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Message: June 7, 2010 Press Release
Magma Metals Limited: Two Gold Zones Identified at Griffins Find
Press Release Source: Magma Metals Limited On Monday June 7, 2010, 9:00 am EDT
WEST PERTH, WESTERN AUSTRALIA--(Marketwire - June 7, 2010) - Magma Metals Limited (TSX:MMW - News; ASX:MMW - News)
KEY POINTS
-- Several gold anomalies were tested in a 35-hole 4,259m reconnaissance RC
drilling program within a 4km x 2km area of gold anomalism.
-- Two relatively shallow gold zones were identified as having resource
potential; results included:
Ridge Prospect:
MGFRC031: 20m @ 2.86g/t Au from 13m
including 5m @ 4.02g/t Au from 19m
and 7m @ 4.24g/t Au from 26m
MGFRC018: 15m @ 2.05g/t Au from 25m
including 3m @ 7.72g/t Au from 25m
MGFRC023: 5m @ 2.29g/t Au from 56m
and 11m @ 1.90g/t Au from 179m
including 6m @ 3.04g/t Au from 183m
Griffins West Prospect:
MGFRC025: 11m @ 2.28g/t Au from 60m
including 6m @ 3.87g/t Au from 61m
MGFRC008: 14m @ 1.99g/t Au from 45m
including 5m @ 4.22g/t Au from 46m
-- A large auger geochemistry survey is in progress over the 4km x 2km area
of gold anomalism to generate an internally consistent multi-element
geochemical database to aid future drill targeting.
Magma Metals Limited (TSX:MMW - News; ASX:MMW - News; "Magma" or the "Company") is pleased to advise that it recently completed a 35-hole 4,259m reconnaissance reverse circulation (RC) drilling program at the Griffins Find Gold Project, 320km southeast of Perth in Western Australia. The area is in a mainly flat-lying wheat farming district and there is very little rock outcrop.
The drilling program was designed to test a number of geochemical anomalies defined by soil sampling and shallow drilling, as well as geophysical anomalies, within an area of approximately 4km x 2km around two shallow historical open cut goldmines (Figure 1). The aim was to establish whether significant zones of bedrock gold mineralization could be identified beneath these anomalies.
To view Figure 1, please visit the following link:
http://media3.marketwire.com/docs/mmw_fig1.pdf
The drilling results are summarized in the "Key Points" section above and detailed in Tables 1, 2 and 3 below.
Of the anomalies tested, significant gold mineralization was intersected at the Ridge and Griffins West Prospects (Figures 1, 2 and 3). In these areas coherent zones of gold mineralization have been intersected in drilling which are relatively shallow, open along strike and at depth, and have potential for delineation of resources. Gold mineralization in both areas is hosted in strongly deformed high-grade metamorphic rocks.
At the Ridge Prospect, approximately 2km southeast of the historical Griffins Find Gold Mine, four east-west traverses were drilled across a 1300m x 250m gold anomaly defined by previous shallow drilling and soil geochemistry. Several stacked zones of gold mineralization were intersected in one of the southern drill traverses (section 6338620N, Figure 2). These zones have an apparent dip of about 30 degrees to the east on the section; further drilling is required to determine their true orientation and strike. One of the northern traverses (section 6339090N) returned two intercepts which define a narrow high-grade zone which also has an apparent dip of about 30 degrees to the east (Figure 1).
To view Figure 2, please visit the following link:
http://media3.marketwire.com/docs/mmw_fig2.pdf
The Griffins West Prospect is located approximately 750m west of the Griffins Find Gold Mine, and is near a small historical underground gold mine. Previous shallow drilling around the mine established a shallow east-west trending zone of gold mineralization about 100m long. Magma's drilling has extended the strike length of this zone to about 150m and shown that the mineralization is open at depth and along strike (Figure 3). Further drilling is planned to determine the size of this zone.
The drilling results are encouraging and indicate potential for resources within the 4km x 2km area containing various geochemical and geophysical anomalies around the Griffins Find Gold Mine. Further drilling is planned to follow up these results and test other anomalies. Some of this work may be undertaken in the second half of 2010; however, some areas of interest are now under wheat crop where drilling will need to be deferred until after harvesting in late 2010.
