Magna Mining (TSXV: NICU; OTCQB: MGMNF) shared additional diamond drilling results from its Crean Hill nickel-copper project near Sudbury, Ont. Results taken from the surface of the 109 FW zone had a high platinum+palladium+gold content – 34.3 g/t.
Here are more details from the surface sampling: Hole MCB-24-037 assayed 0.4% nickel, 0.5 % copper, 34.3 g/t platinum+palladium+gold (PPG) over 4.1 metres. Hole MCB-24-042 tested 0.2% nickel, 0.1 % copper, 13.8 g/t PPG over 2.5 metres. Hole MCR-24-052 returned 0.8% nickel, 2.9 % copper, 5.9 g/t PPG over 3.1 metres. Hole MCR-24-053 assayed 0.1% nickel, 0.2 % copper, 8.3 g/t PPG over 6.8 metres.
Magna has a toll milling agreement in place with Glencore and a contract for advanced exploration with Aki-eh Dibinwewziwin, an Indigenous-owned partnership. The company is beginning site preparation to take a 20,000-tonne bulk sample of the 109 FW zone from surface. Equipment will be mobilized on site over the next few days.
Crean Hill is a past-producing nickel-copper-PGM producer. It began operation in 1906 and was closed in 1919. It was purchased by Inco in 1987 and reopened. It closed for the last time in 2022. The preliminary economic assessment was prepared by Stantec for Magna at the end of July 2023.
The project has a 43-101 compliant in-pit indicated resource of 16.8 million tonnes grading 0.53% nickel, 0.49% copper, 0.02% cobalt, and 1.1 g/t PPG (1.08% nickel equivalent). The inferred resource is 434,000 tonnes at 0.43% nickel, 0.49% copper, 0.02% cobalt, and 2.29 g/t PPG (0.5% nickel equivalent). A cut-off of 0.3% nickel equivalent was used for the open pit resources.
Crean Hill has an additional underground indicated resource of 14.5 million tonnes grading 0.96% nickel, 0.84% copper, 0.03% cobalt, and 2.44 g/t PPG (2.07% nickel equivalent). The inferred resource is 1.2 million tonnes at 0.61% nickel, 0.46% copper, 0.02% cobalt, and 1.94 g/t PPG (1.41% nickel equivalent). In calculating underground resources, a cut-off of 1.1% nickel equivalent was used.
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