Colossus Minerals Inc. (TSX:CSI,OTCQX:COLUF) intersected high grade gold values in the recent diamond drilling program on the Elefante area. Hole EL-12-002 contained the highest overall platinum and palladium values and returned 5.10 metres grading 0.45 g/t gold, 1.27 g/t platinum and 2.04 g/t palladium.

As quoted in the press release:

HIGHLIGHTS

  • Precious metal values are near surface
  • Possible new exploration target model as the samples containing precious metals lack the strong carbon upgrading associated with the mineralization at the Serra Pelada Mine
  • Mineralization is currently open in all directions as preliminary four-hole program tested a small proportion of surface anomalies
  • Hole EL-12-001 contained the highest overall gold value and returned 5.70 metres grading 5.41 g/t gold, 0.04 g/t platinum and 0.29 g/t palladium
  • Hole EL-12-002 contained the highest overall platinum and palladium values and returned 5.10 metres grading 0.45 g/t gold, 1.27 g/t platinum and 2.04 g/t palladium

Colossus Minerals Inc. CEO, Claudio Mancuso said:

We conducted this limited drill program to explore the possibility that mineralization encountered in previous soil and auger sampling programs continue into the bedrock. While we remain focused on development of the Central Mineralized Zone (“CMZ”) where we continue progressing well with bulk sample extraction, we are encouraged by these results and anticipate that further exploration could lead to development of a satellite deposit. The area has seen little diamond drilling by Colossus and will be further explored in 2013. We look forward to providing an update on the progression of the bulk sample and other development activities in the next few weeks.

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