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Colossus Minerals Inc.
("Colossus") (TSX:CSI
- News) is pleased to
announce the first results of diamond drilling for the extension of the
Central Mineralized Zone ("CMZ") into the newly acquired land
package of the Serra Pelada Gold-Platinum-palladium
Project, the Colossus-COOMIGASP joint venture located in Para State, Brazil.
HIGHLIGHTS
Three step-out drill-holes have
confirmed the continuation of the CMZ onto the newly acquired land package,
some 450 metres southwest of the historical Serra Pelada open pit.
-- SPD-072 intersected 8.35 metres at 53.13 g/t gold and also 25 metres at
30.19 g/t gold, 3.53 g/t platinum and 4.25 g/t palladium, including 4.58
metres at 82.39 g/t gold, 8.23 g/t platinum and 9.91 g/t palladium
-- SPD-059 and SPD-065 together with SPD-072 demonstrate shallowly and
steeply-dipping subzones of high-grade gold-platinum-palladium
mineralization, open to the northeast and southwest on the new ground
-- These subzones are continuous with high grade gold and platinum group
metals mineralization delineated by Colossus up-plunge to the northeast
DETAILS
Gold-platinum-palladium mineralization
at Serra Pelada overprints metasediments
occupying the hinge and limbs of a northwest-facing, southwest-plunging,
reclined synclinorium that plunges gently southwest
from the historical open pit. The CMZ comprises mainly steeply dipping bodies
in the fold hinge zone but extends onto the upper and lower limbs of the fold
where the mineralization is associated with siliceous and iron-oxide rich
alteration. Characterized mainly by intense hydrothermal carbonaceous and argillic alteration, largely of siltstones, the CMZ is
inboard of siliceous alteration partially mantling the synclinorial
hinge. To date the CMZ has been drill-delineated over 400 metres
southwest of the historical open-pit on the Joint Venture's Mining License
(see Figure 1). This release documents the first results of drilling for the
extensions of the CMZ into the surrounding newly acquired land package.
SPD-059, SPD-065 and SPD-072 were
drilled on Section 150SW and confirm that the siltstone-cored fold extends
into the new ground (see Figure 1). SPD-059 intersected mineralization around
the upper limb of the fold. SPD-065 was drilled more steeply from the same
pad, also encountered upper limb mineralization and apparently clipped
mineralized subzones at greater depths. SPD-072 was then stepped back to the northwest
and intersected upper limb mineralization as well as a long mineralized
interval at greater depth. The main intersections for these drill-holes are
tabulated below:
----------------------------------------------------------------------------
Assay
From To interval
Drill-hole (metres, (metres, (metres) Gold Platinum palladium
ID down-hole) down-hole) (i) (g/t) (g/t) (g/t)
----------------------------------------------------------------------------
SPD-072 215.60 223.95 8.35 53.13 0.06 0.12
----------------------------------------------------------------------------
Incl. 219.79 221.60 1.81 207.20 0.26 0.51
----------------------------------------------------------------------------
245.60 270.60 25.00 30.19 3.53 4.25
----------------------------------------------------------------------------
Incl. 255.50 263.80 8.30 38.52 3.52 4.25
----------------------------------------------------------------------------
266.02 270.60 4.58 82.39 8.23 9.91
----------------------------------------------------------------------------
----------------------------------------------------------------------------
SPD-065 221.84 227.00 5.16 12.89 0.49 0.70
----------------------------------------------------------------------------
244.50 247.50 3.00 28.45 0.12 0.36
----------------------------------------------------------------------------
----------------------------------------------------------------------------
SPD-059 less than
229.10 231.70 2.60 3.45 0.02 0.11
----------------------------------------------------------------------------
(i)Total assayed interval (greater than 1.0 g/t gold equivalent) - excludes
intervals of no core recovery; true widths to be established
The uppermost mineralized intercepts in
SPD-072, SPD-065 and SPD-059 are interpreted to represent a shallowly-dipping
subzone and thus approximate the true thickness of mineralization. This high
Au/PGE subzone is open to the northwest and southwest and may be continuous
with the high-grade mineralization encountered in SPD-028A and SPD-047
(Colossus News Release, June 24, 2010) up to 100 metres
to the northeast and at similar depths.
The deeper intercepts in SPD-072 and
SPD-065 are interpreted to represent a steeply dipping mineralized subzone
which is open to the northwest and southwest. This high-grade subzone
exhibits characteristic carbonaceous alteration and may correlate with ultra
high-grade gold-platinum-palladium mineralization re-assayed in historical
hole FD-072 (13.71 metres @ 204.5 g/t gold, 58.6
g/t platinum, 69.2 g/t palladium and 1.61 g/t rhodium) more than 50 metres to the northeast.
Further drilling is underway to explore
the extensions of the CMZ further to the southwest on the new ground and to
the northeast to detail its continuity with previously delineated
mineralization.
