Magma Metals (MMW)

Shares / Stock Code

MMW

Stock Exchange / Sharemarket

Australian Securities Exchange

Magma Metals (MMW) was incorporated in June 2005 to undertake exploration, discovery and development of precious and base metals mineral deposits in Australia and Canada. Magma listed on the Australian stock market on the 2 June 2006 and on the TSX on 12 November 2009. Since listing on the ASX, the Thunder Bay North project in Ontario has emerged as the Company’s principal project. This is a greenfields discovery of a potentially large platinum-palladium-copper-nickel deposit near the city of Thunder Bay. Intensive resource definition and exploration drilling programs are in progress to establish the scale of this discovery. Investors can trade Magma Metals shares on the Australian Stock Exchange (ASX).

Magma also has precious and base metals exploration projects in the Yilgarn and East Kimberley regions of Western Australia. Magma has chosen Australia and Canada as two regions in which to undertake exploration and development activities. Both countries have vast areas, and a variety of geological settings, which are prospective for precious and base metals.

Large parts of these areas have not been subjected to modern systematic exploration methods using the latest mineralisation models, because the rocks are covered by thick transported overburden (soil, sand, glacial till) or younger rock sequences which deterred earlier explorers or access is remote or difficult. Both countries have well developed mining cultures with sophisticated technical services, geoscience databases and capital markets and vibrant junior and senior exploration and mining company sectors.

There is little sovereign risk, excellent infrastructure and the mineral titles systems are amongst the best in the world. In addition to exploring and developing these projects, it is Magma’s intention to continually review opportunities to acquire high quality projects to support the growth of the Company. The Company intends to focus its project acquisition efforts in countries with high prospectivity for new discoveries, an existing mining culture, security of mineral title and low sovereign risk.

The Company’s principal base is in Perth, Western Australia, one of the world’s foremost centres for exploration and mining expertise and services. A Perth base enables the Company to focus appropriate technical and commercial resources on its project opportunities. Magma also has an exploration office in Thunder Bay, Ontario and a small corporate office in Toronto to manage the Company’s projects in Canada.

Griffins Find Project

Magma has acquired an option to purchase a 100% interest in tenements covering the Griffins Find gold exploration project in the southwest of Western Australia from a private individual. The project is located within a poorly exposed Archaean greenstone belt in the wheat-belt area of Western Australia, approximately 320km southeast of Perth and 15km northwest of the town of Lake Grace.

Geology, Exploration History & Targets

Gold was first discovered in this area in 1957 and about 55,000 ounces of gold at a grade of 2.8g/t was mined from two shallow open-pit mines (approximately 55m & 20m deep) in the 1980’s. There is a large gold-anomalous area around the open pits which forms a gold system “footprint” of at least 4km x 2km in size. Within this footprint anomalous gold values have been recorded in soil samples and shallow rotary air-blast and air-core drilling.

There are very few drill-holes deeper than 100m outside of the immediate vicinity of the larger open-pit mine. The size of this footprint in relation to the small open-pit mines is encouraging and could indicate potential for a substantial gold system. An analysis of historic exploration data identified several high-quality drilling targets, some of which were tested with an initial drilling program in the June quarter, 2010.

Two near surface gold zones were identified as having resource potential from this drilling, the Ridge Prospect and the Griffins West Prospect. Best results included 20m @ 2.86g/t gold from 13m, including 5m @ 4.02g/t gold and 7m @ 4.24g/t gold from the Ridge Prospect and 11m @ 2.28g/t gold from 60m including 6m @ 3.87g/t gold at the Griffins West Prospect. Further drilling is planned to evaluate the potential of these prospects and to test other gold anomalies in the project area. This section was last updated on 16 July 2010.

Magma Metals (MMW) Products and Services

  • Mining and exploration.

Magma Metals (MMW) Locations and Subsidiaries

Magma Metals Head Office
Level 3, 18 Richardson Street,
WEST PERTH, WA,
AUSTRALIA, 6005
Phone: (08) 9324 1500
Fax: (08) 9324 1700

Magma Metals (MMW) Share Price

Submitted by ASX Listed Company on 27 July, 2010 - 16:26