Welcome To the Magma Metals Limited HUB On AGORACOM
Exploration, discovery and development of precious and base metals mineral deposits in Australia and Canada (V.MMW)
Message: June 2, 2010 Press Release
Magma Metals Limited: Final Results From Thunder Bay North Infill Drilling
Press Release Source: Magma Metals Limited On Wednesday June 2, 2010, 8:35 am EDT
WEST PERTH, WESTERN AUSTRALIA--(Marketwire - June 2, 2010) - Magma Metals Limited (TSX:MMW - News; ASX:MMW - News; "Magma" or the "Company")
KEY POINTS
-- Final results have been received from a 47,000m infill diamond drilling
program completed in the mineral resource area.
-- Results included the following drill intercepts:
BL10-306: 15.00m @ 6.66g/t Pt+Pd, 0.85% Cu & 0.29% Ni,
including 3.00m @ 28.8g/t Pt+Pd, 3.74% Cu & 0.95% Ni,
including 0.25m @ 133.3g/t Pt+Pd, 20.4% Cu & 2.03% Ni;
BL10-298: 11.00m @ 6.84g/t Pt+Pd, 0.76% Cu & 0.43% Ni;
BL10-304: 10.35m @ 5.12g/t Pt+Pd, 0.49% Cu & 0.23% Ni,
including 4.00m @ 8.30g/t Pt+Pd, 0.75% Cu & 0.25% Ni;
BL10-258: 11.00m @ 4.04g/t Pt+Pd, 0.40% Cu & 0.25% Ni,
including 6.00m @ 5.57g/t Pt+Pd, 0.54% Cu & 0.31% Ni.
-- A resource estimate update is in progress with expected completion in
the September quarter, 2010.
-- A Scoping Study (Preliminary Economic Assessment), incorporating the new
resource estimate, is also in progress with expected completion in the
December quarter, 2010.
-- The current exploration focus is on high-sulphide targets in and around
the Current Lake Intrusive Complex and on regional targets within the
Thunder Bay North project to identify new areas of mineralization. Up to
three drill rigs will be in operation on this program.
Magma Metals Limited (TSX:MMW - News; ASX:MMW - News; "Magma" or the "Company") is pleased to advise that it has now received all the results from the outstanding drill holes in the recently completed 195-hole 47,172m infill diamond drilling program in the resource area at the Thunder Bay North Project in northwest Ontario.
Results received from the drilling are summarized in the "Key Points" section above and in Tables 1 and 2 below.
The infill drilling program commenced in June 2009 and focused on the Bridge and Beaver Lake Zones, where the current resources are mostly in the Inferred Mineral Resource category (Figure 1). As previously advised, data from the infill drilling program will be combined with that from 50,416m in 333 holes drilled prior to June 2009 to form the basis for an independent mineral resource update. This work is in progress and it is anticipated that the resource update will be completed in the September quarter, 2010.
The resource estimate update will be incorporated in the Scoping Study (Preliminary Economic Assessment) which is currently in progress. The Scoping Study is focused on three key aspects of the project:
-- Mining strategy;
-- Metallurgical test work and process engineering;
-- Environmental and permitting requirements.
It is anticipated that the results of the Scoping Study will be available in the December quarter, 2010.
The exploration focus for the remainder of 2010 will be on identifying new areas of mineralization within the Thunder Bay North intrusive complexes, and elsewhere in the region, which have potential to contain additional mineral resources. Currently drilling is in progress or about to start at a number of targets, with up to three drill-rigs in operation:
-- Bridge Zone: testing potential high-sulphide targets identified from
geophysical surveys beneath and adjacent to known mineralization (Area 1
in Figure 2);
-- South East Anomaly: deepening a previous 930m deep hole to drill through
the floor of the intrusion in this area and determine the potential for
mineralization along strike to the southeast of Beaver Lake (Area 2 in
Figure 2);
-- Current Lake North: reconnaissance drilling to investigate the geology
and mineralization potential in the northern part of the Current Lake
Intrusive Complex (Area 3 in Figure 2);
-- Lone Island Lake: reconnaissance drilling to investigate the geology and
mineralization potential in the Lone Island Lake Intrusive Complex in
the western part of the project (Area 6 in Figure 2).
