Less than a month after acquiring the Mayville nickel/copper/platinum-group-element property, near Winnipeg, Man.,
The Toronto-based junior intersected a minimum true width of 42 metres of net-textured, semi-massive and massive sulphides in each of four holes.
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 south of that setup.
Sulphides ranged from fine- to coarse-grained. Mineralization was intersected at depths ranging from 25 to 250 vertical metres. Assays are pending.
Stepout drilling along strike to the east and west is under way.
A series of airborne electromagnetic conductors exists along both contacts of the 12-km-long, layered, mafic-to-ultramafic Mayville intrusion.
Last month, Mustang arranged to buy
Maskwa Nickel Chrome also holds a 40% interest in the Mayville joint venture, with the remainder held by Mustang (subject to a 1.2% net smelter return royalty payable to Exploratus).
Mustang agreed to pay $120,000 and 400,000 Mustang shares to Falconbridge. In addition, should a resource on any Maskwa Nickel Chrome property become a producer, Mustang will pay Falco $210,000 over five years, in lieu of a royalty.
The property is 30 km north of Mustang’s Maskwa nickel property, which has 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 sunk in a fence pattern, 40 metres east of the main Maskwa deposit. One of them cut 17 metres grading 0.5% nickel, including a 2.3-metre section of 1.37% nickel or, alternatively, 4.7 metres grading 0.94% nickel.
The other holes cut 13-26 metres of 0.36-0.41% nickel. All returned assays above the cutoff grade of 0.2% nickel used in the resource estimate.
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