Wednesday 26th October 2016

Resource Clips

Magellan President Alan Carter on Brazil gold assays of 0.93 g/t over 108.5 m

“Today’s press release only relates to some six holes that were drilled on one of the discovery zones that we’ve got at Cuiu Cuiu. I think these drill holes are significant because, firstly, we’re extending the mineralization down to 350 to 400 metres vertical depth below surface. The second important thing is that one of the holes—which was a 500-metre hole—appears to have clipped a new zone at some depth, which may be subparallel to the main zone at Central. We weren’t expecting to get mineralization that deep or that far to the southwest. So it’s significant. We don’t know what the extent of this zone might be; we’ve only got it in the one hole. But it looks like we might have a second zone down there.

“Our plans are to expand the drill program. We’ve got two rigs there now and we’re going to put two more on it. We’ve already secured the rigs to work on that. And I think the main news item in the next couple of months will be the release of an initial resource estimate at Cuiu Cuiu. We’ve got two zones there that we’ve done enough drilling on to calculate a resource. We expect to have initial resource estimates on both the Central and Moreira Gomes zones at Cuiu Cuiu during February.”

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