Magma Metals has agreed a joint venture with Mega Uranium on the Greenwich Lake property, adjacent to Magma's Thunder Bay North (TBN) platinum-palladium-copper-nickel complex.

Greenwich Lake comprises 16 claims and contains magnetic anomalies that suggest mafic-ultramafic intrusions of the same type that host the mineral resource in the Current Lake Intrusive Complex.

Under the terms of the deal, Magma will spend US$3 million on the project in the first five years in return for a 60 per cent stake. It will also be required to spend at least $125,000 on drilling in the first year.

Dr Keith Watkins, Magma's managing director, said: "This is an important property which may contain components of the mafic-ultramafic complex we are exploring within the adjacent Thunder Bay North block.

"We are looking forward to testing these targets with drilling scheduled for this coming winter."

Magma's TBN project has indicated open pit resources of 580,000 platinum equivalent ounces and indicated underground resources of 115,000 oz.

Source:

Magma Enters Joint Venture on Greenwich Lake Property (26/10/11) 

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