newsfilter
← Latest News
GlobeNewswire·

Magna Mining to Initiate a Pre-Feasibility Study on the Crean Hill Nickel-Copper-Precious Metals Project in Sudbury, Ontario

MGMNF
  • Magna Mining Inc. has engaged Technica Mining Inc. to conduct a pre-feasibility study (PFS) on its 100% owned Crean Hill Project in Sudbury, Ontario.
  • The PFS is scheduled to commence in January 2026 with completion expected in the third quarter of 2026.
  • The study will build upon the September 2024 Preliminary Economic Assessment (PEA) & incorporate results from a 20,000-tonne bulk sample program executed in late 2024.
  • Magna's CEO Jason Jessup noted that the project was a lower priority in 2025 during the integration of KGHM properties but has advanced engineering for grid power & permanent dewatering systems.
  • The 2024 PEA outlined a 13-year mine life with low pre-production capital costs of $27.7 million & an after-tax Net Present Value (NPV) of $194.1 million at an 8% discount rate.
  • Project economics from the 2024 PEA include an Internal Rate of Return (IRR) of 129% & a projected payback of all capital within the second year of commercial production.
  • The proposed operation involves underground mining with an initial 15-month Advanced Exploration program followed by a 12-month pre-production ramp-up & average production of 2,200 tonnes per day.
  • Life of Mine resources for the project include 195.5 million pounds of nickel, 169.5 million pounds of copper, 313,000 ounces of platinum, 359,000 ounces of palladium, & 117,000 ounces of gold.
  • Mineral resources are based on a 2024 estimate by SGS Geological Services totaling 18.4 million tonnes of Indicated resources & 989,000 tonnes of Inferred resources at a 1.10% NiEq cut-off grade.
  • Footwall zones such as the 109 FW & 9400 FW contain enriched copper & precious metals including platinum, palladium, gold, & silver.
  • All financial figures in the release are reported in Canadian Dollars unless otherwise stated.