Magna Mining reports a new nickel-copper-PMG discovery at its Shakespeare project in Ontario
Published: 09:35 21 Sep 2021 EDT
Magna Mining Inc reported a “significant” new nickel, copper, platinum group metals (PGM) discovery at its past-producing Shakespeare Mine, in Ontario, Canada.
The Ontario-based exploration and development company provided assay results from the first two diamond drill holes that were designed to test a portion of the P-4 target, located 5 kilometers (km) to the east and on strike of the Shakespeare Mine stratigraphy.
Magna said two holes were drilled to intersect a previously untested geophysical anomaly, and both holes “intersected significant nickel, copper, and Platinum Group Metals (PGM) near surface.”
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“A portion of hole MP4-21-01 returned a zone grading 0.58% Ni, 0.84% Cu, 0.04% Co, and 2.64 grams per tonne (g/t) TPM 1.76% nickel equivalent (NiEq) over 0.42 meters (m) within a 2.33m zone grading 0.77% NiEq,” said the company.
Madgan added that Hole MP4-21-02 intersected a zone of semi-massive sulphides grading 1.16% Ni, 0.10% Cu, 0.06% Co and 0.78 g/t TPM (1.53% NiEq) over 0.21m, as well as a second zone grading 0.46% Ni, 1.32% Cu, 0.03% Co and 1.64 g/t TPM (1.60% NiEq) over 0.53m within a 3.66m intersection grading 1.05% NiEq.
In a statement, Magna Vice President of Exploration Mynyr Hoxha, said: "The discovery of semi-massive sulphides within a gabbroic unit in a sedimentary rock environment almost 100m from the Nipissing gabbros is extremely encouraging.”
“The first two holes testing this target provide strong support for our thesis that our 180 square kilometer (km2) land package has potential to host multiple deposits of high-grade nickel, copper, and precious metal mineralization.”
He said that what the company found “most encouraging” about the discovery is that unlike its current Shakespeare deposit, which is comprised of relatively consistent concentrations of disseminated sulphides, the new discovery shows evidence of sulphide and metal segregation.
“Magna geologists interpret this mineralization as a magma injection into the sediments, possibly from a large magmatic source at depth,” said Hoxha.
Magna said follow-up work will involve borehole electromagnetic (EM) surveying on the recently completed holes and additional drilling designed to define the new mineralization and to follow the system to the potential source at depth. A second known EM geophysical anomaly 400m further to the east of the new mineralization remains untested, according to the company.
"This discovery is a first step in our regional exploration program and validates Magna's belief that the Shakespeare project has the potential to host multiple nickel, copper, PGM deposits within our extensive land package,” said Magna CEO Jason Jessup.
“The newly discovered mineralization is open in all directions and the current intersections are within 140m of surface. Assay results demonstrate a more than 50% increase in base metal grade from the first hole to our deeper second hole. We find this quite encouraging and a comparison of the two drillhole intercepts suggests that the width of the mineralized zone is increasing with depth.”
Magna's property covers more than 10 km of strike length of the Shakespeare stratigraphy and associated magnetic anomalies that host the known Shakespeare deposit.
“This trend has seen very little exploration in the past and the recent results demonstrate the significant geological potential and re-affirms Magna's belief that there are additional economic deposits to be discovered on the Shakespeare Project,” said Jessup.
“We are looking forward to further testing the down dip extent of this zone of mineralization, as well as drill testing the second electro-magnetic anomaly associated with this exploration target," he added.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
Follow her on Twitter: @UttaraProactive
