Magellan Minerals Ltd

Published : August 18th, 2010

Drills 84m @ 1.24 gold and extends mineralized zone by 600m at Moreira Gomes

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Keywords :   Brazil | Chile | Diamond | Gold |

Magellan drills 84m @ 1.24g/t gold and extends mineralized zone by 600m at Moreira Gomes, Cuiu Cuiu project, Brazil

 

Vancouver, BC, August 18, 2010 ? Magellan Minerals Ltd. (TSX-V: MNM) (?Magellan?) announces results for five Diamond drill holes recently completed at the Moreira Gomes zone, 5km SE of the Central zone at the Cuiu Cuiu project in Brazil. 

 

Results for five additional drill holes, which extend gold mineralization a further 600m to the east of previously reported hole 70, have been received.  Hole 79, drilled 280m east of hole 69 (112.0m at 1.70g/t gold from 72.0 to 184.0m) returned 84.0m at 1.24g/t gold from 184.2m to 268.2m. Included within this interval is 48.7m at 2.01g/t from 184.2m to 232.9m. The table of results for the five holes is shown below and the plan of the drill holes is posted on the Magellan website (www.magellanminerals.com).

 

The five additional holes all intersected mineralized and hydrothermally altered granite.  Gold mineralization occurs within quartz-carbonate veinlets hosted in an E-W trending shear zone, associated with moderate to strong sericite alteration. This latest drilling extends the mineralized strike length at Moreira Gomes by another 60% resulting in a total current strike length of 1,640m, and demonstrates that the ore is hosted in anastomozing shears that vary from 10m to 112m width (drilled widths).  The mineralized zone remains open to the east in the direction of alluvial workings which extend for an additional 300m. Further drilling to the east of hole 81 (7.0m at 0.74g/t gold) is now being planned. 

 

Table of results for holes 74, 76, 77, 79 and 81 are as follows:-

 

Hole ID

From (m)

To (m)

Width (m)*

Gold (g/t)

CC_74_10

184.9

194.7

9.8

0.26

 

CC_76_10

0

19.8

19.8

0.83

 

147.8

195.7

47.9

0.35

Includes

147.8

152.8

5.0

1.31

 

CC_77_10

125.4

168.3

42.9

0.50

Includes

151.0

168.3

17.3

0.88

 

 

 

 

 

CC_79_10

184.2

268.2

84.0

1.24

Includes

184.2

232.9

48.7

2.01

 

CC_81_10

223.6

230.6

7.0

0.74

 

 

Note: * Widths reported here are down hole widths and the true widths are estimated to be between 70 and 90%.

 

Commenting on the results, Alan Carter, President and CEO of Magellan said ?these latest drill results from Moreira Gomes are all from significant step-out holes as we continue to define the eastern extent of the mineralizing system. In the last month, we have drilled some wider intercepts suggesting that the mineralized zone widens significantly in some areas. We have also doubled the strike extent of this zone and still not yet defined its eastern limit?.   

Drilling at Cuiu Cuiu is currently in progress at the Central zone where recent drilling (see press releases dated June 8th 2010, July 8th 2010) has extended the mineralized zone by 390m along strike. Results are also pending on 6 holes (72, 75, 78, 80, 82 and 85) recently completed at the Pau de Merenda zone 3km NW of Central. Drilling is also currently in progress at the previously untested Babi zone located approximately 600m NE of Central.

In addition to the current drilling at Cuiu Cuiu, a detailed, 8128 line kilometer airborne magnetic and radiometric survey is being conducted to better define targets for further drilling beyond the currently planned program. The detailed geophysical survey is expected to be completed by September.

 

Holes were drilled at angles of between 50 to 60 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 : 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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