VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 04/12/11 -- Magellan Minerals Ltd. (TSX VENTURE: MNM) ('Magellan') is pleased to announce the identification of new gold-bearing structures 3.3km south of the previously known gold bearing structures at Coringa.
Following the recent identification of the Valdette structure at Coringa (see press release dated 5th April 2011) which contains gold values up to 8.5m @ 5.5g/t gold and is located west and north-west of the main structure at Coringa, reconnaissance teams have now identified gold-bearing structures 3.3km to the south of the Come Quieto zone at Coringa. Eight rock chip samples were collected from surface exposures and all contained anomalous gold values with four samples returning values of 1.7 to 6.6 g/t gold. These samples were collected from surface exposures over a strike length of approximately 150m which has been named Filao da Porteira.
Until now, the Come Quieto zone was the most southerly gold-bearing zone known at Coringa. These latest results from Filao da Porteira suggest that the main structure extends at least another 3.3km to the south of the known mineralization adding an additional 45 % to the current strike length of 7km on that structure. Soil sampling, additional reconnaissance sampling, mapping and road construction is currently in progress between Come Quieto and Filao da Porteira.
These latest results and those reported from the recently discovered Valdette zone to the west confirm that Coringa is a major gold-bearing district and lend credence to the likelihood of significant expansion to the existing National Instrument 43-101 compliant resource. The current resource (see press release dated 8th October 2009) stands at 269,450 oz of gold in the Measured and Indicated category averaging 8.53 g/t as well as Inferred mineralization averaging 9.34 g/t gold totaling 98,224 oz of gold.
The recent discoveries at Valdette and Filao da Porteira are part of a more aggressive surface prospecting program which was initiated in early 2011 and is aimed at identifying the source of gold recovered from a series of streams beyond the currently known gold-bearing structures. Drilling at the Valdette and Demetrio targets is currently in progress.
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
