Magellan Minerals Ltd

Published : April 08th, 2015

Magellan Minerals Ltd.: Feasibility Study Resource Estimate at Coringa Returns Increases in Both Grade and Total Resources in the Measured and Indicated Category

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
Keywords :   Brazil | Diamond | Gold | Recovery | Report |

Magellan Minerals Ltd.: Feasibility Study Resource Estimate at Coringa Returns Increases in Both Grade and Total Resources in the Measured and Indicated Category

VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 8, 2015) - Magellan Minerals Ltd. (TSX VENTURE:MNM) ("Magellan") is pleased to announce an updated National Instrument 43-101 compliant feasibility level resource estimate prepared by Snowden Mineral Industry Consultants ("Snowden") for the Coringa Project, Para State, Brazil.

Highlights include:

  • Measured and Indicated resources of 553,000 ounces of gold representing 2.18Mt @ 7.88 g/t gold @ a 2.5g/t cut-off. These compare with the existing M&I resource of 516,000oz representing 2.22Mt @ 7.23g/t gold at a 2g/t cut-off. Grade has thus increased by 9% and the total number of ounces has increased by 7% despite the higher cut-off grade.
  • Inferred resources of 360,000 ounces of gold representing 2.06Mt @ 5.43 g/t gold at a 2.5 g/t gold cut-off grade. These compare with the existing Inferred resources of 405,000oz of gold, representing 2.66Mt @ 4.73 g/t gold at a 2g/t cut-off. The grade of the Inferred resource has thus increased by 15% since the previous estimate.
  • at a 2.5 g/t gold cut-off grade, primary resources are contained within four main areas on the project which include Serra (43% of Measured and Indicated, 9% of Inferred), Meio - Come Quieto (35% of Measured and Indicated, 42% of Inferred), Galena - Mae de Leite (21% of Measured and Indicated, 19% of Inferred) and Demetrio (30% of Inferred).

Three main zones now form the basis of the Measured and Indicated resources at Coringa which were calculated based on 179 Diamond drill holes, totaling 28,436 meters. The Valdette zone does not meet the 2.5 g/t cut-off threshold and will be the target of future drill programs. All of these zones remain open at depth. Serra, Meio-Come Quieto and Demetrio remain open along strike.

All data was composited to the entire intersection length within the mineralization domain. The experimental variogram of gold grade was calculated in the XZ plane due to the thickness of the veins. Gold grades were estimated within each individual vein using ordinary kriging of 1m by 10m by 5m parent blocks using composites with top cuts.

Magellan's President and CEO, Alan Carter stated, "We are very encouraged by Snowden's revised resource estimate at Coringa which forms a key component of the ongoing feasibility study. Despite the use of a higher cut-off grade of 2.5g/t we have been able to increase the M&I resources by 7% and the grade by 9% which bodes well for the mine plan."

Tables 1 and 2 show the resources calculated on a global basis at various cut-off grades and at a 2.5 g/t cut-off grade for each zone and category at Coringa respectively.

Table 1: Coringa Global Mineral Resource vs Cut-Off Grade (Undiluted)

Cut-off grade Measured Indicated Total Measured & Indicated Inferred
Au g/t Tonnes Au
Au oz
Tonnes Au
Au oz
Tonnes Au
Au oz
Tonnes Au
Au oz
1 274,250 12.49 110 3,269,540 4.80 505 3,543,790 5.40 615 3,176,080 4.05 413
1.5 274,200 12.49 110 2,380,090 6.16 471 2,654,290 6.81 581 2,477,600 4.86 387
2 273,670 12.51 110 2,099,330 6.76 456 2,373,010 7.42 566 2,291,600 5.11 376
2.5 266,400 12.79 110 1,913,490 7.20 443 2,179,900 7.88 553 2,062,060 5.43 360
3 255,700 13.35 109 1,785,070 7.52 432 2,040,770 8.23 541 1,804,640 5.80 336
3.5 246,660 13.57 108 1,709,400 7.71 424 1,956,078 8.45 532 1,692,964 5.96 325
4 236,890 13.98 106 1,612,960 7.94 412 1,849,850 8.72 518 1,381,250 6.45 286
4.5 227,970 14.36 105 1,432,920 8.40 387 1,660,897 9.22 492 1,259,460 6.66 270
5 215,940 14.89 103 1,310,180 8.75 368 1,526,120 9.62 471 1,077,130 6.99 242
5.5 207,870 15.27 102 1,164,670 9.18 344 1,372,540 10.10 446 849,350 7.45 203
6 204,450 15.42 101 1,026,300 9.64 318 1,230,760 10.60 419 600,820 8.15 157

