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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (28872)	1/4/2007 10:39:09 AM
From: LoneClone	Read Replies (1) \| Respond to of 78432

Magma Flows After Twin Platinum Find By Charlotte Mathews 03 Jan 2007 at 08:44 AM EST resourceinvestor.com JOHANNESBURG (Business Day) -- The share price of little-known mining exploration company Magma Metals [ASX:MMB] soared more than 500% on the Australian Stock Exchange last week after it announced it had found significant platinum mineralisation at its adjoining Thunder Bay North and Beaver Lake properties in Canada. Shares in Magma, which listed on the Australian exchange in June, soared from A$0.14 to A$0.90 last week after its findings became known. Magma has been drilling a 1.5-kilometre anomaly at Thunder Bay, where surface rocks are showing relatively high grades of mineralisation at up to 9.4 g/t for platinum, palladium and gold. It said the grade of the surface rocks suggested potential for higher underground grades than the first drill hole uncovered, where grades of up to 3.19 g/t of the three platinum group metals have been detected. A second drill hole, 1 kilometre from the first, also detected mineralisation which could indicate a deposit of some size. According to geophysical modelling, the deposit is probably a vertical pipe about 450 metres wide, starting about 30 metres below the surface. Magma said it would release more results later this month. The Thunder Bay North claims are located approximately 50 kilometres north-northeast of Thunder Bay in northwest Ontario. The property comprises 26 contiguous mining claims covering an area of approximately 50 square kilometres owned 100% by two consulting geologists, Gerald Harper and Graham Wilson. Magma can earn a 100% interest in the project, and any other claims staked within a 200 square kilometres area of interest, by spending C$1.5 million within five years of listing. South Africa is the world's biggest source of platinum, holding 80% of known reserves, and Zimbabwe also has substantial and largely untapped platinum resources. Other deposits where palladium is found in higher concentrations than platinum are mined in Canada, Russia, Finland and Australia. Platinum-dominated deposits are more profitable to mine because of the metal's relatively high price compared with the other platinum group metals: palladium, rhodium and iridium. Anglo Platinum [JSE:AMS] is the world's biggest platinum producer, followed by Impala Platinum [JSE:IMP].