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September 25, 2023
Magna Mining (TSXV:NICU) Announces High-Grade Nickel Findings of 5% Nickel Equivalent over 7 Metres in the 105 Footwall Zone at Crean Hill, Ontario

Figure 1: Longitudinal Section of the Crean Hill Deposit Showing the Location of Mineralized Zones and the 105 FW Drillholes Reported, Looking North. Source: Magna Mining

Magna Mining (TSXV: NICU) has announced further assay results from its 2023 diamond drilling program. The company continues to find high-grade nickel mineralization in the 105 Footwall (“FW”) Zone. Specifically, drillhole MCR-23-040 intersected a segment with 4.2% nickel, 0.9% copper, and 1.4 grams per ton of platinum, palladium, and gold across a 7.0-metre length.

Dave King, SVP Technical Services commented in a press release: “The 105 FW Zone is similar to the 101 FW Zone, and consists of high nickel tenor, semi-massive to massive sulphide veins hosted within a breccia structure extending into the footwall from the Sudbury Igneous Complex (“SIC”). Additional diamond drilling within the 105 FW zone continues to intersect high-grade mineralization with increasing precious metals (Pt, Pd, Au) as this structure approaches the Main Zone. We are encouraged to see high-grade PGE mineralization at the 1500 ft level, down-plunge of the defined 109 FW zone, where these two structures are interpreted to intersect, indicating this style of mineralization may continue to depth” (see Figure 1).

The focus of the 105 FW diamond drilling to this point has aimed to expand the existing Indicated Mineral Resource. The goal is to better understand the geological factors that influence mineralization and the consistency of the grades. Drillhole MCR-23-040 also showed two high-grade intersections rich in precious metals, registering 0.3% nickel, 0.8% copper, and 38.6 grams per ton of platinum, palladium, and gold over 0.3 metres and 0.2% nickel, 0.5% copper, and 35.2 grams per ton of platinum, palladium, and gold over 0.5 metres. These findings are connected to the 109 FW zone and lie outside of its current Mineral Resource, suggesting the potential for adding near-surface resources that may be suitable for more selective mining techniques.

The update also includes additional assay results from the G1 and G2 contact exploration targets, along with remaining assays for near-surface drilling in the 109 FW zone. These results were presented along with a location map and summarized data tables.

Figure 2: Idealized Geological Plan View of the Crean Hill Property, Showing the 109 FW, G1 And G2 Exploration Target Areas. Source: Magna Mining

Magna Mining is continuing its diamond drilling operations at Crean Hill. Currently, one diamond drill is focused on exploring deeper sections of the footwall.

Highlights from the results are as follows:

105 FW Zone

MCR-23-040: 4.2% Ni, 0.9 % Cu, 1.4 g/t Pt + Pd + Au over 7.0 metres

MCR-23-046: 0.2% Ni, 1.2 % Cu, 6.3 g/t Pt + Pd + Au over 5.2 metres

And 2.7% Ni, 1.5 % Cu, 18.1 g/t Pt + Pd + Au over 0.9 metres

MCR-23-050: 1.1% Ni, 0.6 % Cu, 4.3 g/t Pt + Pd + Au over 8.8 metres

And 0.6% Ni, 3.5 % Cu, 10.1 g/t Pt + Pd + Au over 1.1 metres

Table 1: Summary of Assay Results

Drillhole
Zone
From
(m)
To
(m)
Length
(m)
Ni %
Cu %
Co %
Pt g/t
Pd g/t
Au g/t
TPM g/t
NiEq