Table 1. Significant Infill Drilling Results from the Bridge and Beaver Lake
Zones
----------------------------------------------------------------------------
Pt+Pd
From To Length Pt Pd Pt+Pd Cu Ni Cut-Off
Drill Hole (m) (m) (m) (g/t) (g/t) (g/t) (%) (%) (g/t)
----------------------------------------------------------------------------
Bridge Zone
----------------------------------------------------------------------------
BL10-276 73.50 81.00 7.50 1.45 1.43 2.88 0.37 0.18 1.0
----------------------------------------------------------------------------
including 73.50 76.00 2.50 2.22 2.23 4.45 0.57 0.27 3.0
----------------------------------------------------------------------------
91.00 97.00 6.00 1.60 1.49 3.09 0.31 0.19 1.0
----------------------------------------------------------------------------
103.00 114.32 11.32 1.80 1.72 3.52 0.38 0.22 1.0
----------------------------------------------------------------------------
BL10-306 149.00 164.00 15.00 3.65 3.01 6.66 0.85 0.29 0.5
----------------------------------------------------------------------------
including 161.00 164.00 3.00 15.92 12.90 28.82 3.74 0.95 5.0
----------------------------------------------------------------------------
including 163.75 164.00 0.25 90.0 43.3 133.3 20.4 2.03 50.0
----------------------------------------------------------------------------
BL10-308 171.00 183.00 12.00 0.81 0.80 1.61 0.27 0.23 1.0
----------------------------------------------------------------------------
including 182.00 183.00 1.00 1.98 1.87 3.85 0.62 0.36 3.0
----------------------------------------------------------------------------
Beaver Lake Zone
----------------------------------------------------------------------------
BL10-225 346.00 354.65 8.65 2.17 2.04 4.21 0.57 0.29 1.0
----------------------------------------------------------------------------
including 348.00 353.00 5.00 3.08 2.92 6.00 0.80 0.39 3.0
----------------------------------------------------------------------------
BL10-244 188.00 191.00 3.00 0.93 0.85 1.78 0.13 0.10 1.0
----------------------------------------------------------------------------
BL10-251 202.00 211.00 9.00 0.61 0.57 1.18 0.15 0.16 1.0
----------------------------------------------------------------------------
BL10-252 220.00 226.00 6.00 0.94 0.87 1.81 0.19 0.17 1.0
----------------------------------------------------------------------------
BL10-256 136.75 141.75 5.00 1.16 1.15 2.31 0.28 0.18 1.0
----------------------------------------------------------------------------
including 137.75 139.75 2.00 1.82 1.81 3.63 0.44 0.21 3.0
----------------------------------------------------------------------------
BL10-257 206.00 214.00 8.00 0.62 0.57 1.19 0.11 0.16 0.5
----------------------------------------------------------------------------
including 208.00 209.00 1.00 1.96 1.84 3.80 0.36 0.25 3.0
----------------------------------------------------------------------------
220.00 232.00 12.00 0.52 0.48 1.00 0.10 0.16 0.5
----------------------------------------------------------------------------
236.00 252.05 16.05 0.58 0.53 1.11 0.11 0.14 0.5
----------------------------------------------------------------------------
including 247.55 250.55 3.00 1.37 1.25 2.62 0.27 0.20 1.0
----------------------------------------------------------------------------
BL10-258 224.00 254.00 30.00 1.04 0.95 1.99 0.20 0.19 0.5
----------------------------------------------------------------------------
including 241.00 252.00 11.00 2.11 1.93 4.04 0.40 0.25 1.0
----------------------------------------------------------------------------
including 245.00 251.00 6.00 2.91 2.66 5.57 0.54 0.31 5.0
----------------------------------------------------------------------------
BL10-279 146.60 173.60 27.00 0.91 0.89 1.80 0.24 0.17 0.5
----------------------------------------------------------------------------
including 155.60 172.60 17.00 1.25 1.21 2.46 0.32 0.20 1.0
----------------------------------------------------------------------------
including 161.60 167.60 6.00 1.67 1.62 3.29 0.43 0.24 3.0
----------------------------------------------------------------------------
