MAG Copper Limited Announces Commencement Drill Program

TORONTO, Feb. 14, 2012 /CNW/ - Toronto, Ontario, Mag Copper Limited (the" Company") ("QUE"- CNSX) is pleased  to report that it has  initiated a diamond drilling program at its 100% owned Magusi River Copper-Zinc-Silver and Gold deposit (the "Magusi River Deposit"), in Hebecourt Township located 30km North West of Rouyn Noranda, Quebec. The primary focus of exploration efforts will be directed towards expansion of the existing Magusi River Deposit.

The 7500 meter diamond drilling campaign will target zones of prospective mineralization in the immediate areas surrounding the Magusi River Deposit. A total of 2500 meters will be carried out in order to test the continuity down dip to a vertical depth of approximately 800 meters on the Magusi River Deposit; furthermore 1500 meters of drilling will explore the overall attitude and trend of the east zone both along strike and at depth. An additional 3500 meters is intended to target areas west of the Magusi River Deposit, which lay within similar lithological, structural and geophysical trends as those present at the Magusi River and Fabie Bay Deposits.

The Magusi River Deposit is a volcanogenic massive sulphide (VMS) deposit located 1.2 km from the Company's Fabie Bay Deposit. The mineralization found at Magusi occurs from surface to a vertical depth of approximately 700 meters.  A National Instrument 43-101 compliant technical report dated March 23, 2009, prepared by Scott Wilson Roscoe Postle Associates Inc. ("RPA") estimated an indicated and inferred resource at the Magusi River Deposit to be as follows:

Indicated

Area Category Tonnes Zn (%) Cu (%) Au (g/t) Ag (g/t)
High Grade Copper Indicated 830,000 0.51 3.10 0.38 42.3
High Grade Zinc Indicated 450,000 8.64 0.44 2.74 45.0
Total   1,280,000 3.37 2.16 1.21 43.2
Contained Metal     95 M Lbs 61M Lbs 48K Oz 1.8M Oz

Inferred

Area Category Tonnes Zn (%) Cu (%) Au (g/t) Ag (g/t)
Total   399,000 0.38 3.26 0.26 24.3
Contained Metal     3M Lbs 2M Lbs 3K Oz 312K Oz

CIM definitions were used for the historic mineral resource with a cut-off grade of $80 net smelter return per tonne using an average long term copper price of US$2.50 per pound, a zinc price of US$0.75 per pound, a gold price of $800 per ounce, a silver price of US$13.50 per ounce and a US$/C$ exchange rate of $1.00 to $1.11.   The Company believes the historic resource to be relevant and reliable given the author and currency of the technical report.  However, a qualified person has not completed sufficient work to classify the historic mineral resource as a current mineral resource and the Company is not treating the historic mineral resource as a current mineral resource.

Accordingly the historical estimate should not be relied upon.  The Company currently is in the process of updating the historic resource, using current metal prices, into an updated National Instrument 43-101 compliant resource.

The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in NI 43-101 and reviewed by Mani Verma, M. Eng., P. Eng. for the Company, a qualified person under 43-101 guidelines.

Mag Copper is a junior mining exploration and development company engaged in the acquisition, exploration and development of mineral prospects in Canada.  Mag Copper's activities are currently focused in the Abitibi Greenstone Belt Region near Rouyn-Noranda, Quebec and the Cu-Au bearing units of the Hough Lake group sediments 60km west of the Sudbury Basin.

This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ  materially from those currently anticipated in such statements.

 

SOURCE Mag Copper Limited

For further information:

Mani Verma, CEO
(416) 479 9795
Web Site: www.magcopper.com

Organization Profile

Mag Copper Limited

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890