Magna Mining Inc (TSX-V:NICU) has released the first assays received from the 2023 diamond drilling at its Crean Hill Mine in Sudbury, Ontario, with results for the first three holes showing high-grade precious metal mineralization intercepted near-surface in the 109 Footwall (FW) Zone .
Approximately 14 drill holes have been completed to date in 2023 at Crean Hill, and assays are pending for the remaining holes.
In a statement, Jason Jessup, CEO of Magna, commented: "The assay results reported today demonstrate the near-surface potential of the high grade, sulphide-rich core of the 109 Footwall Zone, within the overall wider zone of mineralized breccia. The continuity of massive sulphide in the 109 Footwall Zone is not well understood and not currently incorporated into the resource block model, so these results are highly encouraging.“
He added: "On the basis of the results so far from Crean Hill, Magna has mobilized a second diamond drill rig and will be completing several drillholes designed to better define the near-surface 109 Footwall Zone. This will allow us to better evaluate and design the surface bulk sample at Crean Hill, which should commence within the next 6 to 9 months."
READ: Magna Mining says drilling confirms new zone of near-surface sulphide mineralization on the Crean Hill Main Zone
Highlights from the new assay results included:
- 109 Footwall Zone (Hole MCR-23-013): 0.2% nickel (Ni), 0.6 % copper (Cu), 11.0 grams per ton (g/t) platinum + palladium + gold (Pt + Pd + Au) over 95.4 metres (m),
- including 0.76% Ni, 1.54% Cu and 32.83 g/t Pt + Pd + Au over 21.8m,
- including 2.4% Ni, 4.3 % Cu, 37.2 g/t Pt + Pd +Au over 5m,
- and including 0.6% Ni, 2.3 % Cu, 122.5 g/t Pt + Pd +Au over 2.8m
- 101 Footwall Zone (MCR-23-011): 2.1% Ni, 3.0 % Cu, 1.1 g/t Pt + Pd + Au over 2.2m
Magna has now reported two drillholes that have intersected near-surface, high-grade semi-massive/massive sulphides within the core of the 109 Footwall Zone.
Near-surface diamond drilling is ongoing, and aims to better define the distribution and continuity of high-grade veins in this area. Once complete, the results of this drilling will be incorporated into an updated resource model in the shallow portion of the 109 FW Zone, and facilitate detailed planning of a surface bulk sample, which Magna plans to commence before the end of 2023.
Magna Mining is an exploration and development company focused on nickel, copper and PGM (platinum group metals) projects in the Sudbury Region of Ontario, Canada. Its flagship assets are the past-producing Shakespeare and Crean Hill Mines.
The Shakespeare Mine is a feasibility stage project which has major permits for the construction of a 4,500-tonne per day open pit mine, processing plant and tailings storage facility and is surrounded by a contiguous 180-square kilometre prospective land package. Crean Hill is a past-producing nickel, copper and PGM mine with a technical report dated August 2022.
Contact the author at jon.hopkins@proactiveinvestors.com