Table 2: Coringa Mineral Resource, 2.5 g/t Gold Cut-Off Grade (Undiluted)

Resource Area Tonnes Au (gpt) Au (grams) Au (oz)
Serra 144,000 11.84 1,703,000 55,000
Meio - Come Quieto 86,000 14.14 1,215,000 39,000
Galena - Mae de Leite 37,000 13.35 489,000 16,000
Total 267,000 12.79 3,407,000 110,000
Serra 647,000 8.86 5,734,000 184,000
Meio - Come Quieto 805,000 6.06 4,881,000 157,000
Galena - Mae de Leite 461,000 6.85 3,159,000 102,000
Total 1,913,000 7.20 13,774,000 443,000
Measured & Indicated
All Areas 2,180,000 7.88 17,181,000 553,000
Serra 136,000 7.66 1,043,000 34,000
Meio - Come Quieto 814,000 5.76 4,687,000 151,000
Galena - Mae de Leite 342,000 6.33 2,166,000 70,000
Demetrio 770,000 4.29 3,305,000 106,000
Total 2,062,000 5.43 11,200,000 360,000

NOTE: Mineral resources that are not reserves do not have demonstrated economic viability. An Inferred Mineral Resource is that part of a mineral resource for which quantity and grade can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity. An Indicated Mineral Resource is that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics, can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters, to support mine planning and evaluation of the economic viability of the deposit. The resource estimate used a density of 2.75 t/m3. All numbers have been rounded to reflect their appropriate level of accuracy.

The Coringa mineral resource estimate was prepared by Mr. Walter Dzick, P.Geo., a registered Professional Geologist with APEGBC and Principal Geologist at Snowden Mining Industry Consultants, as part of the ongoing Feasibility Study at Coringa. The mineral resource estimate adheres to the Canadian Institute of Mining (CIM) "Best Practice Guidelines" for "Estimation of Mineral Resources and Mineral Reserves". Mr. Dzick is an "independent" and "qualified person" as such terms are defined in NI 43-101.

The complete NI 43-101 compliant feasibility report on the Coringa project will be filed on SEDAR within the next 45 days. The full Feasibility Study is on schedule for completion during April 2015.

Magellan also announces that it has entered into a non-exclusive advisory agreement with a third party pursuant to which the advisory firm will provide financial advisory services to Magellan in connection with the securing of financing. As part of the agreement, Magellan will pay the advisor a success fee in the event of the completion of a financing transaction and subject to TSX-V approval, Magellan will pay a work fee of $50,000 payable in common shares of the company in two equal tranches of $25,000 each. Magellan will initially issue 312,500 common shares to the advisor in connection with the first tranche at a deemed price of $0.08 per share. The shares relating to the remaining 50% of the work fee are to be issued on the earlier of 90 days following the date of the advisory agreement and the date of closing of a financing transaction (as defined in the agreement). All shares issued will be subject to a four month hold period.

Magellan is a TSX Venture Exchange listed exploration and development company with a number of gold properties in the Tapajos Province of northern Brazil including the Cuiu Cuiu and Coringa projects. The Coringa project is the focus of a soon to be completed feasibility study, which will provide guidance to the company in order to make a decision on financing and production.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

News Release #2015-3

Read the rest of the article at
Data and Statistics for these countries : Brazil | All
Gold and Silver Prices for these countries : Brazil | All

Magellan Minerals Ltd

ISIN : CA55908M1086
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
Projects & res.
Asset profile
Contact Cpy

Magellan is a gold exploration company based in Canada.


