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Additional Information

Market:	ASX
Sector:	General Mining
EPIC:	MMW
Latest Price:	0.12 (0.00%)
52-week High:	0.28
52-week Low:	0.07
Market Cap:	30.75M

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Magma Metals

Magma Metals (ASX: MMW) is exploring for precious and base metals projects in Ontario, Canada and Western Australia.

The company's principal asset is the Thunder Bay North Platinum Project in Ontario - a greenfields Pt-Pd-Cu-Ni discovery made in 2006 which is currently the subject of a Scoping Study. Magma Metals is also listed on the Toronto Stock Exchange.

Magma Metals secures 100% of platinum palladium copper nickel project in Canada

Thursday, October 06, 2011 by Christine Feary

Magma Metals (ASX: MMW) has secured 100% ownership of its Thunder Bay North platinum palladium copper and nickel project in Ontario by exercising its option to purchase the Beaver Lake claim.

The Thunder Bay North project is located in the northern part of the Proterozoic Midcontinent Rift region in Canada, an important emerging nickel-copper-platinum group elements province.

Beaver Lake covers the underground mineral resource, the newly defined eastern extension to the underground mineralisation and part of the area of the current step-out drilling program.

Magma exercised the option on the last day of the agreement, acquiring 100% ownership of the claim for C$1 million cash and 200,000 shares issued to the vendors.

The area encompassing the entire Current Lake Intrusive Complex is now owned 100% by Magma, subject to a 3% net smelter return royalty, one third of which can be acquired for C$1 million.

Based off drilling completed before May 31, 2010, the resource at Magma’s Thunder Bay North open pit stands at 8.46 million tonnes at 2.13 grams per tonne (g/t) platinum equivalent for 580,000 ounces platinum equivalent inferred resource.

For the underground section, the indicated resource is 1.03 million tonnes at 3.48g/t platinum equivalent for 115,000 ounces platinum equivalent metal and the inferred resource is 0.21 million tonnes at 3g/t platinum equivalent for 20,000 ounces platinum equivalent metal.

Magma’s future plans for the project involve growing the resource base through step out drilling, including the underground resources in a proposed mine plan and simplifying the mineral processing flow sheet.

The company is working to increase its overall resource portfolio, yesterday announcing the acquisition of further tenements around its Lake Grace gold project in Western Australia.

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