Magellan Minerals [TSX-V:MNM] - Magellan expands mineralized zones at Serra and Meio and confirms new zone at Come Quieto, Coringa Project, Brazil
Magellan expands mineralized zones at Serra and Meio
and confirms new zone at Come Quieto, Coringa Project, Brazil
Vancouver, BC, January 12, 2012 – Magellan Minerals Ltd. (TSX-V: MNM) (“Magellan”) is pleased to report results from eight additional drill holes from the Serra, Meio and Come Quieto zones at the Coringa project, Brazil. As with previous holes reported from the 2011 diamond drill program, these are all step-out and exploration holes aimed at expanding the existing resources of 269,450oz of gold in the measured and indicated categories (982,291t @ 8.53 g/t), and 98,224oz of gold in the inferred category (327,054t @ 9.34 g/t).
Highlights include:-
• 1.5m @ 11.73 g/t gold in hole 148 at Serra which was drilled on the northern strike extent of the Serra zone 100m north of hole 135 (0.5m @ 12.1 g/t gold)
• 5m @ 3.50 g/t gold including 2m @ 7.07g/t gold in hole 155 at Meio drilled on the northern end of the Meio zone in an area with no previously reported values of interest
• 2m @ 6.07 g/t gold in hole 151 at Come Quieto located 125m north of hole 126 which is the most northerly hole drilled to date at Come Quieto
Serra
Results are reported here on two additional holes drilled along strike and down dip on the existing structure. Hole 148 was drilled on the northern strike extent of the Serra zone approximately 100m north of hole 135 (0.5m @ 12.1 g/t gold) and intersected 1.5m @ 11.73 g/t gold from 141.5 to 143.0m depth (see map ) and (longitudinal section on website). Hole 145 is the most northerly hole completed at Serra to date and further expands the mineralized zone along strike and demonstrates that the mineralized zone is still open to the north.
Hole 153 was drilled 50m south of hole 129 on the southern extremity of Serra and cut 1.5m @ 0.56 g/t gold including 0.5m @ 1.89 g/t gold.
The mineralized zone at Serra zone has an existing resource of 161,731oz of Measured and Indicated resources (Measured; 210,405t @ 8.59 g/t gold and Indicated; 336,004t @ 9.59 g/t gold) and 94,294oz of Inferred resources (280,794t @ 10.44 g/t gold). This initial resource which was released in September 2009 was based on a mineralized structure which extended 900m along strike and to a depth of 80m. These results and those previously released from Serra during 2011 (see press releases dated 13th September 2011, 17th October 2011 and 24th November 2011) suggest that the mineralized zone currently extends at least 1000m along strike and to a depth of 180m below surface. Results are currently pending on two additional holes at Serra.
Magellan expands mineralized zones at Serra and Meio
and confirms new zone at Come Quieto, Coringa Project, Brazil
Vancouver, BC, January 12, 2012 – Magellan Minerals Ltd. (TSX-V: MNM) (“Magellan”) is pleased to report results from eight additional drill holes from the Serra, Meio and Come Quieto zones at the Coringa project, Brazil. As with previous holes reported from the 2011 diamond drill program, these are all step-out and exploration holes aimed at expanding the existing resources of 269,450oz of gold in the measured and indicated categories (982,291t @ 8.53 g/t), and 98,224oz of gold in the inferred category (327,054t @ 9.34 g/t).
Highlights include:-
• 1.5m @ 11.73 g/t gold in hole 148 at Serra which was drilled on the northern strike extent of the Serra zone 100m north of hole 135 (0.5m @ 12.1 g/t gold)
• 5m @ 3.50 g/t gold including 2m @ 7.07g/t gold in hole 155 at Meio drilled on the northern end of the Meio zone in an area with no previously reported values of interest
• 2m @ 6.07 g/t gold in hole 151 at Come Quieto located 125m north of hole 126 which is the most northerly hole drilled to date at Come Quieto
Serra
Results are reported here on two additional holes drilled along strike and down dip on the existing structure. Hole 148 was drilled on the northern strike extent of the Serra zone approximately 100m north of hole 135 (0.5m @ 12.1 g/t gold) and intersected 1.5m @ 11.73 g/t gold from 141.5 to 143.0m depth (see map ) and (longitudinal section on website). Hole 145 is the most northerly hole completed at Serra to date and further expands the mineralized zone along strike and demonstrates that the mineralized zone is still open to the north.
Hole 153 was drilled 50m south of hole 129 on the southern extremity of Serra and cut 1.5m @ 0.56 g/t gold including 0.5m @ 1.89 g/t gold.
The mineralized zone at Serra zone has an existing resource of 161,731oz of Measured and Indicated resources (Measured; 210,405t @ 8.59 g/t gold and Indicated; 336,004t @ 9.59 g/t gold) and 94,294oz of Inferred resources (280,794t @ 10.44 g/t gold). This initial resource which was released in September 2009 was based on a mineralized structure which extended 900m along strike and to a depth of 80m. These results and those previously released from Serra during 2011 (see press releases dated 13th September 2011, 17th October 2011 and 24th November 2011) suggest that the mineralized zone currently extends at least 1000m along strike and to a depth of 180m below surface. Results are currently pending on two additional holes at Serra.
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