Magellan Reports Initial Drill Results Including 36.7m @ 0.79g/t Gold From Valdette Zone at Coringa Project, Brazil

Magellan Minerals Ltd. reports drill results from several previously un drill-tested soil anomaly zones at Coringa including the Valdette, Demetrio, and Peixoto zones.

The press release is quoted as saying:

The drill results from Valdette in particular are highly encouraging. Mineralized intervals are significantly wider than in other zones at Coringa and the style of mineralization is different to anything previously recognized on the property. Gold mineralization at Valdette appears to be related to a major shear zone with mineralized intercept widths of 28m to 37m unlike the narrower mineralized intervals that have been reported for the Galena, Meio, Serra, and the Mae de Leite zones.

In addition:

Results have been received on the initial two holes (111 and 113) drilled 320m apart on this target. Hole 111 was drilled to test the southern part of the soil anomaly and cut a number of discrete narrow vein structures which returned values including 0.6m @ 9.5g/t gold from 118.2 to 118.8m depth and 1m @ 4.38g/t gold from 141.0 to 142.0m depth. Hole 113 was drilled 320m to the north of hole 111 and intersected 3m @ 1.26 g/t gold. The style, width and grade of the mineralization at Demetrio is similar to that noted at the Serra zone, and is regarded as encouraging.

Click here to access the entire news release.

Click here to access Magellan’s company profile.