Gold Price: US $1,369.0/ounce
Drilling at Serra Intersects 4m @ 7.16g/t Gold Coringa Project, Brazil
October 17, 2011
Vancouver, BC, October 17th, 2011 - Magellan Minerals Ltd. (TSX-V: MNM) ("Magellan") is pleased to report results from nine additional drill holes from the Serra, Come Quieto, Valdette, and Meio zones at the Coringa project, Brazil. These holes 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 down dip on the existing structure. Hole 132 was drilled 100m south of hole 121 and 100m down dip of previous drilling and intersected 0.5m @ 4.4g/t gold from 117.0 to 117.5m depth and 4m @ 7.16g/t gold from 136.4 to 140.4m depth including 2m @ 5.99g/t gold and 1m @ 16.34g/t gold (see map and longitudinal section on website). Hole 121 previously intersected 1m @ 118.27 g/t gold (see September 13th, 2011 news release)
Hole 135 was drilled on the northern limit of the Serra zone and returned 1.1m @ 2.78 g/t and 0.5m @ 12.1g/t gold). Hole 135 was drilled 70m north and 40m down dip of hole 121 and expands the strike length of the Serra zone to the north by a minimum of 70m.
The Serra zone has an existing resource of 161,731oz of Measured and Indicated resources (Measured; 210,405t @ 8.59g/t gold and Indicated; 336,004t @ 9.59g/t gold) and 94,294oz of Inferred resources (280,794t @ 10.44 g/t gold). These results continue to expand the mineralized zone at depth and along strike. Results are currently pending on an additional four deep holes at Serra.
Analytical results from the Come Quieto, Serra and Valdette zones discussed in the text are tabulated below.
* All holes were drilled at between -50° and -65°. Dips of the intersected structures at Come Quieto and Valdette are not known, and intersection widths are not necessarily true widths
Results were returned from two holes (122 and 126) at the Come Quieto target which is located approximately 1.7km SE of the Meio zone and is not part of the existing resource at Coringa. Hole 122 was drilled approximately 100m NW of hole 120 and intersected 1m @ 4.90 g/t gold from 51.0 to 52.0m depth and 3m @ 5.10 g/t gold from 133.0 to 136.0m depth (see map on website).
Hole 126 was drilled 100m NW of hole 122 and intersected 8m @ 2.06 g/t gold from 127.0 to 135.0m depth including 4m @ 3.55 g/t gold from 129.0 to 133.0m and 0.5m @ 10.10 g/t gold from 185.0 to 185.5m depth.
The zone to the north of hole 126 remains open for a strike length of at least 600m raising the possibility of a new mineralized zone along the main structure at Coringa. This part of the structure has a number of old workings but never been previously drill tested and will require further drilling.
Results were returned on three additional holes drilled on the Valdette structure. Hole 128 intersected 7m @ 0.87 g/t gold (see map on website) and was drilled 140 m south of hole 110 which intersected 1m @ 2.38 g/t, 2m @ 1.43 g/t and 1m @ 2.80 g/t gold (see July 12th, 2011 news release). Hole 128 marks the southern-most hole drilled at Valdette and extends the mineralized zone a further 140m to the south.
Hole 131 was drilled on the northern limit of Valdette 170m north of hole 119 and intersected 5m @ 0.86g/t gold. Hole 133 was drilled between holes 119 and 131 and cut 1m @ 1.14 g/t, 1m @ 2.35 g/t and 0.5m @ 1.77g/t gold.
Drilling is currently in progress on the down dip extensions to the Meio and Serra structures which contain the bulk of the resource at Coringa and at the recently discovered Domingo structure.
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 Tapajos region of northern Brazil and is focused on the Cuiu Cuiu and Coringa projects where drilling is currently in progress.
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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