(Marketwire - April 26, 2011) - Colossus Minerals Inc. (the "Company" or "Colossus")(News - Market indicators) is pleased to announce additional assay results from the 25,000 metre surface drilling program at the Serra Pelada Gold-Platinum-palladium Project, the Colossus-COOMIGASP Joint Venture located in Para State, Brazil.

HIGHLIGHTS

  • SPD-099 intersected two high-grade subzones in the Central Mineralized Zone ("CMZ"), including:
  7.30 metres at 1494.7 g/t gold, 516.6 g/t platinum and 558.9 g/t palladium and
  4.35 metres at 37.39 g/t gold, 2.75 g/t platinum and 3.56 g/t palladium
  • The more westerly of these subzones exhibits the highest grades of gold+platinum+palladium so far encountered in Colossus drilling at the Serra Pelada Project
  • These subzones correlate with, and significantly extend,the high-grade gold-PGE subzones encountered in SPD-095(7.81 metres @ 136.43g/t gold, 294.20 g/t platinum and 121.40 g/t palladium)
  • SPD-096 shows that the GT zone around Section 100NE is more than 20 metres wide and contains high-grade gold and platinum-rich mineralization in iron oxide-rich breccias, including 1.2 metres at 36.0 g/t gold, 11.5 g/t platinum and 1.2 g/t palladium.

"Drilling such high-grade gold, platinum and palladium approximately 700 metres down plunge from the outcrop of the Central Mineralized Zone in the historic Serra Pelada pit continues to demonstrate the robustness of this mineralized system," commented Ari Sussman, Colossus CEO. "We wait with great anticipation for early 2012 when construction of the underground decline advances to the point that enables the Company to see the Central Mineralized Zone first hand and extract the first of three 2,500 tonne bulk samples from it."

DETAILS

Gold-platinum-palladium mineralization at Serra Pelada overprints metasediments occupying the hinge and limbs of a northwest-facing, southwest-plunging, reclined synclinorium that plunges gently southwest from the historical open pit. The CMZ comprises mainly steeply dipping bodies in the fold hinge zone but extends onto the upper and lower limbs of the fold. Characterized by intense hydrothermal carbonaceous and argillic alteration, mainly of siltstones, the CMZ is inboard of siliceous alteration partially mantling the synclinorial hinge. Shallowly dipping gold-platinum-palladium mineralization, for example the Western and GT zones, occurs within siliceous, argillic and carbonaceous alteration and iron oxide-rich breccias on the fold limbs. This release documents results (Table 1, below) from step-out drilling in the extensions of the CMZ and also in extensions of the GT- and Portal lower-limb mineralized zones.

TABLE 1: Significant drilling results

Mineralized Zone Hole
ID
From
(m)
To
(m)
Interval*
(m)
Gold
(g/t)
Platinum
(g/t)

palladium
(g/t)
Gold
Equivalent
**
(g/t)
CMZ SPD-099 236.70 244.00 7.30 1494.70 516.60 558.90 2420.00
  including 239.95 242.30 2.35 4631.70 1600.00 1730.00 7497.00
    246.44 250.79 4.35 37.39 2.75 3.56 42.62
    254.73 256.50 1.77 2.14 3.60 2.88 8.06
    266.70 268.40 1.70 3.02 0.55 0.82 4.12
    321.91 326.98 5.07 3.02 0.17 0.21 3.34
GT SPD-096 225.95 226.60 0.65 24.90 <0.02 0.22 25.02
    228.60 229.80 1.20 36.00 11.50 1.20 50.70
    243.35 244.45 1.10 1.98 0.56 0.58 2.97
  SPD-098 213.60 215.70 2.10 1.68 <0.02 0.41 1.90
    225.15 226.80 1.65 0.94 0.12 1.14 1.68
Portal SPD-097 138.63 139.50 0.87 7.84 <0.02 0.01 7.85
*True thickness not known. Intercepts determined on a 1 g/t gold-equivalent cut-off grade
**Gold equivalent grades calculated for $1430/oz. gold, $1750/oz. platinum and $750/oz. palladium

Central Mineralized Zone

SPD-099 (Figure 1) was drilled south-easterly near Section 100SW on the Joint Venture's extended ground package toward a CMZ target area which could not be previously drilled from the original 100 hectare concession (Area A) and 400 metres from the historic Serra Pelada open pit.

