Magellan Reports Results from Exploration Drilling at Cuiu Cuiu Project, Brazil
Published : February 05, 2013
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VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 5, 2013) - Magellan Minerals Ltd. (News - Market indicators)(OTCQX:MAGNF) ("Magellan") is pleased to announce the results of eight additional exploration holes recently drilled at the previously untested Ivo, Ratinho South and Ratinho North targets at the Cuiu Cuiu project. Ivo is located 800m north of the Moreira Gomes gold deposit (comprising 14Mt @ 1.5 g/t of gold for 700,000oz in the Inferred category). The Ratinho North and Ratinho South anomalies are located 9km NNW and 8.5km NW of the Central gold deposit respectively which comprises 3.4Mt @ 1.0 g/t of gold for 100,000oz in the Indicated category and 17Mt @ 0.9 g/t of gold for 500,000oz in the Inferred category.

Highlights include:

  • The discovery of two additional mineralized zones at Ivo and Ratinho North at the Cuiu Cuiu project
  • 7.5m @ 2.78 g/t gold including 0.5m @ 38.0 g/t gold in hole 169 which was drilled in the central part of the Ivo zone
  • Numerous other mineralized intervals in hole 169 at Ivo including 8.8m @ 1.47 g/t and 4.2m @ 0.89 g/t gold
  • Numerous mineralized intervals in two drill holes completed at the Ratinho North anomaly suggesting the potential for an additional mineralized body


Four reconnaissance holes were drilled at Ivo over a 500m E-W strike length and under small surface workings which returned values of 2m @ 104 g/t gold and 5m @ 54.8g/t gold in recently completed channel samples (see press releases dated October 11, 2012 and October 23, 2012). Of the 4 holes, hole 169 cut the most significant values and intersected a number of mineralized intervals including 7.5m @ 2.78 g/t gold from 37.9 to 45.4m depth including 0.5m @ 38.0 g/t gold from 43.5 to 44.0m depth confirming the presence of high grade gold mineralization at depth at Ivo. Other intervals intersected in hole 169 include 8.8m @ 1.47 g/t gold from 81.2 to 90.0m depth, 1.9m @ 1.43 g/t gold from 100.5 to 102.4m depth and 4.2m @ 0.89 g/t gold from 117.9 to 122.1m depth

The other three holes drilled at Ivo also cut numerous mineralized intervals but of generally lower grade and are shown in the accompanying table of drill results. These drill results are not dissimilar to the initial drill results returned from the Moreira Gomes deposit located immediately to the south. Furthermore, the Ivo structure is interpreted to trend in a more NW-SE direction (see map on website) akin to the deposit at Central and the mineralized zone at Jerimum do Baixo which would explain why mineralization is stronger in hole 169. Hole 170 drilled 100m west of hole 169 bottomed in mineralized rock (0.22 g/t gold) which further supports this conclusion.

Further drilling to the NW and SE at Ivo will be required to define the limits of the mineralization identified in hole 169.

Drill hole intersections are summarized in the following table:

Hole ID From (m) To (m) Width* (m) Gold (g/t)
DDH 169 37.9 45.4 7.5 2.78
incl. 43.5 44.0 0.5 38.00
  73.1 74.1 1.0 1.26
  81.2 90.0 8.8 1.47
  100.5 102.4 1.9 1.43
  107.7 108.6 0.9 0.59
  117.9 122.1 4.2 0.89
DDH 170 76.0 79.4 3.4 0.46
  106.6 107.6 1.0 0.62
DDH 171 54.5 58.6 4.1 0.38
  76.0 77.2 1.2 1.83
  95.8 96.8 1.0 0.53
DDH 172 0.0 2.0 2.0 0.22
  9.0 10.4 1.4 0.24
  17.0 18.0 1.0 0.42
  33.0 34.0 1.0 0.27
  39.0 45.0 6.0 0.26
Ratinho South  
DDH 173 0.0 3.0 3.0 0.31
  55.5 57.5 2.0 0.48
  122.4 123.4 1.0 2.55
  151.9 153.0 1.1 0.65
DDH 174 37.0 39.0 2.0 0.69
  65.5 66.5 1.0 0.31
Ratinho North  
DDH 175 10.5 12.0 1.5 0.44
  22.0 24.9 2.9 0.39
  29.0 31.0 2.0 0.36
  53.0 54.0 1.0 1.32
  57.5 58.0 0.5 0.59
  65.6 66.1 0.5 0.90
  136.0 141.0 5.0 0.39
  158.0 160.0 2.0 0.67
DDH 176 0.0 10.0 10.0 0.30
  27.0 28.0 1.0 1.59
  29.0 30.0 1.0 0.7
  38.4 40.0 1.6 0.8
  48.0 54.5 6.5 0.50
  64.8 66.8 2.0 0.70
  76.0 77.0 1.0 1.0

All holes were drilled at -50°. Dips of the intersected structures are not known, and intersection widths are not necessarily true width.