"It is most pleasing and reassuring
to see this unique high-grade orebody continue to
the southwest. As a result of this success, we will be adding a second deep
penetration drill in November to speed up exploration of the CMZ,"
commented Ari Sussman, Colossus' CEO. "The
maturation of our Company since June is nothing short of spectacular to
oversee, as there are now more than 200 employees working aggressively on
decline development, earth works and building construction at Serra Pelada."
TECHNICAL INFORMATION
Diamond drilling was HQ cored. Sampling
of core (by Colossus personnel) and sample preparation (by Intertek Limited, Parauapebas)
were carried out under strict protocols recommended in the NI 43-101
Technical Report dated January 31, 2010 on Serra Pelada.
After photographing and logging, core intervals (drilling advances, averaging
one metre in length) were cut and/or split in half,
yielding samples of two to three kilogram mass. Where core recoveries were
low, intervals were composited to yield approximately one kilogram minimum
sample masses. Intertek pulverised
one or two kilogram splits (greater than 95% passing 106 microns) from the
crushed (greater than 95% passing 1.7 mm), dried samples. Duplicates, blanks
and certified gold-PGE reference materials were inserted in the sample train
by Colossus personnel prior to Intertek preparation
work. 200 gram aliquots were rotary split from each pulp by Intertek and one of these samples was securely shipped
directly by Intertek to Genalysis
Limited, Perth Laboratory for check assaying.
Intertek inserted additional blanks, duplicates
and high grade gold/PGE reference materials in the assay stream and replicate
assays were performed routinely and on most medium to high grade materials.
Fire assays for gold, platinum and palladium were on 25 gram subsamples
utilizing a lead-rich collector material and AA finish by Intertek.
The assay lab dispatched assay certificate originals directly to Resource and
Exploration Mapping Ltd., an independent Company which manages Colossus'
database.
The Intertek
assay results for blanks, duplicates, replicates and also all reference
materials were well within generally accepted QA/QC measures. Re-assaying (by
Intertek) of screen-sized splits from high grade
samples from SPD-065 examined bias potentially introduced by the variable
inclusion of siliceous and kaolinitic fractions in
assay samples. The assay results included in this compilation are the lower
values obtained by this work.
Dr. Vic Wall, the Vice President,
Exploration of Colossus, is a qualified person under National Instrument 43-101
and is responsible for this release and has verified the contents disclosed.
To view the figure associated with this
release, please visit the following link: http://media3.marketwire.com/docs/csi1021fig1.pdf.
CAUTIONARY STATEMENT REGARDING
FORWARD-LOOKING INFORMATION
Except for statements of historical fact
relating to Colossus, certain statements in this press release relating but
not limited to the Company's exploration plans, activities and intentions,
constitute "forward-looking information" within the meaning of the
Securities Act (Ontario) or "forward-looking statements" within the
meaning of the United States Private Litigation Reform Act of 1995. These
forward-looking statements represent management's best judgment based on
current facts and assumptions that management considers reasonable.
Forward-looking statements are frequently characterized by words such as
"target", "plan", "expect", "project",
"intend", believe", "anticipate" and other similar
words, or statements that certain events or conditions "appear to",
"may" or "will" occur. Forward-looking statements are
based on the opinions and estimates of management at the date the statements
are made, and are subject to a variety of risks and uncertainties and other
factors that could cause actual events or results to differ materially from
those projected in the forward-looking statements. The factors include but
are not limited to risks related to the joint venture operation, actual
results of exploration activities, the inherent risks involved in the
exploration and development of mineral properties, changes in project
parameters as plans continue to be refined, delays in obtaining government
approvals, the uncertainties of project cost overruns or unanticipated costs
and expenses, uncertainties relating to the availability and costs of
financing needed in the future, the uncertainties inherent to conducting
business in Brazil and the rest of Latin America, the availability of
supplies, unexpected adverse climate conditions, the reliance on only a few
key members of management, as well as those factors discussed in the section
entitled "Risk Factors" in the Company's most recent Annual Information
Form filed with Canadian provincial securities regulatory authorities and
other regulatory filings which are posted on SEDAR at www.sedar.com.
Unless required by law, Colossus undertakes no obligation to update
forward-looking statements if circumstances or management's estimates or
opinions should change. The reader is cautioned not to place undue reliance
on forward-looking statements.
About Colossus:
Colossus is an exploration and
development Company focused on mineral resource properties in Brazil. The
Company is currently focusing its efforts on the high grade
gold-platinum-palladium Serra Pelada project in
Para State, Brazil. Between 1980 and 1986 Serra Pelada
was host to the largest precious metals rush in Latin American history.
Coverage by 60 Minutes of this famous mining rush can be viewed at the
following link: http://sixtyminutes.ninemsn.com.au/article.aspx?id=299887.
Contact:
Ann Candelario
Colossus Minerals Inc.
VP Investor Relations
(416) 643-7655
acandelario@colossusminerals.com
www.colossusminerals.com |