Magma Metals Limited (ASX: MMB)
FIRST DRILL-HOLE AT STEEPLEDGE LAKE PROVIDES
ENCOURAGEMENT
KEY POINTS
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Exploration drilling has commenced at Steepledge Lake, with the first hole intersecting a 134m
thick interval of peridotite with disseminated sulphides ? assay results are
pending. This implies significant mineralization potential in the Steepledge Lake Intrusive Complex.
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A 33,500m resource definition drilling program
has been completed in the Current Lake Intrusive Complex ?
an initial JORC & NI43-101 compliant resource
estimate is in progress.
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Further drilling results from the Bridge Zone
confirm the continuity of mineralization, including:
- BL09-99: 17.0m @ 5.17g/t Pt+Pd, 0.54% Cu & 0.24% Ni from 100m
- BL09-108: 5.7m @ 6.44g/t Pt+Pd, 0.82% Cu & 0.44% Ni from 156m.
Steepledge Lake Exploration Drilling Program
A systematic exploration drilling program to test the
mineralization potential of the Steepledge Lake
Intrusive Complex at the Thunder Bay North project in Ontario, Canada has
commenced (Figures 1, 2 and 3). The first drill-hole SL09-03 intersected 134m
of peridotite from 21m which contained up to 3%
disseminated sulphides and sulphide blebs up to 5mm
across (Figure 3). Assay results from this hole are pending. The host rock and
general style of mineralization is the same as that seen in parts of the Current
Lake Intrusive Complex 3km to the east (Figures 2 and 4). This implies significant mineralization potential in the Steepledge Lake Intrusive Complex, a 6km long magma conduit
with similar characteristics to the Current Lake Intrusive Complex. A 2km
strike length of this complex is in an excluded tenement (Figure2).
The Steepledge Lake program of
approximately 7,000m is being drilled from a barge and
consists of a 200m x 20m drill pattern over an initial 800m strike length.
Reconnaissance drilling at Steepledge Lake last year
returned an intersection of 19m @ 0.54g/t Pt+Pd from
118m in drill-hole SL08-01, including 3m @ 1.27g/t Pt+Pd,
0.23% Cu & 0.15% Ni from a sub-optimal drill-position on the eastern shore
of the lake (Figure 3).
Current Lake
Intrusive Complex Resource Drilling Program
A resource definition drilling program comprising 231 holes
for 33,500m, which commenced in June 2008, has been completed in the Current
Lake Intrusive Complex. The drilling program has defined
platinum-palladium-copper-nickel mineralization over a
strike length of 3.4km in the north-western part of the complex, an
approximately 5km long mafic-ultramafic magma conduit
(Figure 4).
An initial JORC and NI43-101 compliant resource estimate
for the project is in progress. This should be completed during the September quarter. The resource estimate will be based on the recently
completed drilling program as well as previous drilling, comprising 100 holes
for 17,025m, a total drilling database of 331 holes for 50,525m.
Following completion of the resource definition drilling
program, drilling has commenced on 100m-spaced sections in the eastern part of
the Beaver Lake area to investigate potential extensions of the mineralization
to the east (Figure 4). This approximately 7,000m drilling program will take
approximately eight weeks to complete. Further infill and extension drilling in
this area is anticipated on completion of this program.
Bridge Zone Drilling
Results
Assay results have been received for a further 21 drill-holes
from the Bridge Zone. These included the following excellent intersections:
BL09-95: 19.85m @ 3.09g/t Pt+Pd, 0.41% Cu & 0.25% Ni from 117m,
including 3m @
5.87g/t Pt+Pd, 0.77% Cu & 0.33% Ni.
BL09-99: 25m @ 3.77g/t Pt+Pd,
0.39% Cu & 0.21% Ni from 94m,
including 17m @ 5.17g/t Pt+Pd, 0.54% Cu & 0.24% Ni,
including 11m @ 6.72g/t Pt+Pd, 0.70% Cu & 0.28% Ni.
BL09-108: 5.7m @ 6.44g/t Pt+Pd, 0.82% Cu & 0.44% Ni
from 156m.
Pt and Pd have a ratio of approximately 1:1.
Drill-hole information and assay results are shown in Tables 1 and 2. Results
from a further 8 drill-holes in this area are pending (Figure 4).
Down-hole electro-magnetic (DHEM) surveys are in
progress in several drill-holes in the Bridge Zone to map the extent of
high-sulphide zones, in particular the intersection of 5.98m @ 17.13g/t Pt+Pd, 2.55% Cu & 1.29%
Ni from 157.25m in drill-hole BL09-89. Initial
results from the first survey indicate a strong conductor immediately southwest
of this drill-hole. Further drilling will be undertaken in this area once
all the DHEM survey results have been modelled.
Keith Watkins
Managing Director
The information in
this report that relates to Exploration Results or Mineral Resources is based
on information compiled by Dr Keith Watkins, the Managing Director of Magma Metals Ltd, who is a Fellow of the
Australian Institute of Geoscientists and a Member of
the Australasian Institute of Mining and Metallurgy. Dr Watkins has sufficient
experience, which is relevant to the style of mineralization and type of
deposit under consideration and to the activities undertaken to qualify as a
Competent Person as defined in the 2004 Edition of the ?Australasian
Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves?.
Dr Watkins consents to the inclusion in the report of the matters based on this
information in the form and context in which it appears.