Magellan Reports Results from Exploration Drilling at Cuiu Cuiu Project, Brazil
05 Fevereiro 2013 - 8:00AM
Marketwired Canada
Magellan Minerals Ltd. (TSX VENTURE:MNM)(OTCQX:MAGNF) ("Magellan") is pleased to
announce the results of eight additional exploration holes recently drilled at
the previously untested Ivo, Ratinho South and Ratinho North targets at the Cuiu
Cuiu project. Ivo is located 800m north of the Moreira Gomes gold deposit
(comprising 14Mt @ 1.5 g/t of gold for 700,000oz in the Inferred category). The
Ratinho North and Ratinho South anomalies are located 9km NNW and 8.5km NW of
the Central gold deposit respectively which comprises 3.4Mt @ 1.0 g/t of gold
for 100,000oz in the Indicated category and 17Mt @ 0.9 g/t of gold for 500,000oz
in the Inferred category.
Highlights include:
-- The discovery of two additional mineralized zones at Ivo and Ratinho
North at the Cuiu Cuiu project
-- 7.5m @ 2.78 g/t gold including 0.5m @ 38.0 g/t gold in hole 169 which
was drilled in the central part of the Ivo zone
-- Numerous other mineralized intervals in hole 169 at Ivo including 8.8m @
1.47 g/t and 4.2m @ 0.89 g/t gold
-- Numerous mineralized intervals in two drill holes completed at the
Ratinho North anomaly suggesting the potential for an additional
mineralized body
Ivo
Four reconnaissance holes were drilled at Ivo over a 500m E-W strike length and
under small surface workings which returned values of 2m @ 104 g/t gold and 5m @
54.8g/t gold in recently completed channel samples (see press releases dated
October 11, 2012 and October 23, 2012). Of the 4 holes, hole 169 cut the most
significant values and intersected a number of mineralized intervals including
7.5m @ 2.78 g/t gold from 37.9 to 45.4m depth including 0.5m @ 38.0 g/t gold
from 43.5 to 44.0m depth confirming the presence of high grade gold
mineralization at depth at Ivo. Other intervals intersected in hole 169 include
8.8m @ 1.47 g/t gold from 81.2 to 90.0m depth, 1.9m @ 1.43 g/t gold from 100.5
to 102.4m depth and 4.2m @ 0.89 g/t gold from 117.9 to 122.1m depth
The other three holes drilled at Ivo also cut numerous mineralized intervals but
of generally lower grade and are shown in the accompanying table of drill
results. These drill results are not dissimilar to the initial drill results
returned from the Moreira Gomes deposit located immediately to the south.
Furthermore, the Ivo structure is interpreted to trend in a more NW-SE direction
(see map on website) akin to the deposit at Central and the mineralized zone at
Jerimum do Baixo which would explain why mineralization is stronger in hole 169.
Hole 170 drilled 100m west of hole 169 bottomed in mineralized rock (0.22 g/t
gold) which further supports this conclusion.
Further drilling to the NW and SE at Ivo will be required to define the limits
of the mineralization identified in hole 169.
Drill hole intersections are summarized in the following table:
---------------------------------------------------------------------------
Hole ID From (m) To (m) Width(i) (m) Gold (g/t)
---------------------------------------------------------------------------
Ivo
---------------------------------------------------------------------------
DDH 169 37.9 45.4 7.5 2.78
---------------------------------------------------------------------------
incl. 43.5 44.0 0.5 38.00
---------------------------------------------------------------------------
73.1 74.1 1.0 1.26
---------------------------------------------------------------------------
81.2 90.0 8.8 1.47
---------------------------------------------------------------------------
100.5 102.4 1.9 1.43
---------------------------------------------------------------------------
107.7 108.6 0.9 0.59
---------------------------------------------------------------------------
117.9 122.1 4.2 0.89
---------------------------------------------------------------------------
DDH 170 76.0 79.4 3.4 0.46
---------------------------------------------------------------------------
106.6 107.6 1.0 0.62
---------------------------------------------------------------------------
DDH 171 54.5 58.6 4.1 0.38
---------------------------------------------------------------------------
76.0 77.2 1.2 1.83
---------------------------------------------------------------------------
95.8 96.8 1.0 0.53
---------------------------------------------------------------------------
DDH 172 0.0 2.0 2.0 0.22
---------------------------------------------------------------------------
9.0 10.4 1.4 0.24
---------------------------------------------------------------------------
17.0 18.0 1.0 0.42
---------------------------------------------------------------------------
33.0 34.0 1.0 0.27
---------------------------------------------------------------------------
39.0 45.0 6.0 0.26
---------------------------------------------------------------------------
Ratinho South
---------------------------------------------------------------------------
DDH 173 0.0 3.0 3.0 0.31
---------------------------------------------------------------------------
55.5 57.5 2.0 0.48
---------------------------------------------------------------------------
122.4 123.4 1.0 2.55
---------------------------------------------------------------------------
151.9 153.0 1.1 0.65
---------------------------------------------------------------------------
DDH 174 37.0 39.0 2.0 0.69
---------------------------------------------------------------------------
65.5 66.5 1.0 0.31
---------------------------------------------------------------------------
Ratinho North
---------------------------------------------------------------------------
DDH 175 10.5 12.0 1.5 0.44
---------------------------------------------------------------------------
22.0 24.9 2.9 0.39
---------------------------------------------------------------------------
29.0 31.0 2.0 0.36
---------------------------------------------------------------------------
53.0 54.0 1.0 1.32
---------------------------------------------------------------------------
57.5 58.0 0.5 0.59
---------------------------------------------------------------------------
65.6 66.1 0.5 0.90
---------------------------------------------------------------------------
136.0 141.0 5.0 0.39
---------------------------------------------------------------------------
158.0 160.0 2.0 0.67
---------------------------------------------------------------------------
DDH 176 0.0 10.0 10.0 0.30
---------------------------------------------------------------------------
27.0 28.0 1.0 1.59
---------------------------------------------------------------------------
29.0 30.0 1.0 0.7
---------------------------------------------------------------------------
38.4 40.0 1.6 0.8
---------------------------------------------------------------------------
48.0 54.5 6.5 0.50
---------------------------------------------------------------------------
64.8 66.8 2.0 0.70
---------------------------------------------------------------------------
76.0 77.0 1.0 1.0
---------------------------------------------------------------------------
All holes were drilled at -50 degrees. Dips of the intersected structures
are not known, and intersection widths are not necessarily true width.
