Magna Mining Inc has announced that the next phase of exploration at its Shakespeare nickel-copper-platinum group metals (PGM) project will commence in early January following the completion of a $3.14 million flow-through financing on November 3, 2021.
The exploration and development company said the initial winter exploration program will consist of 4,500 metres (m) of drilling, which will target the new P-4 nickel discovery and the past-producing Spanish River Copper Mine.
The P-4 discovery and Spanish River Copper Mine are both located approximately 5 kilometres (km) from its flagship Shakespeare Mine and could potentially represent satellite deposits to feed a future mill at Shakespeare, the company said, adding that it has secured a diamond drilling contractor to commence drilling in early January 2022.
READ: Magna Mining reports strong assay results from drilling at its flagship Shakespeare nickel-copper-PGM operation in Sudbury
Magna said a borehole electromagnetic (EM) survey was recently completed which extends the electromagnetic anomaly 230m below the deepest mineralized intersection.
It noted that the interpreted EM plate is electromagnetically open at depth and the data indicates that conductivity is increasing at depth. The higher conductivity could be attributed to a high concentration of sulphides, thicker width or both, it said.
The surveys were completed on holes MP4-21-01 and MP4-21-02, which were the P-4 nickel discovery holes that the company reported on September 14, 2021. It said January’s drill program will prioritize the testing of the depth extent of this EM plate, and also test the eastern EM plate.
"The results of these new downhole electromagnetic surveys at our P-4 discovery indicate that there is a conductive zone extending to depth, well below the mineralized intersections in the first discovery holes that we reported in September of this year,” Magna CEO Jason Jessup said in a statement.
“It is particularly encouraging to have the conductivity increasing at depth. We are prioritizing our drilling in January to test some significant step-outs from the previous drilling and see how big this system gets at depth and along strike.
“The EM survey results are exactly the sort of indications you would expect to see in semi-massive or massive sulphide nickel and copper discoveries in the Sudbury region."
The company said the winter diamond drilling program will also aim to test new targets at the Spanish River Copper Mine, located approximately 1 km south of the P-4 Discovery. It has the option to earn-in up to 100% ownership on the seven claims comprising the historic mine.
The proposed diamond drill program at Spanish River Copper is designed to test high conductance EM plates that have been modelled from surface EM surveys that were completed earlier this year.
Zones of chalcopyrite dominated mineralization associated with a deformation corridor have been mapped on surface along a 300m strike length. The drilling that is now scheduled is believed to be the first diamond drilling program at this particular location in over 50 years, Magna said.
Jessup added: "Our drilling at the P-4 target and early exploration work at the Spanish River Copper Mine comprise the first significant regional exploration program outside the Shakespeare Mine site in over 15 years.
“Our early exploration successes support our thesis that our 180 km2 exploration land package surrounding the Shakespeare Mine is highly prospective for nickel and copper discoveries. Ultimately, we believe that new regional discoveries such as P-4 point to the potential for Magna to build a hub and spoke production model with our already permitted Shakespeare Mine as the core to the operation.”
Magna said it is awaiting approximately 550 assay results from 11 drill holes from its 2021 program, including three holes from the Gap Zone area. It expects all assays to be received by mid-January.
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