Magellan Adds Third Drill Rig at Coringa Project

Magellan Minerals Ltd. reports that it has added a third diamond drill rig at the Coringa project, Brazil and has discovered a new mineralized zone known as Filao da Porteira.

The press release is quoted as saying:

The rig will then move to test the down dip depth extensions of the main mineralized zones; Meio, Serra and Galena that have been discovered to date and form approximately 98% of the resource at Coringa which currently totals 269,450oz Measured and Indicated and 98,224oz Inferred. The bulk of the resources defined to date at Coringa are located between surface and 125m depth. No deep drilling has been previously conducted on any of the main mineralized zones.

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