Gold Companies Colossus Minerals Inc.
Last Updated on Thursday, 01 September 2011 13:49 Written by BOOT Tuesday, 24 November 2009 17:58
Mining Companies - Gold Companies
Colossus Minerals Inc. is an emerging mineral exploration and development company focused on Brazilian gold. It is building relationships with garimpero groups, its venture partner COOMIGASP, and local technical experts and companies. Colossus is listed on the Toronto Stock Exchange under the symbol (CSI) and on the Frankfurt Exchange under the symbol (OC1) and OTC under the symbol (COLUF) . SP on 24 Nov was 5.41.
Projects
Serra Pelada is situated in the mineral prolific Carajas region near the towns of Curionopolis and Parauapebas, Para State, northern Brazil. Access and infrastructure are excellent (view regional geology).
Business Model: Joint Venture
In July 2007, COLOSSUS and COOMIGASP formed a partnership to develop the remaining bedrock mineralisation at Serra Pelada. Under the terms of this joint venture, COLOSSUS will manage and operate the project, earning a majority interest by funding exploration and paying COOMIGASP a premium for the gold reserve established by the joint venture. Details of this agreement may be found in Colossus Minerals Prospectus on www.sedar.com. COOMIGASP will separately develop the ‘monteira’ (tailings and waste from the Serra Pelada garimpo), with initial financial and technical assistance from COLOSSUS.
Gold-Platinum-Palladium Mineralization
The Serra Pelada deposit is hosted by Archaean metasediments of the Rio Fresco Group which unconformably overlain by greenstone belts and gneissic basement, intruded by several ages of mafic-ultramafic and granitoid plutons (view local geology).
The Central Mineralized Zone at Serra Pelada was mined along about 350m of strike length to depths of about 110m. Vale drilling in this area encountered some remarkable intersections. For example drill hole FD-0032, 43m. (40m) assaying 4709g/t gold, 204g/t platinum and 1174g/t palladium (Cabral et al, 2002) (view long section of open pit). Vale drilling confirmed that gold-platinum-palladium mineralization extends under the pit and for more than 450m strike length to the western boundary of 850.425/90. In these areas, mineralization has been encountered at depths of 150-350m and constitutes the prime target of the COLOSSUS-COOMIGASP joint venture. Tallarico (2000) and Vale (2006) modeled the Central Mineralized Zone as arcuate in form, with a steeply dipping eastern margin and more shallowly dipping limbs to the west (view cross section 00). The highest grades of gold, platinum and palladium occur in the moderately to steeply dipping parts of the central zone which is up to 150m in vertical extent and in places more than 50m wide (view mineralized column). Vale (2006) and COLOSSUS interpret the Central Mineralized Zone as occupying the hinge zone of a reclined syncline, which plunges gently to the southwest. Additional noble metal mineralization occurs to the east and west of the central zone.
COLOSSUS-COOMIGASP Exploration Program
*Completed a detailed topographic survey including the capture of remaining Vale drill colla
*Acquired 45,000m of Vale drill core and advanced a program of re-sampling and re-assay program for gold, PGE’s and other elements of potential economic significance
*Completed an initial resource delineation campaign comprising seventeen diamond drill holes for 5129 metres of coring (view Serra Pelada, 2007).
*Developed a 3D geological model to guide drilling
|
Issued and Outstanding |
72,253,563 |
|
Warrants |
19,886,999 |
|
Options |
4,265,000 |
|
Broker Units |
1,721,205 |
|
Fully Diluted |
98,126,767 |
Ari Sussman, Chairman of the Board
Vic Wall PhD, Director, Q.P.
Greg Hall, Director, Q.P.
John Frostiak P. Eng. Director and Q.P.
Patrick F.N. Anderson Director
Douglas Reeson,M.B.A. Director
Ari Sussman Chief Executive Officer
Randy Reichert, President & Chief Operating Officer
Vic Wall, PhD. Vice President of Exploration
Augusto Kishida, PhD. Vice President of Business Development
Steve Poad, Chief Financial Officer
Christian Grainger, PhD Principal Geologist
Heleno Costa, Vice President Operations, Serra Pelada
Darci Lindenmayer, General Manager in Brazil
Cash and Cash Equivalents 24,565,503
Liabilities 2,023,666
Burn Rate 6M/ last year
Gain/Loss diluted (.011)
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written by brian boutilier, November 25, 2009
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written by brian boutilier, November 25, 2009
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