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Thunder Bay Property
URSA Major Minerals stakes platinum group metal
exploration targets near Magma Metals discovery in Thunder Bay area,
Ontario
URSA
Major Minerals Incorporated ("URSA Major" or the “Company”) (TSX-UMJ)
announces that it has recently staked two properties totalling 362 claim
units (14,480 acres or 5,792 ha) located approximately 70 km north of
Thunder Bay, Ontario. Both claim groups target peridotite-melagabbro
intrusions similar to the host rocks at Magma Metals Limited’s
(“Magma’s”) platinum-palladium discovery at Current Lake, 45 km north of
Thunder Bay.
URSA Major’s Seagull Property (160 claim units) covers
peridotite-melagabbro of the Seagull Intrusion and is located 12 km
north of Magma’s Thunder Bay North Property. The Seagull Intrusion is
known to contain platinum-palladium mineralization with drill
intersections on adjacent ground reported by East West Resource
Corporation in 2005. URSA Major’s Disraeli Property (202 claim units),
located 25 km north of Magma’s property, covers peridotite-melagabbo of
the Disraeli Intrusion and sedimentary rocks of the Sibley Group. The
Disraeli property has several copper showings hosted by both intrusive
rocks and Sibley group sediments. The Seagull and Disraeli Intrusions
are interpreted to be fault controlled and are related to Mid-Continent
rift magmatism.
 Magma’s platinum-palladium discovery on its’ Thunder Bay North
Property is one of the best advanced platinum group metal exploration
projects in North America with excellent widths, a 1:1 ratio of platinum
to palladium, significant copper and nickel credits, and the potential
for a large mineralization system. Intersections of up to 61.7 m at 5.61
g/t platinum and palladium, 0.7% copper and 0.4% nickel have recently
been reported by Magma and an initial resource estimate is anticipated
in the third quarter of 2009.
URSA Major is currently completing a compilation of data on the Seagull
and Disraeli Properties. The Company will initiate a prospecting and
mapping program in the early summer to follow up on the compilation
results and develop targets for drill testing. A significant amount of
recent government geological and geophysical information is available on
the properties.
URSA Major’s Seagull and Disraeli Properties are 100% owned and are
not subject to royalties. The claims are road accessible and close to
the significant road, rail and other infrastructure associated with the
city of Thunder Bay. North American Palladium Ltd.’s Lac Des Iles Mine
is located 50 km to the northwest
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