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Posts tagged ‘Magellan Minerals Ltd (MNM)’

Sandstorm announces $130M Bought-Deal Financing

August 23rd, 2012

Resource Clips - essential news on junior gold mining and junior silver miningSandstorm Gold Ltd TSXV:SSL announced it has increased its previously announced bought-deal financing from C$75 million to C$130 million. Lead underwriter Cormark Securities Inc along with National Bank Financial Inc, Paradigm Capital Inc, BMO Capital Markets Inc, Casimir Capital Ltd, Canaccord Genuity Corp and TD Securities Inc have agreed to buy, on a bought deal basis, 13,050,000 units at C$10 for gross proceeds of approximately C$130 million. Sandstorm has granted to the underwriters an option to buy up to an additional 15% of the number of units. If that option is wholly exercised, the aggregate gross proceeds will be approximately C$150 million. Each unit consists of one common share of Sandstorm and one-third of one common share purchase warrant, which will entitle the holder to acquire one common share of Sandstorm at a price of US$14 up to five years following completion of the offering.

Sandstorm provides upfront financing for gold-mining companies seeking capital in return for agreements giving it the right to buy percentages of life-of-mine gold produced at fixed prices. Sandstorm has completed gold purchase or royalty agreements with Luna Gold Corp TSXV:LGC, SilverCrest Mines Inc TSXV:SVL, Rambler Metals and Mining plc TSXV:RAB, Brigus Gold Corp TSX:BRD, Metanor Resources Inc TSXV:MTO, Donner Metals Ltd TSXV:DON, Magellan Minerals Ltd TSXV:MNM, Solitario Exploration & Royalty Corp TSX:SLR and Ely Gold & Minerals Inc TSXV:ELY. The net proceeds of the offering will be used for general corporate purposes including potential future purchases of precious-metal streams and working capital.

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Nolan Watson
President/CEO
604.689.0234

by Kevin Michael Grace

Magellan reports Brazil Project Gold Assays as high as 6.1 g/t over 7m

November 25th, 2011

Resource Clips - essential news on junior gold mining and junior silver miningMagellan Minerals Ltd TSXV:MNM announced results from the Serra, Meio and Domingo zones of its Coringa project in Brazil. Assays include

17.6 g/t gold over 0.6 metres
6.1 g/t over 7 metres (including 18.03 g/t over 2 metres)
11.52 g/t over 1 metre
4.8 g/t over 1.5 metres
17.74 g/t over 1.5 metres
12.05 g/t over 2 metres

The Coringa project has an NI 43-101 mineral resource estimate of 269,450 ounces measured and indicated, and 98,224 ounces inferred.

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Read More about Magellan Minerals

Contact:
Alan Carter
President/CEO
604.676.5663

or Jennifer Duthie
Corporate Communications Manager
778.370.0519

by Ted Niles

Magellan reports Brazil Gold Results including 7.16 g/t over 4m

October 17th, 2011

Resource Clips - essential news on junior gold mining and junior silver miningMagellan Minerals Ltd TSXV:MNM announced results from its Coringa Project in Brazil. Assays include

7.16 g/t gold over 4 metres
(including 16.34 g/t over 1 metre)
2.06 g/t over 8 metres
(including 3.55 g/t over 4 metres)
5.1 g/t over 3 metres
12.1 g/t over 0.5 metres

The project has a resource estimate of 269,450 ounces gold measured and indicated and 98,224 ounces gold inferred.

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Contact:
Alan Carter
President/CEO
604.676.5663

or Jennifer Duthie
Corporate Communications Manager
778.370.0519

by Greg Klein

Magellan reports Brazil Gold Results including 6.94 g/t over 27m

September 20th, 2011

Resource Clips - essential news on junior gold mining and junior silver miningMagellan Minerals Ltd TSXV:MNM announced assays from its Cuiu Cuiu Project in Pará, Brazil. Results include

6.94 g/t gold over 27 metres (including 84.3 g/t over 2 metres)
0.28 g/t over 59 metres
0.49 g/t over 25 metres
0.48 g/t over 19 metres


President/CEO Alan Carter stated, “Hole 138 is a significant intersection by any measure and is important because it is located 600 metres south of the Central Zone, which contains an inferred resource of 500,000 ounces and an indicated resource of 100,000 ounces of gold. These results come on the heels of the recent announcement regarding the discovery of a new zone at Central North and supports our strategy of drilling step-out and exploration holes beyond the existing resources. This drilling is aimed at identifying additional mineralized zones at Cuiu Cuiu.”

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Contact:
Alan Carter
President/CEO
604.676.5663

or Jennifer Duthie
Corporate Communications Manager
778.370.0519

by Greg Klein

Magellan reports Brazil Assays including 1.25 g/t Gold over 39.4m

September 8th, 2011

Resource Clips - essential news on junior gold mining and junior silver miningMagellan Minerals Ltd TSXV:MNM announced results from its Cuiu Cuiu Project in Pará, Brazil. Highlights include 1.25 g/t gold over 39.4 metres (including 9.65 g/t over 1 metre), 6.29 g/t over 2 metres, 0.49 g/t over 20 metres, 0.4 g/t over 22 metres and 0.42 g/t over 17.6 metres.

President/CEO Alan Carter stated, “Hole 131 is the most important hole reported to date from the 2011 drill program at Cuiu Cuiu and is a significant new discovery. We are excited by the potential of the Central North Zone to grow into a third mineralized body at Cuiu Cuiu and look forward to the results of further drilling.”

