Gold Price: US $1,386.2/ounce
Magellan Drills 84m @ 1.24g/t Gold and Extends Mineralized Zone by 600m at Moreira Gomes, Cuiu Cuiu Project, Brazil
August 18, 2010
Vancouver, BC, August 18, 2010 -- Magellan Minerals Ltd. (TSX-V: MNM) ("Magellan") announces results for five diamond drill holes recently completed at the Moreira Gomes zone, 5km SE of the Central zone at the Cuiu Cuiu project in Brazil.
Commenting on the results, Alan Carter, President and CEO of Magellan said "these latest drill results from Moreira Gomes are all from significant step-out holes as we continue to define the eastern extent of the mineralizing system. In the last month, we have drilled some wider intercepts suggesting that the mineralized zone widens significantly in some areas. We have also doubled the strike extent of this zone and still not yet defined its eastern limit".
Drilling at Cuiu Cuiu is currently in progress at the Central zone where recent drilling (see press releases dated June 8th 2010, July 8th 2010) has extended the mineralized zone by 390m along strike. Results are also pending on 6 holes (72, 75, 78, 80, 82 and 85) recently completed at the Pau de Merenda zone 3km NW of Central. Drilling is also currently in progress at the previously untested Babi zone located approximately 600m NE of Central.
In addition to the current drilling at Cuiu Cuiu, a detailed, 8128 line kilometer airborne magnetic and radiometric survey is being conducted to better define targets for further drilling beyond the currently planned program. The detailed geophysical survey is expected to be completed by September.
Holes were drilled at angles of between 50 to 60 degrees. All core samples (NTW and BTW 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 directly to ACME preparation laboratory in Itaituba for sample preparation. Core samples were crushed down to 2 mm and a 1 kg split taken and pulverized to better than 85% minus 200 mesh. From Itaituba, ACME sent the pulp samples to Santiago, Chile for assaying. Gold analysis was by fire assay of a 50 g sample and atomic absorption finish. ACME is an ISO 9001 registered laboratory and has a quality control program in place which includes standards, blanks, repeats, and duplicates.
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, and to identify problems caused by poor sampling, preparation, assaying errors and possible sample contamination.
Ian Gendall (Pr. Sci. Nat.), Magellan's Chief Operating Officer and a "qualified person" within the definition of that term in NI 43-101, has prepared and reviewed the technical information contained in this news release.
For further information, please contact:
President and CEO
Tel: 604 676 5660
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. 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.
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