To view Figure 3, please visit the following link:
http://media3.marketwire.com/docs/mmw_fig3.pdf
A 3,500 hole auger drilling program is in progress to collect geochemical samples over the 4km x 2km area of anomalism. This will provide a consistent multi-element geochemical database which will be used to develop further drilling targets.
Table 1. Significant gold intersections at the Ridge Prospect
-------------------------------------------------------------
From Length Au Au Cut-Off
Drill Hole (m) To (m) (m) (g/t) (g/t)
-------------------------------------------------------------
Ridge Prospect
-------------------------------------------------------------
MGFRC012 38 41 3 1.24 0.5
-------------------------------------------------------------
45 46 1 1.02 1.0
-------------------------------------------------------------
MGFRC013 15 16 1 2.44 1.0
-------------------------------------------------------------
MGFRC015 29 35 6 1.80 0.25
-------------------------------------------------------------
including 31 34 3 3.04 1.0
-------------------------------------------------------------
118 119 1 1.67 1.0
-------------------------------------------------------------
MGFRC016 42 46 4 3.83 0.5
-------------------------------------------------------------
88 89 EOH 1 4.25 1.0
-------------------------------------------------------------
MGFRC017 8 9 1 3.02 1.0
-------------------------------------------------------------
14 16 2 1.31 1.0
-------------------------------------------------------------
MGFRC018 11 13 2 1.39 0.5
-------------------------------------------------------------
25 40 15 2.05 0.25
-------------------------------------------------------------
including 25 28 3 7.72 1.0
-------------------------------------------------------------
47 48 1 1.12 1.0
-------------------------------------------------------------
154 156 2 1.76 0.5
-------------------------------------------------------------
MGFRC019 70 74 4 1.29 0.25
-------------------------------------------------------------
including 72 73 1 3.76 1.0
-------------------------------------------------------------
MGFRC022 53 58 5 1.55 0.5
-------------------------------------------------------------
including 55 56 1 4.65 1.0
-------------------------------------------------------------
61 62 1 1.19 1.0
-------------------------------------------------------------
MGFRC023 28 30 2 2.51 0.5
-------------------------------------------------------------
38 40 2 1.11 0.5
-------------------------------------------------------------
56 61 5 2.29 1.0
-------------------------------------------------------------
82 83 1 1.18 1.0
-------------------------------------------------------------
160 161 1 5.61 1.0
-------------------------------------------------------------
179 190 11 1.90 0.5
-------------------------------------------------------------
including 183 189 6 3.04 1.0
-------------------------------------------------------------
MGFRC026 1 2 1 1.5 1.0
-------------------------------------------------------------
41 44 3 7.65 0.25
-------------------------------------------------------------
including 42 43 1 21.7 1.0
-------------------------------------------------------------
MGFRC027 77 79 2 23.8 1.0
-------------------------------------------------------------
including 77 78 1 46.2 1.0
-------------------------------------------------------------
MGFRC030 8 9 1 1.55 1.0
-------------------------------------------------------------
MGFRC031 6 7 1 1.71 1.0
-------------------------------------------------------------
13 33 20 2.86 0.5
-------------------------------------------------------------
including 19 24 5 4.02 1.0
-------------------------------------------------------------
and 26 33 7 4.24 1.0
-------------------------------------------------------------
37 38 1 1.12 1.0
-------------------------------------------------------------
106 108 2 2.82 1.0
-------------------------------------------------------------
147 148 1 1.41 1.0
-------------------------------------------------------------
MGFRC035 0 2 2 1.09 0.5
-------------------------------------------------------------
Results are reported for intercepts greater than 1.00g/t Au 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. Significant gold intersections at the Griffins
West and Emu Prospects
----------------------------------------------------------
From To Length Au Au Cut-Off
Drill Hole (m) (m) (m) (g/t) (g/t)
----------------------------------------------------------
Griffins West Prospect
----------------------------------------------------------
MGFRC008 45 59 14 1.99 0.5
----------------------------------------------------------
including 46 51 5 4.22 1.0
----------------------------------------------------------
MGFRC009 35 41 6 2.22 1.0
