Colossus Minerals discovers two new mineralized zones at Serra Pelada

Nearly a quarter of a century after Serra Pelada hosted the largest precious metals rush in Latin American history, the gold-platinum-palladium project continues to spit out high-grade intercepts for current owners Colossus Minerals (CSI-T) and its joint-venture Brazilian partner, COOMIGASP.

Highlights from the most recent drilling included Hole SPGT-004 in the Central Mineralized Zone (CMZ), which intersected 50.85 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 catapulted shares of the company up 67¢ or 9.2% to close at $7.94 with 1.35 million shares changing hands. (Over the last year the company has traded between $2.25 per share and $8.68 per share.)

The company also announced that it had discovered two new mineralized zones at the project in Brazil’s Para state. Hole SPGT-001, 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 SPGT-002, in a second new zone, returned 6.15 metres of 34.93 grams gold, 0.96 grams platinum and 3.05 grams palladium, including 1.75 metres at 118.14 grams gold, 2.93 grams platinum and 8.63 grams palladium,

The two new intersections are separate, newly discovered, lower limb mineralized zones with true widths approximating the drill intercepts, the company reports.

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 geo-mechanical properties of the siltstones in the core of
the fold.

SPGT-001 intersected shallow-dipping gold-platinum-palladium mineralization in a lower limb position, 150 metres northwest of the CMZ. This newly discovered zone may correlate with the Western Zone, about 450 metres to the northeast.

SPGT-002 encountered several mineralized intervals in the CMZ and in lower limb positions 269-289 metres downhole, about 50 metres to the west of the CMZ. The lower limb mineralization is a newly recognized zone.