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TORONTO, ONTARIO --(Marketwire -April 25, 2012 ) -Colossus Minerals Inc. (the "Company" or "Colossus") (TSX:CSI)(OTCQX:COLUF) is pleased to announce assay results from the 15,000 metre surface drilling program at its 75% ownedSerra Pelada Gold-Platinum-Palladium Project .The Serra Pelada Project is a Colossus-COOMIGASP joint venture located in the State of Para,Brazil . HIGHLIGHTS GT ZONE -- SPD-142 intersected 9.8 metres at 109.89 g/t gold, 0.75 g/t platinum and 15.51 g/t palladium including 0.80 metres at 1,336.13 g/t gold, 8.46 g/t platinum and 188.14 g/t palladium. The hole was an up-plunge step out and is located only 120 metres west from the historic Serra Pelada pit indicating the potential for additional high-grade mineralization along the GT Zone parallel to the pit. -- SPD-149 intersected 11.54g/t Au, 2.04 g/t Pt and 2.61 g/t Pd over 3.8 metres. This hole filled an 80 metre gap in the GT Zone. -- SPD-150 intersected the GT Zone and returned 14.46g/t Au, 1.48 g/t Pt and 2.03 g/t Pd over 3.3 metres confirming the high-grade nature of this part of the zone. -- The new intersections in the GT Zone increase the overall width of the zone by 10-35 metres down dip towards the lower limb portion of the Central Mineralized Zone ("CMZ"). The GT Zone now extends for 550 metres of strike length and remains open up-plunge to the northeast and down- plunge to the southwest. Step-out diamond drilling will continue for the balance of the 2012 drill program in order to delineate the full extent of this important zone.
UPPER LIMB
-- SPD-146 intersected a high-grade interval on the upper limb containing 20.9 g/t gold over a 2.0 metre interval demonstrating the potential of this part of the extensive fold structure.DETAILS
This release documents results (Table 1, below) from drilling of the GT Zone and that portion of the lower limb between the GT Zone and the CMZ, the significance of which are also discussed. Figure 1 shows the positions of the new drill holes and plan views of the mineralized zones being explored on the Serra Pelada property.
TABLE 1: SIGNIFICANT DRILLING RESULTS
---------------------------------------------------------------------------- Mineralized Drill-hole From To Interval Gold Platinum Palladium Zone ID (m) (m) (i)(m) (g/t) (g/t) (g/t) ---------------------------------------------------------------------------- GT SPD-142 167.40 177.18 9.78 109.89 0.75 15.51 ---------------------------------------------------------------------------- including 167.40 168.20 0.80 1,336.13 8.46 188.14 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- GT SPD-144 329.95 333.96 4.01 3.09 0.43 0.27 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- GT SPD-145 186.20 188.90 2.70 5.01 3.54 6.83 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Upper Limb SPD-146 177.0 179.0 2.00 20.93 0.02 0.03 ---------------------------------------------------------------------------- including 177.0 178.0 1.00 40.35 0.02 0.06 ---------------------------------------------------------------------------- GT and 314.40 315.60 1.20 2.79 1.82 1.03 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- GT SPD-149 158.10 161.90 3.80 11.54 2.04 2.61 ---------------------------------------------------------------------------- including 159.70 160.70 1.00 18.48 1.03 1.97 ---------------------------------------------------------------------------- and 160.70 161.90 1.20 20.34 4.34 4.83 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- GT SPD-150 278.00 281.30 3.30 14.46 1.48 2.03 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- GT SPD-152 274.50 290.30 15.80 1.32 0.19 0.25 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Upper Limb SPD-155 69.80 71.80 2.00 5.57 0.32 0.56 ---------------------------------------------------------------------------- GT and 244.30 254.15 9.85 3.38 0.10 0.11 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- (i)True thickness not known, but intersections in upper and lower limb mineralization represent approximate true vertical thicknesses. Intercepts determined on a 1 g/t (gold+ platinum+ palladium) cut-off gradeGT Zone and Lower Limb Mineralization
Drilling continues to focus on the lower limb mineralization, in particular the GT Zone and the gap between this zone and the CMZ. The potential for the GT Zone to become a meaningful part of the overall mineralization at Serra Pelada is becoming more apparent especially with the intersections of high-grade gold in hole SPD-142 and the upper limb portion of hole SPD-146 (see Figure 1 below). The GT Zone now extends for 550 metres of strike length and remains open up-plunge to the northeast and down-plunge to the southwest. Step-out diamond drilling will continue for the balance of the 2012 drill program in order to delineate the full extent of this important zone.
The current drilling is focusing on expanding the GT Zone further as results from holes SPD-142, SPD-152 and SPD-155 indicate that the lower limb is well mineralized and locally contains thicknesses not typically encountered thus far. Holes SPD-144, SPD-146, SPD-152 and SPD-155 are some of the first holes specifically targeted to test outside of the defined GT Zone trend to try and connect the GT mineralization to the lower portion of the CMZ. These holes were successful in intersecting lower limb mineralization confirming the extension of the GT Zone towards the CMZ by 10-35 metres.
