07/01/13-10/31/13 | $1,325.31 |
01/01/13-06/14/13 | $1,543.17 |
07/01/12-12/14/12 | $1,687.83 |
01/01/12-06/30/12 | $1,656.81 |
11/08/11-12/14/11 | $1,721.19 |
HIGHLIGHTS
DETAILS
September saw the return of three diamond drill rigs infill drilling on the CMZ after a slowdown in exploration drilling in July and August when the surface drill rigs were deployed to the process plant construction area to conduct geotechnical drilling ahead of the commencement of earthworks and civil construction.
A second underground drill bay, which is approximately 200 metres closer to the CMZ, was commissioned in September. Delineation drilling of the CMZ on 10 metre centers has commenced from this location. The closer drill bay is expected to result in more efficient delineation drilling from underground.
In this release, and for all future public disclosure, Colossus will use "SPUD" to identify underground delineation drill holes while "SPD" will continue to identify surface drill holes.
Results from the current surface and underground drilling programs at Serra Pelada can be found in Table 1 below and the drill hole collar locations as well as drill hole traces can be seen in Figure 1 below.
TABLE 1: SIGNIFICANT DRILLING RESULTS
Mineralized Zone | Drill-hole ID | From (m) | To (m) |
Interval* (m) | Gold (g/t) | Platinum (g/t) | Palladium (g/t) | |||||||
Lower Limb | SPD-168 | 158.30 | 160.0 | 1.70 | 4.61 | 0.16 | 0.39 | |||||||
Lower Limb | SPD-172 | 159.90 | 161.00 | 1.10 | 15.56 | 0.53 | 1.85 | |||||||
Lower Limb | SPD-175 | 169.30 | 170.50 | 1.20 | 273.47 | 18.82 | 62.67 | |||||||
Lower Limb | SPD-178 | 177.70 | 179.20 | 1.50 | 16.60 | 9.91 | 33.27 | |||||||
CMZ | SPD-181 | 134.75 | 138.30 | 3.55 | 18.81 | 24.46 | 31.38 | |||||||
including | 135.35 | 136.35 | 1.00 | 35.09 | 6.58 | 6.91 | ||||||||
And | 137.35 | 138.30 | 0.95 | 12.88 | 68.28 | 87.29 | ||||||||
177.65 | 179.35 | 1.70 | 14.74 | 5.62 | 9.64 | |||||||||
CMZ | SPUD-011** | 172.00 | 205.90 | 33.90 | 3.67 | 1.13 | 2.93 | |||||||
including | 199.95 | 205.90 | 5.95 | 9.62 | 3.41 | 8.46 | ||||||||
including | 205.15 | 205.90 | 0.75 | 31.02 | 12.12 | 23.32 | ||||||||
CMZ | SPUD-012*** | 178.65 | 181.90 | 3.25 | 4.29 | 3.17 | 3.45 | |||||||
including | 179.40 | 180.15 | 0.75 | 9.40 | 6.30 | 6.75 | ||||||||
*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 grade for the purpose of this release. |
**There was no core recovered from intervals 185.10-187.10 (2.0m) and 203.89-204.15 (0.26m) and therefore these intervals were assigned a zero value in the grade calculations. |
***Hole was abandoned prior to completion due to a technical problem. |
CMZ
SPD-181 was drilled along section 115NE and is the first in a series of holes to conduct infill drilling of the CMZ between the current 25 metre grid line spacing. The hole was successful in demonstrating that the upper portion of the CMZ (where it begins to bend into the upper limb zone) contains high grade mineralization with the intersection of 3.55 metres grading 18.81 g/t gold, 24.46 g/t platinum and 31.38 g/tpalladium. This higher grade intercept was not expected based on the drill holes on either side of this infill hole. This intercept indicates that there may be structures that contain high grade mineralization that can only be identified through an increased number of drill holes. The second interval of interest in this hole intersected 1.70 metres grading 14.74 g/t gold, 5.62 g/t platinum and 9.64 g/t palladium and is located almost 40 metres further down the hole than the first intercept. This intercept represents the inner most edge of the CMZ and is estimated to be 30 metres from the interpreted nose of the fold that typically contains the majority of the high grade CMZ mineralization.
Further infill drill holes will be conducted from surface along selected lines in order to provide increased drill hole density for the area of the CMZ that will be mined in the initial start-up and first few years of production at Serra Pelada. As underground development progresses towards the bulk sample location, additional underground drill bays will be established to conduct tightly spaced delineation drilling of the CMZ. In anticipation of these new drill bays, the surface infill drilling will aid to increase the drill hole density required to prepare an accurate resource estimate.
