Drilling in Progress With Two Rigs
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 04/05/11 -- Magellan Minerals Ltd. (TSX VENTURE: MNM) ('Magellan') is pleased to announce preliminary results from a number of recently completed trenches at the Valdette soil anomaly located 500m east of the main gold-bearing structure at Coringa.
The identification of a significant gold-in-soil anomaly 3.8km in length and west of the main structure at Coringa was previously reported by Magellan (see press release dated 25th January 2011). This anomaly has now been named the Valdette anomaly and 14 trenches have thus far been completed across the anomaly at approximately 200m line spacings in order to determine the source of the gold in the soils in this area. The Valdette anomaly has not been the subject of any previous drilling.
Results have thus far been returned on 8 sets of trenches and results are currently pending on 6 others. Each trench was completed at 200m N-S intervals and oriented ENE-WSW across the soil anomaly. Results include 8m @ 5.5g/t gold, 5m @ 1.22g/t gold and 1m @ 12g/t gold. A map showing the results obtained to date is available at the Magellan website (www.magellanminerals.com). All samples were of saprolitic material.
The surface results from the Valdette anomaly clearly indicate the presence of a new gold- bearing structure at Coringa which is likely responsible for the 3.8km long gold-in-soil anomaly. This structure has now been traced in trenches for a distance of 1.3km and remains open to the north and south. Valdette has the potential to substantially add to the existing resources at Coringa and will thus be a focus of the 2011 drill program. One diamond drill rig is currently drilling the first hole into this anomaly.
A second drill rig has just begun operating at the recently named Demetrio gold-in-soil anomaly which is also undrilled. The Demetrio anomaly is 1km in length and 350m to 550m in width. The anomaly is located south of Valdette and approximately 700m west of the Bravo-Escorpion zone on the main Coringa structure. Three trenches have been completed on this soil anomaly and results are currently pending.
Approximately 10,000m of diamond drilling is planned at Coringa during 2011 and the focus of the current program is to significantly expand on the existing resource of 269,450oz of gold in the Measured and Indicated category which has an average grade of 8.53g/t and the Inferred material which averages 9.34g/t gold and totals 98,224oz.
This press release was reviewed by Guillermo Hughes, B.Sc., a member of AusIMM and a qualified person in compliance with National Instrument 43-101.
Magellan is a TSX Venture Exchange listed exploration company with a number of gold exploration properties in the Tapajos Province of northern Brazil and is focused on the Cuiu Cuiu and Coringa projects where drilling is currently in progress.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
Magellan Minerals Ltd.
Alan Carter
President and CEO
604.676.5663
info@magellanminerals.com
Magellan Minerals Ltd.
Jennifer Duthie
Corporate Communications Manager
778.370.0519
Jennifer@magellanminerals.com
www.magellanminerals.com
