🕐08.06.10 - 18:24 Uhr
Magellan Drills 136.2m at 0.91g/t Gold and Extends Central Zone at Cuiu Cuiu by 230m
Magellan drills 136.2m at 0.91g/t gold and extends Central Zone at Cuiu Cuiu
by 230m
Vancouver, BC, June 8th, 2010 - Magellan Minerals Ltd.
(TSX-V: MNM)
("Magellan") is pleased to report results for the first three holes (706m)
of the 5500m diamond drill program.
Central Zone
Diamond drilling at the Central Zone is currently in progress and eight
diamond drill holes (2013.55m) have been completed to date, mainly in a
previously untested area immediately NW of the Central mineralized zone.
Holes 55 and 56 were drilled over a strike length of 230m immediately to the
northwest of hole 54 which until now was the most northerly drill hole in
the Central zone and which returned 82.5m at 1.02g/t Au (see press release
dated January 28, 2010).
Hole 55 intersected 136.2m at 0.91g/t Au from 134.4m to 270.6m.
Included
within this interval were 50.8m of 1.54g/t Au from 180.6m to 231.4m
extending the Central mineralized zone by 100m to the northwest.
Hole 56
was drilled 230m NW of hole 54 and intersected 73.2m at 0.96g/t Au and is
now the most northerly hole at Central.
The mineralized zone remains open
to the NW.
Hole 57 was drilled beneath hole 54 but was abandoned prematurely at a depth
of 179m due to drilling problems but intersected 12.8m at 0.60g/t Au from 91
to 103.8m and 14.5m @ 0.45g/t from 108.5 to 123m.
(see Figures of drill plan
on website: www.magellanminerals.com).
Gold mineralization at Central now extends over a strike length of 530m and
is still open to the northwest.
Holes 63 and 65 have been drilled over an
additional 150m of strike and results are expected in the coming weeks.
A
table of results for this phase of drilling at Central is shown below.
Table of Results: NW Central Zone
Hole ID
>From (m)
To (m)
Width (m)
Gold (g/t)
CC_55_10
134.4
270.6
136.2
0.91
Includes
180.6
231.4
50.8
1.54
CC_56_10
41.5
114.7
73.2
0.96
Includes
67.5
114.7
47.2
1.44
Includes
111.7
114.7
3.0
18.75
CC_57_10 (abandoned at 179m - drilling problems)
85.0
133.6
48.6
0.38
Includes
91.0
103.8
12.8
0.60
Includes
108.5
123.0
14.5
0.45
Moreira Gomes Zone
A second rig is currently drilling at the Moreira Gomes zone located 5km SE
of Central, where previous drilling has identified an E-W trending
mineralized structure.
Previous drilling has returned 17.3m at 13.69g/t gold
(see press release dated January 19, 2010) along a 700m long mineralized
corridor that is open along strike in both directions.
Six diamond drill
holes (1301m) have been completed as part of the current program and are
testing the strike extensions, down dip extensions and northern part of the
Moreira Gomes zone.
Drilling of at least an additional four holes will be
completed in order to define the limits of the current known mineralization.
Initial drill results from the drilling at Moreira Gomes are expected within
the next 2 weeks.
Alan Carter, President and CEO of Magellan stated "the drill results from
holes 55 and 56 at Central are very significant because they have expanded
the mineralized zone from a strike length of 300m to 530m.
In addition, the
zone remains open to the north and at depth.
This is an exciting time for
Magellan and its shareholders as we continue to expand the known zones at
Cuiu Cuiu as well as defining new targets."
The three holes at the Central Zone were drilled at angles of 50 degrees.
All core samples (NTW and BTW diameter) were cut with a diamond saw and
one-half of the core placed in bags, numbered and sealed then sent via a
secure transport agency directly to ACME preparation laboratory in Itaituba
for sample preparation.
Core samples were crushed down to 2 mm and a 1 kg
split taken and pulverized to better than 85% minus 200 mesh.
From
Itaituba, ACME sent the pulp samples to Santiago, Chile for assaying.
Gold
analysis was by fire assay of a 50 g sample and atomic absorption finish.
ACME is an ISO 9001 registered laboratory and has a quality control program
in place which includes standards, blanks, repeats, and duplicates.
Magellans QA/QC program also includes the insertion of standards, field
duplicates and blank material in the sample sequence with the normal core
samples to monitor sampling variances, laboratory precision and accuracy,
and to identify problems caused by poor sampling, preparation, assaying
errors and possible sample contamination.
Ian Gendall (Pr.
Sci.
Nat.), Magellans Chief Operating Officer and a
"qualified person" within the definition of that term in NI 43-101, has
prepared and reviewed the technical information contained in this news
release.
For further information, please contact:
Alan Carter Ian
Gendall
President and CEO COO
Tel: 604.676.5663 Tel: 604 676
5660
Email: Email:
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