Business
Magna Mining Commissions Second Drill Rig at the Shakespeare Project and Provides an Update on the Evaluation of a Toll Milling Restart for Near-Term Nickel Production
Sudbury, Ontario--(Newsfile Corp. - March 21, 2022) - Magna Mining Inc (TSXV: NICU) (the "Comp...
About this update from Magna Mining Inc
[{"type":"text","content":"Magna Mining Commissions Second Drill Rig at the Shakespeare Project and Provides an Update on the Evaluation of a Toll Milling Restart for Near-Term Nickel ProductionSudbury, Ontario--(Newsfile Corp. - March 21, 2022) - Magna Mining Inc (TSXV: NICU) (the \"Company\") is pleased to announce that it has commissioned a second drill rig to accelerate exploration drilling at previously identified regional targets on the Shakespeare Nickel Project. The second rig was moved to site early this month, and recently began drilling at the Company's Spanish River Mine Option (\"Spanish River\"), located 1km south-west of the recent P-4 nickel discovery (see Fig. 1). Spanish River was previously in production as an underground Cu-Co-Au-Ag operation until 1970, and the current drill program is the first diamond drilling program since the mine closed.The first drill rig of the 2022 drill program started in January and is currently drilling the P-4 Nickel target, which was discovered during the 2021 regional exploration drill program (see News Release). This drill is planning to complete an initial 2500m of drilling to further test the EM plate associated with the discovery hole, as well as the prospective trend of over 400m of strike length to the east. The Company expects this drilling to be completed in early April, with assay results coming out later that month. Magna is planning to complete 10,000m of drilling in 2022, with 5500 m still to be allocated based on results from the winter drilling program. UPDATES ON THE EVALUATION OF NEAR-TERM NICKEL PRODUCTION VIA TOLL MILLING Ongoing discussions with Sudbury mill owners have been positive, and Magna has decided to accelerate the evaluation of the toll milling of Shakespeare ore to better understand the potential economics. Once the current drilling is completed at Spanish River (within 2-3 weeks), the second rig will be prioritized to extract representative metallurgical core samples from the Shakespeare deposit. These samples will be used to determine the recoveries and payable terms from mills in the region, which will support the evaluation of the near-term restart of toll milling. The Shakespeare Mine was previously in commercial production from 2010 to 2012 via toll milling, and a total of approximately 490,000 tonnes of ore was sent to the Strathcona Mill in Sudbury for processing. Ma...