180.60 182.60 2.00 4.66 3.74 8.40 0.99 0.53 1.0
----------------------------------------------------------------------------
BL10-280 145.00 149.10 4.10 0.89 0.91 1.80 0.21 0.18 1.0
----------------------------------------------------------------------------
173.00 176.00 3.00 1.26 1.11 2.37 0.37 0.24 1.0
----------------------------------------------------------------------------
BL10-286 290.00 295.25 5.25 0.54 0.57 1.11 0.17 0.16 1.0
----------------------------------------------------------------------------
BL10-288 159.15 164.15 5.00 0.96 0.90 1.86 0.35 0.19 1.0
----------------------------------------------------------------------------
BL10-294 260.70 265.70 5.00 1.75 1.64 3.39 0.41 0.24 1.0
----------------------------------------------------------------------------
including 264.70 265.70 1.00 3.44 3.23 6.67 0.79 0.37 5.0
----------------------------------------------------------------------------
BL10-296 265.75 268.75 3.00 1.59 1.45 3.04 0.30 0.21 1.0
----------------------------------------------------------------------------
BL10-298 264.00 275.00 11.00 3.58 3.26 6.84 0.76 0.43 1.0
----------------------------------------------------------------------------
BL10-300 146.00 152.00 6.00 0.60 0.58 1.18 0.15 0.14 1.0
----------------------------------------------------------------------------
BL10-304 141.28 161.75 20.47 1.57 1.46 3.03 0.29 0.16 0.5
----------------------------------------------------------------------------
including 143.30 153.65 10.35 2.65 2.47 5.12 0.49 0.23 3.0
----------------------------------------------------------------------------
including 143.30 147.30 4.00 4.36 3.94 8.30 0.75 0.25 5.0
----------------------------------------------------------------------------
194.75 202.95 8.20 1.76 1.43 3.19 0.61 0.32 1.0
----------------------------------------------------------------------------
including 201.40 202.95 1.55 5.86 4.30 10.16 2.12 0.76 5.0
----------------------------------------------------------------------------
BL10-305 178.00 183.00 5.00 0.72 0.66 1.38 0.22 0.20 1.0
----------------------------------------------------------------------------
Table 1. Significant Infill Drilling Results from the Bridge and Beaver Lake
Zones (continued)
----------------------------------------------------------------------------
Pt+Pd
From To Length Pt Pd Pt+Pd Cu Ni Cut-Off
Drill Hole (m) (m) (m) (g/t) (g/t) (g/t) (%) (%) (g/t)
----------------------------------------------------------------------------
BL10-311 283.00 297.50 14.50 1.27 1.20 2.47 0.29 0.21 0.5
----------------------------------------------------------------------------
including 291.00 296.50 5.50 2.30 2.15 4.45 0.47 0.28 3.0
----------------------------------------------------------------------------
BL10-313 360.75 367.75 7.00 1.36 1.24 2.60 0.34 0.22 1.0
----------------------------------------------------------------------------
including 362.75 366.75 4.00 1.87 1.75 3.62 0.48 0.26 3.0
----------------------------------------------------------------------------
BL10-314 163.05 179.05 16.00 1.19 1.16 2.35 0.31 0.18 0.5
----------------------------------------------------------------------------
including 165.05 170.05 5.00 1.70 1.69 3.39 0.47 0.23 3.0
----------------------------------------------------------------------------
BL10-321 136.60 143.00 6.40 0.98 0.99 1.97 0.25 0.15 1.0
----------------------------------------------------------------------------
including 139.60 141.60 2.00 1.73 1.66 3.39 0.42 0.20 3.0
----------------------------------------------------------------------------
150.00 165.00 15.00 1.41 1.35 2.76 0.32 0.22 0.5
----------------------------------------------------------------------------
including 151.00 160.00 9.00 1.65 1.59 3.24 0.38 0.24 3.0
----------------------------------------------------------------------------
Results are reported for intercepts greater than 1.0g/t Pt+Pd and greater
than 5.0 gram-metres (g/t Pt+Pd x metres) at the lower cut-off grades shown
in the right hand column; these may include internal intervals up to 2m
below the cut-off grade.
