Massive sulphides cut at Mayville

Less than a month after acquiring the Mayville nickel-copper-platinum group element property, 150 km north of Winnipeg, Manitoba, Mustang Minerals (MUM-V) has cut a minimum true width of 42 metres in each of four drillholes of net-textured, semi-massive and massive sulphides.

The holes tested one section across the M2 zone, a 1,300-metre-long, east-trending, steeply south-dipping conductor. Two holes were drilled from the same setup, at dips of 45 and 85, 60 metres south of surface mineralization seen in historic trenches. Another two were drilled 60 metres to the south of that setup.

Sulphides ranged from fine to coarse grained. Mineralization was intersected at depths ranging from 25-250 vertical-metres.

Step-out holes are planned to the east and west.

A series of airborne electromagnetic conductors are found along both contacts of the 12-km-long, layered mafic-to-ultramafic Mayville intrusion.

Last month, Mustang arranged to buy Falconbridge‘s (FL-T) 72.6% interest in Maskwa Nickel Chrome Mines, a Manitoba company, which owns unpatented mining claims that cover part of the Bird River Sill. Mustang already had some claims covering a part of this structure.

Maskwa Nickel also holds a 40%-interest in the Mayville joint venture, while Mustang owned the other 60% interest (subject to a 1.2% net smelter royalty payable to Exploratus).

Mustang agreed to pay $120,000 and 400,000 Mustang shares to Falconbridge. In addition, should a resource on any property become a producer, Mustang will pay Falconbridge $210,000 over a five-year period, in lieu of a royalty.

The property is 30 km north of Mustang’s Maskwa nickel property, where Mustang has identified an indicated resource of 6 million tonnes grading 0.74% nickel and 0.15% copper.

Drilling continues to test an area east of that resource.

Four holes were drilled in a fence pattern, 40 metres east of the main Maskwa deposit; one of the holes cut 17 metres grading 0.5% nickel. This intercept included a 2.3-metre interval grading 1.37% nickel, or alternatively 4.7 metres grading 0.94% nickel.

The other holes cut 13-26 metres grading 0.36-0.41% nickel.

All returned assays above the 0.2% nickel cutoff grade used in the resource estimate.