Colossus Minerals Drills More High Grade Gold-Platinum-Palladium at Serra Pelada
September 29 2008 - 8:40AM
Marketwired Canada
Colossus Minerals Inc. ("Colossus")(TSX:CSI) is pleased to announce that it has
intersected further high grade gold-platinum-palladium in the Central
Mineralised Zone of the Serra Pelada Project, the Colossus-COOMIGASP joint
venture located in Para State, Brazil.
HIGHLIGHTS
- SPD-007 intersected
26.85 metres @ 8.61g/t gold, 8.85g/t platinum and 14.43g/t palladium
plus
23.30 metres @ 5.11g/t gold, 1.55g/t platinum and 2.34g/t palladium
- SPD-008 intersected
7.50 metres @ 19.28g/t gold, 2.37g/t platinum and 5.27g/t palladium
plus
10.34 metres @ 21.13g/t gold, 5.80g/t platinum and 8.42g/t palladium
- Both holes exhibit very high grade gold and platinum group element
("PGE")-rich subzones
- SPD-003 extended outer hinge zone mineralisation, intersecting
6.0 metres @ 40.59g/t gold, 0.42g/t platinum and 0.68g/t palladium
- Drilling to date shows continuity of high grade gold-platinum-palladium
mineralisation along 100 metres of strike length, over vertical intervals
of more than 70 metres and with widths up to 40 metres in the Central
Mineralised Zone, up to 260 metres southwest of the historic Serra Pelada
open pit.
"Colossus' drilling has continued to delineate and extend high grade gold and
PGE-rich subzones of the Central Mineralised Zone at Serra Pelada. Given the
technical challenges we faced during the early part of Phase I, it is gratifying
to have achieved such excellent results to date. With nine more drill holes and
some historical CVRD drill core in the lab for analysis, results will be
forthcoming as our team continues to unlock the potential of Serra Pelada,"
stated Ari Sussman, Chief Executive Officer.
DETAILS
Diamond drill holes SPD-003, SPD-005, SPD-006, SPD-007 and SPD-008 were HQ-cored
for a total of 1645m as part of the initial 5000m drill program by the
Colossus-COOMIGASP joint venture on the Serra Pelada gold-platinum-palladium
deposit, located in Para State, Brazil. Drilling was focused on the Central
Mineralised Zone which overprints metasediments occupying the hinge and inner
limbs of a NW-facing, SW-plunging, reclined synclinorium which plunges gently SW
from the historical open pit. The Central Mineralised Zone is characterised by
intense carbonaceous and also argillic alteration, inboard of siliceous
alteration partially mantling the synclinorial hinge. See Sections 00 and 100NE
plus a plan view of Serra Pelada drill traces at www.colossusminerals.com.
SPD-007 was drilled Section 100NE, to the NW of and above SPD-001 (news release
dated May, 29, 2008). SPD007 encountered more than 50m of mineralisation
including two continuous intervals of high grade gold-platinum-palladium
separated by lower grade material. The upper interval shows platinum grades up
to 110g/t and appears to be contiguous with and extends the high PGE/Au subzone
apparent in SPD-001. This subzone (159.45-187.30m) is separated from the lower
zone (higher Au/PGE, 215.30-239.10m) by lower grade material partly in a felsic
dyke. Additional low grade mineralisation (240-254.50m) occupies the footwall of
the fold structure and appears to be contiguous with an extensive lower limb
mineralised zone. Assay results for SPD007 are summarised in the following
table:
------------------------------------------------------------------------
From To Recovered/assay Gold Platinum Palladium
(metres, (metres, Interval g/t g/t g/t
down-hole) down-hole) (metres)(i)
------------------------------------------------------------------------
159.45 187.30 26.85 8.61 8.85 14.43
------------------------------------------------------------------------
And
------------------------------------------------------------------------
215.30 239.10 23.30 5.11 1.55 2.34
------------------------------------------------------------------------
(i)Total assayed interval (greater than 0.5g/t gold equivalent) - excludes
intervals of no core recovery; true widths to be established
Two drill-holes, SPD-003 and SPD-008 were completed on Section 00, 100 metres SW
of Section 100NE. SPD003 undercut and was collared on a similar azimuth to
SPD-002. Designed to test the outer fold hinge mineralisation., SPD-003, as
previously noted (see news releases dated June 11 and August 17, 2008).
