| Announcement Date: | 2022-11-07 |
|---|---|
| Announcement Type: | Deposit Estimation |
| Announcement Code: | NI43-101 |
| Company name: | Magna Mining Inc. |
| Project name: | Denison |
| Location: | Canada |
| Commodities: | Gold,Palladium,Platinum,Copper,Nickel,Cobalt |
| Highlight: | Initial Resource Estimate for Project |
| Resources: | only available to subscribers |
| CP/QP: | only available to subscribers |
| Announcement summary: | SUDBURY, ONTARIO, CANADA, NOVEMBER 7th, 2022 – Magna Mining Inc (TSXV: NICU) (the “Company”) is pleased to announce the initial Mineral Resource Estimate for the Denison Project which includes the past producing Crean Hill Ni-Cu-PGE Mine in Sudbury, Ontario. The Company recently announced the closing of the acquisition of Lonmin Canada Inc. (“Loncan”), which owns the Denison Project. The Denison Project is centered on the past producing Crean Hill Mine in the Sudbury Basin, which was a significant producer of Ni-Cu-Pt-Pd-Au over a period spanning more than 80 years. Historical production at Crean Hill was focused on the contact-style nickel-copper mineralization. More recent exploration on the property by Loncan has demonstrated the potential for high grade Pt-Pd-Au mineralization in the footwall of the contact nickel zones. The Mineral Resources at Denison were estimated by SGS Geological Services and are summarized in Table 1. Sensitivity to cut-off grade is illustrated in Table 2, and contained metal summarized in Table 3. Mineral Resources include near surface mineralization with potential for open pit mining, as well as higher grade mineralization amenable to conventional underground mining methods (Figure 3). The full technical report |
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