Magma Metals Limited
TSX : MMW
ASX : MMW

Magma Metals Limited

May 06, 2010 09:20 ET

Magma Metals Limited: Thunder Bay North Infill Drilling Completed

KEY POINTS

- Infill diamond drilling program completed in resource area.

- Recent results from the Bridge and Beaver Lake Zones included:

BL10-272: 39.00m @ 3.31g/t Pt+Pd, 0.41% Cu & 0.23% Ni, including 17.00m @ 5.44g/t Pt+Pd, 0.66% Cu & 0.32% Ni;

BL10-282: 16.00m @ 5.39g/t Pt+Pd, 0.69% Cu & 0.37% Ni, including 1.21m @ 30.73g/t Pt+Pd, 4.29% Cu & 2.76% Ni;

BL10-303: 12.45m @ 13.23g/t Pt+Pd, 1.45% Cu & 0.51% Ni, including 1.70m @ 72.18g/t Pt+Pd, 7.59% Cu & 2.21% Ni.

- Resource estimate update in progress – expected completion in September Quarter, 2010.

- Following completion of infill drilling, exploration will focus on regional targets to identify new areas of mineralization - 30,000m of diamond drilling and extensive geophysical surveys budgeted for 2010.

WEST PERTH, WESTERN AUSTRALIA--(Marketwire - May 6, 2010) - Magma Metals Limited (TSX:MMW)(ASX:MMW) ("Magma" or the "Company") is pleased to advise that it recently completed a 195-hole 47,172m infill diamond drilling program in the resource area at the Thunder Bay North Project in northwest Ontario. 

The infill drilling program commenced in June 2009 and focused on the Bridge and Beaver Lake Zones, where the current resources are mostly in the Inferred Mineral Resource category (Figure 1). Data from the infill drilling will be combined with that from 50,416m in 333 holes drilled previously to form the basis for a mineral resource update. Work has commenced on this and it is anticipated that the resource update will be completed in the September quarter, 2010.

Recent results received from the infill drilling included the following intercepts (detailed in Tables 1, 2 and 3):

Bridge Zone:      
       
  BL10-208: 13.00m @   3.28g/t Pt, 2.99g/t Pd, (6.27g/t Pt+Pd),
      0.70% Cu & 0.30% Ni from 151.00m,
  including 9.00m @   3.77g/t Pt, 3.44g/t Pd, (7.21g/t Pt+Pd),
      0.79% Cu & 0.33% Ni from 154.00m;
       
  BL10-272: 39.00m @   1.70g/t Pt, 1.61g/t Pd, (3.31g/t Pt+Pd),
      0.41% Cu & 0.23% Ni from 80.00m,
  including 17.00m @   2.82g/t Pt, 2.62g/t Pd, (5.44g/t Pt+Pd),
      0.66% Cu & 0.32% Ni from 100.00m;
       
  BL10-277: 35.18m @   1.82g/t Pt, 1.78g/t Pd, (3.60g/t Pt+Pd),
      0.49% Cu & 0.24% Ni from 104.00m,
  including 13.00m @   3.03g/t Pt, 3.00g/t Pd, (6.03g/t Pt+Pd),
      0.79% Cu & 0.36% Ni from 118.00m,
  and 2.18m @   3.41g/t Pt, 2.99g/t Pd, (6.40g/t Pt+Pd),
      0.87% Cu & 0.27% Ni from 137.00m;
       
Beaver Lake Zone:      
       
  BL10-268: 11.00m @   3.02g/t Pt, 2.70g/t Pd, (5.72g/t Pt+Pd),
      0.67% Cu & 0.25% Ni from 140.00m,
   including 3.00m @   3.82g/t Pt, 3.44g/t Pd, (7.26g/t Pt+Pd),
      0.78% Cu & 0.30% Ni from 142.00m,
  and 3.00m @   4.01g/t Pt, 3.55g/t Pd, (7.56g/t Pt+Pd),
      0.95% Cu & 0.23% Ni from 148.00m;
       