MCR-23-026
G1

240.51
244.73
4.22
0.47
0.42
0.03
0.07
0.03
0.04
0.13
0.70

MCR-23-027
G2

28.08
37.11
9.03
0.75
0.33
0.04
0.03
0.02
0.04
0.09
0.96

Including
34.19
37.11
2.92
1.59
0.17
0.07
0.02
0.01
0.01
0.04
1.77

MCR-23-028
G2

38.83
46.23
7.40
0.42
0.42
0.03
0.01
0.01
0.01
0.03
0.65

MCR-23-033
Intermediate

35.81
43.84
8.03
0.12
0.66
0.01
0.02
0.04
0.19
0.24
0.47

MCR-23-039
105 FW

471.00
471.66
0.66
0.33
0.20
0.01
2.39
1.07
1.13
4.59
1.20

and
530.61
534.75
4.14
0.20
0.09
0.01
1.25
0.61
0.45
2.30
0.63

MCR-23-040
109 FW

21.30
21.60
0.30
0.31
0.81
0.09
9.38
26.71
2.52
38.61
8.65

109 FW

65.45
65.91
0.46
0.18
0.45
0.01
26.50
5.00
3.68
35.18
5.44

105 FW

261.00
267.98
6.98
4.19
0.87
0.11
0.42
0.80
0.15
1.37
4.98

MCR-23-43
G2

No Significant Values

MCR-23-44
G2

50.57
52.51
1.94
0.45
0.27
0.03
0.11
0.02
0.01
0.14
0.62

MCR-23-45
G2

No Significant Values

MCR-23-46
105 FW/109 FW

453.09
458.24
5.15
0.24
1.15
0.02
1.32
4.20
0.74
6.26
2.04

and
466.02
466.89
0.87
2.70
1.53
0.07
17.16
0.67
0.22
18.05
5.68

Intermediate

639.69
645.20
5.51
1.16
0.72
0.05
0.36
1.42
0.03
1.80
1.91

MCR-23-47
G2

No Significant Values

MCR-23-48
Exploration

No Significant Values

MCR-23-50
105 FW/109 FW

448.36
453.12
4.76
1.06
0.64
0.03
2.92
0.84
0.58
4.34
2.04

and
461.28
462.40
1.12
0.62
3.52
0.05
0.64
4.60
4.89
10.14
4.32

and
469.58
470.34
0.76
0.23
1.01
0.01
0.31
6.00
2.24
8.55
2.57

and
488.77
489.10
0.33
1.97
6.25
0.04
5.10
0.29
0.09
5.48
5.35

and
513.10
513.36
0.26
1.54
0.37
0.25
0.01
24.50
0.03
24.54
7.78

MCB-23-023
109 FW

29.12
35.99
6.87
0.08
0.11
0.01
2.04
0.90
0.61
3.55
0.71

MCB-23-024
109 FW

10.00
12.02
2.02
0.03
0.07
0.02
2.63
0.75
0.57
3.95
0.69

MCB-23-025
109 FW

27.22
36.00
8.78
0.05
0.03
0.01
2.65
1.16
0.68
4.49
0.80

MCB-23-026
109 FW

No Significant Values

All lengths are downhole length.

NiEq % = ( (Ni% x 2204 x Ni Price $/lb) + (Cu% x 96% Recovery x 2204 x Cu Price $/lb) + (Co% x 56% Recovery x 2204 x Co Price $/lb) + (Pt gpt x 69% Recovery / 31.1035 x Pt $/oz) +(Pd gpt x 68% Recovery / 31.1035 x Pd $/oz) + (Au gpt x 68% Recovery / 31.1035 x Au $/oz))/2204 x Ni $/lb

Metal prices in US$: $8.50/lb Ni, $3.75/lb Cu, $22.00/lb Co, $1000/oz Pt, $2000/oz Pd and $1,750/oz Au

Table 2: Drillhole Collar Coordinates

BHID
Easting
Northing
Elevation
Azimuth
Dip
Depth

MCR-23-026
474330
5142140
296
192
52
350

MCR-23-027
474511
5141877
294
175
44
325

MCR-23-028
474510
5141876
294
100
45
80

MCR-23-033
473426
5141934
299
130
59
147

MCR-23-039
473099
5141551
301
353
49
575

MCR-23-040
473033
5141813
288
1
72
402

MCR-23-043
474510
5141879
294
229
45
50

MCR-23-044
474511
5141881
294
129
45
65

MCR-23-045
474510
5141882
294
143
75
51

MCR-23-046
473269
5141611
301
331
67
692

MCR-23-047
474508
5141880
294
74
65
69

MCR-23-048
473942
5141740
299
130
45
248

MCR-23-050
473269
5141611
301
331
64
581

MCB-23-023
473070
5141754
294
310
38
36

MCB-23-024
473061
5141726
293
252
42
80

MCB-23-025
473061
5141726
293
305
38
51

MCB-23-026
473048
5141780
292
265
38
30

*Drillhole Coordinates are in coordinate system NAD 83 Zone 17

 

 

 

 

The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.

The post Magna Mining (TSXV:NICU) Announces High-Grade Nickel Findings of 5% Nickel Equivalent over 7 Metres in the 105 Footwall Zone at Crean Hill, Ontario appeared first on MiningFeeds.

 

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