Underground Delineation Drilling
SPUD-011 was drilled from the underground drill bay located approximately on section 50NE and approximately 125 metres below surface (see Figure 2). The first hole along this section tested the uppermost portion of the CMZ and is part of a series of holes that will test the zone horizontally and sub-horizontally, on 10 metre centers, in order to increase the drill hole density in this area. The hole intersected a wider zone of mineralization than was anticipated. The zone was expected to be approximately 23 metres wide at this point based on the interpretation from the surface drill holes. SPUD-011 intersected 33.9 metres (an almost true width) grading 3.67 g/t gold, 1.13 g/t platinum and 2.93 g/t palladium including a higher grade interval at the end of the hole of 5.95 metres grading 9.62 g/t gold, 3.41 g/t platinum and 8.46 g/t palladium. The higher grade mineralization at the end of the drill hole was not anticipated based on the surface drill holes on this section. This underground drill hole shows the potential to uncover additional precious metal mineralization at Serra Pelada. Underground drilling continues along this section. It is interesting to note that there were two intervals in the overall mineralized zone that had a combined length of 2.26 metres that had no core recovery and were therefore assigned zero grade values for the overall average.
SPUD-012 was designed to intercept the CMZ at a depth 10 metres below the center point of the CMZ encountered in SPUD-011. At 181.9 metres, while in the start of the CMZ, a drill rod broke down the hole and attempts to retrieve it were not successful, forcing the Company to abandon the hole. A new hole to replace this one will be drilled at the end of the planned sequence of holes for this section. The portion of the mineralized deposit that was encountered intersected 3.25 metres grading 4.29 g/t gold, 3.17 g/t platinum and 3.45 g/t palladium. These results indicate that the mineralized zone started five metres sooner than what was interpreted from the surface drill holes and therefore increases its presumed thickness and suggests that internal interpretations of the results of surface drilling has underestimated the true thickness of the CMZ.
SPUD-013 is underway and is designed to test the mineralized area 10 metres below the trace of hole SPUD-012.
Lower Limb Zone
SPD-168 was drilled on section 350NE and designed to test for Lower Limb mineralization approximately 80 metres northwest of the current edge of the historic Serra Pelada open pit. The hole returned 1.7 metres grading 4.61 g/t gold, 0.16 g/t platinum and 0.39 g/t palladium demonstrating the continuity of the mineralization away from the mined out pit. Future development from the underground mine at Serra Pelada will allow access to this potential mineralization.
SPD-172 was drilled on section 350NE and designed to test the Lower Limb 50 metres NW of SPD-168. SPD-172 intersected 1.1 metres grading 15.56 g/t gold, 0.53 g/t platinum and 1.85 g/t palladium in an iron oxide breccia demonstrating the high grade potential of the Lower Limb in this area. SPD-172 is approximately 170 metres northwest of the portion of the high grade CMZ that was mined out of the historic open pit. The Lower Limb is open to the northwest which is in the up-dip direction on the lower limb of the Serra Pelada fold structure and demonstrates that there is still potential ore grade mineralization in the bedrock close to the historic Serra Pelada open pit that was mined out by garimpeiros.
SPD-175 was drilled on section 400NE and designed to test the Lower Limb 25 metres southeast of SPC-011 (3.0 metres grading 2.89 g/t gold, 0.15 g/t platinum and 0.51 g/t palladium released on
SPD-178 was drilled on section 325NE and designed as a 25 metre step-out, up-dip of SPD-149 (3.8 grading 11.54 g/t gold, 2.04 g/t platinum and 2.61 g/t palladium released on
Serra Pelada Geology
Gold-platinum-palladium mineralization at Serra Pelada overprints metasediments occupying the hinge of a large fold. The CMZ comprises mainly a steep dipping carbonaceous alteration zone in the fold hinge that also extends onto the upper and lower limbs of the fold for a limited distance. The Lower Limb represents shallow-dipping, gold-platinum-palladium mineralization predominantly associated with an iron oxide rich breccia as well as iron oxide rich argillic alteration and locally carbonaceous alteration on the lower limb of the main fold. The upper limb mineralization is characterized by an iron oxide rich breccia similar to that found in the Lower 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 Pará,
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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, please visit the following link:http://media3.marketwire.com/docs/CSI1610_Figure_1.pdf.
To view Figure 2, please visit the following link:http://media3.marketwire.com/docs/CSI1610_Figure_2.pdf.
Contact:Ann Wilkinson Company Name:Colossus Minerals Inc. Contact Title: VP, Investor Relations Phone: (416) 643-7655 Other1: awilkinson@colossusminerals.com Other2: www.colossusminerals.com