THEY LISTENED TO YOU PUSSY... :)Platinum find firming for Magma...

THEY LISTENED TO YOU PUSSY... :)

Platinum find firming for Magma

Paul Garvey
Thursday, 28 December 2006

MAGMA Metals says it has confirmed a greenfields platinum-palladium-copper discovery at its Thunder Bay North prospect in Canada, with the news continuing to fuel the company's recent rampant share price run and winning yet another query from the Australian Stock Exchange.



Drilling at Magma Metals' Thunder Bay project


Yesterday, Magma revealed the assay for the first hole of the initial five-hole program at Thunder Bay North, with the hole intersecting 10.5 metres grading 2.8 grams per tonne platinum-palladium-gold, plus 0.45% copper and 0.34% nickel.

Magma managing director Keith Watkins said the grade of the intersection was lower then the highest grade mineralised boulders at surface at the target, which suggested the system had potential to host higher grades than those reported yesterday.

"These preliminary assay results confirm a greenfields discovery of platinum-palladium-copper-nickel mineralisation at Current Lake and provide strong encouragement in the early stages of exploration of this large prospective ultramafic intrusion," Watkins said.

The news helped fuel the latest surge in Magma's share price, the stock moving from its opening price of 93.5c to an all-time high of $1.03, before selling late in the day pushed the stock down to 89c at close.

The stock has been running strong since Monday 18 December following the report of visual observations from the first drill hole.

A second announcement was made on 21 December, reporting that the second hole drilled had returned another intersection of ultramafic peridotite – the same mineralisation the hosts the high-grade material in the boulders at surface.

Since Friday 15 December, Magma shares have moved from 12.5c, picking up two ASX queries along the way.

Yesterday's ASX query related to the time at which Magma first became aware of the drill results, particularly in relation to the on-market share purchases of Magma company secretary Max Cozijn made on December 20.

Magma yesterday confirmed it had first become aware of the assay results at 1.33pm Western Standard Time on December 20.

The remaining holes in the current program are expected to be drilled from mid-January, with results to be announced soon thereafter.

This morning, shares in the company had lost 5c to sit at 84c, capitalising the company at around $31 million.