Magna Mining (TSXV: NICU) has continued to see positive results from exploration of its Crean Hill Project in Ontario. Details on four holes were released this morning, with the targets including three separate footwall zones, as well as the main zone.
Highlights from the results include:
- MCR-23-049A: 1.12 metres of 1.93 g/t platinum + palladium + gold in the 9400 FW from 457.00 metres
- MCR-23-051: 13.61 metres of 1.10% nickel, 0.50% copper, 0.47 g/t palladium + platinum + gold in the 101 FW from 129.00 metres
- and 2.44 metres of 2.80% nickel, 2.80% copper, 0.95 g/t platinum + palladium + gold in the 101 FW from 234.55 metres
- MCR-23-52A: 96.50 metres of 0.75% nickel, 1.29% copper, 2.01 g/t platinum + palladium + gold from 338.35 metres
- MCR-23-54A: 3.67 metres of 4.14% nickel, 0.43% copper, 0.11% cobalt, 0.70 g/t platinum + palladium + gold in the 101 FW from 126.49 metres
Year to date, Magna has completed 17,618 metres of drilling at Crean, consisting of 89 diamond drill holes, while also completing a surface geophysical program. The program is viewed as a success by the company, with the program overall intended to improve the geological model, contribute to resource expansion, and confirm grade continuity. Further drilling this year will be focused on deeper footwall exploration, and geophysical platform drillholes.
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While exploration remains ongoing, Magna has indicated that for the 2024 season, it has approved a budget consisting of 25,000 metres of drilling, which is to be split between Crean Hill and Shakespeare. The planned program is fully funded, with the company using cash from its balance sheet.
“Given the current market conditions, we are fortunate to be completely funded for a robust exploration budget for 2024. I believe that our properties host some of the best exploration potential of any nickel junior in Canada and we have a team with the experience and track record to make new discoveries,” commented CEO Jason Jessup.
Magna Mining last traded at $0.435 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.
