Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Magna Mining Inc. (NICU) has discovered new precious and base metal mineralization at the Crean Hill Mine in Ontario
  • Hole MCR-22-010 in the 109-footwall zone intersected high grades of nickel and copper, as well as high-grade gold-platinum-palladium
  • The company also confirmed the presence of multiple footwall breccia corridors in the 109 zone, which will be tested this year
  • This information will enhance the mine’s preliminary economic assessment
  • The 2023 drill program has begun, and results are expected by the end of February
  • Magna Mining Inc. (NICU) is up 6.09 per cent, trading at $1.22 per share as of 11:51 a.m. EST

Magna Mining Inc. (NICU) has discovered new precious and base metal mineralization at the Crean Hill Mine in Ontario.

According to the company, the mineralization was found in the 109-footwall zone where hole MCR-22-010 intersected high grades of nickel and copper, as well as high-grade gold-platinum-palladium.

The 109 zone appears to extend into the footwall breccia that is associated with the mine’s main zone. The company also confirmed the presence of multiple footwall breccia corridors in the 109 zone, which will be further tested during this year’s drill program.

David King, Senior Vice President of Magna, commented,

“The current 109 [footwall] zone mineral resource remains open below the 365-metre level, and wide-spaced historical production drilling suggests this style of low sulphide, high-grade mineralization continues to depth.”

This information will be used to enhance the preliminary economic assessment which is underway.

Most of the company’s Crean Hill drilling in 2022 focused on nickel-copper mineralization within the intermediate zone and high-grade nickel-rich veining in the 101 zone. The 109 zone is a different style of mineralization with low sulphides and high-grade precious metals.

Magna’s 2023 drill program has begun, and the initial results from this drilling are expected towards the end of February.

Magna Mining Inc. (NICU) is up 6.09 per cent, trading at $1.22 per share as of 11:51 a.m. EST.


More From The Market Herald

" VRIC 2023: Canada’s largest mining conference returns amid commodity resurgence

Later this month, the Vancouver Resource Investment Conference (VRIC) will gather over 300 junior mining companies, over 100 expert speakers and over 5,000...

" Mining investors rejoice! VRIC 2023 fast approaches

Less than one week from today, the Vancouver Resource Investment Conference (VRIC) will showcase over 300 of the most prominent companies in the

" @ the Bell: Tech leads TSX comeback

It was another rocky day for Canada’s main stock index that ultimately ended up in the green thanks to a lead powered by
Geomega Resources - President & CEO, Kiril Mugerman

" Geomega Resources (TSXV:GMA) granted $3M for recycling demo plant

Geomega Resources (GMA) has been awarded a $3 million grant from the government of Quebec’s Technoclimat Program.