A steeply dipping, ultra high-grade gold-PGE subzone was intersected from 236.7 metres downhole and assayed 7.30 metres at 1494.7 g/t gold, 516.6 g/t platinum and 558.9 g/t palladium. Included within this interval is a 2.35 metre intercept of 4631.7 g/t gold, 1600.0 g/t platinum and 1730.0 g/t palladium, the highest grades yet encountered in Colossus drilling at Serra Pelada. The intercept, which is hosted in argillic, carbonaceous and siliceous altered metasiltstone, appears to correlate with the very high-grade gold-PGE intercept in SPD-095 (7.81 metres at 136.43 g/t gold 294.2 g/t platinum and 121.4 g/t palladium), over some 11 metres in the horizontal and 13 metres in the vertical from the SPD-099 intersection.

The gold-rich subzone, which assayed 4.35 metres at 37.39 g/t gold, 2.75 g/t platinum and 3.56 g/t palladium, was encountered further downhole at 246.44 metres. This intercept, plus the two other deeper intersections in SPD-099 appear to be steeply-dipping mineralization in metasiltstone hostrocks. The deepest intersection appears to be shallowly dipping mineralization in sandstones and exhibits high Au/PGE.

At 17,890 grams x metres gold-equivalent, the ultra high-grade interval in SPD-099 is the highest-grade hole drilled outside of the historic Serra Pelada open pit. Further drilling, targeting the extensions of the CMZ high-grade subzones to the southwest and northeast is underway.

GT Zone

SPD-096 (on Section 100NE) encountered a 30 metre approximately true thickness of gold-PGE mineralization around the metasiltstone-dolomitic sandstone contact defining the lower limb of the Serra Peladasynform. Two high-grade intervals within this comprise iron-oxide rich breccias, the upper (from 225.95 metres) with high Au/PGE and the lower (from 228.6 metres) exhibiting high platinum grades. Core recoveries were poor in the mineralized parts of SPD-096 and better recoveries may have resulted in more extensive and higher grade intercepts. Nonetheless SPD-096 shows that the GT zone in the vicinity of section 100NE is more than 20metreswide.

SPD-098 was drilled 25 metres to the northeast of SPD-096 and encountered a ten metre thickness of low grade GT zone mineralization within which two better grade intervals exhibited iron oxide-rich alteration. Further drilling on Section 125NE is targeting higher grade GT zone mineralization.

The occurrence of gold-PGE mineralized iron oxide rich breccias in the GT zone on Sections 100NE and 125NE supports the Company's belief that the GT Zone and Western Zone may connect asone continuous zone with the potential for over 500 metres of strike length and open up and down plunge. Drilling will continue testing the yet undrilled portion between these zones to demonstrate this connection.

Portal Zone

SPD-097 extended the lower limb mineralization of the Portal zone some 25 metres down plunge to the southwest of previous drill intersections. Step-out drilling will continue to test for extensions of this zone.

Technical Information

Diamond drilling was HQ cored. Sampling of core (by Colossus personnel) and sample preparation (by Intertek Limited, Parauapebas) were carried out under strict protocols recommended in the National Instrument 43-101 Technical Report dated January 31, 2010 on the Serra Pelada Project. After photographing and logging, core intervals (drilling advances, averaging one metre in length) were cut and/or split in half, yielding samples of two to three kilogram mass. Where core recoveries were low, intervals were composited to yield approximately one kilogram minimum sample masses. Intertek pulverised one or two kilogram splits (>95% passing 106 microns) from the crushed (>95% passing 1.7 mm), dried samples. 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 utilizing 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. 200 gram aliquots of medium and high grade pulps were rotary split from each pulp by Intertek and one of these samples was securely shipped directly by Intertek to Genalysis Limited, Perth Laboratory for check assaying.

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.

To view "Figure 1", please visit the following link: http://media3.marketwire.com/docs/csi_f1_426.pdf.

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 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.

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.



Colossus Minerals Inc.
Ann Candelario
VP Investor Relations
(416) 643-7655
acandelario@colossusminerals.com
www.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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