  BL10-282: 16.00m @   2.66g/t Pt, 2.73g/t Pd, (5.39g/t Pt+Pd),
      0.69% Cu & 0.37% Ni from 154.00m,
   including 8.00m @   4.32g/t Pt, 4.52g/t Pd, (8.84g/t Pt+Pd),
      1.13% Cu & 0.62% Ni from 160.00m,
  including 1.21m @   14.40g/t Pt, 16.33g/t Pd, (30.73g/t Pt+Pd),
      4.29% Cu & 2.76% Ni from 165.68m;
       
  BL10-303: 12.45m @   5.95g/t Pt, 7.28g/t Pd, (13.23g/t Pt+Pd),
      1.45% Cu & 0.51% Ni from 188.75m,
   including 8.45m @   8.45g/t Pt, 10.42g/t Pd, (18.87g/t Pt+Pd),
      2.05% Cu & 0.69% Ni from 192.45m,
  including 1.70m @   31.21g/t Pt, 40.97g/t Pd, (72.18g/t Pt+Pd),
      7.59% Cu & 2.21% Ni from 199.50m.

Results for a further 36 holes from this program are pending.

Following completion of the infill drilling program, the exploration focus for the remainder of 2010 will be on identifying new areas of mineralization within the Thunder Bay North intrusive complexes, and elsewhere in the region, which have potential to contain additional mineral resources. Some of these target areas are shown in Figure 2. Approximately 30,000m of diamond drilling and extensive geophysical surveys have been budgeted in 2010 for this work. 

Figure 1. Current Lake Intrusive Complex and some of the recent results from the infill drilling program (note that information on the Mineral Resource Estimates and the methodology for calculating platinum equivalents was contained in an ASX announcement dated 7th September 2009, available on the Company's website at www.magmametals.com.au).

To view Figure 1, please visit the following link - http://media3.marketwire.com/docs/mmw10506.pdf 

Figure 2. Magnetic image showing exploration targets in the Thunder Bay North intrusive complexes.

To view Figure 2, please visit the following link - http://media3.marketwire.com/docs/MMW20506.pdf

Table 1. Significant Infill Drilling Results from the Bridge Zone

Drill Hole From (m ) To (m ) Length (m ) Pt (g/t ) Pd (g/t ) Pt+Pd (g/t ) Cu (% ) Ni (% ) Pt+Pd Cut-Off (g/t )
BL10-201 144.00   163.00   19.00   1.05   1.02   2.07   0.26   0.16   1.0  
  including 159.00   162.00   3.00   2.04   1.93   3.97   0.43   0.22   3.0  
  166.00   169.50   3.50   0.88   0.88   1.76   0.23   0.10   1.0  
  including 168.00   168.30   0.30   3.09   3.02   6.11   0.66   0.37   3.0  
BL10-208 151.00   164.00   13.00   3.28   2.99   6.27   0.70   0.30   1.0  
  including 154.00   163.00   9.00   3.77   3.44   7.21   0.79   0.33   5.0  
BL10-209 134.00   166.00   32.00   0.79   0.77   1.56   0.18   0.13   0.5  
  including 149.00   162.20   13.20   1.40   1.34   2.74   0.31   0.17   1.0  
  including 151.00   158.00   7.00   2.06   1.98   4.04   0.48   0.28   3.0  
BL10-232 111.35   140.70   29.35   0.76   0.76   1.52   0.19   0.15   0.5  
  including 127.00   140.70   13.70   1.18   1.17   2.35   0.28   0.18   1.0  
  including 137.00   139.00   2.00   2.10   2.02   4.12   0.43   0.24   3.0  
BL10-239 118.00   120.00   2.00   1.39   1.28   2.67   0.32   0.17   1.0  
BL10-271 100.80   109.00   8.20   0.94   0.91   1.85   0.19   0.16   1.0  
  115.00   123.25   8.25   1.51   1.42   2.93   0.39   0.24   1.0  
  including 118.00   123.25   5.25   1.94   1.84   3.78   0.50   0.28   3.0  
BL10-272 80.00   119.00   39.00   1.70   1.61   3.31   0.41   0.23   1.0  
  including 100.00   117.00   17.00   2.82   2.62   5.44   0.66   0.32   3.0  
  including 107.00   113.00   6.00   4.22   3.96   8.18   0.93   0.45   5.0  
  and 116.00   117.00   1.00   4.12   3.25   7.37   0.75   0.25   5.0  
BL10-273 102.00   109.00   7.00   1.36   1.26   2.62   0.30   0.17   1.0  
  including 103.90   105.05   1.15   4.50   4.19   8.69   0.90   0.32   5.0  
  114.00   116.00   2.00   1.73   1.45   3.18   0.44   0.18   1.0  
BL10-274 60.77   73.00   12.23   0.72   0.72   1.44   0.20   0.13   1.0  
  82.00   86.00   4.00   0.63   0.60   1.23   0.14   0.14   1.0  
  91.00   101.60   10.60   1.19   1.09   2.28   0.26   0.19   1.0  
  including 98.00   101.60   3.60   1.91   1.71   3.62   0.40   0.24   3.0  
BL10-277 104.00   139.18   35.18   1.82   1.78   3.60   0.49   0.24   1.0  
  including 118.00   131.00   13.00   3.03   3.00   6.03   0.79   0.36   3.0  
  and 137.00   139.18   2.18   3.41   2.99   6.40   0.87   0.27   3.0  

