Magna Mining Inc (TSX-V:NICU) told investors it has received the first assays from the recent drilling at the Crean Hill Mine, part of its Denison project in Ontario.
The company said drillhole MCR-22-003 intersected massive sulphide mineralization, grading 6% nickel, 0.3% copper, and 0.7 grams per ton (g/t) platinum/palladium/gold over 5.8 metres (m).
"We are excited to announce initial assay results from our current drilling at Crean Hill,” CEO Jason Jessup said in a statement.
“Drillhole MCR-22-003 was our first drillhole testing the 101 FW Zone mineralization and demonstrates the quality and grade of the resources remaining at Crean Hill. Additional assay results are expected in early January and will be announced shortly thereafter.”
READ: Magna Mining commences 2000-meter drill program at Crean Hill Mine in Ontario
Highlights include:
- Drillhole MCR-22-003, intersected 3.8% nickel, 1.8% copper, and 0.5 g/t platinum/palladium/gold over 10.8 metres, including 3.2% nickel, 8.3% copper and 0.5 g/t platinum/palladium/gold over 1.7m, and 6% nickel, 0.3% copper and 0.7 g/t platinum/palladium/gold over 5.8m in the 101 FW Zone
- 101 FW Zone mineralization hosted within an approximately 70m wide footwall breccia package which remains open for exploration
- 2,022m completed to date in 10 drill holes on the Crean Hill property. All drillholes have intersected significant mineralization as expected
The company said the initial drilling program targeted areas that will be considered for advanced exploration and potential bulk sampling within the current Mineral Resources.
Four drillholes, MCR-22-003 to MCR-22-006, targeted the 101 zone below historical mining. This area was not a focus of previous Lonmin Canada drilling as it is not considered a low-sulphide, high-platinum group elements (PGE) system, it added.
Drillhole MCR-22-003 targeted below and adjacent to historically mined stopes and confirms the mineralization continues down-dip and along strike to the southwest. The drillhole intersected approximately 70m of footwall breccia, with local disseminated to stringer mineralization throughout.
Significant assay results received to date include 3.8% nickel, 1.8% copper and 0.5 g/t platinum/palladium/gold over 10.8m.
101 FW Zone breccia system open for exploration and expansion
“The 101 FW Zone breccia system remains open for exploration and expansion to the southwest and down-dip of the historical mining,” the company said.
In addition to the 101 FW Zone, drillhole MCR-22-003 intersected 0.7% nickel, 0.4% copper, 0.6 g/t platinum/palladium/gold over 30.2m, including 1.1% nickel, 0.6% copper, and 1.4 g/t platinum/palladium/gold over 10.5m within the Intermediate Zone at the base of the Sudbury Igneous Contact.
Five drillholes, MCR-22-001, MXR-22-002 and MCR-22-007-009, were completed on the near-surface portion of the Intermediate Zone, within the current open pit resource. The Intermediate Zone is a zone of contact nickel-copper mineralization at the base of the SIC and hosted within Sublayer Norite. The company said assays are pending.
Magna said one hole, MCR-22-010 targeted the 109 FW Zone. The 109 FW Zone is a zone of disseminated to semi-massive sulphide, hosted within footwall breccia, extending into the footwall of the Main Zone. The 109 FW Zone was defined near surface by Lonmin Canada, and is considered a low-sulphide, high-PGE Footwall zone.
The company said it expects to resume diamond drilling in early January 2023.
Magna Mining is focused on nickel, copper and PGM projects in the Sudbury Region of Ontario, Canada and has two advanced assets; the past-producing Shakespeare mine, which has major permits for the construction of a 4,500 tonnes-per-day open pit mine, processing plant and tailings storage facility and the past producing Crean Hill mine.
Contact the author at stephen.gunnion@proactiveinvestors.com