Colossus Minerals Provides
Update on Exploration on Elefante Area
HIGHLIGHTS
All of the assay results have now been received from the auger testing
program conducted to define targets for the diamond drilling program to be
conducted in the fourth quarter of 2012. Seventy-three auger holes were drilled
to depths that ranged in length from two to nine metres. The final assay results
of this auger drilling program returned the following highlights:
- SPTRD-135 returned values of 13.08 g/t platinum and 4.19 g/t palladium from 0.5 to 1.0 metre below surface.
- SPTRD-160 returned values of 4.40 g/t gold from 1.5 to 2.0 metres below surface.
- SPTRD-169 returned values of 8.70 g/t gold from 1.5 to 2.0 metres below surface.
DETAILS
The most recent phase of auger drilling was designed to fine-tune the
targeting of a trend of mineralization identified in the previous phase of auger
drilling. This mineralization trend returned encouraging results from near
surface soil samples down to the saprolite portion of the hole just above the
presumed bedrock. The latest results continue to demonstrate that the soil
contains local pockets of high grade precious metal mineralization. The
previously released results highlighted a 10.5 metre long interval that returned
0.64 g/t Au, 0.12 g/t Pt and 0.08 g/t Pd from auger hole SPTRD-090 (see press
release dated March 12, 2012 for more details). This was a
follow-up to an earlier phase of testing that highlighted holes SPTRD-016 that
returned a 5.5 metre interval of 0.20 g/t Au, 0.53 g/t Pt and 0.45 g/t Pd from
the saprolite and SPTRD-017 that contained 124.78 g/t Au, 6.52 g/t Pt and 7.67
g/t Pd from a 0.50 metre soil sample interval (see press release dated
November 14, 2011 for more details).
As noted above, a total of 73 additional auger holes were drilled in the
final phase of auger drilling in this area (see figures 1 and 2 attached). The
results are highlighted in Table 1 below and add to the interpretation of the
anomalous samples identified in the previous phases of auger drilling over this
area. The resulting interpretation shows a broad low grade east-west trending
halo predominantly coming from soil samples of the regolith. There are two
higher grade clusters within this broad anomaly, the southernmost of which is
associated with the holes that have encouraging precious metal results in the
saprolite (see figure 3 attached). Diamond drill testing in the area will
commence on the mineralized trend of which these three holes are a part. This
work will help identify whether the high grade soil assay results are bedrock
sourced.
TABLE 1: AUGER DRILLING
RESULTS
Area | Auger-hole ID |
From (m) |
To (m) |
Interval (m) |
Gold (g/t) |
Platinum (g/t) |
Palladium (g/t) |
Lithology | ||||||||
Elefante | SPTRD-127 | 1.5 | 2.0 | 0.50 | 0.08 | 1.26 | 1.66 | soil | ||||||||
Elefante | SPTRD-135 | 0.5 | 1.0 | 0.5 | 0.20 | 13.08 | 4.19 | soil | ||||||||
Elefante | SPTRD-160 | 1.5 | 2.0 | 0.5 | 4.40 | 0.10 | 0.11 | soil | ||||||||
Elefante | SPTRD-169 | 1.5 | 2.0 | 0.5 | 8.70 | 0.01 | 0.06 | soil | ||||||||
Elefante | SPTRD-171 | 0.0 | 0.5 | 0.5 | 1.67 | 0.01 | 0.04 | soil | ||||||||
Elefante | SPTRD-192 | 1.5 | 2.0 | 0.5 | 1.04 | 0.01 | 0.02 | soil | ||||||||
Elefante Area Geology
The Elefante Area is located approximately two kilometres southeast of the
Serra Pelada Au+Pt+Pd deposit (see Figure 1 in this release). The host rock in
this area consists of Archean aged (2.68 billion year old) sediments belonging
to the Rio Fresco Formation which also hosts the Serra Pelada orebody. Outcrops
of siltstone found in the Elefante area physically resemble those found in the
pit wall of the historic Serra Pelada open pit but lack the classic reddish
color of the oxidized sediments. The siltstone found in the Elefante area is a
light to medium grey color.
The first phase of drilling will consist of approximately 500 metres of HQ
caliber drilling and will test for the bedrock source of the saprolite enriched
auger drill holes as well as test the fold of the sedimentary package for signs
of carbon upgrading similar to that which is found in the high grade Central
Mineralized Zone at the Serra Pelada Mine .
Technical Information
Auger sampling is conducted using a mechanical auger. Sampling of the drilled
material (by Colossus personnel) and sample preparation (by Intertek
Limited , Parauapebas and/or SGS Geosol, Parauapebas, Brazil ) were carried out
under strict protocols recommended in the National Instrument 43-101 Technical
Report dated January 31, 2010 on the Serra Pelada
Project . After photographing and logging, the sampled intervals (drilling
advances, averaging half a metre in length) were cut and/or split in half,
yielding samples of two to three kilogram mass. Where sample recoveries were
low, intervals were composited to yield approximately one kilogram minimum
sample masses. Intertek and SGS Geosol pulverize one or two kilogram
splits (>95% passing 106 microns) from the crushed (>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.
The labs insert additional blanks, duplicates and high grade gold/PGE
reference materials in the assay stream and replicate or duplicate 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.
The Intertek and SGS Geosol assay results for blanks, duplicates,
replicates and also all reference materials were well within generally accepted
QA/QC measures. A 200 gram aliquot of medium and high grade pulps were rotary
split from each pulp by Intertek and SGS Geosol and one of these
samples was securely shipped directly by Intertek to Genalysis
Limited , Perth Laboratory for check assaying. A similar
procedure is used for samples assayed at the SGS Geosol lab with the samples
being securely transported to the Intertek lab in Parauapebas,
Brazil for check
assaying.
About Colossus:
Colossus is a development-stage mining company focused on bringing its Serra
Pelada project into production. Serra Pelada, located in the mineral prolific
Carajas region in the State of ParĂ¡, Brazil , is host to one of the highest grade gold
and platinum group metals deposits in the world. Between 1980 and 1986 Serra
Pelada was host to the largest precious metals rush in Latin American history.
Coverage of this famous mining rush by 60 Minutes can be viewed by following the
link below. Colossus Minerals
shares, warrants and notes trade on the Toronto Stock Exchange under
the symbols CSI, CSI.WT.A and CSI.NT respectively and in the United States its Common
Shares trade on the OTCQX under the symbol COLUF. The Company is headquartered
in Toronto,
Canada .
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