----------------------------------------------------------
including 38 39 1 6.02 1.0
----------------------------------------------------------
MGFRC025 60 71 11 2.28 0.25
----------------------------------------------------------
including 61 67 6 3.87 1.0
----------------------------------------------------------
Emu Prospect
----------------------------------------------------------
MGFRC001 31 32 1 4.81 1.0
----------------------------------------------------------
47 48 1 1.13 1.0
----------------------------------------------------------
Results are reported for intercepts greater than 1.00g/t Au 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 3. Drill Hole Collar and Depth Information
---------------------------------------------------------
Easting Northing Azimuth Dip Depth
Drill Hole (m) (m) (Deg) (Deg) (m)
---------------------------------------------------------
Taylors
---------------------------------------------------------
MGFRC012 624690 6338500 270 -60 130
---------------------------------------------------------
MGFRC013 624765 6338500 270 -60 120
---------------------------------------------------------
MGFRC015 624555 6338620 270 -60 150
---------------------------------------------------------
MGFRC016 624630 6338620 270 -60 89
---------------------------------------------------------
MGFRC017 624705 6338620 270 -60 41
---------------------------------------------------------
MGFRC018 624762 6338618 270 -60 160
---------------------------------------------------------
MGFRC019 624812 6338620 270 -60 120
---------------------------------------------------------
MGFRC022 624785 6338612 270 -60 120
---------------------------------------------------------
MGFRC023 624785 6338640 270 -60 200
---------------------------------------------------------
MGFRC026 624200 6339090 270 -60 150
---------------------------------------------------------
MGFRC027 624275 6339090 270 -60 130
---------------------------------------------------------
MGFRC030 624175 6339340 270 -60 131
---------------------------------------------------------
MGFRC031 624715 6338625 270 -60 192
---------------------------------------------------------
MGFRC035 624250 6339332 270 -60 84
---------------------------------------------------------
Griffins West
---------------------------------------------------------
MGFRC008 622460 6339920 180 -60 125
---------------------------------------------------------
MGFRC009 622420 6339930 180 -65 120
---------------------------------------------------------
MGFRC025 622480 6339930 180 -60 104
---------------------------------------------------------
Emu
---------------------------------------------------------
MGFRC001 622628 6339740 240 -60 100
---------------------------------------------------------
Backgound
The Griffins Find Gold Project is located within a poorly exposed Archaean greenstone belt in the wheat-belt area of Western Australia, approximately 320km southeast of Perth and 15km northwest of the town of Lake Grace (Figure 1). Gold was first discovered in this area in 1957 and about 55,000 ounces of gold at a grade of 2.8g/t was mined from two shallow open-pit mines (approximately 55m & 20m deep) in the 1980's.
There are very few historical drill-holes deeper than 100m outside of the immediate vicinity of the larger open-pit mine (Figure 1). There is a large gold-anomalous area around the open pits which forms a gold system "footprint" of at least 4km x 2km in size. Within this footprint anomalous gold values have been recorded in soil samples and shallow rotary air-blast and air-core drilling. The size of this footprint in relation to the small open-pit mines is encouraging and could indicate potential for a substantial gold system.
Magma acquired an option to purchase a 100% interest in tenements covering the Griffins Find Gold Project in July 2009 (see ASX announcement dated 9th July 2009, which is available on the Company's website at http://www.magmametals.com.au/).
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 and/or Mr Ralph Porter, the Executive Chairman and Executive Director - Exploration, Australia of Magma Metals Limited, respectively, who are both Members of the Australasian Institute of Mining and Metallurgy, and each of whom is a "qualified person" as such term is defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Both Dr Watkins and Mr Porter have sufficient experience, which is relevant to the style of mineralization and type of deposit under consideration and to the activities undertaken to qualify as Competent Persons 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 and Mr Porter consent to the inclusion in the report of the matters based on this information in the form and context in which it appears.
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