Hammer Highgrades
Colossus Minerals Discovers Two New Mineralised Zones and Drills 50.85 Metres at 20.36 g/t Gold, 3.44 g/t Platinum and 4.94 g/t Palladium
9:24 AM ET, June 24, 2010
TORONTO, ONTARIO, Jun 24, 2010 (MARKETWIRE via COMTEX) -- Colossus Minerals Inc. ("Colossus" or the "Company") (CSI) is pleased to announce the results of further diamond drilling on Mining Permit 850.425/1990 of the Serra Pelada Gold-Platinum-Palladium Project, the Colossus-COOMIGASP joint venture located in Para State, Brazil.
HIGHLIGHTS
-- SPGT-004 intersected , in the Central Mineralised Zone50.85 metres at 20.36 g/t gold, 3.44 g/t platinum and 4.94 g/tpalladium,including6.80 metres at 83.43 g/t gold, 19.41 g/t platinum and 24.39 g/tpalladium,-- SPGT-001, a new zone of mineralisation, intersected10.4 metres at 28.40 g/t gold, 4.16 g/t platinum and 6.18 g/t palladiumincluding4.25 metres at 67.89 g/t gold, 7.64 g/t platinum and 13.96 g/tpalladium,-- SPGT-002, another new zone of mineralisation, intersected6.15 metres at 34.93 g/t gold, 0.96 g/t platinum and 3.05 g/t palladiumincluding1.75 metres at 118.14 g/t gold, 2.93 g/t platinum and 8.63 g/tpalladium,-- The SPGT-001 and SPGT-002 intersections represent separate, newlydiscovered, lower limb mineralised zones with true widths approximatingthe drill intercepts.-- SPD-047 intersected approximately true widths of5.00 metres at 59.42 g/t gold, 5.46 g/t platinum and 9.07 g/t palladiumincluding1.60 metres at 183.38 g/t gold, 16.64 g/t platinum and 17.51 g/tpalladium,extending the high-grade, upper limb zone (encountered in SPD-028A), 50metres northeast DETAILS
Four geotechnical diamond drill holes in Colossus' Phase II drilling program, were cored for a total of 1,203 metres. SPGT-003 and SPGT-004 were focused on the Central Mineralised Zone ("CMZ"), which overprints metasediments occupying the hinge and inner limbs of a northwest-facing, southwest-plunging, reclined synclinorium that plunges gently southwest from the historical open pit. The CMZ is characterised by intense hydrothermal carbonaceous and argillic alteration mainly of siltstones, inboard of siliceous alteration partially mantling the synclinorial hinge. SPGT-002 was angled across the CMZ, intersecting the lower fold limb west of the CMZ. SPGT-001 was drilled to the west of the CMZ to facilitate evaluation of the geomechanical properties of the siltstones in the core of the fold.
SPGT-001 intersected shallowly-dipping gold-platinum-palladium mineralisation in a lower limb position, 150 m northwest of the CMZ on Section 00. This mineralisation represents a newly discovered zone which may correlate with the Western Zone, some 450 m to the northeast. Assay results for the continuously mineralised interval (approximately true thickness) in SPGT-001 are tabulated below:
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