Results are reported for intercepts >1.0g/t Pt+Pd at the lower cut-off grades shown in the right hand column; these may include internal intervals up to 2m below the cut-off grade. 

Table 2. Significant Exploration Drilling Results from the Beaver Lake Zone

Drill Hole From (m ) To (m ) Length (m ) Pt (g/t ) Pd (g/t ) Pt+Pd (g/t ) Cu (% ) Ni (% ) Pt+Pd Cut-Off (g/t )
BL10-198 172.00   174.84   2.84   1.84   1.59   3.43   0.31   0.15   1.0  
BL10-199 148.20   155.00   6.80   0.98   0.90   1.88   0.23   0.18   1.0  
  159.00   161.20   2.20   1.47   1.29   2.76   0.30   0.14   1.0  
BL10-213 188.60   218.66   30.06   0.73   0.66   1.39   0.14   0.16   0.5  
  including 209.00   218.66   9.66   1.21   1.08   2.29   0.22   0.18   1.0  
BL10-214 130.00   142.00   12.00   0.93   0.90   1.83   0.21   0.16   1.0  
  188.00   196.00   8.00   0.86   0.80   1.66   0.18   0.19   1.0  
BL10-215 132.00   136.00   4.00   1.16   1.15   2.31   0.29   0.17   1.0  
  180.00   210.00   30.00   1.08   0.99   2.07   0.21   0.22   1.0  
  including 200.00   205.00   5.00   2.19   2.07   4.26   0.44   0.37   3.0  
BL10-218 291.00   299.00   8.00   0.69   0.64   1.33   0.19   0.19   1.0  
  304.00   311.00   7.00   1.17   1.09   2.26   0.29   0.19   1.0  
BL10-219 328.00   334.90   6.90   1.75   1.67   3.42   0.44   0.26   1.0  
  including 331.36   334.90   3.54   2.61   2.46   5.07   0.65   0.35   3.0  
BL10-228 238.00   242.80   4.80   0.83   0.76   1.59   0.18   0.14   1.0  
BL10-229 228.00   229.55   1.55   1.90   1.83   3.73   0.41   0.30   1.0  
BL10-240 222.00   224.00   2.00   0.81   0.72   1.53   0.13   0.20   1.0  
  228.00   232.00   4.00   0.68   0.63   1.31   0.12   0.18   1.0  
  246.00   266.00   20.00   0.97   0.92   1.89   0.19   0.21   1.0  
  including 256.00   258.00   2.00   1.78   1.73   3.51   0.34   0.27   3.0  
  295.70   297.30   1.60   1.95   1.82   3.77   0.47   0.25   1.0  
BL10-243 194.00   202.10   8.10   0.72   0.68   1.40   0.14   0.12   1.0  
BL10-245 162.00   168.00   6.00   0.74   0.67   1.41   0.11   0.14   1.0  
  191.00   192.40   1.40   4.03   3.69   7.72   0.70   0.34   1.0  
BL10-248 147.00   152.00   5.00   1.07   0.94   2.01   0.18   0.17   1.0  
  including 148.00   149.00   1.00   2.21   1.91   4.12   0.34   0.25   3.0  
BL10-250 198.00   121.00   3.00   1.47   1.35   2.82   0.29   0.23   1.0  
  208.70   211.00   2.30   1.67   1.56   3.23   0.34   0.14   1.0  