Ratinho North

Two reconnaissance holes, 175 and 176 were drilled at the Ratinho North target over a 150m E-W strike length (see map on website). Ratinho North has never been previously drill tested and is a gold-in-soil anomaly which is located approximately 9km NNW of the Central gold deposit.

Ratinho North extends in a NW-SE direction over approximately 4km and is coincident with a major structure and a pronounced magnetic low. Numerous low grade mineralized intervals were intersected in both drill holes including 10m @ 0.30 g/t gold, 1m @ 1.59 g/t gold, 1m @ 0.7 g/t gold, 1.6m @ 0.8 g/t gold, 6.5m @ 0.50 g/t gold, 2m @ 0.70g/t gold and 1m @ 1.0 g/t gold as well as a number of other lower grade intervals all within the top 70m of hole 176.

The two holes drilled thus far at Ratinho North have tested a very small portion of the 4km long gold-in soil and coincident magnetic anomaly. The presence of numerous mineralized intervals in both holes strongly suggests the presence of a significant mineralized body at Ratinho North and further drilling is required to fully test this area particularly to the north-west of the current drilling

Ratinho South

Two additional holes, 173 and 174 were drilled at the Ratinho South target which has similarly never been previously drill tested. The gold-in-soil anomaly at Ratinho South is located approximately 8.5km NW of the Central gold deposit and extends in a NW-SE direction over approximately 2.5km.

The two holes reported here were drilled 100m apart and cut only narrow mineralized intervals. The source of the gold-in-soil anomaly at Ratinho South remains unexplained.

The discovery of significant mineralization at the Ivo and Ratinho North targets at Cuiu Cuiu demonstrates the potential for the discovery of additional mineralized bodies within the Cuiu Cuiu project areas and highlights the need for further drilling in order to expand the existing resources.

Holes were drilled at 50 degrees from horizontal. 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 Itaituba 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 was pulverized to better than 85% minus 200 mesh. From Itaituba, ACME sent the pulp samples to Santiago, Chile for assaying. Gold analyses were conducted on 30g representative sample cuts using fire assay with an atomic absorption finish. Other sample cuts were subjected to a 4 acid digestion and analysed for silver and an additional 35 elements using inductively coupled plasma mass spectrometry (ICP-MS). ACME is an ISO 9001 registered laboratory and has a quality control program in place which includes the insertion of standard, blank, and duplicate samples, as well as conducting repeat analyses.

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.

This press release was reviewed by Guillermo Hughes, B.Sc., a member of the AIG and the AUSIMM, a qualified person in compliance with National Instrument 43-101.

Magellan Minerals (News - Market indicators)(OTCQX:MAGNF) is a TSX Venture Exchange listed exploration and development company with two advanced gold properties in the Tapajos Province of northern Brazil. The Coringa project is currently the subject of a Feasibility Study and contains Measured and Indicated resources of 561,000oz of gold (3.2Mt @ 5.5g/t gold) and Inferred resources of 534,000oz of gold (5.5Mt @ 3.0g/t gold). The Cuiu Cuiu project contains 100,000oz of gold in the Indicated category (3.4Mt @ 1.0g/t gold) and 1,200,000oz of gold in the Inferred category (31Mt @ 1.2g/t gold).

This news release contains forward-looking statements. 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. Particular risks applicable to this press release include risks associated with achieving production on the project within the parameters identified in the economic assessment, the ability of the project to generate significant cash flow to the company and earnings to the shareholders of the company. These statements are subject to risks due to regulatory, technical, economic and other factors. In addition there is no guarantee that additional exploration work will result in significant increases to resource estimates. The reader is referred to the Company's most recent annual and interim Management's Discussion and Analysis for a more complete discussion of such risk factors and their potential effects, copies of which may be accessed through SEDAR at

News release #2013-3

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Magellan Minerals Ltd.
Alan Carter
President and CEO
Data and Statistics for these countries : Brazil | Chile | All
Gold and Silver Prices for these countries : Brazil | Chile | All

Magellan Minerals Ltd

ISIN : CA55908M1086
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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.

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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
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