Magna Mining Hits 0.5% Nickel, 0.4% Copper Over 12.7 Metres At Crean Hill

Results from earlier exploration are proving hard to replicate for Magna Mining (TSXV: NICU). The firm this morning reported five additional assay results from ongoing drilling at its Crean Hill property.

Highlights from the recent drill results include:

  • MCR-23-014: 1.0% nickel, 0.8% copper, 0.2 g/t platinum, palladium and gold over 5.2 metres
  • MCR-23-016: 0.3% nickel, 0.2% copper, 0.1 g/t platinum, palladium and gold over 3.8 metres
  • MCR-23-017: 0.5% nickel, 0.4% copper, 0.2 g/t platinum, palladium and gold over 12.7 metres
  • MCR-23-019: 0.2% nickel, 0.3% copper, 8.0 g/t platinum, palladium and gold over 28.4 metres

Holes 14 through 18 were reportedly targeting the G1 Zone based on historical drilling that had not been followed up on, with a narrow zone of nickel-copper mineralization being intersected through to depths of 65 metres. Hole 19 meanwhile targeted the 109 FW Zone, where the company is working to define the true width of mineralized breccia.

READ: Magna Mining Intersects 1.1% Nickel, 0.7% Copper Over 27 Metres

“These results are encouraging, and the information provided allows our exploration team to develop a better understanding of the geological controls on the property. Although these results are not as exceptional as some of our previous results, we are extremely pleased to continue to intersect not only high grade PGM’s in the 109 FW Zone, but to start to define a new zone of near-surface mineralization elsewhere on the property which is open below 65 metres from surface,” commented SVP of Technical Services Dave King on the results.

The results follow assays released in January from Crean Hill, which saw the company intersect 0.39% nickel, 0.49% copper, 3.36 g/t platinum, 2.28 g/t palladium and 1.59 g/t gold over 98.26 metres from a depth of 26.55 metres, which followed separate assays that saw 4.0% nickel, 0.7% copper, 0.36 g/t platinum and 0.25 g/t palladium over 31.06 metres. The results were strong enough that the company was able to conduct a financing for $16.0 million off the back of them.

The current exploration program to date has seen 47 drill holes completed, with 8,145 metres of drilling conducted in aggregate, with the program targeting to close out 2023 with 15,000 to 18,000 metres of drilling. Just 9 holes have been reported from the current program.

Magna Mining last traded at $0.72 on the TSX Venture.

Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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