Perth, Mar 17, 2008 (ABN Newswire) - An approximately 6,000m diamond drilling program is in progress at the Thunder Bay North PGM project in Ontario. The drilling is targeting extensions to Platinum - Palladium - Copper - Nickel mineralisation intersected in reconnaissance drilling within the 2.7km-long zone of peridotite intrusions between the northern part of Current Lake and Beaver Lake.
Seventeen holes (TBND035-051) have been completed from the ice in the northern part of Current Lake (Figure 3). Results are reported here for parts of seven holes (TBND035-41) which were assayed on a priority basis. Drill-hole information and assay results are tabulated in Tables 1 and 2 and include:
Drill-hole TBND039: 6.95m @ 3.23g/t Pt+Pd+Au, 0.38% Cu & 0.19% Ni from 14.05m
Drill-hole TBND040: 11.85m @ 6.95g/t Pt+Pd+Au, 0.68% Cu & 0.42% Ni from 42.80m
including: 4.15m @ 10.80g/t Pt+Pd+Au, 0.93% Cu & 0.53% Ni from 45.30m
Drill-hole TBND041: 18.50m @ 7.13g/t Pt+Pd+Au, 0.76% Cu & 0.40% Ni from 27.4m
including: 7.10m @ 9.72g/t Pt+Pd+Au, 0.97% Cu & 0.47% Ni from 28.60m
The results confirm continuity of mineralisation along a strike length of approximately 500m, which includes an area which previously returned drill intersections of up to 43.05m @ 2.02g/t Pt+Pd+Au, 0.22% Cu & 0.20% Ni from 2.45m, including 14.60m @ 5.03g/t Pt+Pd+Au, 0.52% Cu & 0.35% Ni in drill-hole TBND027.
Note that for most holes with assay results listed in Table 2, the intersections are only part of the sulphide mineralised interval, which was assayed on a priority basis; assays for the remainder of the peridotite intersection in each of these holes are pending.
Drilling is in progress to complete two east-west sections around drill-holes TBND040 & 041 to establish the width of mineralisation at these locations.
Visible disseminated sulphide mineralisation has been logged in peridotite over widths of 10.6m to 46.6m in drill-holes TBND042-51 (Table 3). These drill-holes are located between the assayed holes reported here and over an additional strike length of approximately 200m to the south. Assay results for the more sulphide rich intervals should be available in two to three weeks with the remaining results in about six weeks.
Results have also been received for two drill-holes which intersected peridotite west of Beaver Lake prior to the commencement of the ice drilling program (BL08-08 & 09;). Drill-hole BL08-09 intersected 29.0m @ 0.72g/t Pt+Pd+Au from 158m, including 4.0m @ 2.07g/t Pt+Pd+Au (Tables 1 and 2).
Exploration in Canada is being undertaken by a wholly owned subsidiary of Magma Metals Limited, Magma Metals (Canada) Limited ("Magma Canada"). Magma Canada is earning a 100% interest in the Thunder Bay North and Beaver Lake projects, subject to a 3% net smelter royalty (NSR). Magma Canada has the right to acquire 1% of the NSR.
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 mineralisation 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.
Table 1. Drill Hole Collar and Depth Information for Assayed Drill-Holes.
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Drill
Hole Easting Northing Azimuth Dip Depth Peridotite Peridotite Sulphides
(m) (m) (Deg) Deg) (m) Interval(m) Width(m) (%)
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TBND035 357174 5403979 0 -90 83 9.3-49.9 40.6 0-1
TBND036 357201 5403940 0 -90 81 10.5-41.7 31.2 2-10
49.6-56.9 7.3
TBND037 357181 5403898 0 -90 81 7.5-36.1 28.6 2-5
TBND038 357126 5403827 0 -90 78 10.5-56.6 46.1 2-7
TBND039 357061 5403780 0 -90 85 14.1-59.7 45.6 3-15
TBND040 357003 5403702 0 -90 81 14.0-61.2 47.2 7-25
TBND041 357129 5403596 0 -90 96 17.4-57.8 40.4 7-30
BL08-08 358288 5402360 190 -60 354 152.1-284.7 132.6 0-1
BL08-09 357867 5402383 205 -60 225 156.1-185.9 29.8 1-8
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Table 2. Summary of Significant Drill Intersections.
