Vancouver – Colossus Minerals (CSI-T) has followed up earlier high-grade hits with a monster intercept from its 75%-owned Serra Pelada project in Brazil’s Para state.
Hole 99 cut 7.3 metres grading 1,494.7 grams gold per tonne, 516.6 grams platinum per tonne and 558.9 grams palladium per tonne from 237 metres depth, then after a slight gap hit 4.4 metres carrying 37.39 grams gold, 2.75 grams platinum and 3.56 grams palladium from 246 metres. Unsurprisingly, the hole showed the highest grades yet at the project.
Colossus drilled the impressive hole roughly 700 metres southwest of the historic Serra Pelada open pit, along the Central Mineralized Zone, as part of a 25,000-metre drill program.
The company hit the extra-high-grade intercept in hole 99 roughly 11 metres horizontally and 13 meters vertically from a high-grade section of hole 95 that it reported in late March. Hole 95 hit 6.9 metres averaging 59.66 grams gold, 70.68 grams platinum and 45.95 grams palladium from 235 metres downhole, then 7.81 metres carrying 136.43 grams gold, 294.2 grams platinum and 121.4 grams palladium from 260 metres downhole.
Ari Sussman, Colossus CEO stated that the drilling “continues to demonstrate the robustness of this mineralized system,” and noted the company’s excitement to drive a decline to the Central Mineralized Zone in 2012 and extract bulk samples.
The company also hit high-grade mineralization in the GT zone, roughly 200 metres northwest of hole 99 and the main mineralized zone. There, hole 96 hit 0.7 metre carrying 24.9 grams gold from 226 metres downhole, then after a 2-metre gap hit 1.2 metres grading 36 grams gold, 11.5 grams platinum and 1.2 grams palladium.
Colossus describes mineralization in the Central zone as being characterized by intense hydrothermal carbonaceous and argillic alteration, mainly of siltstones, while the GT and Western zones occur within siliceous, argillic and carbonaceous alteration and iron oxide-rich breccias.
Hole 99 was drilled on part of a 774-hectare land package around Serra Pelada that Colossus acquired from Vale (VALE-N) last year to add to its 100 hectares around the open pit. Colossus is developing both the original and the extended land package with 25% joint venture partner COOMIGASP, a cooperative of local miners.
Colossus’ share price was up 57¢ or 6.9% to $8.81 on the day with 1.2 million shares traded. The company has a 52-week share price range between $6.20 and $9.87 and 104 million shares outstanding.
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