Oct 7 2010
Colossus Minerals Inc. ("Colossus") (TSX:CSI) is pleased to announce the results of further diamond drilling on the Serra Pelada Gold-Platinum-Palladium Project, the Colossus-COOMIGASP joint venture located in Para State, Brazil.
HIGHLIGHTS
Central Mineralized Zone ("CMZ")
- SPD-055 intersected , in the CMZ, 52.43 metres at 18.57 g/t gold, 8.34 g/t platinum and 11.33 g/t palladium, including 11.87 metres at 42.34 g/t gold, 27.85 g/t platinum and 39.95 g/t palladium
- Three step-out holes to test the potential for the continuation of the CMZ onto the newly acquired land package have been completed with assay results expected in the near term
GT Zone
- SPD-056B intersected 8.25 metres at 12.27 g/t gold, 0.58 g/t platinum and 0.92 g/t palladium including 4.89 metres at 20.33 g/t gold, 0.96 g/t platinum and 1.53 g/t palladium
- SPD-057 intersected 21.37 metres at 6.51 g/t gold, 0.60 g/t platinum and 0.96 g/t palladium including 5.70 metres at 15.38 g/t gold, 1.07 g/t platinum and 1.73 g/t palladium
- The SPD-056B and SPD-057 intersections are approximately true widths and extend the GT Zone discovered in SPGT-001, by more than 50 metres along strike
Portal Zone
- SPD-066 intersected 1.82 metres at 32.07 g/t gold, a newly discovered mineralized zone, some 700 metres northwest of the CMZ
DETAILS
Gold-platinum-palladium mineralization at Serra Pelada overprints metasediments occupying the hinge and limbs of a northwest-facing, southwest-plunging, reclined synclinorium that plunges gently southwest from the historical open pit. The CMZ comprises mainly steeply dipping bodies in the fold hinge zone but extends onto the upper and lower limbs of the fold. Characterized by intense hydrothermal carbonaceous and argillic alteration, mainly of siltstones, the CMZ is inboard of siliceous alteration partially mantling the synclinorial hinge. Shallowly dipping gold-platinum-palladium mineralization, for example the Western and GT zones, occurs within siliceous, argillic and carbonaceous alteration and iron oxide-rich breccias on the fold limbs.
SPD-063 was drilled adjacent to the portal and plant site areas in the Colossus-COOMIGASP Joint Venture's new ground. The drill-hole encountered several mineralized intervals including 1.51 metres of 6.5 g/t gold, 0.02 g/t platinum and 0.06 g/t palladium. SPD-066 was stepped out 20 metres to the north and intersected 1.82 metres at 32.07 g/t gold. These intercepts represent a newly discovered mineralized zone some 700 metres northwest of the CMZ. The mineralized zone is in a lower limb structural position and appears to be shallowly dipping, hence the down hole intervals (tabulated below) are approximately true thickness.
SPD-056B and SPD-057 both intersected mineralization around the lower limb of the siltstone–cored fold. Respectively up and down plunge from the discovery hole (SPGT-001, 10.4 metres @ 28.4 g/t gold, 4.16 g/t platinum, 6.18 g/t palladium, see Colossus news release dated June 24, 2010), these drillholes have extended the GT zone, some 150 metres northwest of the CMZ, over more than 50 metres strike length. The drill intercepts (tabulated below) are approximately true widths in this shallowly dipping mineralized zone. Further drilling will clarify whether the GT zone is continuous with the Western Mineralized Zone (SPC-012, 4.15 metres @ 8.04 g/t gold, 154.5 g/t platinum, 245.8 g/t palladium, see Colossus news release dated September 3, 2009) which is in a similar structural setting and on the mineralized trend some 500 metres to the northeast. The GT Zone appears to strike southwest onto the Joint Venture's new ground.
SPD-051, SPD-051A and SPD-055 were drilled to provide material for metallurgical grinding test-work and to clarify the distribution of high gold- and PGE-rich subzones in the CMZ. Assay results for the main mineralized intervals in these drill-holes are tabulated below.
SPD-051, drilled toward the northeast from Section 00, intersected several steeply-dipping, gold-rich intervals and a high PGE/Au subzone before being aborted whilst still in mineralization. SPD-051A was stepped out 7 metres to the east and also drilled to the northeast, encountering several high grade subzones with distinct Au/PGE as well as platinum/palladium, separated by lower grade mineralization. SPD-055 was offset 11 metres to the northeast of and oriented similarly to SPD-034 (70.7 metres @ 53.59 g/t gold, 20.77 g/t platinum and 31.30 g/t palladium, see Colossus news release dated September 30, 2009). The long high grade intercept in SPD-055 included several ultra high grade intervals and is characterised by relatively high PGE/Au.
*Total assayed interval (>0.5 g/t gold equivalent) – excludes intervals of no core recovery; true widths to be established.
SPD-052, SPD-053, SPD-054, SPD-056, SPD-059, SPD-060, SPD-061, SPD-062 and SPD-064 were part of the condemnation drilling program which is now nearing completion. As expected, results were insignificant.
Vic Wall, Colossus' VP Exploration comments, "Exploration drilling in the Serra Pelada Joint Venture's new ground is already meeting with success with the discovery of a relatively shallow mineralized zone. We will be following this up with further drilling which may also extend the GT Zone onto the new ground and hopefully demonstrate its continuity with the Western Mineralized Zone some 500 metres to the northeast. Drilling within the CMZ has continued to demonstrate the continuity of high grade gold-platinum-palladium mineralization and we look forward to receiving assay results from the recently completed three step-out holes."
Figure 1: Drill Hole Location Map
To see Figure 1, please visit the following link:
http://media3.marketwire.com/docs/clsf1.pdf
TECHNICAL INFORMATION
Diamond drilling was HQ cored. Sampling of core (by Colossus personnel) and sample preparation (by Intertek Limited, Parauapebas) were carried out under strict protocols recommended in the 43-101 Technical Report dated January 31, 2010 on Serra Pelada. After photographing and logging, core intervals (drilling advances, averaging 1 metre in length) 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. Intertek pulverised 1 or 2 kilogram splits (>95% passing 106 microns) from the crushed (>95% passing 1.7 mm), dried samples. 200 gram aliquots were rotary split from each pulp by Intertek and one of these samples was securely shipped directly by Intertek to Genalysis Limited, Perth Laboratory. Duplicates, blanks and certified gold-PGE reference materials were inserted in the sample train by Colossus personnel prior to Intertek preparation work.
Intertek and Genalysis inserted additional blanks, duplicates and high grade gold/PGE reference materials in the assay stream and replicate 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 ICP-MS finish by Genalysis, AA finish by Intertek. Both assay labs dispatched assay certificate originals directly to Resource and Exploration Mapping Ltd., an independent Company which manages Colossus' database.
The Genalysis and Intertek assay results for blanks, duplicates, replicates and also all reference materials were well within generally accepted QA/QC measures. The Intertek and Genalysis gold, platinum and palladium assays of Serra Pelada materials are in good agreement, and the Genalysis results are utilized in this compilation.
Dr. Vic Wall, the Vice President, Exploration of Colossus, is a qualified person under National Instrument 43-101 and is responsible for this release and has verified the contents disclosed.
Source: Colossus Minerals Inc.