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Drill
Hole From To Intercept Pt Pd Au Pt+Pd+Au Cu Ni Pt+Pd+Au
(m) (m) (m) (g/t) (g/t) (g/t) (g/t) (%) (%) Cut-Off (g/t)
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TBND035 10.00 19.50 9.50 0.52 0.37 0.04 0.93 0.13 0.16 0.5
including 13.87 14.17 0.30 7.17 3.18 0.58 10.93 1.65 0.32 1.0
TBND036 12.00 20.00 8.00 0.50 0.53 0.03 1.06 0.12 0.17 0.5
including 14.65 16.05 1.40 1.33 1.63 0.06 3.02 0.31 0.20 1.0
TBND037 7.50 12.65 5.15 0.50 0.47 0.03 1.00 0.12 0.15 0.5
TBND038* 21.00 21.85 0.85 0.55 0.52 0.04 1.11 0.12 0.16 1.0
24.70 27.70 0.30 3.86 2.59 0.30 6.75 0.69 0.22 1.0
TBND039* 14.05 21.00 6.95 1.59 1.53 0.11 3.23 0.38 0.19 1.0
43.00 47.30 4.30 0.84 0.83 0.06 1.73 0.24 0.23 0.5
45.80 47.30 1.50 1.90 1.86 0.12 3.88 0.52 0.36 1.0
TBND040* 42.80 54.65 11.85 3.51 3.22 0.22 6.95 0.68 0.42 1.0
including 45.30 49.45 4.15 5.46 4.99 0.35 10.80 0.93 0.53 1.0
TBND041* 27.40 45.90 18.50 3.54 3.38 0.21 7.13 0.77 0.40 1.0
including 28.60 35.70 7.10 4.82 4.61 0.29 9.72 0.97 0.47 1.0
BL08-09 158.00 187.00 29.00 0.35 0.34 0.03 0.72 0.10 0.11 0.2
including 183.00 187.00 4.00 1.02 0.98 0.07 2.07 0.28 0.14 1.0
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Results are reported for intercepts >0.5g/t Pt+Pd+Au at the lower cut-off grades shown in the right hand column; these may include internal intervals up to 2m below the cut-off grade.
Copper results for TBND040 are preliminary, several samples assayed >1% Cu with repeat assays pending; for the intercept calculation these samples have been included with assay values of 1% Cu.
*Assays received for only part of the peridotite interval intersected.
Table 3. Drill Hole Information and Sulphide Mineralisation (Assays Pending).
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Drill Easting Northing Azimuth Dip Depth Peridotite Peridotite Sulphides
Hole (m) (m) (Deg) (Deg) (m) Interval (m) Width (m) (%)
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TBND042 357160 5403580 0 -90 78 49.8-60.4 10.6 1-7
TBND043 357151 5403539 0 -90 90 9.8-28.0 18.2 1-2
TBND044 357136 5403571 0 -90 75 16.9-59.8 42.9 2-15
TBND045 357016 5403723 0 -90 80 18.2-60.8 42.6 2-20
TBND046 357020 5403683 0 -90 75 28.3-53.0 24.7 2-10
TBND047 357045 5403650 0 -90 74 19.7-51.1 31.4 1-7
TBND048 357107 5403610 0 -90 90 20.1-52.7 32.6 2-10
TBND049 357054 5403760 0 -90 72 15.7-61.6 45.9 1-5
TBND050 357163 5403453 0 -90 78 12.5-59.1 46.6 2-30
TBND051 357155 5403433 0 -90 84 21.3-44.8 44.8 2-15
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