Magellan Reports Results from Infill Drilling at the Coringa Project, Brazil
Published : August 29, 2013
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Keywords :   Aig | Brazil | Chile | Diamond | Gold | Lead | Market | Report |

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 29, 2013) - Magellan Minerals Ltd. (News - Market indicators)(OTCQX:MAGNF) ("Magellan") is pleased to report drill results from eight additional Diamond drill holes recently completed at the Coringa project located in the southern part of Para state in northern Brazil. These holes are part of the drill program announced in March (see press release dated 12th March 2013) and were designed to test certain portions of the resource that were designated as Inferred resources.

Highlights include:-

  • 1.5m @ 3.09 g/t gold including 0.5m @ 8.03 g/t gold in hole 161 from Serra. Hole 161 is the most southerly hole drilled in the Serra zone to date and demonstrates that the zone remains open to the south
  • 0.5m @ 7.74 g/t gold from hole 168 which was drilled in the centre of the Serra zone
  • Holes 165 and 167 were drilled immediately north of the Serra zone and intersected 0.5m @ 2.98 g/t gold and 0.5m @ 3.34g/t gold respectively

The eight holes reported here which total 2,434m, were drilled to a maximum depth of 352m and were largely designed to test the Inferred resources at depth and down dip at the Serra zone. All seven holes at Serra intersected the mineralized structure at depth. Significant mineralization was intersected in seven of the eight holes and included 1.5m @ 3.09 g/t gold including 0.5m @ 8.03 g/t gold in hole 161, and 1.5m @ 2.91 g/t gold including 0.5m @ 7.74 g/t gold in hole 168 at Serra.

Hole 161 is of particular significance since the hole was drilled 145m south of the most southerly hole at Serra (DDH 153) which previously returned 1.5m @ 0.74 g/t gold. These results demonstrate that the mineralized structure at Serra remains open to the south and at depth.

Similarly, holes 165 and 167 were drilled 90m to the northeast and 130m north of the most northerly hole at Serra (DDH 160 returned 1m @ 32.6 g/t gold) and demonstrate that the mineralized zone similarly remains open to the north.

The complete summary of significant intersections is as follows:-

Hole ID From
(m)
To
(m)
Interval
Width
(m)*
Gold
(g/t)
Serra
  DDH 161 254.8 256.3 1.5 3.09
  incl. 255.3 255.8 0.5 8.03
  DDH 162 276.7 277.7 1.0 1.73
    316.1 316.6 0.5 0.97
  DDH 163 241.5 242.0 0.5 3.66
    248.6 249.3 0.7 3.08
  DDH 164 No significant results
  DDH 165 229.0 229.5 0.5 2.98
    260.5 261.0 0.5 1.21
  DDH 167 141.5 142.0 0.5 3.34
    194.0 194.5 0.5 1.24
  DDH 168 116.3 117.8 1.5 2.91
  incl. 117.3 117.8 0.5 7.74
Come Quieto
  DDH 166 74.0 74.5 0.5 0.54
  246.5 247.0 0.5 0.80
* All holes were drilled at between -50° and -75°. Dips of the intersected structure at Serra and Come Quieto are not known, and intersection widths are not necessarily true widths
** True widths at Serra are estimated at 75-95% of the drill intersections.
*** True widths at Come Quieto are estimated at 60-80% of the drill intersections.

Results are currently pending on an additional six holes from Serra, Come Quieto and the Mae de Leite zones. These holes were also designed to test Inferred resources.

Holes were drilled at between 50 and 75 degrees from horizontal. All core samples (NQ 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. Certain samples were crushed, pulverized and sieved resulting in a 500g subsample. Two splits >200 Mesh were then analysed using lead collection Fire-Assay Fusion, and one split < 200 Mesh was analysed using Lead collection fire assay 50g fusion - gravity finish. 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.

In view of the continuing downturn in the mining sector and particularly in exploration and development, Magellan has elected to temporarily suspend work on the feasibility study at Coringa. Work is expected to resume in the next few months once funding has been secured to complete the feasibility study.

Magellan also advises that Richard Zimmer has elected to step down from the Magellan Board effective immediately as a result of potential conflicts since he has accepted a consulting position with a private company that is also engaged in mineral exploration and development in Brazil. The Board would like to thank Rick for his counsel and advice and wishes him the very best in his new endeavour.

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 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).

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.

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 http://www.sedar.com

News release #2013-8



Magellan Minerals Ltd.
Alan Carter
President and CEO
604.676.5663
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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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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