Colossus Minerals (CSI-T) set a 52-week closing high of $4.69 on Tuesday as the junior continued to ride the momentum created by high-grade platinum group metals intersections on what the junior has dubbed the Western Mineralised Zone (WMZ), part of Colossus's flagship Serra Pelada gold-PGMs project in Brazil.
Hole SPC-012 in the WMZ intersected 4.15 metres at 8.04 grams gold per tonne, 154.5 grams platinum and 245.8 grams palladium, including 2 metres of 14.05 grams gold, 304.6 grams platinum and 488.5 grams palladium.
SPC-012 intersected the WMZ over 5.15 metres from 133.9 metres down-hole, corresponding to about 5 metres of true thickness in the zone. Colossus was unable to recover 1 metre of core but did not say why.
Low-grade gold mineralization was also intersected over 1-metre intervals in the overlying siltstones and underlying sandstones.
Drilling focused on a zone 120 to 150 metres below surface, west of the Central Mineralised Zone, under the historical Serra Pelada open pit.
The high grades of platinum and palladium in the WMZ are mostly hosted by iron oxide-rich breccias with associated siliceous and haematitic-argillic alteration.
The WMZ is a shallowly dipping and plunging mineralized zone that was defined during the second phase of reverse-circulation drilling on Serra Pelada. The WMZ runs along at least 50 metres of strike length, and is open to the northeast, southwest and laterally.
Hole SPC-011, another encouraging intercept, was targeting the WMZ down plunge, 40 metres south-southwest of SPC-012. A 3-metre interval, between 151.65 and 156.35 metres down-hole, yielded 2.89 grams gold per tonne, 0.15 gram platinum and 0.51 gram palladium including assays up to 10 grams gold and 2.5 grams PGMs.
SPC-011 also intersected 1.6 metres of 4.32 grams gold per tonne in altered sandstones, from 197.55 metres below surface under the historical Serra Pelada pit.
"Our particular challenge is to clarify the extents and distribution of the ultra high grade PGEs within the WMZ," says Colossus president Vic Wall.
Drilling, via four rigs at Serra Pelada, continues to outline and define the Central Mineralised Zone, and further step-out drilling is testing the extent of the Western Mineralised Zone. Deep drilling, reaching as far as 450 metres below surface, will determine if the Serra Pelada project has an Eastern Zone.
Colossus owns 51% of Serra Pelada and is earning a 75% stake. COOMIGASP, a Brazilian cooperative company that held the exploration licence for Serra Pelada, owns the balance.
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