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.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
Financings of Magellan Minerals Ltd
12/24/2009Completes $21 Million Brokered Private Placement
6/3/2010Completes $7.5 Million Brokered Private Placement
12/11/2009Announces $20 Million Brokered Private Placement
Nominations of Magellan Minerals Ltd
7/5/2011Gord Allen Joins Magellan as Head of Regional Exploration
Project news of Magellan Minerals Ltd
4/8/2015(Coringa).: Feasibility Study Resource Estimate at Coringa Returns In...
8/29/2013(Coringa)Reports Results from Infill Drilling at the Coringa Project,...
6/27/2013(Coringa)Confirms Metallurgical Results as Part of Feasibility Study ...
4/17/2013(Coringa)Provides Update on Feasibility Study at the Coringa Project,...
3/12/2013(Coringa)Commences Drilling at Coringa as Part of Feasibility Study
2/5/2013(Cuiu Cuiu)Reports Results from Exploration Drilling at Cuiu Cuiu Proje...
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 ...
6/28/2011(Coringa)Adds Third Drill Rig at Coringa Project and Identifies New M...
4/12/2011(Coringa)Surface sampling at Coringa project extends main structure 3...
4/8/2011(Coringa)Trench Results from the New Valdette Zone at Coringa, Brazil...
4/8/2011(Coringa)Trench results from the new Valdette zone at Coringa, Brazil...
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...
5/18/2010(Coringa)Options an Additional 1,917 Hectares East of Coringa Gold Pr...
4/7/2010(Coringa)Provides Update on Coringa Project
9/28/2009(Cuiu Cuiu)Commences Drilling at Cuiu Cuiu
9/14/2009(Cuiu Cuiu)Provides Exploration Update on Cuiu Cuiu and Coringa Project...
Corporate news of Magellan Minerals Ltd
1/19/2016Magellan Makes US$500,000 Troy Payment
12/18/2015Magellan Extends Troy Agreement; Ken Nilsson Joins Magellan ...
11/3/2015Magellan Expands Non-Brokered Private Placement to $1,100,00...
9/24/2015Magellan Pays Troy Deposit Regarding Andorinhas Processing P...
9/23/2015Magellan Appoints Zengliang Li to Board of Directors
8/26/2015Magellan Agrees to Acquire Andorinhas Processing Plant, Asso...
8/4/2015Magellan Announces $500,000 Non-Brokered Private Placement
4/8/2015Feasibility Study Resource Estimate at Coringa Returns Incre...
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
8/11/2014Magellan Completes Shares for Debt Settlement
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...
6/12/2013(Coringa)Agrees Financial Advisory Role with Endeavour Financial for ...
12/12/2012(Coringa)Announces the Filing of a Preliminary Economic Assessment fo...
11/14/2012(Cuiu Cuiu)Commences Drilling at Ivo and Ratinho Targets, Cuiu Cuiu Pro...
11/1/2012(Coringa)Announces Positive Preliminary Economic Assessment for the C...
10/23/2012(Cuiu Cuiu)Trenching Returns 5m @ 54.8g/t Gold from the Ivo Zone at Cui...
7/12/2011(Coringa)Reports Initial Drill Results Including 36.7m @ 0.79g/t Gold...
5/31/2011Announces Voting Results of 2011 Shareholders Meeting
5/17/2011(Coringa).: Trench Results From Coringa Expand Valdette Zone and Iden...
5/12/2011(Cuiu Cuiu)Drills 24m @ 4.06 g/t Gold at Eastern Extension to Moreira G...
4/29/2011Adopts Shareholder Rights Plans and Grants Stock Options
4/8/2011is Pleased to Announce that National Bank and Mackie Researc...
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
7/8/2010Drills 53.6m @ 1.3g/t Gold and Continues to Expand Central Z...
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 $7.5 Million Equity Financing
1/28/2010Drills 82.5m @ 1.02 g/t Gold and Extends Central Zone
1/5/2010Commences Preliminary Economic Assessment at Coringa
10/8/2009Reports Initial Resource Estimate at Coringa Project
9/1/2009Completes Plan of Arrangement with Chapleau
Comments closed
Latest comment posted for this article
Be the first to comment
Add your comment
CA$ 0.075
05/05 12:11 -0.010
Prev close Open
0.080 0.080
Low High
0.075 0.085
Year l/h YTD var.
 -  -
52 week l/h 52 week var.
- -  0.075 -6.25%
Volume 1 month var.
35,000 -6.25%
24hGold TrendPower© : 7
Explores for Bauxite - Gold
Interactive chart Add to compare
Print Compare Export
Last updated on : 6/9/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
Annual variation
5 years chart
3 months chart
3 months volume chart
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
announces expected non-cash impairment
AU$ 7.62-0.13%Trend Power :
Oceana Gold(Au)OGC.AX
AU$ 2.20+0.00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
US$ 7.27-0.68%Trend Power :
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
Reduced Funding Requirement
GBX 0.67+6.35%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.06+30.00%Trend Power :
Closes Bridge Loan Financing
CA$ 2.13-0.47%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 9.41-3.59%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.22+0.00%Trend Power :
Q A April 2017 Quarterly Report
AU$ 0.24-2.04%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 1.44-4.64%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 46.69-0.13%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
2nd Quarter Report
AU$ 0.02+0.00%Trend Power :