🕐03.11.09 - 17:02 Uhr
Magellan Extends Meio Zone at Coringa Project
MAGELLAN EXTENDS MEIO ZONE AT CORINGA PROJECT, BRAZIL
Vancouver, BC, November 3, 2009 -- Magellan Minerals Ltd.
(TSX-V: MNM)
("Magellan") announces that prospecting to the SE of the Meio resource block
at the Coringa project in Brazil has identified sub-cropping and outcropping
veins and mineralized float extending over a distance of 1km immediately SE
of the Meio zone (see map on website).
Rock chip, grab and float samples taken from the mineralized vein material
both on surface and at depths of 0.5 to 2m confirms significant gold
mineralization (1.02 g/t to 67.91g/t Au).
Four of the widely spaced rock
chip samples of the mineralized vein along 500m strike length, returned gold
values greater than 16 g/t (see Table below and map on the Magellan
website).
The mineralized and oxidized vein material varies in width from
approximately 30cm to 2m and dips vertically to 80 degrees to the NE.
The
nature of the oxidized vein material is very similar to that which is
exposed on surface within the historic Meio workings located 1km to the NW.
High grade gold values on surface are generally associated with steeply
plunging high grade shoots at depth along the vein system at Coringa.
In addition to the discovery of sub-cropping high-grade vein material,
recent soil sampling confirms gold in soil anomalies of 30 to 1,108ppb gold
which extend for another 1.5km to the NW of Meio.
The soil anomaly extends
towards an undrilled artisanal working known as Me de Leite where historic
workings extended to depths of 70m.
The soil anomaly is coincident with the
NW extension of a geophysical anomaly underlying the Meio resource block
(see press release of October 8, 2009).
Both the high-grade vein structure to the SE and the soil anomaly to the NW
of Meio confirm potential drill targets extending over at least another
2.5km.
Table 1: Coringa - SE Meio Zone
Rock chip, grab and float samples with greater than 1.0 g/t
gold.
SAMPLE_#
Sample Type
Interval (m)
Au_g/t
Comments
R0005303
Chip
0.90
8.18
Brecciated vein quartz
R0005304
Chip
0.30
3.55
Vein quartz with hematite
R0005305
Chip
0.50
19.12
Vein quartz with pyrite
R0005306
Chip
1.00
1.61
Saprolite
R0005307
Chip
1.00
1.80
Silicified zone
R0005316
Chip
0.50
2.49
Brecciated quartz
R0005317
Float
16.09
Quartz vein with boxworks
R0005318
Chip
2.00
16.61
Quartz veins with boxworks
R0005322
Chip
1.00
1.99
Quartz veinlets in saprolite
R0005327
Chip
1.00
5.12
Quartz veinlets in Saprolite
R0005332
Chip
0.80
13.28
Vein quartz with hematite fill
R0005334
Chip
0.60
1.02
Saprolite
R0005335
Chip
0.30
42.74
Vein quartz with disseminated hematite
R0005338
Chip
0.50
6.66
Vein Quartz
R0005340
Chip
0.60
17.32
Vein quartz
R0005341
Chip
1.00
2.32
Saprolite with oxidized rock fragments
R0005343
Chip
1.00
6.48
Vein quartz
R0005346
Chip
0.60
67.91
Vein Quartz
R0005352
Chip
0.40
1.23
Vein quartz
R0005355
Chip
0.45
10.64
Vein quartz
R0008932
Grab
5.71
Quartz stockwork with sericite
R0008936
Grab
4.11
Milky quartz with pyrite
R0008937
Grab
6.67
Quartz stockwork
R0008943
Float
1.41
Vein quartz
R0008945
Float
1.95
Vein quartz
R0008946
Chip
0.60
6.45
Vein with pyrite
R0008947
Float
1.57
Brecciated quartz
R0008949
Float
3.33
Strong sericite alteration
Note: The above twenty-eight (28) rock samples represent 41% of the total
sixty-nine (69) rock samples collected in August to September 2009.
Gold
values for the sixty-nine (69) samples ranged from less than 0.01g/t to
67.91g/t Au.
Rock and soil samples were sent via a secure transport agency to the SGS
Geosol laboratory in Itaituba in Brazil for preparation and the pulps sent
directly to the SGS Geosol laboratory in Belo Horizonte and Vespasiano for
analysis.
Gold analysis was by fire assay of a 30 g sample and an atomic
absorption finish.
SGS Geosol, which is an ISO, 9001:2000 and ISO 14001:
2004 registered laboratory has a quality control program in place, which
includes standards and duplicates.
On 8th October 2009, Magellan announced an initial resource estimate at
Coringa of 269,500 measured and indicated ounces of gold representing
982,291 tonnes at an average grade of 8.53 g/t gold and 98,224 inferred
ounces of gold representing 327,054 tonnes at an average grade of 9.34 g/t
gold on a diluted basis and using a 2 g/t gold cut-off.
The identification
of additional high-grade mineralization on surface immediately along strike
from existing resources at Coringa suggests the presence of additional high
grade, and thus far untested, ore shoots within the known vein system.
A
drill program is currently being finalized in order to test this new area SE
of Meio and several previously untested areas along the known vein system.
Magellan expects to announce the commencement of a scoping study at Coringa
by the end of November 2009.
This press release was prepared by Magellans Chief Operating Officer, Ian
Gendall (Pr.
Sci.
Nat.), a qualified person in compliance with National
Instrument 43-101.
For further information, please contact:
Alan Carter
President and CEO
Tel: 604.676.5663
Email:
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