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Magna Mining

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Magna Mining is a junior mining company focused on copper and nickel production in North America's premier mining district, Sudbury, Ontario.

Investor website: https://magnamining.com/

About

Magna Mining is a junior mining company focused on copper and nickel production in North America's premier mining district, Sudbury, Ontario. The company is recognized for having advanced stage projects in this significant mining area, which has a rich history of over 100 years in nickel and copper production.

Verified company data

Cash position
$40.0 million
Shares outstanding
20833300
Fully diluted shares
263,528,397
Mineral resource
The PEA potentially mineable resources are a subset of the current Crean Hill Mineral Resource Inventory (Table 7). Appropriate mining dilution and recoveries were applied to the design stopes depending on mining method used. Allan Armitage, Ph.D., P. Geo. of SGS Geological Services is an independent Qualified Person as defined by NI 43-101 and is responsible for the current Crean Hill MRE.
Projects
["Magna Mining Announces Acquisition of Patented Claims within the Shakespeare Project\n\nJune 8th, 2021, Sudbury, Ontario, Canada – Magna Mining Inc. (TSXV: NICU) (the “Company” or “Magna”) announces that they have signed a definitive agreement to acquire a 50% interest in eight (8) patented claims in Baldwin Township, the “Baldwin Copper Patents”, comprising 132.8 hectares of land (see Figure 1). Seven claims comprise both surface and mining rights, while the remaining claim is restricted to mining rights only. The 50% interest in these claims was acquired for $80,000 in cash and the vendor will retain a 1% Net Smelter Return (NSR) royalty. The acquisition is expected to close on or around June 18, 2021.\n\nFigure 1: Location of Baldwin Copper Patents within the Magna Mining Property Boundary\n\nMagna Mining CEO Jason Jessup stated: “The acquisition of the Baldwin Copper Patents is in line with our strategy to further consolidate the Shakespeare Property and acquire prospective properties that have potential synergies with our existing Shakespeare Mine project. The most recently reported diamond drilling on these claims was in the 1950’s. Ursa Major Minerals Inc. (a subsidiary of Magna Mining) flew an airborne VTEM survey in 2015, which identified a strong EM anomaly on the Baldwin Copper Patents. Follow-up work will be completed later in 2021. The claims are located 600m west of our Springer Showing where Magna samples have returned assays up to 7.97% Cu, 0.54 g/t Au and 27 gpt Ag on surface in 2018.”\n\n* Assay results from selected grab samples from Magna Mining’s 2018 Springer Showing prospecting\n\n| | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- |\n| Sample | Easting (83) | Northing (83) | Cu (%) | Au (gpt) | Ag (gpt) | Co (%) |\n| 156001 | 439827 | 5131973 | 7.97 | 0.54 | 27 | 0.09 |\n| 156002 | 439827 | 5131973 | 7.36 | 1.06 | 24 | 0.14 |\n\nThese samples were grab samples submitted as part of a larger sample submission. This included one duplicate sample and three certified standard references. All QAQC samples were within acceptable ranges as per standard deviations defined by CDN Laboratories from whom the reference material was acquired from.\n\nQualified Person\n\nThe technical information in this press release has been reviewed and approved by Marshall Hall, M.Sc., P.Geo, the Company’s Exploration Manager. Mr Hall is a qualified person under Canadian National Instrument 43-101.\n\nAbout Magna Mining Inc.\n\nMagna Mining is an exploration and development company focused on nickel, copper and PGM projects in the Sudbury Region of Ontario, Canada. The Company’s flagship asset is the past producing Shakespeare Mine which has major permits for the construction of a 4500 tonne per day open pit mine, processing plant and tailings storage facility and is surrounded by a contiguous 180km2 prospective land package. Additional information about the Company is available on SEDAR (www.sedar.com) and on the Company’s website (www.magnamining.com).","Magna Mining Exploration Update for the Shakespeare Ni-Cu-PGM Project, Ontario, Canada\n\nAugust 17, 2021, Sudbury, Ontario, Canada – Magna Mining Inc. (TSX.V: NICU) (“Magna” or the “Company”) is pleased to provide the following update on exploration activities at the Shakespeare Nickel-Copper-PGM Project.