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Market:	ASX
Sector:	General Mining
EPIC:	MGY
Latest Price:	0.05 (0.00%)
52-week High:	0.07
52-week Low:	0.03
Market Cap:	7.05M

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Malagasy Minerals

Malagasy Minerals (ASX:MGL) was established specifically to pursue the rapid development of mineral resources in Madagascar, the world’s fourth largest island, which hosts significant under explored mineral provinces.

Malagasy Minerals to kick off drilling at Madagascar Nickel-Copper PGE Project

Monday, July 26, 2010

Malagasy Minerals (ASX: MGY) has received initial assays for the June 2010 gossan grab-sample sampling programme over the previously reported 11 Magmatic Massive Sulphide Gossans at its 100%-owned Ampanihy Nickel-Copper PGE Project in southern Madagascar.

Results have confirmed the characteristics of the gossan system to be compatible with their initial classification as nickel-copper bearing magmatic massive sulphide gossans.

The company said the largest outcropping gossans at AMC-47, 49 and 50, though visibly subject to heavy leaching, show positive indications of Nickel, Copper and PGE mineralisation.

Gossans at AMC-49 returned assays of 0.18% copper, 0.07% nickel, 286ppm cobalt, 13ppb (platinum+palladium) and 96ppb gold; with those at AMC-47 and AMC-15 returning similar values (inclusive of 69ppb Pt+Pd & 88ppb gold).

The tenor of these initial assays are interpreted in the context of the heavily leached nature of the outcropping gossans combined with the coincident (i.e. Ni-Cu-Co-PGE [Au]) elemental signature.

Steven Goertz, managing director, said Malagasy will move to expedite drilling of the most prospective gossan-conductor targets subsequent to receipt of geophysical modeling of the VTEM anomalies associated with these Gossans.

Preliminary VTEM modeling results indicate a consistent moderate westerly dip to the gossan-associated conductors, with average depths of 30 to 70 metres below natural surface (maximum 120m – AMC-41).

The previously announced ground gravity survey over AMC49 and AMC-50 is currently underway, with both gravity and VTEM modeling programmes expected to be completed shortly.

The company said drilling programmes will commence following completion of both the ground gravity survey at Ianapera and detailed modeling of gossan-associated VTEM conductors in August 2010.

Malagasy will provide regular updates on the progress of exploration activities at this exciting new prospect.

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