Magna Mining (TSXV:NICU) has announced that ongoing drilling confirmed a new zone of near surface sulphide mineralization located roughly 1000 metres east of Crean Hill Main Zone. The company has completed four holes, intersected disseminated to local semi-massive sulphides within a narrow embayment structure at the Sudbury Igneous Complex. 

The most recent drilling targeted near the historical drill hole LM01800, which intersected 0.58% Cu, 0.72% Ni over 33.2 metres and 0.39% Cu, 0.67% Ni over 20.2 metres starting at 10.3 metres downhole.

The historical drill hole was drilled beneath a mineralized outcrop at surface. Before this, it had not followed up with drilling. Magna Mining also intersected between 25 and 60 metres of disseminated sulphides, including narrow semi-massive intervals of less than 1 metre at drill holes MCR-23-014 to MCR-22-17. 

Dave King, SVP of Magna, commented in a press release: “We are encouraged to intersect near surface mineralization along strike of the known Crean Hill mine ore zones. The widths of mineralization intersected are significant, and if the copper and nickel grades are consistent with the historical drill hole, LM01800, with further definition drilling this zone may potentially be amenable to open pit mining. We expect to have assay results for this initial drilling within four weeks and will report results soon after they are received.”

Mynyr Hoxha, Vice President Exploration, commented: “We are very pleased to report that this diamond drill program was successful in identifying a wide zone of mineralization between the existing resource and surface in the West Zone, in an area previously interpreted as waste in the 2022 feasibility study. Results from the additional 2022 exploration drilling have also demonstrated that the West Zone remains open for expansion along strike to the west and down-dip to the south, where the dip of the mineralization is shallower than previously interpreted. Having intersected this zone of shallow-dipping mineralization cutting through the gabbros in multiple holes now, we believe this could be the feeder system for the entire mineralized Shakespeare deposit.”

Highlights from the results are as follows:

SHAKESPEARE ASSAY RESULTS

Magna Mining is also pleased to report that assay results from the second phase of 2022 drilling at the Shakespeare deposit have now been received. A total of 1,902 metres of drilling across nine drill holes was completed in this phase of the 2022 drill program, the results of which are summarized below. Drill hole locations are shown in Figures 3 and 4, and assay results are summarized in Table 1. A summary of the pertinent conclusions from these results is as follows:

• Drilling has successfully expanded the West Zone mineralization both down-plunge, and closer to the surface in areas which were previously undrilled. The West Zone remains open along the strike and down-dip to the south. The results confirm the potential to add near surface resources around the West Zone.
• Further successful drilling in the area between the East and West zones (MMC-22-47) supports the hypothesis that the Shakespeare open pit could be optimized in the future through incorporating East and West Zone mineralization into a single open pit design.
• Mineralized intercepts are consistent with grades and tenors that are reported in the existing NI 43-101 compliant mineral resource and reserve estimates for Shakespeare.

Highlights of the Shakespeare 2022 Phase 2 drilling include:

• MJU-22-01 intersected 0.25% Ni, 0.32% Cu, 0.81 g/t Pt + Pd + Au over 36.1m. This hole was targeting a near surface area of the West Zone, which was within the feasibility study pit shell, but previously undrilled and interpreted as waste rock.
• MMC-22-45 intersected 0.30% Ni, 0.58% Cu, 1.04 g/t Pt + Pd + Au over 16.6m, extending known mineralization in the West Zone near the “S-13 Zone”, and extends the newly identified shallow dip of mineralization further to the south.
• MMC-22-47 intersected 0.34% Ni, 0.40% Cu, 1.01 g/t Pt + Pd + Au over 11.2m in an area below historical drilling and demonstrates continuity of the mineralization in this brecciated area. This area of mineralisation remains open to west.
• MMC-22-48, intersected 0.23% Ni, 0.28% Cu, 0.80 g/t Pt + Pd + Au over 34.0m down-plunge of the current West Zone resource, further extending the known depth extent of mineralization in the West Zone.

A total of 4,020m of drilling across 15 drill holes was completed at Shakespeare in 2022. The 2022 exploration program has been successful in testing and expanding the West Zone mineralization, refining the geological model, and identifying new exploration targets that could represent areas for further expansion of the Shakespeare Deposit. The 2023 exploration and drilling program at Shakespeare is scheduled to commence in Q2 2023.

Table 1: Selected 2022 Shakespeare Drilling Assay Results

1. Drill hole intersection lengths are downhole length.

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.