VANCOUVCER, BRITISH COLUMBIA--(Marketwire - Nov. 14, 2012) - Magellan Minerals Ltd. (TSX VENTURE:MNM)(MAGNF) ("Magellan") is pleased to announce the commencement of an exploration diamond drilling program at its Cuiu Cuiu project in northern Brazil.
Three separate and previously untested targets will be drill tested as part of this program. The primary objectives of this drill program are specifically as follows:
- to test the down dip continuity of high grade gold mineralization at the previously untested Ivo target located 800m north of the Moreira Gomes gold deposit. Recent surface sampling at Ivo returned 2m @ 104 g/t gold and 5m @ 54.8g/t gold (see press releases dated 11th October 2012 and 23rd October 2012)
- to test the previously untested Ratinho North 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
- to test the previously untested Ratinho South gold-in-soil anomaly which is located approximately 8.5km NW of the Central gold deposit. Ratinho South extends in a NW-SE direction over approximately 2.5km
Cuiu Cuiu is located 180km SW of the town of Itaituba in northern Brazil and previously produced an estimated 1.5 - 2.0Moz of alluvial gold. On 8th March 2011, Magellan announced an initial resource for the Central and Moreira Gomes deposits at Cuiu Cuiu of 3.4Mt @ 1.0g/t gold (100,000oz) in the Indicated category and (31Mt @ 1.2g/t gold (1,200,000oz) in the Inferred category.
Recent trado soil sampling of the overburden at Ivo down to a maximum of 10m depth and east of the surface workings, has revealed abundant quartz and highly altered granitic chips suggesting that the Ivo zone extends an additional 200m to the east bringing the known strike length on the zone to 450m. The zone remains open to the east and west.
The current drill program comprises a minimum of 1,500m and is expected to be completed prior to the end of January 2013. Results are expected early in the New Year.
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)(MAGNF) is a TSX Venture Exchange listed exploration and development company with two advanced gold properties in the Tapajos Province of northern Brazil. 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). The Coringa project 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).
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. 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.
News Release #2012-19