Colossus Minerals +23.5% despite low project resource estimate

Colossus Minerals (COLUF +23.5%), already on the brink of financial collapse, released a mineral resource estimate yesterday for its Serra Pelada project in Brazil that identified a miniscule 274K oz. of gold.

Investors had figured the site contained millions of ounces and are hoping the 274K calculation is too low, since the geology of the deposit may not mesh well with resource reporting rules in Canada; many of the high-grade portions of the deposit did not get into the estimate.

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