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
Results from the surface and underground drilling programs at Serra Pelada can be found in Table 1 below and the drill hole collar locations as well as hole traces for holes mentioned in this news release can be seen in Figure 1 below.
To view Figure 1, please visit the following link:http://media3.marketwire.com/docs/csi228-F1.pdf.
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) |
CMZ | SPD-182 | 194.20 | 197.05 | 2.85 | 5.56 | 0.47 | 0.65 |
and | 219.25 | 222.65 | 3.40 | 13.28 | 0.02 | 0.06 | |
and | 286.50 | 287.70 | 1.20 | 9.98 | 3.14 | 3.89 | |
CMZ | SPD-184 | 146.20 | 158.80 | 12.60 | 3.74 | 11.98 | 20.22 |
Including** | 148.15 | 150.45 | 2.30 | 12.49 | 53.16 | 84.80 | |
and | 157.80 | 158.80 | 1.00 | 0.74 | 16.29 | 51.13 | |
and | 178.50 | 205.15 | 26.65 | 5.10 | 11.22 | 9.42 | |
Including | 183.90 | 184.70 | 0.80 | 100.80 | 112.71 | 46.36 | |
Including | 184.70 | 185.60 | 0.90 | 5.55 | 69.13 | 52.47 | |
Including | 202.25 | 203.35 | 1.10 | 4.29 | 19.05 | 20.19 | |
and | 231.40 | 238.70 | 7.30 | 3.67 | 1.17 | 1.44 | |
and | 245.40 | 247.40 | 2.00 | 5.41 | 0.86 | 1.65 | |
SPUD-013 | 179.50 | 180.70 | 1.20 | 17.06 | 0.64 | 1.07 | |
and | 198.85 | 199.45 | 0.60 | 4.50 | 0.15 | 0.28 | |
SPUD-014 | 169.60 | 172.30 | 2.70 | 5.54 | 3.59 | 5.95 | |
and | 174.60 | 179.65 | 5.05 | 1.21 | 0.29 | 0.33 | |
and | 186.05 | 189.90 | 3.85 | 6.63 | 1.46 | 2.16 | |
and | 192.70 | 197.20 | 4.50 | 3.15 | 0.66 | 0.71 | |
SPUD-015 | 170.60 | 179.50 | 8.90 | 4.12 | 0.62 | 1.06 | |
SPUD-018 | 59.85 | 60.65 | 0.80 | 23.07 | 0.02 | 0.01 | |
and | 62.90 | 66.50 | 3.60 | 24.37 | 0.28 | 0.88 | |
including | 64.60 | 65.70 | 1.10 | 66.17 | 0.88 | 2.71 | |
* True thickness not known and therefore core lengths are reported. Intercepts determined on a 1 g/t (gold+ platinum+ palladium) cut-off grade for the purpose of this release. | |||||||
** Poor core recovery for this interval. Therefore it will not be used in resource or reserve calculations, but is reported in the table because the core that was recovered provided the listed results for this interval. |
Central Mineralized Zone
The three surface holes presented below, were drilled at the end of the 2012 drilling campaign and were designed to block off the northwestern side of the CMZ in various sections. However, two of the three holes intersected high-grade mineralization and extended the CMZ to the northwest.
SPD-182 was drilled along section 25SW and extended the CMZ intersecting 3.40 metres grading 13.28 g/t gold, 0.02 g/t platinum and 0.06 g/tpalladium. This hole demonstrated that the CMZ is tucked in closer to the nose of the folded structure along this section and will be further drill tested from underground.
SPD-183 was drilled along section 88SW and was designed to block off the mineralized zone on the northwestern side. This hole contains no significant results thus accomplishing its goal. The nose of the folded structure containing the bulk of the mineralization at Serra Pelada lies roughly 45 metres southeast of the trace of this hole.
SPD-184 was drilled along section 88NE and intersected the undulating boundary of the CMZ and as a result contained intercepts over a 100 metre long core length that returned values such as 12.00 metres grading 3.92 g/t gold, 12.58 g/t platinum and 21.23 g/tpalladium, as well as 26.65 metres grading 5.10 g/t gold, 11.22 g/t platinum and 9.42 g/tpalladium. The position of mineralization in this hole increases the estimate of the horizontal width of the CMZ by approximately five metres. The true width of the CMZ in this location will be determined by underground drilling.
Underground Delineation Drilling
Underground drilling has been slower than anticipated as a result of the distance to the mineralized zone from the previous drill bay. This was reflected in the difficulty experienced in drilling the latest series of holes to their planned depths. This challenge has been resolved with the recent commissioning of drill bays closer to the CMZ and 45 metres lower in elevation than the previous drill bay. Holes from these new drill bays will be approximately half the distance to the CMZ than the holes reported in this release.
SPUD-013 was drilled from the drill bay roughly located on section 50NE and roughly 125 metres below surface (see Figure 1). The hole intersected the beginning of the CMZ and encountered a highlight of 1.20 metres grading 17.06 g/t gold, 0.64 g/t platinum and 1.07 g/t palladium before stopping in the mineralized zone due to technical difficulties. The mineralization encountered in the hole occurred approximately five metres sooner than what was predicted from modeling based on surface drill holes in the vicinity.
SPUD-014 drilled from the same bay as SPUD-013 and was successful in intersecting mineralization from roughly 163.5-197.0 metres down the hole. The mineralization began roughly ten metres sooner than the modeling based on surface drill holes. The hole had several good intervals, the highlight of which is 3.85 metres grading 6.63 g/t gold, 1.46 g/t platinum and 2.16 g/t palladium.
SPUD-015 was drilled from the same drill bay on section 50NE as the holes mentioned above but targeting the mineralized zone along section 0. The hole was completed to the planned distance and encountered the upper portion of the CMZ along a core length of roughly 50 metres. This hole was not expected to intersect high grade values as it occurs at the very top of the system where the upper limb and CMZ meet. The hole intersected8.90 metres grading 4.12 g/t gold, 0.62 g/t platinum and 1.06 g/t palladium. The higher grade mineralization appeared roughly 15 metres earlier than the modeling with surface drill holes had predicted once again validating the need for the underground delineation program.
SPUD-016 was designed to undercut SPUD-015 at a distance of 10 metres below the mid-point of the mineralization encountered by SPUD-015. The hole was abandoned mid-distance due to technical difficulties.
SPUD-017 was the first hole from a new drill bay located on section 50NE but roughly 60 metres closer to the mineralization and 45 metres lower in elevation than the previous drill bay. SPUD-017 was designed as a geotechnical drill hole to test the ground ahead of future development.
SPUD-018 was the first delineation drill hole in the new drill bay as well as being the first hole in this section. It was designed to test for mineralization along section 50NE and to intersect the upper portion of the CMZ. Highlights from the hole include 0.80 metres grading 23.07 g/t gold and 3.60 metres grading 24.37 g/t gold, 0.28 g/t platinum and 0.88 g/t palladium. The mineralization began roughly 20 metres sooner than what the model predicted and represents a portion of the upper limb mineralized zone as it transitions into the upper part of the CMZ. The drilling continues along this section to delineate the CMZ at 10 metre intervals.
Serra Pelada Geology
Gold-platinum-palladium mineralization at Serra Pelada overprints metasediments occupying the hinge of a large fold. The CMZ comprises a mainly steeply dipping carbonaceous alteration zone in the fold hinge that also extends onto the upper and lower limbs of the fold for a limited distance.
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 75% owned Serra Pelada gold-platinum-palladium Mine into production.
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 (