Magna Mining Inc (TSX-V:NICU) reported impressive assay results from recent drilling at its flagship Shakespeare Mine, 70 kilometers (km) southwest of Sudbury.
The Sudbury, Ontario-based exploration and development company said a total of 1,983 meters (m) of drilling in five drillholes was completed in the first half of the year at the past-producing Shakespeare Mine, which is surrounded by a 180 square km land package that is highly prospective for nickel, copper, and platinum group metals (PGM) discoveries.
The exploration program was designed to follow up on the successful 2021 drilling in the "Gap Zone" near the West Zone of the deposit. The program also tested whether a wide known zone of the resource known as the S-13 Zone, previously thought to be isolated, could be connected to the East and West zones.
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Magna highlighted the following conclusions from the first five holes of the 2022 drill program:
- Mineralization at the West Zone expanded: Drilling has continued to expand on mineralization near the West Zone, extending the West Zone mineralization around 150m along strike and down dip from the current Mineral Resource;
- High-grade platinum (Pt), palladium (Pd), and gold (Au) intersection: Hole MMC-22-43 saw a mineralized intersection of 15.5 grams per ton (g/t) Pt, 1.46 g/t Pd and 1.31 g/t Au over 0.35m at 284m depth, the highest combined Pt, Pd and Au grades ever recorded at Shakespeare;
- S-13 Zone Orientation: The recent drilling has provided evidence supporting the continuity of mineralization around the S-13 Zone and suggests the potential for a change in dip of the mineralized zone, from north dipping to south dipping.
Significant assay results from the recent drilling include:
- Hole MMC-22-42 intersected 0.24% nickel (Ni), 0.35% copper (Cu), 0.73 g/t Pt + Pd + Au over 21.3m;
- Hole MMC-22-42 returned 0.18% Ni, 0.90% Cu, 15.50 g/t Pt, 1.46 g/t Pd, 1.31 g/t Au over 0.36m;
- Hole MMC-22-43 returned 0.31% Ni, 0.41% Cu, 1.09 g/t Pt + Pd + Au over 18.4m.
Investors can find comprehensive drilling assay results in table form here.
In a statement, Mynyr Hoxha, VP of Exploration at Magna Mining said: "We are pleased to announce additional assay results from the 2022 diamond drilling on the Shakespeare Deposit. Additional drilling below the West Zone open pit resource has demonstrated improved continuity of mineralization in this area, which has potential to increase the open pit mineral resource and add to the Shakespeare mine life.”
“The West Zone remains open for expansion down dip and to the West, and a shallowing of the dip of the mineralization in this area could lead to additional exploration targets south of the known mineralization," he added.
In addition to expanding the West Zone mineralization, Magna said the drilling suggests there’s a significant change in the dip of the mineralized zone in this area, from north dipping to steep sub-vertical to shallow dipping to the south. A shallowing of the mineralization “could represent a feeder for the system to the main Shakespeare deposit and add significant exploration potential to the south of the known deposit,” said the company.
Exploration drilling is ongoing at Shakespeare and will follow up on the results from the early 2022 drilling.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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