Magna Mining announces initial Denison Project resource estimate

The company recently announced the closing of the acquisition of Lonmin Canada Inc., which owns the Denison Project.

The Denison Project is cantered 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 mineralisation. More recent exploration on the property by Loncan has demonstrated the potential for high grade Pt-Pd-Au mineralisation in the footwall of the contact nickel zones.

Denison mineral resource estimate highlights:

• Indicated mineral resource estimate:
  • Opencast: 16.8 million t @ 1.08 NiEq.
  • Undergound: 14.5 million t @ 2.07 NiEq.
• Contained metal (indicated category) of 500 million lbs nickel; 450 million lbs copper; and 1.7 million oz platinum, palladium, and gold.
• High grade underground Indicated resource of 14.5 million t at 2.07 % nickel equivalent.
• Resource starts at surface and could be amenable to opencast mining, as well as near surface underground mining methods.
• The total indicated resource incorporates mineralization from the contact style Ni-Cu dominated zones, as well as the Pt-Pd-Au rich, low sulfide footwall mineralisation.
• Mineralisation is well defined and primarily in the indicated category from surface to approximately 1200 m below surface.

Jason Jessup, Magna Mining CEO, comments:

“We believe that this mineral resource estimate clearly demonstrates that the Denison Project has considerable remaining mineralisation, and has the potential to, once again, become a significant producing mine. The proximity of our other project, the permitted mine and mill site at Shakespeare, means that this asset is a natural fit for our company and gives us a unique advantage in exploring and developing Crean Hill. Now that the acquisition has closed, we plan to commence our maiden exploration program at Crean Hill and commission a new technical study to demonstrate the potential synergies between Crean Hill and Shakespeare.”

Read the article online at: https://www.globalminingreview.com/mining/10112022/magna-mining-announces-initial-denison-project-resource-estimate-/