Table 2. Drill Hole Collar and Depth Information
----------------------------------------------------------------------------
Drill
Hole Easting (m) Northing (m) Azimuth (Deg) Dip (Deg) Depth (m)
----------------------------------------------------------------------------
Bridge Zone
----------------------------------------------------------------------------
BL10-276 357521 5402676 0 -90 138
----------------------------------------------------------------------------
BL10-306 357911 5402460 0 -90 219
----------------------------------------------------------------------------
BL10-308 357926 5402501 0 -90 240
----------------------------------------------------------------------------
Beaver Lake Zone
----------------------------------------------------------------------------
BL10-225 358550 5402221 0 -90 384
----------------------------------------------------------------------------
BL10-244 358150 5402300 0 -90 222
----------------------------------------------------------------------------
BL10-251 358300 5402520 0 -90 266
----------------------------------------------------------------------------
BL10-252 358350 5402520 0 -90 264
----------------------------------------------------------------------------
BL10-256 358350 5402440 0 -90 298
----------------------------------------------------------------------------
BL10-257 358350 5402420 0 -90 272
----------------------------------------------------------------------------
BL10-258 358350 5402400 0 -90 302
----------------------------------------------------------------------------
BL10-279 357950 5402410 0 -90 213
----------------------------------------------------------------------------
BL10-280 358000 5402480 0 -90 201
----------------------------------------------------------------------------
BL10-286 358550 5402415 0 -90 342
----------------------------------------------------------------------------
BL10-288 358550 5402435 0 -90 312
----------------------------------------------------------------------------
BL10-294 358350 5402340 0 -90 315
----------------------------------------------------------------------------
BL10-298 358300 5402368 180 -71 324
----------------------------------------------------------------------------
BL10-300 358150 5402460 0 -90 234
----------------------------------------------------------------------------
BL10-304 358100 5402487 0 -90 222
----------------------------------------------------------------------------
BL10-305 357950 5402497 0 -90 232
----------------------------------------------------------------------------
BL10-311 358500 5402375 0 -90 348
----------------------------------------------------------------------------
BL10-313 358600 5402136 360 -82 426
----------------------------------------------------------------------------
BL10-314 358000 5402428 0 -90 210
----------------------------------------------------------------------------
BL10-321 358400 5402470 0 -90 296
----------------------------------------------------------------------------
Additional information on Magma and its projects, including descriptions of its quality control and assurance procedures is available on its website at www.magmametals.com.au and in technical reports filed under the Company's profile on the SEDAR website (sedar.com).
The information in this report that relates to Exploration Results or Mineral Resources is based on information compiled, reviewed or prepared by Dr Keith Watkins, the Executive Chairman of Magma Metals Limited, who is a Member of the Australasian Institute of Mining and Metallurgy, and a "qualified person" as such term is defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Dr Watkins has sufficient experience, which is relevant to the style of mineralization and type of deposit under consideration and to the activities undertaken to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (the JORC Code). Dr Watkins consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Certain information contained in this report constitutes "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", "is expected", "estimates", "intends", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Although management believes that the expectations expressed in such forward-looking information disclosed herein are based on reasonable assumptions, these statements are not guarantees of future performance. A number of factors could cause actual results, performance or achievements to differ materially from those in the forward-looking information. Such factors include future metal prices, exploration and evaluation results, future availability of capital and general economic, market or business conditions, government regulation of mining operations, failure of equipment or processes to operate as anticipated, risks inherent in mineral exploration and development including unusual or unexpected geological formations. Descriptions of these risks can be found in the Company's various statutory reports, including its Annual Information Form available on its website at www.magmametals.com.au and on the SEDAR website (sedar.com).
To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/MMW602fig1.pdf.
To view Figure 2, please visit the following link: http://media3.marketwire.com/docs/MMW602fig2.pdf
Loading...
Loading...
New Message
Please
login
to post a reply