Tuesday, 18th March 2008 (4952 views)

High-grade gold returns have been recorded from the assay results of four drill holes at the Cuiu Cuiu project in northern Brazil, the company behind the work has confirmed.

Magellan Minerals said the latest round of drilling brings the total number of holes completed at the site to 30. Results are pending for 22 of them.

Highlights from the current set of results include an intersection graded at 1.06 g/t gold over 179.6 metres, which included a section of 14.05 g/t gold over 5.1 metres.

Another hole returned an intercept graded at 1.46 g/t hold over 174.2 metres, which included gold values of 2.86 g/t gold over 59 metres.

Magellan said these and other results from its drilling programme confirm the presence of high-grade gold zones, together with a lower-grade stockwork envelope in the Central zone.

Drilling has also defined mineralisation to "significant depth", the company commented, adding that the current zone remains open to both the north and south, as well as at depth.

Between 1972 and 1992, the Cuiu Cuiu property was at the centre of the largest gold rush in history, when over a million prospectors came to northern Brazil. Over its lifetime, the property has yielded between 1.5 and two million ounces of gold.

 

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