Colossus Minerals Inc.(TSX:CSI) announced its new 2012 exploration program. The Company’s board of directors approved a surface exploration budget of USD$10.1 million and USD$1.7million for underground exploration. The 2012 program will focus on new regional targets at the Serra Pelada and Cutia properties.
Highlights of the program include:
- 15,000 metres of surface drilling on the Central Mineralized Zone (CMZ) and GT Zone.
- 15,000 metres of underground drilling on the CMZ and GT Zones.
- 5,000 metres to be drilled on new targets within the Serra Pelada property boundary.
- 2,000 metres to be drilled on the newly acquired Cutia property.
Colossus, President and CEO, Claudio Mancuso, said:
Our 2012 drill program has been designed with the goal of expanding the CMZ and GT Zones as well as targeting promising new regional targets on the Serra Pelada and Cutia properties. With a minimum of five surface and two underground rigs, the program balances exploring for extensions and improving our understanding of the grade distribution in both the CMZ and GT Zones in preparation for production in 2013. Additionally, the regional exploration is intended to identify a pipeline of promising properties in order to leverage the investment in infrastructure and personnel we have made at Serra Pelada, our flagship property. Earlier this week we announced the addition of the Cutia Property, 13 kilometres southeast of Serra Pelada, and it is our intention to commence drilling on that property later this year.