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Magna Mining Announces Initial Mineral Resource Estimate on the Denison Project Containing a Total Indicated Mineral Resource of over 31 Million Tonnes
Sudbury, Ontario--(Newsfile Corp. - November 7, 2022) - Magna Mining Inc (TSXV: NICU) (the "Co...
About this update from Magna Mining Inc
[{"type":"text","content":"Magna Mining Announces Initial Mineral Resource Estimate on the Denison Project Containing a Total Indicated Mineral Resource of over 31 Million TonnesSudbury, Ontario--(Newsfile Corp. - November 7, 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 NiCu-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. Denison Mineral Resource Estimate HighlightsIndicated Mineral Resource Estimate:   Million Tonnes Ni (%) Cu (%) Co (%) Pt (g/t) Pd (g/t) Au (g/t) NiEq (%)* OPEN PIT  16.8 0.53 0.49 0.02 0.48 0.37 0.25 1.08 UNDERGROUND  14.5 0.96 0.84 0.03 0.88 1.02 0.54 2.07 Contained metal (Indicated category) of 500M lbs nickel, 450M lbs copper, and 1.7M oz platinum + palladium + goldHigh grade underground Indicated resource of 14.5 M tonnes at 2.07 % nickel equivalent*Resource starts at surface and could be amenable to open pit mining as well as near surface underground mining methodsThe total indicated resource incorporates mineralization from the contact style Ni-Cu dominated zones, as well as the Pt-Pd-Au rich, low sulphide footwall mineralizationMineralization is well defined and primarily in the Indicated category from surface to approximately 1200 m below surface*See notes on Mineral Resource assumptions, at the end of this release, including metal prices and recoveries used.Magna Mining CEO, Jason Jessup, commented: \"We believe that this Mineral Resource Estimate clearly demonstrates that the Denison Project has considerable remaining mineralization, 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 natur...