Magna Mining Inc released positive new assay results from a recent drill program at its flagship asset the Shakespeare base metals project, a past-producing mine in Sudbury.
The company said that drilling intersected 52.27 metres grading 0.84% nickel equivalent (NiEq) at the Gap Zone area, a major boost to the company’s theory that the zone is mineralized, according to Magna.
Other drill results included 24.20 metres grading 0.59% NiEq at the central West Zone area, and 8.65 metres grading 0.69% NiEq, which Magna said provides “strong evidence” that mineralization continues from the Gap Zone to this part of the deposit.
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"We are quite pleased with the assay results at our Shakespeare Mine, which have supported our longstanding belief that the Gap Zone is mineralized,” CEO Jason Jessup said in a statement.
“These results also support our view that the defined mineralization below the western part of our Shakespeare deposit was limited by a lack of drilling. This information demonstrates the potential to grow the open pit mineral resources at Shakespeare, as well as potential to add underground mineral resources.”
Mynyr Hoxha, Magna’s vice president of exploration, told investors that drilling has provided Magna with important geological information to advance the firm’s understanding of the controls on the Shakespeare mineralization.
“We believe that the drilling results to date will increase the current mineral resource and have a positive impact on future mine plans at Shakespeare,” Hoxha said.
“The 2021 drilling has intersected additional mineralization within the current open pit mineral resource pit shell and has also expanded the mineralization at depth, immediately below the current open pit mineral resource. We have demonstrated the potential to significantly expand the Shakespeare Deposit mineralization at relatively shallow depths and to the south of the current deposit."
Magna is planning to complete a feasibility study on Shakespeare by early 1Q 2022.
Contact Angela at angela@proactiveinvestors.com
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