steepened unexpectedly and grazed its target. Nonetheless, SPD-003 encountered
gold-platinum-palladium mineralisation in the siliceous alteration envelope,
including a high grade gold subzone (267-273m) and also mineralization
(276.65-280.50m) footwall to the fold hinge. SPD-013 (assays awaited) was later
drilled to infill the gap between SPD-002 and SPD-003 Assay results for SPD-003
are summarized in the following table:
------------------------------------------------------------------------
From To Recovered/assay Gold Platinum Palladium
(metres, (metres, Interval g/t g/t g/t
down-hole) down-hole) (metres)(i)
------------------------------------------------------------------------
267.00 273.00 6.00 40.59 0.42 0.68
------------------------------------------------------------------------
SPD-008, drilled from the NW, successfully tested its upper inner limb and
footwall hinge zone targets, encountering more than 40m of mineralisation. The
upper target contains a substantial interval (166.40173.90m) of high grade
gold-platinum-palladium and is separated from the footwall target by less well
mineralised metasediments and felsic dyke material. The inner footwall hinge
subzone (258.80-269.14m) also exhibits high grade gold-PGE mineralisation. High
PGE gold mineralisation was also encountered (275.20275.90m) in footwall
psammitic host rocks. Assay results for SPD-008 are summarised in the following
table:
------------------------------------------------------------------------
From To Recovered/assay Gold Platinum Palladium
(metres, (metres, Interval g/t g/t g/t
down-hole) down-hole) (metres)(i)
------------------------------------------------------------------------
166.40 173.90 7.50 19.28 2.37 5.27
------------------------------------------------------------------------
and
------------------------------------------------------------------------
176.27 184.40 8.13 1.78 0.14 0.15
------------------------------------------------------------------------
and
------------------------------------------------------------------------
258.80 269.14 10.34 21.13 5.80 8.42
------------------------------------------------------------------------
and
------------------------------------------------------------------------
275.20 275.90 0.70 9.28 9.75 15.90
------------------------------------------------------------------------
SPD-006 was collared on Section 50SW (about 60m SW of Section 00) and drilled to
the NW along this previously sparsely drilled section, targeting the outer fold
hinge. The hole undercut its target, apparently due to a small fault offset of
the fold hinge and intersected sporadic mineralisation in the outer siliceous
alteration envelope. SPD-014 was later drilled on Section 50SW and encountered
the fold hinge and more prospective geology.
SPD-005 was drilled to the NW on Section 100SW, targeting a high grade Au-PGE
zone evident in historical CVRD drilling. However the hole missed this target
and intersected only a few minor mineralised intervals in variably silicified
meta-siltstones. SPD-009 was aimed to clarify mineralisation on Section 100SW,
but encountered fluid circulation problems and was abandoned. SPD-016 was later
drilled obliquely from Section 50SW towards the target zones of SPD-006 and
SPD-009 and intersected prospective geology and alteration.
Complete assay data sets for SPD-003, SPD-007 and SPD-008, plus geology and
drilling for Sections 100NE and Section 00 may be examined on
www.colossusminerals.com
The Company has completed its Phase I drilling, comprising 17 holes for 5129
metres of core. All relevant drill-core has been logged, sampled and submitted
for assay, with assay results awaited for 9 holes. A 5000 metre phase II
drilling program is expected to get underway in early October.
TECHNICAL INFORMATION
Sampling of SPD core (by Colossus personnel) and sample preparation (by SGS
GEOSOL LABORATORIES LTDA., Belo Horizonte) were carried out under strict
protocols recommended in the 43-101Technical Report on Serra Pelada. After
photographing and logging, nominal 1 metre intervals of HQ core were cut and/or
split in half, yielding samples of 2 to 3 kilogram mass. Where core recoveries
were low, intervals were composited to yield approximately 1 kilogram minimum
sample masses. Duplicates, blanks and certified gold-PGE reference materials
were inserted in the sample train by Colossus personnel prior to secure shipping
to SGS.
SGS pulverised 1 kilogram splits (greater than 95% passing 106 microns) from the
crushed ( greater than 95% passing 1.7mm), dried samples. The resulting pulps
were quartered by rotary splitter and a 50 gram fire assay, with ICP-OES finish
was performed on one 250gm. aliquot, the remaining splits being archived.
Additional blanks and duplicates were inserted in the assay stream by SGS and
replicate assays were performed every twenty samples. SGS dispatched assay
certificate originals directly to Resource and Exploration Mapping Ltd. an
independent Company which manages Colossus' database. During data validation it
became evident that a number of assay values in several assay batches had been
mislabelled by SGS. On consultation SGS issued revised assay certificates.
The SGS assay results for blanks, duplicates and replicates were generally
satisfactory. Au, Pt and Pd values obtained by SGS for certified reference
materials are typically on the low side of mean multi-laboratory values, but are
mostly within accepted ranges for reference materials of medium grade. A high
grade gold reference material inserted by SGS in several batches has assayed
consistently low relative to its certified gold values. This reference material
and also high value samples in these and other batches will be check assayed by
an independent laboratory.
Dr. Vic Wall, President of Colossus Minerals and qualified person under National
Instrument 43-101, is responsible for this release and has verified the contents
disclosed.
ABOUT COLOSSUS:
Colossus is an exploration and development Company focused on mineral resource
properties in Brazil. The Company is currently concentrating 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:
www.sixtyminutes.ninemsn.com.au/article.aspx?id=299887 In addition, the Company
is advancing its Sumidouro property located near Ouro Preto in Minas Gerais
State, Brazil and the Natividade Property in the State of Tocantins, Central
Brazil.
These securities have not been and will not be registered under the United
States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any
state securities laws and may not be offered or sold in the United States or to
U.S. persons except in compliance with the registration requirements of the U.S.
Securities Act and applicable state securities laws or pursuant to an exemption
therefrom. Accordingly, this news release does not constitute an offer for sale
of securities in the United States.