THUNDER BAY, ON ---- October 13, 2009 ---- Magma Metals an Australian Miner and explorer is spending big dollars on its Thunder Bay North Project. A prospector walking along the shores of Current Lake found a large angular boulder near the shore, and chipped away a sample for analysis. The results came back positive for the metals Platinum and Palladium, and there has been claim staking and ever increasing exploration in this area ever since. The initial stone chip was eight years ago, and now after over 50,000 meters of drilling the company has completed an initial resource estimate which is NI43-101 and JORC compliant. The exploration camp shown above is at Current Lake where the miners are doing infill drilling to convert inferred resources to indicated resources.
Magma has a second camp at Steep Ledge Lake, which is the next lake west of Current Lake. This lake also has a Magma intrusion of peridotite rock and a known host of Cu, Ni, and (PMG) metals. At first it was thought to part of the same volcanic system as the Current Lake Intrusive Complex, but since the ratios of Platinum to Palladium are different, it is likely to be a similar event but not the same as the Current Lake deposits. Lone Lake which is to the south and east of Current Lake and also within Magma’s Claims shows similar magnetic trends and is likely to host mineralization. Initial drill targets are being selected in both of these two sites to determine how extensive and valuable the mineralization is in these locations. Should these sites prove as fruitful as the current lake complex, then the Thunder Bay area could become the dominant producing area in North America for these precious metals.
This photograph shows a drilling barge on Steep Ledge Lake. Initial drilling was conducted this summer on the site with encouraging results. Over the winter drilling will continue on the frozen lake as well as on land at sites not yet accessible by road.
While the Current Lake property is undergoing scoping studies to focus on metallurgy and process engineering, mining options and environmental and permitting aspects of the project. While these studies are going on it is important for the company to know how much mineralization exists in other parts of their claim because it could impact how they develop the mine at Current Lake. The results are in increase in mining exploration activity that is astounding by local standards. With two exploration camps on site, work contracted out to Labs for assay work, environmental and engineering studies, this project is already employing a significant number of people in our area. The full economic impact of this event is yet to be revealed but an operating mine could employ hundreds of people from our community.
This photo shows a drill rig being set up doing infill drilling between Current and Beaver Lakes on Magma Metals Thunder Bay North Claims.