Magma Metals continues to seek out opportunities in the Canadian sector to complement its Thunder Bay North platinum palladium, copper, nickel project in Ontario and has entered a farm in agreement with Mega Uranium for the Greenwich Lake property.
Greenwich Lake is adjacent to Magma’s Thunder Bay North platinum palladium, copper, nickel project in Ontario and may contain components of the mafic ultramafic complex Magma is exploring within Thunder Bay North.
Magma is actively exploring the Canadian sector of the Midcontinent Rift for additional platinum palladium, copper and nickel deposits. The Proterozoic Midcontinent Rift region is an important emerging nickel, copper and platinum group elements province.
Greenwich Lake comprises 16 claims covering an area of approximately 22.5 square kilometers. To farm in to the project, Magma will spend AUD 3 million within 5 years to earn a 60% interest. Following this the parties will form a 60/40 JV and Magma must spend USD 250,000 in the first year at least half of which must be on drilling after which it has the right to withdraw from the agreement.
Testing of the targets at Greenwich Lake is scheduled for the forthcoming Canadian winter. Earlier this month, Magma secured 100% ownership of its Thunder Bay North project by exercising its option to purchase the Beaver Lake claim.
Beaver Lake covers the underground mineral resource, the newly defined eastern extension to the underground mineralization and part of the area of the current step out drilling program.
Magma has established mineral resources at the Thunder Bay North project, from drilling completed up to the end of May last year. For an open pit operation, Indicated Resources total 8.46 million tonnes at 2.13 grams per tonne of platinum equivalent for 580,000 ounces contained metal.
For an underground operation, Indicated Resources total 1.03 million tonnes at 3.48 gram per tonne platinum equivalent for 115,000 ounces contained metal. Inferred Resources total 0.21 million tonnes at 3 gram per tonne platinum equivalent for 20,000 ounces contained metal.
