Two reconnaissance holes, 175 and 176 were drilled at the Ratinho North target over a 150m E-W strike length (see map on website). Ratinho North has never been previously drill tested and is a gold-in-soil anomaly which is located approximately 9km NNW of the Central gold deposit.
Ratinho North extends in a NW-SE direction over approximately 4km and is coincident with a major structure and a pronounced magnetic low. Numerous low grade mineralized intervals were intersected in both drill holes including 10m @ 0.30 g/t gold, 1m @ 1.59 g/t gold, 1m @ 0.7 g/t gold, 1.6m @ 0.8 g/t gold, 6.5m @ 0.50 g/t gold, 2m @ 0.70g/t gold and 1m @ 1.0 g/t gold as well as a number of other lower grade intervals all within the top 70m of hole 176.
The two holes drilled thus far at Ratinho North have tested a very small portion of the 4km long gold-in soil and coincident magnetic anomaly. The presence of numerous mineralized intervals in both holes strongly suggests the presence of a significant mineralized body at Ratinho North and further drilling is required to fully test this area particularly to the north-west of the current drilling
Two additional holes, 173 and 174 were drilled at the Ratinho South target which has similarly never been previously drill tested. The gold-in-soil anomaly at Ratinho South is located approximately 8.5km NW of the Central gold deposit and extends in a NW-SE direction over approximately 2.5km.
The two holes reported here were drilled 100m apart and cut only narrow mineralized intervals. The source of the gold-in-soil anomaly at Ratinho South remains unexplained.
The discovery of significant mineralization at the Ivo and Ratinho North targets at Cuiu Cuiu demonstrates the potential for the discovery of additional mineralized bodies within the Cuiu Cuiu project areas and highlights the need for further drilling in order to expand the existing resources.
Holes were drilled at 50 degrees from horizontal. All core samples (HQ diameter) were cut with a diamond saw and one-half of the core placed in bags, numbered and sealed then sent via a secure transport agency to the Company's office in Itaituba before shipping via secure transport to ACME preparation laboratory in Itaituba for sample preparation. Core samples were crushed down to 2 mm and a 1 kg split was pulverized to better than 85% minus 200 mesh. From Itaituba, ACME sent the pulp samples to Santiago, Chile for assaying. Gold analyses were conducted on 30g representative sample cuts using fire assay with an atomic absorption finish. Other sample cuts were subjected to a 4 acid digestion and analysed for silver and an additional 35 elements using inductively coupled plasma mass spectrometry (ICP-MS). ACME is an ISO 9001 registered laboratory and has a quality control program in place which includes the insertion of standard, blank, and duplicate samples, as well as conducting repeat analyses.
Magellan's QA/QC program also includes the insertion of standards, field duplicates and blank material in the sample sequence with the normal core samples to monitor sampling variances, laboratory precision and accuracy.
This press release was reviewed by Guillermo Hughes, B.Sc., a member of the AIG and the AUSIMM, a qualified person in compliance with National Instrument 43-101.
Magellan Minerals (TSX VENTURE: MNM)(OTCQX: MAGNF) is a TSX Venture Exchange listed exploration and development company with two advanced gold properties in the Tapajos Province of northern Brazil. The Coringa project is currently the subject of a Feasibility Study and contains Measured and Indicated resources of 561,000oz of gold (3.2Mt @ 5.5g/t gold) and Inferred resources of 534,000oz of gold (5.5Mt @ 3.0g/t gold). The Cuiu Cuiu project contains 100,000oz of gold in the Indicated category (3.4Mt @ 1.0g/t gold) and 1,200,000oz of gold in the Inferred category (31Mt @ 1.2g/t gold).
This news release contains forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Particular risks applicable to this press release include risks associated with achieving production on the project within the parameters identified in the economic assessment, the ability of the project to generate significant cash flow to the company and earnings to the shareholders of the company. These statements are subject to risks due to regulatory, technical, economic and other factors. In addition there is no guarantee that additional exploration work will result in significant increases to resource estimates. The reader is referred to the Company's most recent annual and interim Management's Discussion and Analysis for a more complete discussion of such risk factors and their potential effects, copies of which may be accessed through SEDAR at http://www.sedar.com.
News release #2013-3
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Magellan Minerals Ltd.
President and CEO
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