Magna Mining (TSXV: NICU) released its latest assay results from a drill program that began back in November at its Crean Hill project, found near Sudbury, Ontario. The firm this morning is reporting that it has intersected high grade nickel mineralization within the historic Crean Hill Mine.
The latest assay results come from hole MCR-22-005, which was intended to be a follow-up drill hole, conducted within the 101 Footwall Zone. Highlights from the results include:
- 4.0% nickel, 0.7% copper, 0.36 g/t platinum and 0.25 g/t palladium over 31.06 metres
- including 6.50% nickel, 1.03% copper, 0.28 g/t platinum and 0.17 g/t palladium over 5.03 metres
- including 5.68% nickel, 0.69% copper, 0.43 g/t platinum and 0.29 g/t palladium over 16.07 metres
- 0.50% nickel, 0.48% copper, 0.18 g/t platinum and 0.06 g/t palladium over 22.82 metres
Drilling was conducted below historical mining within the footwall, with the current region being tested not viewed as a focus by previous explorers as a result of not being considered a low-sulphide, high PGE system. The 101 FW Zone is said to remain open for exploration and expansion to the southwest and down-dip of historical mining.
Magna currently intends to conduct 15,000 metres of drilling at Crean Hill in 2023, with additional assay results to be released over the coming weeks. To date, only two drill holes have seen assays released under the current program, with results from eight holes said to be pending as per the summary table provided within the release.
The Crean Hill Mine, previously operated by Inco and Vale, produced nickel and copper for over eight decades, with production focused on contact style nickel-copper mineralization. A resource estimate completed in August 2022 outlined indicated resources of 227,000 tonnes of nickel, 204,000 tonnes of copper, and 1.7 million ounces of platinum + palladium + gold on a combined basis from both open pit and underground mining models.
Magna Mining last traded at $0.86 on the TSX Venture.
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