Gold Price: US $1,371.0/ounce
Magellan expands mineralized zones at Serra and Meio and confirms new zone at Come Quieto, Coringa Project, Brazil
January 12, 2012
Vancouver, BC, January 12, 2012 - Magellan Minerals Ltd. (TSX-V: MNM) (“Magellan”) is pleased to report results from eight additional drill holes from the Serra, Meio and Come Quieto zones at the Coringa project, Brazil. As with previous holes reported from the 2011 diamond drill program, these are all step-out and exploration holes aimed at expanding the existing resources of 269,450oz of gold in the measured and indicated categories (982,291t @ 8.53 g/t), and 98,224oz of gold in the inferred category (327,054t @ 9.34 g/t).
Results are reported here on two additional holes drilled along strike and down dip on the existing structure. Hole 148 was drilled on the northern strike extent of the Serra zone approximately 100m north of hole 135 (0.5m @ 12.1 g/t gold) and intersected 1.5m @ 11.73 g/t gold from 141.5 to 143.0m depth (see map and longitudinal section on website). Hole 145 is the most northerly hole completed at Serra to date and further expands the mineralized zone along strike and demonstrates that the mineralized zone is still open to the north.
Hole 153 was drilled 50m south of hole 129 on the southern extremity of Serra and cut 1.5m @ 0.56 g/t gold including 0.5m @ 1.89 g/t gold.
The mineralized zone at Serra zone has an existing resource of 161,731oz of Measured and Indicated resources (Measured; 210,405t @ 8.59 g/t gold and Indicated; 336,004t @ 9.59 g/t gold) and 94,294oz of Inferred resources (280,794t @ 10.44 g/t gold). This initial resource which was released in September 2009 was based on a mineralized structure which extended 900m along strike and to a depth of 80m. These results and those previously released from Serra during 2011 (see press releases dated 13th September 2011, 17th October 2011 and 24th November 2011) suggest that the mineralized zone currently extends at least 1000m along strike and to a depth of 180m below surface. Results are currently pending on two additional holes at Serra.
Analytical results from the Serra, Meio and Come Quieto zones discussed in the text are tabulated below.
* All holes were drilled at between -50° and -65°. Dips of the intersected structure at Come Quieto are not known, and intersection widths are not necessarily true widths
Results were returned from three holes at the Meio zone including hole 155 which was drilled on the northern end of the mineralized zone and intersected 5m @ 3.50 g/t gold from 91.0 to 96.0m depth including 2m @ 7.07 g/t gold from 91.0 to 93.0m depth. Previous shallow holes drilled in this section of the Meio zone failed to return any significant results of interest suggesting that gold grades are improving with depth.
Holes 149 and 152 were drilled in the southern part of Meio. Hole 152 cut 0.5m @ 3.78 g/t gold from 75.0 to 75.5m depth (see map on website). Results are pending on two additional holes from Meio.
The Meio zone has an existing resource of 70,100oz of Measured and Indicated resources (Measured; 173,710t @ 9.01 g/t gold and Indicated; 92,917t @ 6.61g/t gold) and 3,594oz of Inferred resources (41,715t @ 2.68 g/t gold).
Come Quieto and Domingo
Results were returned on one additional hole from the Come Quieto zone south of Meio. Hole 151 was drilled 150m north of hole 126 (8m @ 2.06 g/t gold) and returned 2m @ 6.07 g/t gold confirming the presence of a new ore zone at Come Quieto which now extends over approximately 300m and remains open to the north (see map on website).The Come Quieto zone was not included in the September 2009 resource calculation.
Results were returned on two additional holes (146 and 147) drilled on the Domingo structure. Hole 146 returned 1.5m @ 0.45 g/t gold whilst hole 147 cut no values of interest. No further drilling is planned at Domingo in the near term although the bulk of the +4km gold-in-soil anomaly remains untested.
All core samples (HQ diameter) were cut with a diamond saw. One-half of the core was placed in numbered and sealed bags and sent via a secure transport agency to the Company’s office in Novo Progresso, and subsequently 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 includes the insertion of standards, field duplicates and blank material into the sample sequence with the normal core samples to monitor sampling variances, laboratory precision and accuracy.
This press release was reviewed by Dennis Moore, B.Sc., M.Eng., a member of AIG, AUSIMM, and the SEG, a qualified person in compliance with National Instrument 43-101.
Magellan Minerals Ltd. (TSX-V: MNM) is a TSX Venture Exchange listed exploration company with a number of gold exploration properties in the Tapajós region of northern Brazil and is focused on the Cuiu Cuiu and Coringa projects.
For further information, please contact:
Jennifer Duthie, Corporate Communications Manager
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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