SPUD-016 was designed to undercut SPUD-015 at a distance of 10 metres below the mid-point of the mineralization encountered by SPUD-015. The hole was abandoned mid-distance due to technical difficulties.
SPUD-017 was the first hole from a new drill bay located on section 50NE but roughly 60 metres closer to the mineralization and 45 metres lower in elevation than the previous drill bay. SPUD-017 was designed as a geotechnical drill hole to test the ground ahead of future development.
SPUD-018 was the first delineation drill hole in the new drill bay as well as being the first hole in this section. It was designed to test for mineralization along section 50NE and to intersect the upper portion of the CMZ. Highlights from the hole include 0.80 metres grading 23.07 g/t gold and 3.60 metres grading 24.37 g/t gold, 0.28 g/t platinum and 0.88 g/t palladium. The mineralization began roughly 20 metres sooner than what the model predicted and represents a portion of the upper limb mineralized zone as it transitions into the upper part of the CMZ. The drilling continues along this section to delineate the CMZ at 10 metre intervals.
Serra Pelada Geology
Gold-platinum-palladium mineralization at Serra Pelada overprints metasediments occupying the hinge of a large fold. The CMZ comprises a mainly steeply dipping carbonaceous alteration zone in the fold hinge that also extends onto the upper and lower limbs of the fold for a limited distance. The Lower Limb Zone represents shallowly-dipping, gold-platinum-palladium mineralization predominantly associated with an iron oxide rich breccia as well as iron oxide rich argillic alteration and locally carbonaceous alteration on the lower limb of the main fold. The upper limb mineralization is characterized by an iron oxide rich breccia similar to that found in the lower limb.
Diamond drilling was HQ cored. Sampling of core by Colossus personnel and sample preparation by Intertek Limited, Parauapebas and SGS Geosol, Parauapebas, Brazil were carried out under strict protocols recommended in the National Instrument 43-101 Technical Report dated January 31, 2010 on the Serra Pelada Project. After photographing and logging, core sample intervals were cut and/or split in half, yielding samples of various weights depending on the sample length. Where core recoveries were low, intervals were composited to yield approximately one kilogram minimum sample mass. Intertek and SGS Geosol pulverize one or two kilogram splits (greater than 95% passing 106 microns) from the crushed (greater than 95% passing 1.7 mm), dried samples. Duplicates, blanks and certified gold-PGE reference materials were inserted in the sample train by Colossus personnel prior to Intertek preparation work.
The labs insert additional blanks, duplicates and high grade gold/PGE reference materials in the assay stream and replicate or duplicate 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 AA finish.
The Intertek and SGS Geosol assay results for blanks, duplicates, replicates and also all reference materials were well within generally accepted QA/QC measures. A 200 gram aliquot of medium and high grade pulps were rotary split from each pulp by Intertek and SGS Geosol and one of these samples was securely shipped directly by Intertek to SGS Geosol Lab in Parauapebas, Brazil for check assaying. A similar procedure is used for samples assayed at the SGS Geosol lab with the samples being securely transported to the Intertek lab in Parauapebas, Brazil for check assaying.
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