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Magna Mining Announces Winter Exploration Program at the Shakespeare Project and Results of Recent Borehole Electromagnetic Survey
Program to Focus on Follow-Up Drilling at the P-4 Discovery and Near Surface Copper Mineraliza...
About this update from Magna Mining Inc
[{"type":"text","content":"Magna Mining Announces Winter Exploration Program at the Shakespeare Project and Results of Recent Borehole Electromagnetic SurveyProgram to Focus on Follow-Up Drilling at the P-4 Discovery and Near Surface Copper Mineralization at the Past Producing Spanish River Copper MineSudbury, Ontario--(Newsfile Corp. - December 1, 2021) - Magna Mining Inc. (TSXV: NICU) (\"Magna\" or the \"Company\") is pleased to announce that following the completion of a $3.14 million flow through financing on Nov 3rd, the next phase of exploration at the Shakespeare Ni-Cu-PGM Project will commence in early January. The initial winter exploration program will consist of 4,500m of drilling, which will target the new P-4 nickel discovery and the past producing Spanish River Copper Mine. The P-4 Discovery and Spanish River Copper Mine are both located approximately 5 km from the Shakespeare Mine and could potentially represent satellite deposits to feed a future mill at Shakespeare. Magna has secured a diamond drilling contractor to commence drilling in early January 2022. A borehole electromagnetic (EM) survey was recently completed which extends the electromagnetic anomaly 230 m below the deepest mineralized intersection. The interpreted EM plate is electromagnetically open at depth and the data indicates that conductivity is increasing at depth. The higher conductivity could be attributed to higher concentration of sulphides, thicker width or both. The surveys were completed on holes MP4-21-01 and MP4-21-02, which were the P-4 nickel discovery holes as reported on September 14, 2021 (see News Release). The drill program in January will prioritize the testing of the depth extent of this EM plate, and also test the eastern EM plate (see Figures 1 and 2).Jason Jessup, Chief Executive Officer of Magna, stated, \"The results of these new downhole electromagnetic surveys at our P-4 discovery indicate that there is a conductive zone extending to depth, well below the mineralized intersections in the first discovery holes that we reported in September of this year. It is particularly encouraging to have the conductivity increasing at depth. We are prioritizing our drilling in January to test some significant step-outs from the previous drilling and see how big this system gets at depth and along strike. The EM survey results are exactly the sort of indications...