Within the Project area, the main rock types are Archean granites and metasedimentary rocks of the Quetico Subprovince, and Keweenawan Supergroup mafic to ultramafic intrusive rocks and related intermediate to mafic hybrid intrusive rocks of the Mid-continent Rift.

The Current Lake, Bridge and Beaver Lake Zones collectively form the nickel–Cu–PGE deposit at Current Lake. However, the different zones display different morphologies, are disproportionately mineralized, and have slight differences in mineralization tenors.

The Current Lake and Bridge Zone portions of the deposit form a narrow, almost flat-lying conduit ranging in dimensions from 30 m x 30–50 m wide and as much as 70 m tall. The olivine melagabbro in the magmatic conduit is variably mineralized. The sulphide mineralogy consists of pyrrhotite, pentlandite, chalcopyrite, pyrite and rare cubanite and violarite.

The Current Lake zone lies beneath Current Lake and is sub-horizontal, narrow, sinuous, and tube-like in morphology. The width, thickness and orientation of the host body, and its contained mineralization, changes along its length as it follows intersecting, sub-vertical and sub-horizontal fractures and faults. The magmatic conduit exhibits a slight southerly plunge with the base of the mineralized body at 45-50 m depth in the north and 90–95 m depth in the south, where it joins with the Bridge Zone.

The Bridge Zone is hosted by granitoid rocks and is completely preserved and tubelike in form; however, it exhibits a steeper east– southeasterly plunge, when compared to the Current Lake Zone, and has a relatively well- defined strike. The top of the magmatic conduit in the Bridge Zone is 60 m below surface in the west and 125 m below surface in the east. The thickness of the conduit averages 50 m and ranges from 35 m to 65 m in width. Mineralization is continuous and relatively high-grade throughout the zone.

Beaver Lake exhibits a shallow (15°) east– southeasterly plunge and is tabular in form. The morphology of the Current Lake Intrusive Complex system changes from tube-like to tabular when it crosses the contact between the granitoid rocks north of the contact, and the metasedimentary rocks south of the contact. Mineralization typically occupies basal depressions.

The Beaver Lake zone host intrusion increases from 100 m width and 15 m thickness to 550 m width and 200 m thickness towards the east. Beaver Lake sulphide mineralization is largely hosted by olivine melagabbro; however, significant mineralization can occur within lherzolite, which forms the core of the Beaver Lake Intrusion. The sulphide mineralogy is similar to Current Lake.

The morphology of the sulphide mineralization at Beaver Lake differs from Current Lake in that the entire conduit is not mineralized. The sulphide mineralization is typically located around the margins of the conduit within the olivine melagabbro and may wrap around the northern margin of the intrusion.

Basal mineralization is the most dominant and appears to have thermally eroded into the Quetico Subprovince meta-sedimentary rocks. Typically, mineralization is thickest and highest grade in depressions on the floor of the intrusion. This basal mineralization generally forms a complex mesh of mineralized depressions and varies in thickness from 2 m to as much as 30 m and in widths from 20 m to >50 m. The term “Spine Zone” is a term used by Magma Metals geologists for basal mineralization present within the central Beaver Lake portion of the Current Lake Intrusive Complex.

The sulphide tenor is, in general, consistent in the mineralization along the upper and lower contacts; however, some higher-tenor “cloud” mineralization has been identified along the upper contact of the Beaver Lake Intrusion. This style of mineralization, referred to as the “Cloud Zone”, consists of very finely- disseminated chalcopyrite.

Mineralization within the lherzolite occurs where the upper and lower contact mineralization are thickest, and therefore continues into the lherzolite. Additional mineralization is developed in chromium-rich horizons within the core of the Beaver Lake intrusion. Typically, the olivine melagabbro and lherzolite contains 2,000–3,000 ppm chromium; however, two continuous zones 4,000– 5,000 ppm chromium with thicknesses of 2–5 m contain significant sulphide mineralization. Chromite has not been observed in the horizons; however, bright green chlorite is present and may host the chromium.

Current Lake and Bridge Zones.
In general, within the Current Lake and Bridge Zones, sulphide mineralization is disseminated, ranging from a few percent to >25% sulphides.

Disseminated sulphide grains can range in size from 0.5 mm to as much as 1 cm in size and consist of pyrrhotite, chalcopyrite, pentlandite, minor pyrite and rare cubanite and violarite.

Basal net-textured (25–50%) sulphide and massive sulphide intervals have been intersected in core drilling locally and are more common in the Bridge Zone than the Current Lake Zone.

Significant massive sulphide veins, generally 1–2 cm wide, occur within the Current Lake Zone. These veins are typically either sub- horizontal or near-vertical, and are interpreted by Magma Metals geologists to be the result of segregation of molten massive sulphide during the cooling of the intrusion. Plagioclase occurs in these veins, which indicates that plagioclase had also not yet crystallized completely and was still partially molten.

Beaver Lake Zone.
The Beaver Lake sulphide mineralization is disseminated, ranging from a few percent to >25% sulphides, and is also interstitial to the silicate gangue. Disseminations can range in size from 0.5 mm to as much as 1 cm in size. Blebby sulphides are common and classic net- textured and massive sulphide mineralization has been intersected regularly in core drilling within the western portions of the Beaver Lake Zone, particularly where it merges with the Bridge Zone.

The conceptual mine plan was developed using only open pit methods. Mining would be at a rate of 1.5 Mt/a over a seven-year mine life.

Initially the company studied two mining scenarios, a standalone open pit and a hybrid case with a smaller open pit mine and underground operation, utilising a drift-and fill mining method. As the study progressed and the economic parameters became better defined, it became apparent that the stand alone open pit presented better economic results then the hybrid scenario.

The overall slope angles account for the likely future ramp configuration. All of the ramps in the Current Lake area will be placed on the east wall. An 18° overall slope angle was used in the overburden material.

The Thunder Bay North deposit displays very low sensitivity to the slope angles with respect to the contained amount of mineralization; however, the stripping ratio varies considerably with the change in the slope angles. The relatively shallow Current Lake area would not be particularly sensitive to pit slope changes; however, the high strip ratio Beaver Lake area would be more sensitive to slope changes.

Phase volumetrics by bench were manually scheduled, using maximum descent rates of ten 2.5 m benches per period in selective mining areas. Selective and bulk zones were tracked to allow individual costing on an annual basis.

Due to the relatively short life-of-mine, a contract mining scenario is recommended. Initial mining at the north end of Current Lake will require small equipment, which can mine selectively. This fleet would consist of typically two, but up to three 4 m3 to 5 m3 excavators, matched to 50 t to 60 t trucks. The initial pre-stripping of the later phases that stretch south to the Beaver Lake zone, will be performed with larger bulk mining equipment. This fleet would consist of typically one, but up to two ~18m3 excavators working on 10 m benches, matched to ~145 t trucks.

The three-stage process selected as the preferred process route is as follows:
- Crushing, grinding and flotation to extract the sulphides from the ore to produce an initial bulk concentrate. A gravity circuit would extract a significant proportion of the gold, which is output to the bulk concentrate.
- The bulk concentrate is then treated by PlatsolTM pressure oxidation to produce a pregnant leach solution (PLS), which contains the dissolved metals.
- The PLS is then treated via relatively simple and commercial process routes (reduction with metal (cementation) to produce both precious metals bullion and copper, followed by electrowinning of nickel and cobalt).

Four high value products will be made and either sold to metal refineries or direct to end-users:
• A high-grade precious metals (PGM and gold) bullion product to a PGM refinery.
• A high-grade silver product to a silver refinery
• Copper briquettes to market, and
• A nickel- ........