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Contact:
Alan Carter
President/CEO
604.676.5663

or Jennifer Duthie
Corporate Communications Manager
778.370.0519

by Greg Klein

Tapping the Tapajos

August 3rd, 2011

Magellan Expands Two Brazil Gold Fields

By Ted Niles

It’s always a good sign when a project has promising neighbours. As with Magellan Minerals, whose Cuiú Cuiú property is located 25 kilometres northwest of Eldorado Gold’s Tocantinzinho deposit. Tocantinzinho currently has proven and probable gold reserves of 1.98 million ounces and is anticipated to begin production in late 2014. An even better sign, in this case, is that Magellan’s President and CEO, Alan Carter, and VP of Business Development Dennis Moore were themselves the ones who discovered Tocantinzinho—indeed, they retain a 3.5% Net Smelter Royalty on the project. As Carter remarks, “We know this part of the world quite well.”

Cuiú Cuiú, and Magellan’s other advanced gold project, Coringa, are both situated in Brazil’s prolific Tapajos region in Para State. “We’ve spent a lot of time and energy and effort screening literally hundreds of gold prospects in Brazil,” Carter says, “and these are two of the best that we’ve come across.”

Magellan Expands Two Brazil Gold Fields

Because Tapajos is located in the remote Amazon Basin, the region has historically been exploited entirely by artisanal miners. Carter declares, “The Tapajos region is the largest placer-gold field in Brazil and the third largest placer gold field in the world. Cuiú Cuiú itself is one of the two largest placer fields within that part of Brazil, so it’s produced an awful lot of gold.” Between the years 1972 and 1992 the Tapajos region was the site of one of the largest historical gold rushes, with Cuiú Cuiú producing up to 2 million ounces. Since then, the area has drawn the interest of giants Barrick Gold, Rio Tinto and Kinross Gold, as well as several juniors.

Cuiú Cuiú currently has a mineral resource estimate of 100,000 ounces gold indicated and 1.2 million ounces inferred. “The gold-in-soil anomaly at Cuiú Cuiú is now 12 kilometres long,” says Carter, “and that’s based on 10,000 soil samples. And there are large parts of that anomaly that have not been tested yet, so we expect to find additional deposits there.”

He continues, “We’ve got three rigs turning on the property right now, and all the drilling we’re doing this year is step-out drilling. We’re looking for extensions and new deposits in the immediate vicinity of the existing deposits there. We’re hoping to update the resource in 1Q 2012.”

July 21 assays of the Cuiú Cuiú project include 8.44 g/t gold over 7.8 metres, 58.7 g/t over 0.5 metres, 30.2 g/t over 0.5 metres, 0.51 g/t over 18.9 metres and 0.7 g/t over 10.3 metres. May 12 assays included 0.76 g/t gold over 17 metres, 0.53 g/t over 53.4 metres, 4.06 g/t over 24 metres (including 85.5 g/t over 1 metre), 0.73 g/t over 15 metres and 0.55 g/t over 13.5 metres.

There were 20 million to 30 million ounces of placer gold that came out of the Tapajos region. What we’re doing is looking for the source of that gold —Alan Carter

Magellan’s 235-square-kilometre Coringa project—located 200 kilometres southeast of Cuiú Cuiú—is apparently the smaller of the two properties but, according to Carter, more advanced. “We already have a scoping study done at Coringa on a relatively small resource of about 370,000 ounces—but the average grade on that is 9 grams per tonne,” he relates. “And the scoping study was very positive. It was done about 18 months ago, assuming a gold price of $950—so obviously things have changed a lot since then. We have a mineralized shear zone there which is 10 kilometres long. Our resources are confined to three very small parts of that, and we keep finding new zones all the time. I’d be very surprised if Coringa does not increase in size by several times. I’m not talking about a 20% or 30% increase, I’m talking several hundred percent larger than it already is.”

Carter adds, “The idea for Coringa next year is to update the resource and then complete a feasibility study by the end of 2012. We won’t get the feasibility study done on Cuiú Cuiú yet, but the idea there would be to at least start a scoping study in 2012. But the immediate objective for 1Q of next year for both projects is to update the resources.”

The Midas Letter’s James West said of Magellan in 2009 that it was “perfectly positioned to become the next target of a mid-tier to senior level joint-venture partnership.” Two years later, no such partnership has materialized, but its positioning seems no less ideal. “Either we take the project all the way through to production, or at some point we might consider some sort of arrangement,” Carter says. “There were 20 million to 30 million ounces of placer gold that came out of the Tapajos region. What we’re doing is looking for the source of that gold. It’s probably multiple sources, but we’ve got a couple of those in Coringa and Cuiú Cuiú, and we think we’re going to find other ones.”

At press time, Magellan Minerals has 109.4 million shares outstanding at $0.83 for a market cap of $90.8 million.

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

January 5th, 2011

“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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Magellan reports Brazil Gold Assays as high as 0.93 g/t over 108.5m

January 5th, 2011

Magellan Minerals Ltd MNM:CA announced assay results from the Central Target of its Cuiu Cuiu Project in Brazil. Highlights include 0.64 g/t gold over 22.6 metres, 1.19 g/t over 18 metres, 0.62 g/t over 43.4 metres, 0.71 g/t over 92.4 metres, 1.13 g/t over 45 metres, 0.63 g/t over 60 metres, 0.92 g/t over 40.4 metres and 0.93 g/t over 108.5 metres (including 1.63 g/t over 53 metres).

President/CEO Alan Carter tells ResourceClips.com, “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.”

View Company Profile

Contact:
Alan Carter
President/CEO
604.676.5663

by Ted Niles