Magna Mining discovers new copper zone at Shakespeare Project
Magna Mining Inc. is pleased to provide an update on the ongoing regional diamond drilling program on the Shakespeare Project in Sudbury, Ontario. The initial drillhole on the Southwest (SW) Copper zone has intersected 1.4% Cu over 32.4 metres, including 2.3% Cu over 13.9 metres, beginning at 64.6 metres downhole.
Dave King, SVP Exploration and Geoscience at Magna stated, "Over the course of 2024, we have approached the regional exploration at our Shakespeare Project in a measured, systematic manner. This target area was identified early in the year, advanced with surface mapping, sampling and geophysical surveys, to bring it to a point we were confident in drill testing. There are no records of any historical drilling being conducted in this area previously and at this time, the zone is open for expansion in all directions. We are in the early days of defining the significance of mineralization here, however, we are optimistic of the potential and looking forward to continuing to work this target area and testing it further on strike and at depth."
The Stumpy Bay copper showing is hosted within a regional scale structural zone associated with the Murray Fault System, that strikes across the Shakespeare property from WSW-ENE (Figure 1). The structural zone hosts several known copper occurrences, with mineralization found locally, within the highly silicified shears, including the Stumpy Bay showing and now the SW Copper mineralization, approximately 1 km west of Stumpy Bay. Both Stumpy Bay and the SW Copper zone are located within a portion of the Shakespeare property held under a joint venture agreement with Glencore, which is currently held 86% by Magna and 14% by Glencore. At Stumpy Bay, historical channel samples have returned assays up to 1.7% Cu over 7.6 metres on surface, and Magna surface grab samples at the SW Copper showing have returned assays up to 7.6% Cu. The initial drillhole completed by Magna, beneath the SW Copper surface showing has intersected 1.4% Cu over 32.4 metres, including 2.3% Cu over 13.9 metres (Figure 2). Sulphide mineralization is dominated by zones of disseminated to net-textured pyrite, pyrrhotite and chalcopyrite within an intensely silicified structural zone (Image 1). A second drillhole, MSW-24-03, collared approximately 75 metres along strike to the NE has been completed and assays are pending. A third drillhole on this shear zone beneath MSW-24-03 is in progress. Drillhole MSW-24-02 targeted a separate, weak EM conductor within a gabbro not associated with the mineralized structure, approximately 400 metres southeast of hole MSW-24-01 (assays pending).
The Stumpy Bay/SW Copper structural trend is located approximately 1-2 kilometres southwest of Magna's Shakespeare Mine. The Shakespeare Mine is a feasibility stage project, permitted for a 4,500 tonne per day open pit mine, mill and tailings storage facility. The mine plan and schedule is based on Probable Mineral Reserves totaling 11.87 Mt of ore grading 0.33% nickel, 0.35% copper, 0.02% cobalt, 0.32 g/t platinum, 0.36 g/t palladium and 0.18 g/t gold processed over a 7.1 year mine life, excluding a year of pre-stripping.
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