BL10-253 228.15   238.15   10.00   0.73   0.69   1.42   0.20   0.19   1.0  
BL10-254 216.25   223.25   7.00   1.45   1.31   2.76   0.28   0.16   1.0  
BL10-260 211.00   213.00   2.00   1.48   1.20   2.68   0.26   0.14   1.0  
BL10-261 210.00   215.00   5.00   1.74   1.55   3.29   0.29   0.17   1.0  
BL10-262 132.00   136.00   4.00   0.76   0.78   1.54   0.19   0.16   1.0  
  210.00   216.00   6.00   1.30   1.17   2.47   0.24   0.18   1.0  
  including 213.00   216.00   3.00   1.77   1.59   3.36   0.32   0.22   3.0  
BL10-266 147.68   150.05   2.37   1.39   1.39   2.78   0.42   0.37   1.0  
BL10-267 135.90   148.00   12.10   1.61   1.50   3.11   0.35   0.20   1.0  
  including 141.50   144.50   3.00   3.40   3.24   6.64   0.77   0.39   3.0  
  151.00   168.00   17.00   0.94   0.90   1.84   0.30   0.23   1.0  
BL10-268 140.00   151.00   11.00   3.02   2.70   5.72   0.67   0.25   1.0  
  including 142.00   145.00   3.00   3.82   3.44   7.26   0.78   0.30   5.0  
  and 148.00   151.00   3.00   4.01   3.55   7.56   0.95   0.23   5.0  
BL10-278 150.20   184.50   34.30   1.17   1.11   2.28   0.27   0.19   1.0  
  including 165.20   167.20   2.00   1.89   1.83   3.72   0.48   0.27   3.0  
  and 174.20   180.00   5.80   2.18   2.07   4.25   0.45   0.25   3.0  
BL10-282 154.00   170.00   16.00   2.66   2.73   5.39   0.69   0.37   1.0  
  including 160.00   168.00   8.00   4.32   4.52   8.84   1.13   0.62   3.0  
  including 165.68   166.89   1.21   14.40   16.33   30.73   4.29   2.76   10.0  
BL10-284 209.00   213.51   4.51   1.42   1.32   2.74   0.52   0.30   1.0  
  including 211.00   213.00   2.00   2.48   2.28   4.76   0.93   0.46   3.0  
BL10-301 148.00   180.00   32.00   0.83   0.77   1.60   0.21   0.19   1.0  
  196.00   199.00   3.00   0.66   0.61   1.27   0.21   0.20   1.0  
BL10-303 188.75   201.20   12.45   5.95   7.28   13.23   1.45   0.51   1.0  
  including 192.45   201.20   8.45   8.45   10.42   18.87   2.05   0.69   3.0  
  including 199.50   201.20   1.70   31.21   40.97   72.18   7.59   2.21   10.0  
BL10-310 254.00   257.00   3.00   0.62   0.57   1.19   0.22   0.22   1.0  
  277.90   285.90   8.00   1.61   1.46   3.07   0.51   0.31   1.0  
  including 285.40   285.90   0.50   4.52   3.44   7.96   2.44   1.42   5.0  

Results are reported for intercepts >1.0g/t Pt+Pd at the lower cut-off grades shown in the right hand column; these may include internal intervals up to 2m below the cut-off grade. 

