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Colossus Minerals Drills 60.5 Metres @ 14.37 g/t Gold, 1.81 g/t Platinum and 2.46 g/t Palladium


January 12, 2009

Toronto, Ontario – Colossus Minerals Inc. (“Colossus”) (TSX:CSI) is pleased to announce the remaining results from its Phase I diamond drill program of the Serra Pelada Project, located in Para State, Brazil.

HIGHLIGHTS

  • SPD-018  intersected
    60.5 metres @ 14.37 g/t gold, 1.81 g/t platinum and 2.46 g/t palladium
    including
    24.5 metres @ 29.89 g/t gold, 1.69 g/t platinum and 3.53 g/t palladium
  • SPD-013  intersected
    23.0 metres @ 20.68 g/t gold, 3.26 g/t platinum and 3.91 g/t palladium
    including
    7.5 metres @ 54.62 g/t gold, 8.64 g/t platinum and 9.95 g/t palladium
  • These drill-holes demonstrate the strong lateral and vertical continuity of the Central Mineralised Zone
  • SPD-014 through SPD-016 all encountered gold-platinum-palladium mineralisation on the fringes of the Central Mineralised Zone
  • SPD-017, drilled primarily for geotechnical purposes, confirmed the presence of a new zone (“Western Zone”) to the west of the Central  Mineralised Zone exhibiting a high platinum group elements (PGE) to gold ratio

DETAILS

Diamond drill holes SPD-013 through SPD-018 were HQ-cored for a total of 1741 metres, completing the initial 5000m drill program by the Colossus-COOMIGASP joint venture on the Serra Pelada gold-platinum-palladium deposit, located in Para State, Brazil.  Drilling was mainly focused on the Central Mineralised Zone (“CMZ”), which overprints metasediments occupying the hinge and inner limbs of a NW-facing, SW-plunging, reclined synclinorium that plunges gently SW from the historical open pit. The CMZ is characterised by intense carbonaceous and also argillic alteration, inboard of siliceous alteration partially mantling the synclinorial hinge. See Sections 00, 100NE and others plus a plan view of Serra
Pelada drill traces at www.colossusminerals.com.

SPD-018, the first drill-hole collared on Section 25NE, mainly tested the inner hinge of the CMZ. Gold-platinum-palladium (Au-Pt-Pd) mineralisation proved to be largely continuous through more than a 65-metre interval. Assay results for SPD-018 are tabulated in the following table:

From
(metres,   down-hole)

To
(metres,  down-hole)

Assay
Interval  (metres) *

Gold
g/t

Platinum
g/t

Palladium
g/t

205.00

270.00

60.50

14.37

1.81

2.46

incl.
206.10

 

217.50

 

10.90

 

2.72

 

2.94

 

1.59

and
226.50

 

237.00

 

10.00

 

8.59

 

2.99

 

3.73

and
240.00

 

242.70

 

2.70

 

6.22

 

0.42

 

0.79

and
244.00

 

270.00

 

24.50

 

29.89

 

1.69

 

3.53

*Total assayed interval (>0.5 g/t gold equivalent) – excludes intervals of no core recovery; true widths to be established.

SPD-013 was drilled between SPD-002 (total intersection of 60.1m @ 24.23 g/t Au, 8.15 g/t Pt and 10.22 g/t Pd) and SPD-003 (6.0m @ 40.59 g/t Au, 0.42 g/t Pt, 0.68 g/t Pd) on Section 00. At relatively shallow depths, SPD-013 intersected outermost upper hinge mineralisation with high PGE/Au, including 5.5m @ 0.84 g/t Au, 0.53 g/t Pt, 0.70 g/t Pd from 215.60m.  SPD-013 then successfully tested its lower outer fold hinge zone target proving continuity of this high grade subzone with intersections in SPD-002 and also in the lower part of SPD-018 (see above).  Assay results for SPD-013 are tabulated in the following table:

From
(metres,   down-hole)

To
(metres,  down-hole)

Assay
Interval  (metres) *

Gold
g/t

Platinum
g/t

Palladium
g/t

247.10

270.10

23.00

20.68

3.26

3.91

incl.
249.10

 

256.60

 

7.50

 

54.62

 

8.64

 

9.95

SPD-014 was drilled from the NW to test the upper limb and inner hinge zone targets on Section 50SW. The siltstone-sandstone contact on the upper fold limb appears to have been down-faulted and the hole cut only a narrow, weakly mineralised part of the fold hinge (including 2.0m @ 0.22 g/t Au, 0.73 g/t Pt and 1.87 g/t Pd).  Phase II drilling planned on Section 50SW should intersect high grade upper limb and outer fold hinge mineralisation.

SPD-015, a step out drill-hole, steeply inclined SE on  Section 125SW, intersected mineralisation above the main, upper limb sandstone-siltstone contact at relatively shallow down-hole depth (from 218.10-225.10m, 6.0m @ 2.75 g/t Au, 0.40 g/t Pt and 0.60 g/t Pd). This high PGE/Au mineralisation appears, from nearby historical drilling,  to be part of a significant upper limb mineralised zone which extends to at least Section 50SW and will be followed up in Colossus’ Phase II Drilling Program. The deeper parts of SPD-015 encountered weakly mineralised material in the inner fold hinge and the hole finished in mineralised footwall sandstone.

