SUDBURY, Ontario – Magna Mining Inc. (TSXV: NICU) (OTCQX: MGMNF) (FSE: 8YD) has released an update on its exploration activities at the past-producing Levack Mine, situated in the North Range of the Sudbury Basin in Ontario, Canada. The company disclosed assay results from five diamond drill holes targeting the prospective footwall environment, including the R2 Footwall Zone, along with additional data from two previously released drillholes in the same area.
High-Grade Mineralization Uncovered
Drilling within the R2 Zone has intersected multiple veins containing high-grade copper and precious metals, such as platinum, palladium, gold, and silver. Mineralization has been identified over a vertical extent of approximately 300 metres and a north-south span of 150 metres. The zone remains open up dip towards the No. 3 Footwall Zone, at depth, and to the southwest towards the Morrison Footwall Cu-PGE Deposit.
Key Assay Results
Notable highlights from the new assay results include:
- FNX6083-W5: 20.3% Cu, 0.1% Ni, 10.3 g/t Pt+Pd+Au, 151.0 g/t Ag over 0.7 metres from 1,129.4 metres down hole.
- FNX6083-W5: 18.8% Cu, 0.2% Ni, 11.0 g/t Pt+Pd+Au, 115.0 g/t Ag over 1.4 metres from 1,151.6 metres down hole.
- FNX6083-W5: 24.4% Cu, 0.9% Ni, 5.4 g/t Pt+Pd+Au, 173.0 g/t Ag over 1.0 metre from 1,157.0 metres down hole.
- FNX6070-W1: 5.7% Cu, 0.1% Ni, 28.3 g/t Pt+Pd+Au, 33.3 g/t Ag over 1.1 metres from 1,098.6 metres down hole.
Expert Commentary
Dave King, Senior Vice President of Exploration and Geoscience at Magna Mining, commented on the findings. "The intersections we announced today continue to demonstrate the high-grade nature of the copper and precious metal rich footwall mineralization at the Levack Mine," he stated. "Most of the assay results released today are related to the R2 Zone, and continued drilling is further enhancing our understanding of the footwall vein system in this area."
King emphasized the significance of the metre-scale intersections, noting their similarity to historically mined veins in the Morrison Footwall Copper-PGE Deposit. He also highlighted that the release includes results from the first three underground drill holes at Levack, which targeted other prospective areas of the footwall environment, each returning encouraging precious metals values that warrant follow-up drilling.
Drilling Details and Expansion
Diamond drill holes FNX6083-W5 and FNX6070-W1 were designed to expand the known R2 Zone mineralization, both up dip and down plunge to the south. FNX6083-W5 targeted the area up dip from FNX6083-W1, encountering four veins over 28.6 metres, approximately 50 metres above the massive sulphide veins intersected in FNX6083-W1. This hole returned assays up to 24.4% Cu, 0.9% Ni, 3.7 g/t Pt, 1.3 g/t Pd, 0.4 g/t Au, and 173 g/t Ag over 1.0 metre.
Additional wedge holes are currently in progress to further test the up dip potential of the R2 Zone towards the No. 3 Footwall Zone. Meanwhile, FNX6070-W1 was drilled from the same platform as previous holes and targeted the area to the south and down plunge of earlier mineralization. It intersected four mineralized intervals over 39.3 metres, including a high-grade section of 5.7% Cu, 0.1% Ni, 7.0 g/t Pt, 18.8 g/t Pd, 2.5 g/t Au, and 33.3 g/t Ag over 1.1 metres.
Future Prospects
The vein system defining the R2 Zone has now been intersected over a vertical extent of about 300 metres and a north-south extent of 150 metres. The zone remains open up dip towards the No. 3 Footwall Zone and at depth towards the Morrison Footwall Cu-PGE Deposit, located 600 metres to the southwest. Magna Mining's ongoing exploration efforts aim to further delineate and expand this promising mineralization, with continued drilling planned to enhance resource understanding and potential development opportunities in the Sudbury Basin region.
