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Magna Mining announces acquisition of Lonmin Canada

Published by
Global Mining Review,

Magna Mining Inc has announced that it has entered into a definitive share purchase agreement to acquire 100% of Lonmin Canada Inc. (Loncan), including the Denison Project and the past producing Crean Hill Ni-Cu-PGE mine.

Magna Mining announces acquisition of Lonmin Canada

Denison project highlights:

  • Past production of 20.3 million t grading 1.3% Ni, 1.1% Cu, 1.6 g/t Pt+Pd+Au.
  • Significant high-grade exploration and development potential.
  • Brownfield site with substantial supporting infrastructure in place.

The Denison Project is located within the Sudbury Basin mining district, 37 km east of Magna’s advanced Shakespeare Project and covers the past producing Crean Hill Mine. The Crean Hill Mine operated during three separate periods, from 1906 to 2002, with past production totalling 20.3 million t grading 1.3% Ni, 1.1% Cu, 1.6 g/t Pt+Pd+Au.

Prior to 2018, several zones of low-sulfide, high PGE footwall mineralization were discovered and defined. In addition to diamond drilling, detailed mapping, geophysical surveying, mineralogical and metallurgical studies, and geotechnical test work were completed, significantly advancing the understanding of this style of mineralisation.

In 2018, subsequent to the mine closing, Loncan entered into an agreement with Vale Canada Ltd regarding the transfer and development of the Denison Project.

Jason Jessup, Magna’s CEO, comments:

“The Crean Hill Mine was a significant producer in the Sudbury basin for more than 80 years and we believe the Denison Project has potential to add tremendous value through development of the remaining historical mineral resources and additional exploration on the property. The successful closing of this transaction will be transformative for Magna and has several potential synergies with Magna’s fully permitted, advanced stage Shakespeare Project.”

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