\n\nThe exploration drilling program is well advanced, with 5,203 meters drilled to date from a planned program of 9,000 meters. Numerous assay results are pending due to severe delays in assay turnaround times.\n\n“Although receipts of assay results are well behind our expectations, we are encouraged by our visual assessments of the drill core.” said Mynyr Hoxha, Vice President of Exploration.\n\nThe objective of the current drill program at the Shakespeare Mine is to expand near surface resources and test footwall resource expansion targets around the S-13 Zone. At the Shakespeare Mine, 3,726 metres of drilling in 14 holes (plus one deepened hole) have been completed to date (see Figure 1).\n\nThere have been 2,228 samples sent to the assay lab for analysis and to date only 426 received, leaving 1,802 outstanding. This includes ~900 samples which are over 40 days since submission (see Table 1). This issue has been discussed with senior management at the assay provider and attributed to a high turnover in assay lab staff. Steps have been taken to ensure better turn-around-times going forward.\n\nTable 1: List of outstanding samples\n\n| | | |\n| --- | --- | --- |\n| Hole ID | Samples Submitted | Outstanding Samples |\n| MMC-21-18 | 298 | 298 |\n| MMC-21-19 | 66 | 66 |\n| MMC-21-20 | 58 | 58 |\n| MSP-21-01 | 93 | 93 |\n| MSP-21-02 | 144 | 144 |\n| MSP-21-03 | 70 | 70 |\n| MSP-21-04 | 160 | 160 |\n| MMC-21-21 | 304 | 304 |\n| MMC-21-22 | 146 | 146 |\n| MMC-21-23 | 9 | 9 |\n| MMC-21-24 | 126 | 126 |\n| MMC-21-25 | 135 | 135 |\n| MMC-21-26 | 101 | 101 |\n| MMC-21-27 | 92 | 92 |\n| **Total** | **1802** | **1802** |\n\nBorehole Electro Magnetic (BHEM) surveys conducted at Shakespeare in June will be repeated over the next two weeks. The objective of the planned BHEM survey is to further refine drill targets in the area of the previously identified large gravity anomaly in the footwall of the Shakespeare deposit (the “Birds Bane Anomaly”). The results of the BHEM survey will be used to design follow up drilling which management aims to complete in Q3.\n\nRegional exploration drilling has also been conducted, including 873 metres in 4 holes at the Springer Pit Copper-Gold targets, located approximately 5-kilometers south-east of the Shakespeare deposit. Samples were submitted for assaying in June and July, and results are pending (see Figure 2).\n\nAt the P-4 Nickel-Copper-PGM target, one hole has been drilled and one is on-going, for a total of 604 metres. P-4 is a highly prospective target, located approximately 5-kilometers on trend with the Shakespeare geological system (see Figure 3). The samples from P-4 will be sent to a different assay lab and assay results are anticipated within 4 weeks.\n\n3,800-metres of diamond drilling remains to be completed over the next 6-8 weeks and Magna looks forward to being able to provide both the assay results and BHEM survey results as they become available.\n\nQualified Person\n\nThe technical information in this press release has been reviewed and approved by Mynyr Hoxha, Ph.D., P.Geo., the Company’s Vice President of Exploration. Dr. Hoxha is a qualified person under Canadian National Instrument 43-101.\n\nAbout Magna Mining Inc.\n\nMagna Mining is an exploration and development company focused on sulphide nickel, copper and PGM projects in the Sudbury Region of Ontario, Canada. The Company’s flagship asset is the past producing Shakespeare Mine which has major permits for the construction of a 4500 tonne per day open pit mine, processing plant and tailings storage facility and is surrounded by a contiguous 180km2 prospective land package. Additional information about the Company is available on SEDAR (www.sedar.com) and on the Company’s website (www.magnamining.com).","Magna Mining Reports High Grade Surface Samples on the Baldwin Patents Portion of the Shakespeare Ni-Cu-PGM Project, Ontario, Canada\n\nSeptember 14th, 2021, Sudbury, Ontario, Canada – Magna Mining Inc. (TSX.V: NICU) (“Magna” or the “Company”) is pleased to provide assay results from surface work on the recently acquired Baldwin Patents property, which is part of the Shakespeare Ni-Cu-PGM Project and located approximately 3 km south-east of the Shakespeare Mine.\n\nInitial surface mapping and sampling of these patented claims have identified sulphide mineralization on surface. Grab samples have returned values as high as 13.2% copper with 1.8 g/t gold as well as 7.1% copper with 6.2 g/t gold with anomalous cobalt and silver values (see Table 1).