🕐05.01.10 - 17:38 Uhr
Magellan Commences Preliminary Economic Assessment at Coringa
MAGELLAN COMMENCES PRELIMINARY ECONOMIC ASSESSMENT AT CORINGA PROJECT,
BRAZIL
Vancouver, BC, January 5, 2010 Magellan Minerals Ltd.
(TSX-V: MNM)
(Magellan) has initiated a preliminary economic assessment (PEA) study at
its Coringa project in northern Brazil.
The study will be completed by
Global Resource Engineering (GRE) Ltd.
and should be completed by the end of
March 2010.
GRE recently completed a resource estimate for the Coringa Project in
October 2009 which estimated the total resource at 367 674 troy ounces of
gold using a cutoff grade of 2 g/t and a minimum mining width of 1.5m (see
press release on October 08).
This resource included 269,500 oz (982,291
tonnes at an average grade of 8.53 g/t gold) in the measured and indicated
category and 98,224 oz (327,054 tonnes at an average grade of 9.34 g/t ton
gold) in the inferred category.
This resource estimate, which will be the
basis for the PEA study, is based on less than 20% of the mineralized
structures identified thus far on the property.
Recent surface sampling at
Coringa (see press release dated 3rd November) suggests the presence of
additional high grade zones within the existing vein system.
Additional
exploration drilling is planned for the first quarter of 2010 to further
delineate additional gold mineralization both at depth and along strike of
the known resources.
The Coringa Project is a shear-vein system, hosted in mid-Proterozoic
volcanic rocks and granites on the southern margin of the Tapajos Gold
Province.
A non-compliant, NI 43-101, estimate of 320,000 ounces of gold has
reportedly been produced from historical alluvial and primary sources at the
property.
The main shear structure at the project is approximately 7 km in length,
trends 345 and is open both to the north and south.
Sub-parallel and
parallel shear structures add at least another 3km to the total strike
length.
The mineralized shear and vein structures vary in width from 15 cm
to 4m.
The complete National Instrument 43-101 report on the Coringa project can be
found on SEDAR at www.sedar.com and on Magellans
website at www.magellanminerals.com
Ian Gendall (Pr.
Sci.
Nat.), Magellans Chief Operating Officer and a
"qualified person" within the definition of that term in NI 43-101, has
reviewed the technical information contained in this news release.
For further information, please contact:
Alan Carter
President and CEO
Tel: 604.676.5663
Email:
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