Magna Mining Inc. [TSXV: NICU] announced drill results for the first two drill holes at its Shakespeare Project, located near Sudbury, Ontario. Drillhole MMC-21-15 intersected 0.51% Nickel Equivalent over 33.8 metres in the Gap Zone, thereby supporting the Company’s thesis that the existing NI 43-101 Mineral Resource estimate can be expanded in this near-surface part of the Shakespeare deposit.
“Of the planned 9,000 metre diamond drilling program to date, we have completed 2,426 metres in 11 drillholes. Additionally, we have successfully progressed three of the 2021 exploration program objectives. Firstly, drilling to date has advanced our understanding of the geological controls on Shakespeare mineralization. In addition, we have now identified substantial nickel-copper-PGM mineralization in proximity to our open pit resource and have established platforms for downhole geophysical surveys, which will help guide additional drilling in 2021. We are encouraged by the results to date, including drillhole MMC-21-15, which intersected significant mineralization outside of the current Mineral Resource and extending outside of the 2021 open pit resource shell. Magna looks forward to providing additional updates as the 2021 exploration program progresses and assay results are received,” stated Jason Jessup.
Magna is trading at $0.45 on light volume.