Metex Resources Ltd (ASX:MEE) is pleased to advise Shareholders of an announcement made today (17Oct 2007) by Magma Metals Ltd (ASX:MMB). Metex holds 10 million shares in Magma, which represents approximately 13% of the total issued capital of Magma.
Magma has reported that preliminary assay results have been received for the first of six diamond drill holes completed in the northern part of the Current Lake magnetic anomaly within the Thunder Bay North project in Ontario, Canada.
Drillhole TBND027 intersected a 45m thick unit of peridotite from 2.5m containing 2-15% disseminated sulphides and returned the following results*:
Hole No: TBND027: 28.55m @ 2.69g/t Pt+Pd+Au, 0.31% Cu and 0.25% Ni from 5.3m
including 14.6m @ 4.66g/t Pt+Pd+Au, 0.52% Cu and 0.35% Ni from 6.3m
including 3.2m @ 7.03g/t Pt+Pd+Au, 0.81% Cu and 0.41% Ni from 6.3m
and 4.9m @ 7.11g/t Pt+Pd+Au, 0.78% Cu and 0.54% Ni from 12.25m
including 1.05m @ 19.85g/t Pt+Pd+Au, 1.61% Cu and 1.09% Ni from 15.75m
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