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2/15/10

Drill hole of the day


Magma Metals (MMW.to) (MMW.ax) found a lot of PGMs on an infill drill hole at its Thunder Bay North Project in Canada. Here's the PR (and they said I'd never do it...F'in A!)

Australian-listed mineral exploration company Magma Metals (ASX: MMW) has announced that a zone of high-grade mineralisation has been intersected in the Bridge Zone in drill-hole BL10-197 at the Thunder Bay North Project in Ontario.

The zone is part of a 50m x 20m spaced infill drilling program currently in progress at the project.

One of the best drill intercepts recorded has been returned from infill drilling in the Bridge Zone, including BL10-197: 44.65m @ 5.50g/t Pt, 4.75g/t Pd, (10.25g/t Pt+Pd), 1.20% Cu & 0.49% Ni from 145.35m, including 14.00m @ 16.23g/t Pt, 13.92g/t Pd, (30.15g/t Pt+Pd), 3.52% Cu & 1.24% Ni from 176.00m, including a massive sulphide interval from 187.40m of 2.60m @ 52.77g/t Pt, 41.54g/t Pd, (94.31g/t Pt+Pd), 3.87g/t Au, 61.0g/t Ag, 11.60% Cu & 3.29% Ni.

This is one of the best drill intercepts recorded at the project to date and contains a 2.6m zone of massive sulphides with particularly high grades of mineralization. Massive sulphide mineralization is a key exploration target. Geophysical surveys and further drilling are planned to determine the geometry and extent of this zone.

An approximately 55,000m infill and extension diamond drilling program is in progress, mainly in the Bridge and Beaver Lake zones of the resource area in the Current Lake Intrusive Complex.

Approximately 40% of the program has been completed. Once the infill drilling has been completed, which is scheduled for May 2010, it is planned to complete an update of the resource estimate from the combined database of approximately 105,000m of drilling. This should be available in mid-2010.