Magna Mining (TSXV: NICU) says the first mineral resource for its Denison nickel, copper and platinum group metals project in the Sudbury basin shows “significant potential.”
Magna is exploring the restart of a past-producing underground mine and adding an open-pit operation to the site, also known as Crean Hill. As well, Magna owns the advanced-stage Shakespeare, a similar project in the same region.
Denison’s indicated mineral resource for both underground and open pit totals more than 31 million tonnes, Magna said. The total contained metal is 500 million lb. nickel, 450 million lb. copper and 1.7 million oz. platinum, palladium and gold, it said.
“The Denison project has considerable remaining mineralization and has the potential to, once again, become a significant producing mine,” Magna chief executive officer Jason Jessup said in a news release. “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."
The open-pit’s indicated mineral resource is 16.8 million tonnes grading 0.53% nickel, 0.49% copper, and 0.02% cobalt for 1.08% nickel equivalent. It also has 0.48 gram platinum, 0.37 gram palladium and 0.25 gram gold per tonne, the company said.