PERTH, WESTERN AUSTRALIA--(Marketwire - July 26, 2010) - Magma Metals Limited (TSX:MMW)(ASX:MMW) ("Magma" or the "Company") today released its activities and cash flow report for the quarter ended June 30th, 2010. Highlights included:
Thunder Bay North Platinum Project, Ontario
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A 47,172m infill diamond drilling program was completed in the mineral resource area. A resource estimate update based on 97,588m of drilling is in progress with expected completion in the September quarter, 2010.
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Drilling to test EM anomalies in the Bridge Zone returned several high grade intercepts, including:
| BL10-326: 51.0m @ 5.02g/t Pt, 4.84g/t Pd, (9.86g/t Pt+Pd), |
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1.18% Cu & 0.56% Ni from 85.1m, |
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| including 8.6m @ 11.55g/t Pt, 10.81g/t Pd, (22.36g/t Pt+Pd), |
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2.80% Cu & 1.27% Ni from 127.5m, |
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| including 1.1m @ 23.40g/t Pt, 22.80g/t Pd, (46.20g/t Pt+Pd), |
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6.80% Cu & 3.76% Ni from 135.0m. |
- A Scoping Study is in progress with expected completion in the December quarter, 2010.
Griffins Find Gold Project, Western Australia
- Two shallow gold zones with resource potential were identified from drilling; results included:
| MGFRC031: 20m @ 2.86g/t gold from 13m, |
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| including |
5m @ 4.02g/t Au from 19m, |
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7m @ 4.24g/t Au from 26m. |
The full report is available on the Company's website at www.magmametals.com.au and is filed under the Company's profile on SEDAR at www.sedar.com.
Additional information on Magma and its projects, including descriptions of its quality control and assurance procedures, is available on its website at www.magmametals.com.au and in technical reports filed under the Company's profile on SEDAR at www.sedar.com.
Drill-hole location and detailed assay data for all drill-holes mentioned in this report but not provided herein have been provided in previous announcements during the quarter. These are available on the Company's website at www.magmametals.com.au.
Assays for samples from Canada were conducted at the ALS Laboratory Group facility in Vancouver, British Columbia, following sample preparation at their facility in Thunder Bay, Ontario. Sample preparation and assays for samples from Australia were conducted at the ALS Laboratory Group facility in Perth, Western Australia.
The information in this report that relates to Exploration Results or Mineral Resources is based on information compiled, reviewed or prepared by Dr Keith Watkins and/or Mr Ralph Porter, the Executive Chairman and Executive Director – Exploration, Australia of Magma Metals Limited, respectively, who are both Members of the Australasian Institute of Mining and Metallurgy, and each of whom is a "qualified person" as such term is defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Both Dr Watkins and Mr Porter have sufficient experience, which is relevant to the style of mineralization and type of deposit under consideration and to the activities undertaken to qualify as Competent Persons as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (the JORC Code). Dr Watkins and Mr Porter consent to the inclusion in the report of the matters based on this information in the form and context in which they appear.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Certain information contained in this report constitutes "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward- looking terminology such as "plans", "expects" , "is expected", "estimates", "intends", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Although management believes that the expectations expressed in such forward-looking information disclosed herein are based on reasonable assumptions, these statements are not guarantees of future performance. A number of factors could cause actual results, performance or achievements to differ materially from those in the forward-looking information. Such factors include future metal prices, exploration and evaluation results, future availability of capital and general economic, market or business conditions, government regulation of mining operations, failure of equipment or processes to operate as anticipated, risks inherent in mineral exploration and development including unusual or unexpected geological formations. Descriptions of these risks can be found in the Company's various statutory reports, including its Annual Information Form available on its website at www.magmametals.com.au and on the SEDAR website at www.sedar.com.
ABN 72 114 581 047