Colossus Minerals (CSI-T) has cut a monster intercept from its 75%-owned Serra Pelada polymetallic project in Brazil’s Para state.
Hole 99 cut 7.3 metres grading 1,494.7 grams gold per tonne, 516.6 grams platinum per tonne and 558.9 grams palladium per tonne from 237 metres depth, then after a slight gap hit 4.4 metres carrying 37.39 grams gold, 2.75 grams platinum and 3.56 grams palladium from 246 metres. The hole showed the highest grades yet at the project.
Colossus drilled the impressive hole roughly 700 metres southwest of the historic Serra Pelada open pit, along the Central Mineralized zone, as part of a 25,000-metre drill program.
The company cut the extra-high-grade intercept in hole 99 roughly 11 metres horizontally and 13 metres vertically from a high-grade section of hole 95 that it reported in March. Hole 95 hit 6.9 metres of 59.66 grams gold, 70.68 grams platinum and 45.95 grams palladium from 235 metres downhole, then 7.8 metres carrying 136.43 grams gold, 294.2 grams platinum and 121.4 grams palladium from 260 metres downhole.
Colossus CEO Ari Sussman said that the drilling “continues to demonstrate the robustness of this mineralized system,” and noted the company’s excitement to drive a decline to the Central Mineralized zone in 2012 and extract bulk samples.
The company also hit high-grade mineralization in the GT zone, 200 metres northwest of hole 99 and the main mineralized zone. There, hole 96 hit 0.7 metre carrying 24.9 grams gold from 226 metres downhole, then after a 2-metre gap cut 1.2 metres of 36 grams gold, 11.5 grams platinum and 1.2 grams palladium.
Colossus describes mineralization in the Central zone as intense hydrothermal carbonaceous and argillic alteration, mainly of siltstones, while the GT and Western zones occur within siliceous, argillic and carbonaceous alteration and iron oxide-rich breccias.
Hole 99 was drilled on part of a 7.7-sq.-km land package around Serra Pelada that Colossus acquired from Vale (VALE-N) last year to add to its 1 sq. km around the open pit. Colossus is developing the land package with 25% partner COOMIGASP, a cooperative of local miners.
Colossus’ share price rose 57¢ or 6.9% to $8.81 on the day with 1.2 million shares traded, within a 52-week range of $6.20-$9.87.
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