The Conversation (0)
Magellan Minerals Ltd. (CVE:MNM) reports its initial National Instrument 43-101 compliant resource estimate, for the Cuiu Cuiu project, Para State, Brazil.
The press release is quoted as saying:
Pincock, Allen and Holt Brazil, independent geological consultants, prepared the estimates for both the Central and Moreira Gomes zones at Cuiu Cuiu. The total resource estimate for both zones is 1.18 Million ounces of inferred material averaging 1.2g/t gold, and 0.11 Million ounces of indicated material averaging 1.0 g/t gold. Of the total resource, approximately 51% of the gold is contained within the Moreira Gomes deposit and 49% of the total gold is contained within the Central deposit. Both deposits remain open along strike and at depth.
Magellan’s President and CEO, Alan Carter says:
“We are very pleased to report the initial resource estimate from the Central and Moreira Gomes gold deposits at Cuiu Cuiu today, and we look forward to the results of an aggressive drill program involving four drill rigs during 2011 which is aimed at expanding these initial resources and identifying new deposits at Cuiu Cuiu.”
Click here to access the entire news release.