Colossus Minerals Discovers Extensive Anomalies at Serra Pelada From Soil Geochemistry and Auger Drilling

- November 14th, 2011

Colossus Minerals Inc. (TSX:CSI) discovered extensive anomalies from its soil geochemical program and follow-up auger drilling in the extended land package of the Serra Pelada Gold-Platinum-Palladium Project, the Colossus-COOMIGASP Joint Venture, located in Pará, Brazil.

Colossus Minerals Inc. (TSX:CSI) discovered extensive anomalies from its soil geochemical program and follow-up auger drilling in the extended land package of the Serra Pelada Gold-Platinum-Palladium Project, the Colossus-COOMIGASP Joint Venture, located in Pará, Brazil.

As quoted in the press release:

HIGHLIGHTS:
5277 soil geochemical samples collected to date outside of the current Serra Pelada resource delineation area have yielded the following combined gold-platinum-palladium results in parts per million (1 part per million = 1 gram/metric tonne):

  • 736 samples over 0.1 ppm, 163 over 0.5 ppm and 73 over 1.0 ppm, peaking at 21.9 ppm.
  • These samples have outlined a large area, in excess of 50 hectares, in the Elefante and Young Garimpo sections of Area B and in Area C (Figure 1) of gold-platinum-palladium surface anomalies.
  • Initial auger drilling of these anomalies has intersected high grades in each of these areas including 124.78 g/t gold, 6.52 g/t platinum and 7.67 g/t palladium over 1.5 metres in Elefante and 3.79 g/t gold, 0.68 g/t platinum and 2.57 g/t palladium over 1.5 metres in Area C (Table 1).
  • Eight auger holes in the Elefante area encountered highly anomalous values in mineralized bedrock siltstones including 0.68 g/t gold, 1.42 g/t platinum, 1.00 g/t palladium over 1.5 metres in SPTRD-016 and 2.14 g/t gold, 1.46 g/t platinum and 8.09 g/t palladium over 1.0 metre in SPTRD-017.
  • Additional auger holes are planned in these areas to better define drill targets.

Colossus Minerals President & CEO, Claudio Mancuso, said:

“We are optimistic these areas, once better defined by further exploration activities including drilling, may provide additional mining areas and translate into operational flexibility as we continue with our infrastructure construction. We continue to make good progress in driving our underground decline towards the Central Mineralized and GT Zones. Our ongoing development and new appreciation of the property wide exploration potential will allow us to provide some exciting news in the coming months.”

Click here to read the Colossus Minerals Inc. (TSX:CS) press releaseSee this press release on Marketwire
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