Magma Metals newsThis really is an outstanding near-surface drill result
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11th August 2008 ASX Announcement ASX: MMB
SPECTACULAR DRILL INTERCEPT AT THUNDER BAY NORTH
KEY POINTS
- Spectacular assay results have been received from drill-hole TBND061 in the southern part of Current Lake:
61.7m @ 5.61g/t Pt+Pd, 0.66% Cu & 0.38% Ni from 29.3m,
including 35.5m @ 8.83g/t Pt+Pd, 1.04% Cu, 0.57% Ni
including 0.7m @ 26.5g/t Pt+Pd, 3.47% Cu & 1.56% Ni
This is the best drill intercept recorded to date at the Thunder Bay North project.
- It now appears likely that mineralisation in this area could be part of a continuous zone extending along the length of Current Lake and southeast to Beaver Lake – a strike length of 2.5km.
- TBND061 is one of the first few holes in an approximately 24,000m drilling program which is in progress at the Thunder Bay North project. Data from this program and previous drilling programs will form the basis for initial resource estimates for the project anticipated to be completed in the first quarter of 2009.
An approximately 24,000m diamond drilling program is in progress over a 2.5km strike length of the Current Lake Intrusive Complex in the Thunder Bay North project in Ontario (Figures 1 and 2). One of the first few holes drilled in this program in the southern part of Current Lake has returned a spectacular zone of high-grade mineralisation over the entire interval of peridotite intersected in the hole:
TBND061: 61.7m @ 5.61g/t Pt+Pd, 0.66% Cu & 0.38% Ni from 29.3m,
including 35.5m @ 8.83g/t Pt+Pd, 1.04% Cu, 0.57% Ni
including 0.7m @ 26.5g/t Pt+Pd, 3.47% Cu & 1.56% Ni
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Results have also been received for drill-hole TBND060, located approximately 100m southeast of TBND061. Results included:
TBND060: 18.0m @ 1.22g/t Pt+Pd, 0.13% Cu & 0.15% Ni from 49.0m,
including 4.0m @ 2.93g/t Pt+Pd, 0.30% Cu, 0.23% Ni
Drill-hole information and assay results are shown in Tables 1 and 2.
As previously reported, several of the other drill-holes recently completed in the southern part of Current Lake to the north of TBND061 (Figure 2) contain abundant disseminated sulphides – assays for these holes are pending. Previous drilling in the northern part of Current Lake and to the southeast in the Beaver Lake area has intersected thick zones of Pt-Pd-Cu-Ni-Co mineralisation (Figure 2). It appears from the recent drilling that the mineralised zone is likely to be continuous from the northern part of Current Lake to Beaver Lake – a strike length of approximately 2.5km.
Results have also been received for drill-holes BL08-44 to BL08-46 in the Beaver Lake area which closed off mineralisation to the south on cross-section 358300mE (Figure 3, Tables 1 and 2).
In the current drilling program, 26 holes for approximately 4,400m have been drilled so far. Once completed, data from this approximately 24,000m program will be combined with the approximately 17,000m completed in previous programs to form the basis for the first resource estimate for the project. It is anticipated that this will be completed in the first quarter of 2009.
Exploration in Canada is being undertaken by a wholly owned subsidiary of Magma Metals Limited, Magma Metals (Canada) Limited ("Magma Canada"). Magma Canada has a 100% interest in the Thunder Bay North project and can acquire a 100% interest in various other claims in the project area. Some of the claims are subject to a 3% net smelter royalty (NSR). Magma Canada has the right to acquire one-third of the NSR.