Magellan Minerals Ltd

Published : May 27th, 2010

Extends Meio Zone at Coringa Project and Expands Drill Program

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Keywords :   Brazil | Canada | Diamond | Gold | Silver |

MAGELLAN EXTENDS MEIO ZONE AT CORINGA PROJECT, BRAZIL, AND EXPANDS DRILL PROGRAM

 

Vancouver, BC, May 27, 2010 ? Magellan Minerals Ltd. (TSX-V: MNM) (?Magellan?) is pleased to provide an update on its drilling program at the Coringa project in northern Brazil

Diamond drilling at Coringa is currently in progress and 2216m (17 Diamond drill holes) of the proposed 2500m program have been completed to date.  Results for 12 holes have been received.  Nine holes were drilled on the immediate extensions of the Meio resource block and three holes (87,88 and 89) in a new target area approximately 800m to the southeast of the Meio zone (see Figures on website: www.magellanminerals.com). Holes 82 and 83 drilled over a 150m strike and immediately to the southeast of the Meio gold resource (see press release on October 8, 2009 and PEA study, May 5, 2010), returned 2.0m at 10.12g/t Au and 1.1m at 10.02g/t Au. Lower grade gold mineralization and characteristic chloritic-hematiitic and sericitic alteration associated with the Meio structure were intersected for another 300m along strike and south of Hole 83 (see Figures on website: www.magellanminerals.com).  A table of results for the Meio extension is shown below.

Table of Results: Meio Extension Zone

Hole ID

From (m)

To (m)

Width (m)

Gold (g/t)

(BR_COR)

 

 

 

 

DDH82

36.0

38.0

2.0

10.12

DDH83

88.0

89.1

1.1

10.02

DDH84

No significant mineralization

DDH85

123.7

125.2

1.5

0.65

 

135.7

136.7

1.0

1.53

DDH86

86.4

88.4

2.0

0.70

 

96.4

98.0

1.6

1.90

DDH90

No significant mineralization

DDH91

No significant mineralization

DDH92

65.8

67.4

1.6

0.98

DDH93

64.0

64.5

0.5

3.81

 

99.6

100.1

0.5

7.48

DDH94

Results awaited

DDH87

No significant mineralization

DDH88

No significant mineralization

DDH89

No significant mineralization

 

Recent soil sampling has identified several new gold-in soil anomalies which are parallel and immediately to the west of the main structure. One of these anomalies extends for 2.5km and is still open. None have been drilled previously and will be the focus of three additional Diamond drill holes which will extend the total drill program  by an additional 500m to a total of 3000m. Drilling at Coringa is expected to be completed by the end of June.

 

Ian Gendall, Chief Operating Officer of Magellan stated that ?we are very pleased to be able to report the southern expansion of the Meio zone at Coringa, and whilst some of the holes did not return economic values, the results returned to date will result in an expanded resource estimate. In addition, the recent identification of several parallel gold-in-soil anomalies raises the possibility of parallel, and as yet untested gold bearing structures?

 

Holes were drilled at angles of 50 to 60 degrees.  All core samples (HQ 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 to the Company?s office in Novo Progresso before shipping via secure transport 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 Vancouver, Canada  for assaying.  Gold analysis was by fire assay of a 30 g sample and atomic absorption finish.  Silver and additional 35 elements using a 4 acid digestion were analyzed by Inductively Coupled Plasma Mass Spectrometry (ICP-MS).  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 | Canada | All
Gold and Silver Prices for these countries : Brazil | Canada | 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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7/5/2011Gord Allen Joins Magellan as Head of Regional Exploration
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3/12/2013(Coringa)Commences Drilling at Coringa as Part of Feasibility Study
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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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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
9/14/2009(Cuiu Cuiu)Provides Exploration Update on Cuiu Cuiu and Coringa Project...
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8/4/2015Magellan Announces $500,000 Non-Brokered Private Placement
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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...
10/17/2014Magellan Completes Second Tranche of $3,000,000 Private Plac...
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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7/31/2014Magellan Enters Into Debt Settlement Agreement
5/6/2014Termination of Letter of Intent on Pocone Project, Brazil
9/11/2013(Coringa)Drills 3m @ 12.58 g/t Gold and Extends Three Key Zones at th...
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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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