Colossus Minerals drills 7.30 metres at 1494.7 g/t gold, 516.6 g/t platinum and 558.9 g/t palladium in extensions of central mineralized zone at Serra Pelada, Brazil

Marketwire | April 26, 2011 | 5:40 pm Base Metals Precious Metals Latin America Gold Palladium Platinum 

Colossus Minerals Inc. (the “Company” or “Colossus”)(TSX:CSI) is pleased to announce additional assay results from the 25,000 metre surface drilling program at the Serra Pelada Gold-Platinum-Palladium Project, the Colossus-COOMIGASP Joint Venture located in Para State, Brazil.

HIGHLIGHTS

  • SPD-099 intersected two high-grade subzones in the Central Mineralized Zone (“CMZ”), including:
    • 7.30 metres at 1494.7 g/t gold, 516.6 g/t platinum and 558.9 g/t palladium and
    • 4.35 metres at 37.39 g/t gold, 2.75 g/t platinum and 3.56 g/t palladium
  • The more westerly of these subzones exhibits the highest grades of gold+platinum+palladium so far encountered in Colossus drilling at the Serra Pelada Project
  • These subzones correlate with, and significantly extend,the high-grade gold-PGE subzones encountered in SPD-095(7.81 metres @ 136.43g/t gold, 294.20 g/t platinum and 121.40 g/t palladium)
  • SPD-096 shows that the GT zone around Section 100NE is more than 20 metres wide and contains high-grade gold and platinum-rich mineralization in iron oxide-rich breccias, including 1.2 metres at 36.0 g/t gold, 11.5 g/t platinum and 1.2 g/t palladium.

“Drilling such high-grade gold, platinum and palladium approximately 700 metres down plunge from the outcrop of the Central Mineralized Zone in the historic Serra Pelada pit continues to demonstrate the robustness of this mineralized system,” commented Ari Sussman, Colossus CEO. “We wait with great anticipation for early 2012 when construction of the underground decline advances to the point that enables the Company to see the Central Mineralized Zone first hand and extract the first of three 2,500 tonne bulk samples from it.”

DETAILS

Gold-platinum-palladium mineralization at Serra Pelada overprints metasediments occupying the hinge and limbs of a northwest-facing, southwest-plunging, reclined synclinorium that plunges gently southwest from the historical open pit. The CMZ comprises mainly steeply dipping bodies in the fold hinge zone but extends onto the upper and lower limbs of the fold. Characterized by intense hydrothermal carbonaceous and argillic alteration, mainly of siltstones, the CMZ is inboard of siliceous alteration partially mantling the synclinorial hinge. Shallowly dipping gold-platinum-palladium mineralization, for example the Western and GT zones, occurs within siliceous, argillic and carbonaceous alteration and iron oxide-rich breccias on the fold limbs.

Read the full news release here. Image is from Colossus Minerals.

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