Trenching Returns 5m @ 54.8g/t Gold from the Ivo Zone at Cuiu Cuiu
Published : October 23, 2012
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Keywords :   Aig | Brazil | Diamond | Gold | Market | Recovery |

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 23, 2012) - Magellan Minerals Ltd. (News - Market indicators)(OTCQX:MAGNF) ("Magellan") is pleased to announce the results of follow up trench sampling at the recently identified Ivo prospect located at the Cuiu Cuiu project in the state of Para in northern Brazil. The Cuiu Cuiu project currently contains 3.4Mt @ 1.0g/t gold (100,000oz) of Indicated resources and 31Mt @ 1.2g/t gold (1,200,000oz) of Inferred resources (see press release dated 8th March 2011).

Highlights include:-

  • 5m @ 54.8g/t gold in a trench located approximately 110 m west and along strike from the area with previously reported gold values of 2m @ 104g/t gold. The mineralized zone remains open along strike to the east and west and is also open in terms of width
  • 15m @ 2.3g/t gold including 5m @ 5.7g/t gold in a trench located 35-45m immediately north of the exposed surface workings at Ivo
  • 10m @ 1.0g/t gold including 5m @ 1.7g/t gold in a trench 40-50m south of the exposed surface workings at Ivo

The results reported here are from three trenches which were designed to follow up the recently released channel sample results from surface workings at the Ivo target which is located approximately 800m north of the Moreira Gomes gold deposit (see press release dated 11th October 2012). Trenches were developed immediately to the north, south and west of the main east-west trending mineralized structure at Ivo in order to further test the continuity and width of the mineralization at Ivo.

The identification of 5m @ 54.8g/t gold in a trench 60m west of the Ivo showing extends the Ivo zone an additional 60m to the west and increases the total exposed strike length from 240 to 300m. These results are also located approximately 110 m west and along strike from the area with previously reported gold values of 2m @ 104g/t gold. The zone remains open both to the east and west and to the north since the high grade mineralization was returned from the most northerly sample in the trench (see map on website).

Of the trenches developed to the north and south of the Ivo showing, the most northerly trench returned 15m @ 2.3g/t gold including 5m @ 5.7g/t gold suggesting that the mineralized zone at Ivo may extend an additional 35-45m in terms of width to the north of the exposed surface workings. Similarly, the trench developed to the south of the Ivo showing returned 10m @ 1.0g/t gold including 5m @ 1.7g/t gold located 40-50m south of the exposed surface workings. This last sample was returned from the most southerly part of the trench and suggests that the zone remains open in terms of width to the south.

The results returned from the trenching suggest that the mineralized zone at Ivo could be 125m in width or at the very least, comprised of three parallel mineralized zones. The sheeted vein / stockwork mineralization exposed on surface is the most intense so far mapped on surface at Cuiu Cuiu.

Further work at Ivo will focus on additional trenching and trado sampling along strike from the surface workings. Trado work is also in progress at the Ratinho and Ratinho South gold-in-soil anomalies which are located 8.5 to 9km NW of the Central deposit. Magellan is currently awaiting quotations for a Diamond drill program to test these previously untested targets.

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 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). 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).

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, the preparation of a feasibility study on the project, 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. Readers should not assume that the company's plans to prepare a feasibility study mean that a feasibility study can or will be prepared. There is no guarantee that a feasibility study will be prepared or, if prepared, that it will be commenced in the timeframe set out in this news release. 

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Magellan Minerals Ltd.
Alan Carter
President and CEO
604.676.5663
info@magellanminerals.com
www.magellanminerals.com
Data and Statistics for these countries : Brazil | All
Gold and Silver Prices for these countries : Brazil | 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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