Ratinho North
Two reconnaissance holes, 175 and 176 were drilled at the Ratinho North target
over a 150m E-W strike length (see map on website). Ratinho North has never been
previously drill tested and is a gold-in-soil anomaly which is located
approximately 9km NNW of the Central gold deposit.
Ratinho North extends in a NW-SE direction over approximately 4km and is
coincident with a major structure and a pronounced magnetic low. Numerous low
grade mineralized intervals were intersected in both drill holes including 10m @
0.30 g/t gold, 1m @ 1.59 g/t gold, 1m @ 0.7 g/t gold, 1.6m @ 0.8 g/t gold, 6.5m
@ 0.50 g/t gold, 2m @ 0.70g/t gold and 1m @ 1.0 g/t gold as well as a number of
other lower grade intervals all within the top 70m of hole 176.
The two holes drilled thus far at Ratinho North have tested a very small portion
of the 4km long gold-in soil and coincident magnetic anomaly. The presence of
numerous mineralized intervals in both holes strongly suggests the presence of a
significant mineralized body at Ratinho North and further drilling is required
to fully test this area particularly to the north-west of the current drilling
Ratinho South
Two additional holes, 173 and 174 were drilled at the Ratinho South target which
has similarly never been previously drill tested. The gold-in-soil anomaly at
Ratinho South is located approximately 8.5km NW of the Central gold deposit and
extends in a NW-SE direction over approximately 2.5km.
The two holes reported here were drilled 100m apart and cut only narrow
mineralized intervals. The source of the gold-in-soil anomaly at Ratinho South
remains unexplained.
The discovery of significant mineralization at the Ivo and Ratinho North targets
at Cuiu Cuiu demonstrates the potential for the discovery of additional
mineralized bodies within the Cuiu Cuiu project areas and highlights the need
for further drilling in order to expand the existing resources.
Holes were drilled at 50 degrees from horizontal. All core samples (HQ diameter)
were cut with a diamond saw and one-half of the core placed in bags, numbered
and sealed then sent via a secure transport agency to the Company's office in
Itaituba before shipping via secure transport to ACME preparation laboratory in
Itaituba for sample preparation. Core samples were crushed down to 2 mm and a 1
kg split was pulverized to better than 85% minus 200 mesh. From Itaituba, ACME
sent the pulp samples to Santiago, Chile for assaying. Gold analyses were
conducted on 30g representative sample cuts using fire assay with an atomic
absorption finish. Other sample cuts were subjected to a 4 acid digestion and
analysed for silver and an additional 35 elements using inductively coupled
plasma mass spectrometry (ICP-MS). ACME is an ISO 9001 registered laboratory and
has a quality control program in place which includes the insertion of standard,
blank, and duplicate samples, as well as conducting repeat analyses.
Magellan's QA/QC program also includes the insertion of standards, field
duplicates and blank material in the sample sequence with the normal core
samples to monitor sampling variances, laboratory precision and accuracy.
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 (TSX VENTURE:MNM)(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 Coringa project is currently the
subject of a Feasibility Study and 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). 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).
This news release contains forward-looking statements. 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. Particular risks applicable to this
press release include risks associated with achieving production on the project
within the parameters identified in the economic assessment, the ability of the
project to generate significant cash flow to the company and earnings to the
shareholders of the company. These statements are subject to risks due to
regulatory, technical, economic and other factors. In addition there is no
guarantee that additional exploration work will result in significant increases
to resource estimates. The reader is referred to the Company's most recent
annual and interim Management's Discussion and Analysis for a more complete
discussion of such risk factors and their potential effects, copies of which may
be accessed through SEDAR at http://www.sedar.com.
News release #2013-3
FOR FURTHER INFORMATION PLEASE CONTACT:
Magellan Minerals Ltd.
Alan Carter
President and CEO
604.676.5663
info@magellanminerals.com
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