\n\nMynyr Hoxha, Vice President of Exploration, states, “The results of our initial field work on the Baldwin Patents have exceeded our expectations. This property was held for a number of decades by a major gold producer and the last known campaign of exploration was in the 1950’s. The Baldwin Patents, along with the P-4, Springer and Spanish River regional targets, are all part of our regional exploration program that we are conducting this year. We believe that we have multiple, highly prospective targets across much of the 180 km2 land package that surrounds the Shakespeare Mine, and these initial results support our thesis that there are numerous portions of our project area that have the potential to host high grade deposits.”\n\nThe Baldwin Patents property is surrounded by the Shakespeare Project and was acquired as part of a consolidation of the southern portion of Magna’s property package (as outlined in the June 8th, 2021 press release). Through airborne geophysics, an electro-magnetic (“EM”) anomaly was identified east of the sampled area and was modelled into an EM plate. The presence of the EM plate to the east could suggest a stronger mineralized envelope that would extend further beyond the sampled region and along strike. According to the available records, this EM plate has never been drill-tested.\n\nThe geology of the Baldwin Patents consists of Agnew Lake intrusion, Elliot lake group sediments, mafic intrusive, Huronian group metavolcanic-metasediments and Ramsay-Algoma intermediate granitoids (see Figure 1). The geology in this portion of the property is different than at Shakespeare, and it is believed to be more conducive to copper-gold styles of mineralization associated with shear zones and quartz veining.\n\nFollow-up work will consist of additional surface mapping, stripping, and sampling later this fall in anticipation of drill testing the property in 2022.\n\nJason Jessup, Chief Executive Officer, adds: “We’re delighted to find such high-grade grab samples on this portion of our property which we think serves to highlight the potential for significant new discoveries, and underlines the highly prospective nature of our land package which is adjacent to the Sudbury Basin. We’re looking forward to reporting our first holes from the P-4 and Springer regional targets in the coming weeks.”\n\nQualified Person\n\nThe technical information in this press release has been reviewed and approved by Mynyr Hoxha, Ph.D., P.Geo., the Company’s Vice President of Exploration. Dr. Hoxha is a qualified person under Canadian National Instrument 43-101.\n\nQA/QC\n\nSample QA/QC practices for Magna have been designed to meet or exceed industry standards. Samples are collected from outcrop, placed into plastic bags, and then transported to the Magna Mining core facility. Samples are then placed into rice bags and then sent via bus to Swastika Labs of Kirkland Lake, ON. QAQC samples for surface sampling include a known certified reference material sample and blank material sample that are submitted within every 20 samples. The current exploration program is being carried out under the supervision of Marshall Hall, M.Sc., P.Geo, and the Company’s Exploration Manager.\n\nAbout Magna Mining Inc.\n\nMagna Mining is an exploration and development company focused on sulphide nickel, copper and PGM projects in the Sudbury Region of Ontario, Canada. The Company’s flagship asset is the past producing Shakespeare Mine which has major permits for the construction of a 4500 tonne per day open pit mine, processing plant and tailings storage facility and is surrounded by a contiguous 180km2 prospective land package. Additional information about the Company is available on SEDAR (www.sedar.com) and on the Company’s website (www.magnamining.com).","Magna Mining Completes Updated Preliminary Economic Assessment of the Crean Hill Project\n\nSeptember 17, 2024, Sudbury, Ontario, Canada – Magna Mining Inc. (TSXV: NICU) (OTCQB: MGMNF) (FSE: 8YD) (“Magna” or the “Company”) is pleased to announce the successful completion of its Updated Preliminary Economic Assessment (“PEA”) by SGS Geological Services (SGS) on its 100% owned Crean Hill Project (the “Project”) located in Sudbury, Ontario, Canada.\n\nThe PEA envisions an underground only mining operation, with Life of Mine (“LOM”) potentially mineable resource being sold to a third-party existing mill in Sudbury. Underground mining would be initiated with a 15-month Advanced Exploration (“AdEx”) program followed by a 12-month pre-production ramp-up period and 13 years of commercial production. Initial mining will be done with ramp access via a new surface portal with the eventual rehabilitation and re-establishment of the historic #2 shaft for personnel access and hoisting as mining progresses deeper.