Magna Mining Awards the Contract for Advanced Exploration at the Crean Hill Project
Magna Mining Awards the Contract for
Advanced Exploration at the Crean Hill Project
Sudbury, Ontario--(Newsfile Corp. - June 11, 2024) - Magna Mining Inc. (TSXV: NICU) (OTCQB:
MGMNF) (FSE: 8YD) ("Magna" or the "Company") is pleased to announce the award of the Advanced
Exploration ("ADEX") contract at the Crean Hill Project ("Crean Hill") to Aki-eh Dibinwewziwin Limited
Partnership ("ADLP"). ADLP is a partnership between
Atikameksheng Anishnawbek
,
Wahnapitae First
Nation
, and
Technica Mining
.
Jason Jessup, CEO of Magna Mining, stated, "We are confident in our decision to award the ADEX
mining at Crean Hill to ADLP.
We have been in discussions with ADLP for several months and they have
demonstrated the culture and expertise that meets our expectations.
Additionally, working with a local
mining contracting company on our project will help to minimize costs and re-enforces our conviction to
build strong relationships with our local stakeholders while contributing to the economic growth in the
Sudbury region."
Gimaa Nootchtai of Atikameksheng Anishnawbek commented, "Magna Mining has shown its
commitment to respect and promote First Nations involvement in its mining operations in the Sudbury
Basin. They have provided economic reconciliation to our Nation initially by awarding a contract to our
drilling company Bagonea'an - JS Drilling Inc., and we are ecstatic that Magna Mining has now awarded
us this contract on the Crean Hill Project in conjunction with our partners Wahnapitae First Nation and
Technica Mining. We appreciate Magna Mining's commitment to working with Atikameksheng
Anishnawbek and we look forward to working with them on this exciting project as it will provide
additional financial benefits, employment, and business opportunities for our Nation."
Chief Roque of Wahnapitae First Nation stated, "This contract with Magna Mining will have a
tremendous impact on the growth and prosperity of ADLP and its partners. Once again, local First
Nations will have direct input on the work being done on our traditional territories and we will finally
benefit as equals from that work. We are grateful to Magna Mining for this opportunity, the
acknowledgement it provides, and the financial benefits it will provide for many generations to come."
"As we continue to cultivate our partnership with Atikameksheng Anishnawbek and Wahnapitae First
Nation under our recently formed Limited Partnership Aki-eh Dibinwewziwin (ADLP), I am truly excited
that Magna Mining has selected ADLP as its contractor of choice for their Advanced Exploration,"
added Mario Grossi, CEO of Technica Mining. "From the very beginning, there was a true alignment in
our core values and everyone shared the same vision, both technically and spiritually, which will
undoubtedly guide us through successful Advanced Exploration and ultimately, commercial production.
We look forward to sharing the positive impact this project will have for the Indigenous Communities
actively involved in the project and the community at large as we work together to extract the critical
minerals Canada needs to become leaders in the energy transition."
The initial phase of the ADEX mining program will consist of a surface bulk sample of approximately
20,000 tonnes from the 109 Footwall Zone.
The mobilization and site preparation are scheduled to begin
in June, with drilling and blasting commencing in July, followed by processing at Glencore's Strathcona
facility (
See news release dated June 4, 2024
).
Dewatering of the historic underground workings via the
main shaft is planned to commence in Q3, allowing for the start of the portal on surface and underground
ramp development later in 2024. Dewatering will be ongoing throughout the ADEX program and water
will be treated through an existing water treatment system located off the Crean Hill property. The initial
capital required to commence the surface bulk sample program at Crean Hill is expected to be funded
from Magna's existing cash balance.
Mineral Resource Estimate and Updated PEA
Magna is currently in the process of updating the current National Instrument 43-101 compliant Mineral
Resource Estimate ("MRE") for Crean Hill, which is expected to be completed in Q3 2024. The new
MRE will include the more than 23,000 metres of diamond drilling that has been completed since Magna
acquired Crean Hill in November 2022. The new MRE will also be used to publish an updated
Preliminary Economic Assessment ("PEA") for Crean Hill, which is expected to be completed in Q3/Q4
2024. The updated PEA will use a higher cut-off grade compared to the current PEA (published by
Stantec, July 2023) and will focus on evaluating the potential economics of a higher-grade, lower
production rate, underground only mining operation.
Ore selling/toll milling agreements for Crean Hill are
already in place with Vale Base Metals and Glencore Canada Corporation, providing better
assumptions on which to evaluate the potential economics in the PEA. The PEA will aim to maximise
early mining revenues to help fund the mine development in the initial years of development and reduce
the upfront capital that is required.
Qualified Person
The technical information in this press release has been reviewed and approved by David King, M.Sc.,
P.Geo. Mr. King is the Senior Vice President, Technical Services for Magna Mining Inc. and is a
qualified person under Canadian National Instrument 43-101.
About ADLP
Aki-eh Dibinwewziwin Limited Partnership (ADLP) is an Indigenous and Canadian-owned underground
mine contracting limited partnership based in Sudbury. Atikameksheng Anishnawbek and Wahnapitae
First Nation share a 51% ownership of ADLP and Technica Mining is the minority shareholder and
operating partner. The name, Aki-eh Dibinwewziwin, was given jointly by elders and language keepers
and means "to be owned by the earth". The limited partnership aims to make a real difference for
Indigenous communities, ensuring they finally benefit from the mining activity taking place on their
traditional territories.
About Magna Mining Inc.
Magna Mining is an exploration and development company focused on nickel, copper and Platinum
Group Metals (PGM) projects in the Sudbury Region of Ontario, Canada. The Company's flagship
assets are the past producing Shakespeare and Crean Hill Mines. The Shakespeare Mine is a
feasibility stage project which has major permits for the construction of a 4,500 tonne per day open pit
mine, processing plant and tailings storage facility and is surrounded by a contiguous 180km
2
prospective land package. Crean Hill is a past producing nickel, copper and PGM mine with a technical
report dated July 2023. Additional information about the Company is available on SEDAR
(
www.sedarplus.ca
) and on the Company's website (
www.magnamining.com
).
For further information, please contact:
Jason Jessup
Chief Executive Officer
or
Paul Fowler, CFA
Senior Vice President
Email:
Cautionary Statement
This press release contains certain forward-looking information, or forward-looking statements as
defined in applicable securities laws. Forward-looking statements are not historical facts and are
subject to several risks and uncertainties beyond the Company's control, including statements
regarding the production at the Shakespeare and Crean Hill Mines, the economic and operational
potential of the Shakespeare and Crean Hill Mines, potential acquisitions, plans to complete
exploration programs, potential mineralization, exploration results and statements regarding beliefs,
plans, expectations, or intentions of the Company. Resource exploration and development is highly
speculative, characterized by several significant risks, which even a combination of careful evaluation,
experience and knowledge may not eliminate. All forward-looking statements herein are qualified by
this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking
statements. The Company undertakes no obligation to update publicly or otherwise revise any
forward-looking statements whether as a result of new information or future events or otherwise, except
as may be required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this
press release.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/212401