Colossus Minerals Inc. (TSX:CSI,OTCQX:COLUF) announced that assay results from ongoing surface and underground drilling programs on Serra Pelada returned better than expected widths and grades, and more high grade in the lower limb.
As quoted in the press release:
- SPUD-011 intersected 33.90 metres grading 3.67 g/t gold, 1.13 g/t platinum and 2.93 g/t palladium including a higher grade zone of5.95 metres grading 9.62 g/t gold, 3.41 g/t platinum and 8.46 g/t palladium in the upper portion of the Central Mineralized Zone (“CMZ”). The hole exhibited better grades and a wider zone than what was interpreted from surface drilling.
- SPUD-012 intersected 3.25 metres grading 4.29 g/t gold, 3.17 g/t platinum and 3.45 g/t palladium at the beginning of the CMZ before the hole was stopped due to technical problems. This hole was also successful in exhibiting higher grades and a wider zone than what was interpreted from surface drilling.
- SPD-175 intersected 1.20 metres grading 273.47 g/t gold, 18.82 g/t platinum and 62.67 g/t palladium in the lower limb zone (“Lower Limb”) indicating that the high grade mineralization mined out of the historic pit, less than 150 metres to the southeast, continues along the lower limb of the folded structure.
- SPD-181 intersected 3.55 metres grading 18.81 g/t gold, 24.46 g/t platinum and 31.38 g/t palladium in the upper portion of the CMZ in between holes that returned lower grade mineralization at this elevation. This result suggests that high grade mineralization can occur at Serra Pelada that can go undetected between widely spaced drill holes and therefore demonstrates the need to drill the deposit on tight spacing.
Colossus President & CEO Claudio Mancuso said:
While still early in the underground drilling campaign, we are encouraged that the first few holes indicate that the CMZ is wider and contains better grades than what we were able to interpret from surface drilling in this area. The Lower Limb continues to demonstrate its potential with another high grade intercept and other intercepts that continue to expand the zone.