The final assay results from Magna Mining’s (TSXV: NICU) 2022 drill program have been released this morning. The results come from the firms Crean Hill Mine, found near Sudbury, Ontario.
A total of seven holes were released this morning, including two from the 101 Footwall Zone, and five from the Intermediate Zone, which is near surface. Highlights from the results include:
- MCR-22-004: 2.5% nickel, 1.2% copper over 8.1 metres, and 2.4% nickel, 2.7% copper over 4.7 metres
- MCR-22-007: 0.68% nickel, 0.60% copper over 58.2 metres
- MCR-22-008: 1.2% nickel, 0.8% copper over 17.3 metres, and 3.1% nickel, 0.6% copper over 3.7 metres
- MCR-22-009: 1.1% nickel, 0.7% copper over 27.0 metres
The current model developed by Magna suggests that copper and precious metal values increase down-dip of historical mining in the 101 Footwall Zone. The zone however is not defined along strike or down-dip, with further exploration being a priority.
“The assay results reported today are impressive and ongoing drilling continues to allow our team to gain a better understanding of the style and continuity of near surface mineralization in both the Intermediate and 101 FW Zones. [..] The close proximity of these zones to surface could make them amenable to both open pit mining and more selective, ramp accessible underground mining methods,” commented CEO Jason Jessup
Drill data collected from the 2022 program is slated to be incorporated into a preliminary economic assessment that is currently underway.
Magna Mining last traded at $1.14 on the TSX Venture.
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