Magellan Minerals Ltd. has reported results from thirteen additional drill holes from the Serra, Meio and Domingo 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:-
- 7m @ 6.10 g/t gold including 2m @ 18.03 g/t gold in hole 145 at Serra which was drilled 50m south and 130m down dip of hole 127 (2m @ 10.81g/t gold)
- 0.6m @ 17.60 g/t gold in hole 139 at Serra drilled 50m to the north and 120m down dip of hole 124 (1.5m @ 10.23 g/t gold)
- 1m @ 11.52 g/t gold and 0.5m @ 8.80 g/t gold in hole 130 at Meio located 225m SE of the existing resource at Meio and 40m SE of hole 94 (2.6m @ 7.52g/t gold)
- 1.5m @ 17.74 g/t gold also in hole 130 at Meio
- 2m @ 12.05 g/t gold in hole 144 also at Meio and 100m down-dip of previous drilling in the central part of the Meio zone
Serra
Results are reported here on five additional holes drilled down dip on the existing structure. Hole 145 was drilled approximately 50m south and 130m down dip of hole 127 (2m @ 10.81 g/t gold) and intersected 7.0m @ 6.10 g/t gold from 209.0 to 216.0m depth including 2m @ 18.03 g/t gold from 213.0 to 215.0m depth. Hole 145 is the deepest hole completed at Serra to data and confirms the high grade continuity of the mineralized zone down dip and at depth.
Hole 139 was drilled 50m north and 120m down dip of hole 124 (1.5m @ 10.23 g/t gold) at Serra in the central part of the Serra zone and returned 0.6m @ 17.60 g/t gold.
The 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 @ 9.59g/t gold) and 94,294oz of Inferred resources (280,794t @ 10.44 g/t gold). These results build on previous results and continue to expand the mineralized zone at depth and along strike. Results are currently pending on an additional three deep holes at Serra and drilling continues.
Meio
Results were returned from five holes at the Meio zone including hole 130 which was drilled approximately 225m SE of the main Meio zone and intersected 1m @ 11.52 g/t gold from 39.5 to 40.5m depth, 0.5m @ 8.80 g/t gold from 197.0 to 197.5m depth, 1.5m @ 4.80 g/t gold from 246.0 to 247.5m depth and 1.5m @ 17.74 g/t gold from 254.6 to 256.1m depth. Hole 130 is a significant hole because it intersected at least four high grade structures at depth in an area to the south and well beyond the existing resource, suggesting the presence of several high grade parallel veins.
Hole 144 was drilled in the central part of Meio at depth, and intersected 2m @ 12.05 g/t gold from 261.5 to 263.5m depth. The hole was drilled at least 100m down-dip and below nearby drill holes and confirms the presence of high grade mineralization at depth at Meio.
The Meio zone has an existing resource of 70,100oz of Measured and Indicated resources (Measured; 173,710t @ 9.01 g/t gold and Indicated; 92,917t @ 6.61g/t gold) and 3,594oz of Inferred resources (41,715t @ 2.68 g/t gold). These results continue to expand the mineralized zone both at depth and along strike. Results are currently pending on an additional three deep holes at Meio and drilling continues.
Domingo and Valdette
Results were returned from two initial holes at the Domingo structure which is located 4km west of the main structure at Coringa. Hole 142 returned 0.5m @ 2.78 g/t gold and hole 143 which was drilled 300m to the south-east returned 1m @ 0.90 g/t gold and results are pending on an additional two holes. The bulk of the gold-in-soil geochemical anomaly at Domingo which is 3.8km in length, remains untested.
Results were returned on one additional hole drilled at Valdette structure and failed to cut any results of significant interest.
Drilling is currently in progress on the down dip extensions of the Meio and Serra structures which contain the bulk of the resource at Coringa as well as at Come Quieto. The 2011 drill program at Coringa is aimed at significantly expanding the existing resource which was initially reported in September of 2009.