Magma Metals (ASX: MMB) has received encouragement from drilling at Steepledge Lake prospect at the Thunder Bay North project in Ontario, Canada.
The first hole intersected a 134m thick interval of peridotite with disseminated sulphides – assay results are pending.
This implies significant mineralization potential in the Steepledge Lake Intrusive Complex.
This implies significant mineralization potential in the Steepledge Lake Intrusive Complex, a 6km long magma conduit with similar characteristics to the Current Lake Intrusive Complex. The Steepledge Lake program of approximately 7,000m is being drilled from a barge and consists of a 200m x 20m drill pattern over an initial 800m strike length.
Reconnaissance drilling at Steepledge Lake last year returned an intersection of 19m @ 0.54g/t Pt+Pd from 118m in drill-hole SL08-01, including 3m @ 1.27g/t Pt+Pd, 0.23% Cu & 0.15% Ni from a sub-optimal drill-position on the eastern shore of the lake.
An initial JORC and NI43-101 compliant resource estimate for the Current Lake Intrusive Complex project is in progress. This should be completed during the September quarter.
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