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Magma Metals Ltd

Publié le 01 juillet 2009

First Drill-Hole at Steepledge Lake Provides Encouragement

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Magma Metals Limited (ASX: MMB)

 

ASX RELEASE                                             1 JULY 2009

 

FIRST DRILL-HOLE AT STEEPLEDGE LAKE PROVIDES ENCOURAGEMENT

 

 

KEY POINTS

 

?         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.

 

?         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.

 

?         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.

 

Magma Metals Ltd

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Magma Metals est une société d’exploration minière de nickel et de platine basée en Australie.

Magma Metals est en développement de projets de nickel, de platine, d'argent, de cobalt, de cuivre, d'or, de palladium et de rhodium au Canada, et détient divers projets d'exploration en Australie.

Son principal projet en développement est THUNDER BAY NORTH au Canada et ses principaux projets en exploration sont TIB LAKE au Canada et EASTMAN, LAURA RIVER, GRIFFINS FIND et LAVERTON en Australie.

Magma Metals est cotée au Canada et en Australie. Sa capitalisation boursière aujourd'hui est 22,7 millions CA$ (22,5 millions US$, 17,9 millions €).

La valeur de son action a atteint son plus haut niveau récent le 19 février 2010 à 0,81 CA$, et son plus bas niveau récent le 08 juin 2012 à 0,07 CA$.

Magma Metals possède 267 380 923 actions en circulation.

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Rapports annuels de Magma Metals Ltd
2008 Annual report
Nominations de Magma Metals Ltd
26/06/2012: Appointment and Resignation of Directors
20/06/2011Restructures Its Board of Directors
Rapports Financiers de Magma Metals Ltd
27/04/2011: Quarterly Report for the Period Ended March 31, 2011
Projets de Magma Metals Ltd
18/07/2011(Griffins Find): Major Ground Position Staked Around the Griffins Find Gold...
20/05/2011(Thunder Bay North)Summer Drilling Program Commences at Thunder Bay North
06/05/2011(Thunder Bay North): Thunder Bay North-Exploration Update
08/04/2011(Griffins Find): Griffins Find Gold Project-Exploration Update
29/03/2011(Thunder Bay North) Thunder Bay North-Exploration Update
15/02/2010(Thunder Bay North)High-Grade Drill Intersection At Thunder Bay North
20/07/2009(Thunder Bay North)June 2009 Quarterly Report
09/07/2009(Griffins Find)Acquires Option on Australian Gold Exploration Project
01/07/2009(Thunder Bay North)First Drill-Hole at Steepledge Lake Provides Encouragement
15/05/2009(Thunder Bay North)Drilling Results Confirm Continuous 3.4KM Long Mineralized Z...
28/01/2009(Thunder Bay North)Quarterly Activities Report December 2008
23/12/2008(Thunder Bay North)Thunder Bay North Drilling Update
22/09/2008(Thunder Bay North)More High-Grade Drilling Results From Thunder Bay
11/08/2008(Thunder Bay North)Spectacular Drill Intercept at Thunder Bay North
15/07/2008(Thunder Bay North)Further Excellent Drilling Results From Beaver Lake
23/04/2008(Thunder Bay North) Scale of Thunder Bay North Platinum-Palladium Project Signi...
09/04/2008(Thunder Bay North)Thunder Bay North Delivers Spectacular Drilling Results
17/03/2008(Thunder Bay North)Drilling Confirms Strike Potential at Thunder Bay North
Communiqués de Presse de Magma Metals Ltd
15/05/2012Board Recommends Shareholders Accept Panoramic's Revised Off...
02/05/2012Magma Metals Investor Update Presentation  May, 2012
27/04/2012Recommends Rejection of Panoramic's Revised Offer
08/03/2012MAGMA METALS TARGET`S STATEMENT
05/03/2012-Independent Expert Finds Panoramic Offer "Not Fair and Not ...
23/02/2012Increases Mineral Resources at TBN to 790,000 Platinum-Equiv...
17/02/2012: Magma Commences Winter Drilling Program at TBN
30/01/2012: Quarterly Report for the Period Ended December 31, 2011
22/12/2011: Encouraging Results From Step-Out Drilling at TBN
29/11/2011(Thunder Bay North): First Nations Communications Protocol Signed For Thunder B...
26/10/2011Enters Joint Venture on Greenwich Lake Property
05/10/2011: Lake Grace Ground Position Extended
29/08/2011(Thunder Bay North): Summer Drilling Extends Mineralization at Thunder Bay Nort...
26/07/2011: Quarterly Report for the Period Ended June 30, 2011
07/07/2011(Thunder Bay North): Summer Drilling Program Extends Thunder Bay North Minerali...
13/04/2011Completes A$20 Million Placement
02/07/2009First Hole At Steepledge Lake Provides Encouragement
22/07/2008June Quarterly Report
02/04/2008Targets Toronto Listing After Completing A$8.2M Raising
10/10/20075km-Long Zone of Cu-PGE Soil & VTEM Anomalies at Eastman
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