US listing: MMTDF.PK
Magma Metals Limited (Magma) was incorporated in June 2005 to undertake exploration, discovery and development of precious and base metals mineral deposits in Australia and Canada. Magma listed on the ASX on the 2 June 2006 and on the TSX on 12 November 2009 with the ticker "MMW".
Since listing on the ASX, the Thunder Bay North project in Ontario has emerged as the Company’s principal project. This is a greenfields discovery of a potentially large platinum-palladium-copper-nickel deposit near the city of Thunder Bay. Intensive resource definition and exploration drilling programs are in progress to establish the scale of this discovery.
Magma also has precious and base metals exploration projects in the Yilgarn and East Kimberley regions of Western Australia.
Magma has chosen Australia and Canada as two regions in which to undertake exploration and development activities. Both countries have vast areas, and a variety of geological settings, which are prospective for precious and base metals. Large parts of these areas have not been subjected to modern systematic exploration methods using the latest mineralisation models, because the rocks are covered by thick transported overburden (soil, sand, glacial till) or younger rock sequences which deterred earlier explorers or access is remote or difficult. Both countries have well developed mining cultures with sophisticated technical services, geoscience databases and capital markets and vibrant junior and senior exploration and mining company sectors. There is little sovereign risk, excellent infrastructure and the mineral titles systems are amongst the best in the world.
In addition to exploring and developing these projects, it is Magma’s intention to continually review opportunities to acquire high quality projects to support the growth of the Company. The Company intends to focus its project acquisition efforts in countries with high prospectivity for new discoveries, an existing mining culture, security of mineral title and low sovereign risk.
The Company’s principal base is in Perth, Western Australia, one of the world’s foremost centres for exploration and mining expertise and services. A Perth base enables the Company to focus appropriate technical and commercial resources on its project opportunities. Magma also has an exploration office in Thunder Bay, Ontario and a small corporate office in Toronto to manage the Company’s projects in Canada.