SPD-142 was drilled on section 375NE and designed to test the potential for additional high-grade mineralization along the GT Zone trend. The hole was an up-plunge step out and is located only 120 metres west of the historic Serra Pelada. The hole returned 109.89 g/t gold, 0.75 g/t platinum and 15.51 g/t palladium over 9.78 metres including a high-grade intercept of 1,336.13 g/t gold, 8.46 g/t platinum and 188.14 g/t palladium over 0.80 metres. This hole proves that high grade potential exists within the vast lower limb system and that GT Zone may simply be a higher grade portion within this larger mineralized zone. The current plan is to conduct tightly spaced holes around the intercept at 25 metre intervals in order to reveal the extent of the high-grade mineralization in this area before heading up-dip along the lower limb.
SPD-149 was drilled on section 325NE and designed to fill an 80 metre gap in the northeastern portion of the GT zone. The hole was collared on the interpreted northwestern limit of the GT Zone boundary. The hole returned 11.54 g/t gold, 2.04 g/t platinum and 2.61 g/t palladium over 3.80 metres including two subintervals containing 18.48 g/t gold over a 1.00 metre core length and 20.34 g/t gold over a 1.20 metre core length. There are very few holes that have been drilled to the northwest of SPD-149, making the up-dip potential of the zone very promising. Continued drilling of these large gaps and up-dip along the zone has the potential to add to the overall mineralization.
SPD-150 was drilled on section 25NE in order to confirm the presence of high-grade gold mineralization down-dip of previous holes SPD-056B and SPD-057 (see press release dated
Drill holes SPD-144 (50SW), SPD-145 (200NE), SPD-152 (25NE) and SPD-155 (midway between 125 and 150 NE) were drilled to specifically test for the occurrence of GT Zone type mineralization outside of the currently defined strike trend and these holes all intersected mineralization of varying grades and thicknesses (see Table 1 above). The mineralization encountered ranged in thickness from a few metres to over 15 metres demonstrating the precious metal potential of the large lower limb.
Upper Limb Mineralization
SPD-146 was drilled on section 50SW and designed as a 25 metre step out hole southeast of hole SPD-144. The hole returned 20.93 g/t gold, 0.02 g/t platinum and 0.03 g/t palladium over 2.0 metres in the upper limb contact area and 2.79 g/t gold, 1.82 g/t platinum and 1.03 g/t palladium over 1.2 metres further extending the mineralization southeastward of the current GT Zone trend and indicating that precious metals exist in the gap between the two zones. The high-grade upper limb gold intersection demonstrates the potential of this part of the extensive fold structure to add to the overall mineralization at Serra Pelada. Hole SPD-155 also encountered high-grade gold values in the upper limb portion of the fold structure. While the upper limb has not yet been specifically targeted, the results to date indicate that it may have a key role in expanding the overall mineralization at Serra Pelada.
Serra Pelada Geology
Gold-platinum-palladium mineralization at Serra Pelada overprints metasediments occupying the hinge of a large fold. The CMZ comprises mainly steeply dipping bodies in the fold hinge zone but extends onto the upper and lower limbs of the fold. The GT Zone represents shallowly-dipping gold-platinum-palladium mineralization and occurs as siliceous, argillic and carbonaceous alteration and iron oxide-rich breccia on the lower fold limb.
Technical Information
Diamond drilling was HQ cored. Sampling of core (by Colossus personnel) and sample preparation (by
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
About Colossus:
Colossus is a development-stage mining company focused on bringing its Serra Pelada project into production. Serra Pelada, located in the mineral prolific Carajas region in the State of Para,
http://video.au.msn.com/watch/video/the-treasure-of-serra-pelada/xx3k2px
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Forward-looking statements in this press release include statements regarding the timing and nature of future exploration and development programs that are dependent on projections that may change as drilling continues, or if unexpected ground conditions are encountered. The Company does not currently have any mineral properties that are in production or that contain a reserve as defined by National Instrument 43-101. In addition, areas of exploration potential are identified which will require additional drilling to determine whether or not they contain similar mineralization to areas that have been explored in more detail. Significant additional drilling is required at Serra Pelada to fully understand system size.
Except for statements of historical fact relating to Colossus, certain statements in this press release relating but not limited to the Company's exploration and development plans, activities and intentions, constitute "forward-looking information" within the meaning of the Securities Act (
To view Figure 1: Plan View of Serra Pelada Mineralized Zones, please visit the following link: http://media3.marketwire.com/docs/csi0425fig1.pdf.
FOR FURTHER INFORMATION PLEASE CONTACT:Colossus Minerals Inc. Ann Wilkinson VP, Investor Relations (416) 643-7655 awilkinson@colossusminerals.com www.colossusminerals.com Source:Colossus Minerals Inc.