Magna Mining (TSXV:NICU) reported that initial 2021 drilling in the Gap zone at the Shakespeare project in Ontario, Canada, intersected 33.8 meters of nickel, copper and platinum-group metal (PGM) mineralization.
According to Magna Mining CEO Jason Jessup, the results could have a positive impact on the economics of the future project. It could allow the company to have additional resources in the Gap zone area and have one resource open-pit shell that contains all of the open-pit resources, as opposed to now, where it would be in two separate pit shells.
“We’re very encouraged by the results of our first two holes, hole 2115, especially. We were expecting to intersect 10 to 15 meters of nickel-copper-PGM mineralization and receive the assay results, and we had 33.8 meters of nickel-copper-PGM mineralization that’s a good grade and near resource,” Jessup said.
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The drill results came after Magna Mining acquired eight patented claims in Baldwin Township comprising 132.8 hectares of land.
“Part of the strategy is to acquire additional properties that have synergies with our Shakespeare program. We have the ability to build a 4,500 ton per day mill in the area and explore properties or deposits that could provide future feed for that mill,” Jessup explained.
The Baldwin patents fit the description of a strategic position because there was mineralization identified in the 1950s. Baldwin Township extends for another 2 kilometers from the Shakespeare property and is well mineralized with calco, pyrite and gold. The company also sampled areas with as high as 7 percent copper and a gram of gold on the surface.
Watch the full interview with Magna Mining (TSXV:NICU) CEO Jason Jessup above.
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