Seeking Alpha

Proactive Investor's  Instablog

Proactive Investor
Send Message
Proactiveinvestors is a leading multimedia news organization, investor portal and events management business with offices in New York, Sydney, Toronto and London. Proactiveinvestors operates five financial websites in four languages providing breaking news, comment and analysis on hundreds of... More
My company:
Proactiveinvestors
My blog:
Proactiveinvestors
  • Magma Metals confirms high-grade platinum deposit at Thunder Bay 0 comments
    Apr 7, 2010 9:46 AM
    Magma Metals (ASX, TSX: MMW) has provided an update of its exploration activities at the Thunder Bay North project in northwest Ontario, Canada.

    The infill drilling program of approximately 50,000m is making good progress with five drill-rigs operating in the Bridge and Beaver Lake Zones in the mineral resource area.

    Approximately 35,000m of drilling has been completed since the program commenced in June 2009. It is anticipated that this program will be completed within the next two months.

    Strong zones of mineralization confirmed and enlarged by infill drilling in the Bridge Zone. Recent results included: 19.00m @ 3.64g/t Pt+Pd, 0.43% Cu & 0.19% Ni, including 9.00m @ 6.68g/t Pt+Pd, 0.76% Cu & 0.23% Ni; 25.85m @ 3.22g/t Pt+Pd, 0.40% Cu & 0.21% Ni, including 11.85m @ 5.29g/t Pt+Pd, 0.67% Cu & 0.27% Ni; and 35.00m @ 3.34g/t Pt+Pd, 0.36% Cu & 0.23% Ni, including 18.00m @ 4.24g/t Pt+Pd, 0.45% Cu & 0.26% Ni.

    A 50,000m infill diamond drilling program is now in progress with five drill-rigs in the mineral resource area with expected completion within two months.

    The resource estimate update is to be undertaken based on 100,000m of diamond drilling and is expected to reach completion in the September Quarter, 2010.

    Geophysical surveys are in progress in the Bridge Zone to map the extent of previously intersected zones of high-grade massive sulphide mineralization. Identified geophysical targets are to be drill tested on completion of the infill drilling program.

    The company said a regional exploration program is in progress to identify additional resources. 30,000m of diamond drilling and extensive geophysical surveys are budgeted for 2010.

    The recent drilling results confirmed and enlarged high-grade zones within the Bridge Zone defined by previous wide-spaced drilling.

    Disclosure: The author holds no positions in the company
Back To Proactive Investor's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers

StockTalks

More »

Latest Comments


Posts by Themes
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.