- Magna Mining (NICU) has announced the results of another nine holes drilled at the Shakespeare Mine
- Drilling encountered wide Gap Zone intersections that support the thesis that the West and East Zones are connected not only near surface, but also at depth
- Once final results are received, Magna will design a follow-up drill program for 2022
- The company has also commenced a 3,500 metre drill program at the P-4 Discovery
- Magna Mining is an exploration and development company focused on nickel, copper, and PGM projects in Ontario
- Shares in Magna Mining Inc. (NICU) are up 2.33 per cent, trading at $0.44 per share
Magna Mining (NICU) has announced the results of another nine holes drilled at the Shakespeare Mine.
Highlights from this batch of assay results include wide Gap Zone intersections which support the thesis that the West and East Zones are connected not only near surface, but also at depth.
Drilling at the Gap Zone intersected 11.5 metres of 0.20 per cent nickel, 0.25 per cent copper, 0.01 per cent cobalt, 0.22 g/t platinum, 0.27 g/t palladium, and 0.15 g/t gold starting at 24.5 m downhole.
Drilling in the East and West Zones encountered up to 0.13 g/t gold over 47.68 metres and 0.23 g/t gold over 64.16 metres, respectively.
Jason Jessup, Magna CEO, commented on the results.
“We are pleased with the results that are announced today,” he said, “which continue to support our belief that we can add significant open pit mineral resources to our Shakespeare deposit.”
The company has also commenced a 3,500-metre drill program at the P-4 Discovery, which could expand based on successful results.
The initial hole that was collared on January 4, 2022, is targeting a 200-metre step down below the deepest mineralized intersection.
Magna is still awaiting the assay results from the final holes of the 2021 program. Once they are received, the company will design a follow-up program to test the remaining areas of the Gap Zone.
“To properly define the Gap Zone closer to surface, a shallow drilling program is proposed in 2022,” said Magna’s VP of Exploration Mynyr Hoxha.
“We now have evidence that the rock units are changing orientation and dipping more southerly,” he added. “This opens up tremendous exploration potential and is generating multiple new exploration targets we intend to drill in 2022.”
Magna Mining is an exploration and development company focused on nickel, copper, and PGM projects in Ontario.
Shares in Magna Mining Inc. (NICU) are up 2.33 per cent, trading at $0.44 per share as of 10:53 am EST.