\n\nNote: All dollar values are reported in Canadian Dollars unless otherwise stated.\n\n2024 PEA Highlights\n\n- Low pre-production capital cost of $27.7M following AdEx period;\n- Payback of pre-production period capital within the first year of commercial production, and payback of all capital including AdEx period capital within the second year of commercial production;\n- Underground average production rate of 2,200 tonnes per day (“tpd”) consisting of 1,650 tpd of higher-margin primary feed and 550 tpd of lower grade, incremental feed;\n- Pre-tax NPV (8%) of $265.3 million and an Internal Rate of Return (“IRR”) of 142% at conservative metal prices.\n\nMagna Mining COO Jeff Huffman commented: “This updated Preliminary Economic Assessment focuses efforts on a high margin, underground-only mine plan. A low capital approach of establishing a new surface portal will provide quick access to the resource, allowing us to offset capital costs with early revenues. This PEA also benefits from increased certainty on third party processing terms. The project timeline has been derisked by having environmental permits approved and in-hand, as well as more detailed stope planning and sequence optimization. The PEA metal pricing assumptions have been updated to reflect a more conservative long term nickel price. We are excited and encouraged by the results of this PEA and look forward to continuing to advance the Crean Hill Project”.\n\nThe primary feed is designed to ensure rapid payback and minimize upfront capital requirements while simultaneously mitigating the potential impact of low metal prices. The lower cut-off grade of incremental material allows more complete extraction of the resource and the two-pronged nature of the mining sequence facilitates lower-cost extraction of the incremental material.\n\nFinancial Analysis\n\nThe Crean Hill PEA uses metal prices of US$ 8.50/lb nickel, US$ 4.00/lb copper, US$ 13.00/lb cobalt, US$ 900/oz platinum, US$ 1000/oz Palladium, US$ 2,150/oz gold, and a 1.35 C$/US$ exchange rate as outlined in Table 2.\n\nThe Base Case generates a pre-tax NPV (8%) of $265.3 million and an Internal Rate of Return (“IRR”) of 142%, after-tax NPV (8%) is $194.1 million, with an IRR of 129%.\n\nSee Table 1 for a summary of PEA results.\n\nCapital and Operating Costs\n\nThe Study was prepared in accordance with National Instrument 43-101 of the Canadian Securities Administrators (NI 43-101). The capital and operating cost estimates for the Advance Exploration, Pre-Production and Production phases of the Project are summarized below in Tables 3-5. Capital costs are based on planned development of a ramp from surface to the bottom of the orebody and the rehab of #2 shaft to the mid-shaft loading pocket. The company is planning on commencing an AdEx bulk sample underground to confirm resource grade, continuity and dilution impacts in an effort to de-risk the project. It is envisioned that positive results from this program will lead to a pre-feasibility study and continued development of the Crean Hill Project.\n\nPermitting\n\nThe Crean Hill project is a brownfield site with an existing footprint and a Closure Plan that has been filed by Vale. Vale retains surface rights to the property and holds key permits including an Air Environmental Compliance Approval (ECA) for air emissions and a Sewage ECA for the wastewater management system. Additional surface infrastructure for new operations will be authorized by an amended Closure Plan. Other permits that would be required for mine development are an amended Air ECA, amended Sewage ECA, amended Permit to Take Water for mine dewatering and an additional sewage ECA for a domestic sewage system. There are no requirements for a federal or provincial environmental assessment. Permits for the commencement of AdEx at Crean Hill have been received."]
Leadership
Jason Jessup (CEO, MBA with extensive experience in mining and corporate governance.), Jeff Huffman (COO, Former President and COO of Dumas Contracting Ltd. with a strong background in mining operations and management.), John Seaman (Director, ICD.D with over 22 years of experience in the mining industry, currently the Lead Director of Premier Gold Mines.), Jonathan Goodman (Non-Executive Director, President and CEO of Dundee Corporation with over 30 years of experience in the resource and investment industry.)

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