SPD-016 was drilled SW to obliquely intersect its prime upper fold hinge target on Section 100SW. However, the hole tracked sub-parallel to the strike of the mineralised zone and grazed its target, intersecting 0.76m @ 24.9 g/t Au, 3.84 g/t Pt and 5.55 g/t Pd from 267.9m down-hole.  Several other intersections (>0.5 g/t Au +PGE) occurred above this around the siltstone-sandstone contact.  The hole was terminated its planned depth of 300m after several other mineralised intercepts, including 0.86m @ 5.82 g/t Au, 7.01 g/t Pt and 6.23 g/t Pd from 297.80m.  High grade upper limb and outer fold hinge will be tested on this target in Phase II drilling.

SPD-017, was drilled primarily for geotechnical purposes from the historical open pit high-wall on Section 450NE, also targeted the potential for a Western Zone about 120m NW of the CMZ. The iron oxide-rich breccia which forms part of the Western Zone was successfully intersected between 135.0 and 138.0m, yielding 3.0m @ 1.79 g/t Au, 1.10 g/t Pt and 1.05 g/t Pd. Low recoveries of the breccia matrix in SPD-017 likely explain differences with Vale’s nearby historical intersection (FD-0172: 5.8m @ 14.84 g/t Au, 81.61 g/t Pt, 347.15 g/t Pd from 138.60m).  SPD-017 also encountered an unexpected 11.5m mineralised interval hosted in red siltstone which included 3.0m @ 1.37 g/t Au, 0.08 g/t Pt and 0.12 g/t Pd.  Further drilling of the Western Zone is warranted during Phase II as mineralisation is at relatively shallow depths and would be encountered in future developments. Additionally, preliminary work by Colossus’ geotechnical consultants on the exposed and drilled red- and grey-altered siltstones suggests that these lithologies may support stable pit walls or underground access.

Complete assay data sets for SPD-013, SPD-017 and SPD-018 may be examined on www.colossusminerals.com 

Vic Wall, Colossus President, comments “Colossus’ Phase I Drilling Program has demonstrated strong lateral and vertical continuity of high grade gold-platinum-palladium mineralisation along a substantial portion of the Central Mineralised Zone at Serra Pelada. With some infill drilling in Phase II, this part of the system can be advanced rapidly to resource stage. We have learned a lot about the distribution of mineralisation and how to drill it most effectively in both the planned infill and step-out programs during Phase II, which has already commenced. The joint venture is on track to complete its resource model and other key studies this year to move this wonderful deposit towards development.” 

TECHNICAL INFORMATION

Sampling of SPD core (by Colossus personnel) and sample preparation (by SGS GEOSOL LABORATORIES LTDA., Belo Horizonte) were carried out under strict protocols recommended in the 43-101 Technical Report on Serra Pelada. After photographing and logging, nominal 1 metre intervals of HQ core were cut and/or split in half, yielding samples of 2 to 3 kilogram mass.  Where core recoveries were low, intervals were composited to yield approximately 1 kilogram minimum sample masses. Duplicates, blanks and certified gold-PGE reference materials were inserted in the sample train by Colossus personnel prior to secure shipping to SGS.

SGS pulverised 1 kilogram splits (>95% passing 106 microns) from the crushed (>95% passing 1.7mm), dried samples. The resulting pulps were quartered by rotary splitter and a 50 gram fire assay, with ICP-OES finish was performed on one 250gm. aliquot, the remaining splits being archived.  Additional blanks and duplicates were inserted in the assay stream by SGS and replicate assays were performed every twenty samples. SGS dispatched assay certificate originals directly to Resource and Exploration Mapping Ltd. an independent Company which manages Colossus’ database. 

The SGS assay results for blanks, duplicates and replicates were generally satisfactory. However values obtained by SGS for certified Au-Pt-Pd reference materials were typically on the low side of mean multi-laboratory values but, in two assay batches, were well below accepted ranges.  A high grade gold reference material inserted by SGS also assayed unacceptably low in these assay batches.  SGS has not provided an explanation of these results.  Reference materials and also high value samples from all batches will be check assayed by an independent laboratory. 

Dr. Vic Wall, President of Colossus Minerals and qualified person under National Instrument 43-101, is responsible for this release and has verified the contents disclosed.

About Colossus:

Colossus is an exploration and development Company focused on mineral resource properties in Brazil.  The Company is currently focusing its efforts on the high grade gold-platinum-palladium Serra Pelada project in Para State, Brazil.  Between 1980 and 1986 Serra Pelada was host to the largest precious metals rush in Latin American history.  Coverage by 60 Minutes of this famous mining rush can be viewed at the following link:  http://sixtyminutes.ninemsn.com.au/article.aspx?id=299887. In addition, the Company has another project, the Natividade Property, in the State of Tocantins, Central Brazil.

For further information, please contact:


Elina Chow
Public Relations Manager
Colossus Minerals Inc.
Tel: (416) 643-7655
Web site: www.colossusminerals.com
Email: info@colossusminerals.com