Proactiveinvestors Australia

Magma Metals www.magmametals.com.au/

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.

Tweet

 

Email

Email to a friend:

To:

Separate multiple addresses with commas.

From Email address:

Name: Please send me a copy Message:

Verification code

Enter the code from aboveRequired

Send

Magma Metals hits two significant gold zones at Griffins Find

Australian-listed mineral exploration company Magma Metals (ASX, TSX: MMW) has recently completed a drilling program at the Griffins Find Gold Project, 320km southeast of Perth in Western Australia, with significant gold mineralization intersected at the Ridge and Griffins West Prospects.

The 35-hole 4,259m reconnaissance RC drilling program was carried out within a 4km x 2km area of gold anomalism. The area is in a mainly flat-lying wheat farming district and there is very little rock outcrop.

The company said the drilling program was designed to test a number of geochemical anomalies defined by soil sampling and shallow drilling, as well as geophysical anomalies.

The aim was to establish whether significant zones of bedrock gold mineralization could be identified beneath these anomalies.

Two relatively shallow gold zones were identified as having resource potential and results included:

Ridge Prospect:

- MGFRC031: 20m @ 2.86g/t Au from 13m including 5m @ 4.02g/t Au from 19m and 7m @ 4.24g/t Au from 26m;
- MGFRC018: 15m @ 2.05g/t Au from 25m including 3m @ 7.72g/t Au from 25m; and
- MGFRC023: 5m @ 2.29g/t Au from 56m and 11m @ 1.90g/t Au from 179m including 6m @ 3.04g/t Au from 183m.

Griffins West Prospect:

- MGFRC025: 11m @ 2.28g/t Au from 60m including 6m @ 3.87g/t Au from 61m; and
- MGFRC008: 14m @ 1.99g/t Au from 45m including 5m @ 4.22g/t Au from 46m.

In these areas coherent zones of gold mineralization have been intersected in drilling which are relatively shallow, open along strike and at depth, and have potential for delineation of resources.

Magma’s drilling has extended the strike length of this zone to about 150m and shown that the mineralization is open at depth and along strike. Further drilling is planned to determine the size of this zone.

Keith Watkins, executive chairman, said the drilling results are encouraging and indicate potential for resources within the 4km x 2km area containing various geochemical and geophysical anomalies around the Griffins Find Gold Mine. Further drilling is planned to follow up these results and test other anomalies.

Some of this work may be undertaken in the second half of 2010; however, some areas of interest are now under wheat crop where drilling will need to be deferred until after harvesting in late 2010.

A large auger geochemistry survey is in progress over the 4km x 2km area of gold anomalism to generate an internally consistent multi-element geochemical database to aid future drill targeting.

A 3,500 hole auger drilling program is in progress to collect geochemical samples over the 4km x 2km area of anomalism. This will provide a consistent multi-element geochemical database which will be used to develop further drilling targets.

Magma has acquired an option to purchase a 100% interest in tenements covering the Griffins Find gold exploration project from a private individual.

Magma’s major focus remains the Thunder Bay North platinum-palladium-copper-nickel discovery in northwest Ontario. Magma said a resource estimate update is in progress with expected completion in the September quarter, 2010.

Sign up to Proactive Investors

Comments from Proactive Investors readers

• Fill in your details below:

Verification Code

Reload image