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VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/05/13 -- 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 structuresare not known, and intersection widths are not necessarily true width.
