Magna Mining (NICU.V) recently announced the assay results from a drill program at the 105 FW Zone (‘FW’ stands for Footwall) with the intention to better understand the geologic controls on the mineralization and to have a better idea on grade continuity. This should result in the company being able to expand the current indicated resource in that area.
The assay results are quite interesting as hole MCR-23-040 for instance, intersected two high-grade zones with elevated precious metals content. Granted, those two interesting intervals are very narrow (30 centimeters and 50 centimeters) but the platinum-palladium-gold content of in excess of one ounce per tonne are intriguing although these precious metals zones appear to be connected to the 109 Footwall Zone.
Of course our interest is more geared towards the nickel at Crean Hill and the same hole intersected high-grade nickel in the 105 FW zone with just under 7 meters containing 4.19% nickel and 0.87% copper and lower grade PGMs for a total nickel-equivalent content of 4.98%. All assay results are summarized in the table below.
The drill program at Crean Hill is ongoing and one drill rig is currently focusing on exploring the deeper footwalls of the mineralization.
Disclosure: The author has a small long position in Magna Mining. Please read the disclaimer.
