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All four diamond drill holes returned values of gold, platinum and palladium with hole EL-12-001 returning the highest grade gold values of 12.64 g/t and 6.34 g/t while hole EL-12-002 returned the best overall platinum and palladium results with 1.27 g/t and 2.04 g/t respectively including a 1.25 metre interval that returned 0.07 g/t gold, 3.67 g/t platinum and 5.89 g/t palladium. These results confirm that mineralization encountered in the soil and auger sampling programs conducted prior to the diamond drilling program continue into bedrock. The Elefante area has seen little drilling by Colossus and will be followed up in 2013.
A complete listing of results can be found in Table 1 below.
TABLE 1: ASSAY RESULTS---------------------------------------------------------------------------- From To Interval(i) Gold Platinum PalladiumArea Drill-hole ID (m) (m) (m) (g/t) (g/t) (g/t)----------------------------------------------------------------------------Elefante EL-12-001 8.10 12.70 4.60 0.08 0.29 1.03---------------------------------------------------------------------------- and 17.10 22.80 5.70 5.41 0.04 0.29---------------------------------------------------------------------------- Including(ii) 17.10 18.80 1.70 12.64 0.07 0.47---------------------------------------------------------------------------- including 18.80 19.80 1.00 6.34 0.02 0.32--------------------------------------------------------------------------------------------------------------------------------------------------------Elefante EL-12-002 28.95 34.05 5.10 0.45 1.27 2.04---------------------------------------------------------------------------- including 28.95 30.20 1.25 0.07 3.67 5.89--------------------------------------------------------------------------------------------------------------------------------------------------------Elefante EL-12-003 35.30 40.50 5.20 0.32 0.78 0.74--------------------------------------------------------------------------------------------------------------------------------------------------------Elefante EL-12-004 7.70 12.20 4.50 1.06 0.55 0.77--------------------------------------------------------------------------------------------------------------------------------------------------------(i)Core lengths reported here. Intercepts determined on a 1 g/t(gold+platinum+palladium) cut-off grade for the purpose of this release.(ii) Less than 50% core recovery.
While minor amounts of carbon have been identified in outcrops during the mapping of the Elefante area and some minor carbon identified during core logging, no significant carbon upgrading similar to that identified with the CMZ at the Serra Pelada Mine could be reported in the Elefante drill holes even though they returned values of gold, platinum and palladium. This indicates that the classic "Burro Preto" zone which is associated to the CMZ at the Serra Pelada Mine may not be the only readily identifiable marker for mineralization in this type of sediment. Once the geology and the occurrence of precious metal mineralization at the Elefante area are better understood, a new exploration target for mineralization on the Serra Pelada property may develop.
