Colossus finds new zones at Serra Pelada

Nearly 25 years after Serra Pelada hosted the largest precious metals rush in Latin American history, the high-grade gold-platinum-palladium project in Brazil’s Para state continues to impress, yielding strong intercepts for joint-venture partners Colossus Minerals (CSI-T, COLUF-O) and Coomigasp.

Highlights from the most recent drilling included hole 4 in the Central Mineralized zone or CMZ, which intersected 50.9 metres of 20.36 grams gold per tonne, 3.44 grams platinum per tonne and 4.94 grams palladium per tonne, including 6.80 metres at 83.43 grams gold, 19.41 grams platinum and 24.39 grams palladium.

That news propelled Colossus shares up 61¢ or 8.4% to close at $7.88 with 1.3 million shares changing hands. (Over the last year, its shares have traded between $2.25 and $8.68.)

Colossus also recently announced that it had discovered two new mineralized zones at the project. Hole 1, in a new zone, cut 10.4 metres at 28.40 grams gold, 4.16 grams platinum and 6.18 grams palladium, including 4.25 metres of 67.89 grams gold, 7.64 grams platinum and 13.96 grams palladium.

Hole 2, in a second new zone, returned 6.15 metres of 34.93 grams gold, 0.96 gram platinum and 3.05 grams palladium, including 1.75 metres at 118.14 grams gold, 2.93 grams platinum and 8.63 grams palladium.

Both intersections are separate, newly discovered, lower limb mineralized zones with true widths estimating the drill intercepts, the company reports.

Hole 2 was angled across the CMZ, intersecting the lower fold limb west of the CMZ. Hole 1 was drilled to the west of the CMZ to help evaluation of the geo-mechanical properties of the siltstones in the core of the fold.

Hole 1 intersected shallow-dipping gold-platinum-palladium mineralization in a lower limb position, 150 metres northwest of the CMZ. This new zone may correlate with the Western zone, about 450 metres to the northeast.

Hole 2 encountered several mineralized intervals in the CMZ and in lower limb positions 269 metres to 289 metres downhole, about 50 metres to the west of the CMZ.