Table 3. Drill Hole Collar and Depth Information

Drill Hole Easting (m ) Northing (m ) Azimuth (Deg ) Dip (Deg ) Depth (m )
Bridge Zone Drill-Holes  
BL10-201 357818   5402398   0   -90   201  
BL10-208 357841   5402547   0   -90   201  
BL10-209 357846   5402556   0   -90   186  
BL10-232 357785   5402549   0   -90   174  
BL10-239 357657   5402629   0   -90   148  
BL10-271 357604   5402629   0   -90   165  
BL10-272 357557   5402651   0   -90   162  
BL10-273 357567   5402668   0   -90   156  
BL10-274 357527   5402697   0   -90   141  
BL10-277 357690   5402579   0   -90   175  
Beaver Lake Zone Drill-Holes  
BL10-198 357951   5402420   0   -90   225  
BL10-199 357950   5402440   0   -90   201  
BL10-213 358250   5402420   0   -90   252  
BL10-214 358250   5402440   0   -90   267  
BL10-215 358250   5402460   0   -90   252  
BL10-218 358450   5402245   0   -90   345  
BL10-219 358500   5402229   0   -90   366  
BL10-228 358250   5402260   0   -90   264  
BL10-229 358250   5402300   0   -90   240  
BL10-240 358400   5402265   0   -90   351  
BL10-243 358200   5402324   0   -90   246  
BL10-245 358150   5402320   0   -90   222  
BL10-248 358150   5402380   0   -90   219  
BL10-250 358300   5402475   0   -90   260  
BL10-253 358350   5402500   0   -90   266  
BL10-254 358350   5402480   0   -90   294  
BL10-260 358250   5402360   0   -90   240  
BL10-261 358250   5402380   0   -90   240  
BL10-262 358250   5402400   0   -90   240  
BL10-266 358050   5402420   0   -90   219  
BL10-267 358050   5402440   0   -90   198  
BL10-268 358050   5402460   0   -90   204  
BL10-278 357950   5402390   0   -90   213  
BL10-282 358045   5402500   0   -90   213  
BL10-284 358050   5402520   0   -90   241  
BL10-301 358150   5402480   0   -90   246  
BL10-303 358100   5402511   0   -90   241  
BL10-310 358500   5402425   0   -90   306  

Additional information on Magma and its projects, including descriptions of its quality control and assurance procedures is available on its website at www.magmametals.com.au and in technical reports filed under the Company's profile on SEDAR at www.sedar.com.

The information in this report that relates to Exploration Results or Mineral Resources is based on information compiled, reviewed or prepared by Dr Keith Watkins, the Executive Chairman of Magma Metals Limited, who is a Member of the Australasian Institute of Mining and Metallurgy, and a "qualified person" as such term is defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Dr Watkins has sufficient experience, which is relevant to the style of mineralization and type of deposit under consideration and to the activities undertaken to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (the JORC Code). Dr Watkins consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Certain information contained in this report constitutes "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", "is expected", "estimates", "intends", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Although management believes that the expectations expressed in such forward-looking information disclosed herein are based on reasonable assumptions, these statements are not guarantees of future performance. A number of factors could cause actual results, performance or achievements to differ materially from those in the forward-looking information. Such factors include future metal prices, exploration and evaluation results, future availability of capital and general economic, market or business conditions, government regulation of mining operations, failure of equipment or processes to operate as anticipated, risks inherent in mineral exploration and development including unusual or unexpected geological formations. Descriptions of these risks can be found in the Company's various statutory reports, including its Annual Information Form available on its website at www.magmametals.com.au and on the SEDAR website at www.sedar.com.

ABN 72 114 581 047

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