Magellan Minerals has announced the addition of a third diamond drill rig to the Coringa project in Brazil and has identified Filao da Porteira, a new mineralized zone, which is situated around 5 km south-east of the Meio zone.
At present, the company is executing the drilling program at the newly discovered Demetrio and Valdette structures at the Coringa project and anticipates the primary drilling results in the upcoming weeks. The third rig will primarily target the Come Quieto zone, which is situated 2 km south of the Meio zone. The surface sampling program performed formerly at Come Quieto has yielded numerous values over 5 g/t gold with two samples of 306.0 g/t and 71.2 g/t of gold.
The drill rig will examine the extension of the down dip depth of the Galena, Meio and Serra and outline about 98% of the resource at the Coringa project that presently adds 98,224 oz of Inferred and 269,450 oz of Measured and Indicated resources. The location of the bulk defined resources at the Coringa is between the surface and 125 m depth. Deep drilling has not been performed earlier at any of the main mineralized zones.
The latest surface sampling and reconnaissance work were intended to outline the south expansion to Coringa’s main mineralized structure and has discovered the gold mineralization that outcrops in the quartz veins 3.3 km south-east of the Come Quieto region. The surface grab samples from the Filao da Porteira have yielded up to 6.61 g/t gold.
The Filao da Porteira zone discovery proposes that Coringa’s main structure currently expands for 10.3 km in a NW-SE direction. The company is constructing a road to this area to ease the drill access. Moreover, soil sampling is progressing in some other part of the Coringa concession.