Source:
p. 50
The Denison property is 64.9% owned by Lonmin Canada Inc. (Loncan). The project is managed and operated, under agreement, by Walbridge Mining, who owned 17.8% of the project at the effective date. The remaining 17.3% is held by other external parties.
November 7, 2022 - Magna Mining Inc. (“Magna” or the “Corporation“) (TSXV: NICU) is pleased to announce that it has closed the acquisition of Lonmin Canada Inc. (“Loncan“), including the Denison Project and the past producing Crean Hill Ni-Cu-PGE mine, pursuant to a share purchase agreement dated August 15, 2022 among the Corporation, Loncan, each of the shareholders of Loncan and Sibanye UK Limited, as shareholder representative.
Contractors
- Subscription is required.
Summary:
The Property straddles the South Range of the SIC approximately 30 km southwest of Sudbury, in Denison Township. The SIC was formed as the result of a meteorite impact which struck the boundary of the plutons and gneisses of the Superior Province and meta-sediments and volcanics of the Southern Province 1.85 billion years ago. It is the second largest known meteorite impact structure on earth, underlying an area of approximately 1,540km². The SIC is geographically divided into three main areas, the north, south and east ranges. The mineral deposits on the Denison property occur at the basal contact or in the footwall of the SIC’s south range.
The Property hosts part of a large trough structure at the base of SIC which contains a number of previously mined ore deposits including Crean Hill Main Orebody, Crean Hill Intermediate Orebody, Crean Hill West Orebody, Ellen Mine, and Lockerby Mine, each sitting in embayments (terraces) within the larger trough.
The strike of the SIC contact ranges from 120° at surface to 80°, and the dip varies from steeply dipping to the north at surface through vertical to steeply dipping over-turned to south at the lower depths. The contact between the SIC and the footwall is very often sheared. Shearing and brittle faulting also occur within the footwall, as well as local significant alteration.
A significant portion of the mineralization, such as the 109 FW Zones, the 101 Zone and part of the 9400 Zone, are hosted ........
Mining Methods
- Truck & Shovel / Loader
- Longhole open stoping
Summary:
Parts of several zones of the 2020 Minerals Resource, including the 101, 109FW, 9400, and Remnant zones, are considered amenable to extraction by either opencast mining to a depth of up to 150m, or longhole open stoping mining or a combination of both.
In May of 2020 Loncan commissioned SRK to complete a PEA based upon the block model developed by WSP and to provide a report that aligns with the requirements of CIM NI 43-101. The PEA includes both opencast and underground components and the technical reports’ effective date is December 2020.
The outcome of the PEA, which considered opencast mining, a combination of opencast and underground mining, and solely underground mining, demonstrated that there are reasonable prospects for economic extraction, under reasonable costs and price assumptions, of portions of several zones of the 2020 Mineral Resource including the 101, 109FW, 9400, and Remnant zones.
Reserves at August 19, 2022:
In-pit Mineral Resources are reported at a cut-off grade of 0.3%NiEqwithin a conceptual pit shell and underground (below-pit) Mineral Resources are reported at a cut-off grade of 1.1%NiEq fromthe bottomof the conceptual pit shell.
NiEqCut- off grades are based on metal prices of $8.50/lb Ni, $3.75/lb Cu, $22.00/lb Co, $1000/oz Pt, $2000/oz Pd and $1,750/oz Au and consider metal recoveries of 78%for Ni, 95.5%for copper, 56%for Co, 69.2%for Pt, 68%for Pd and 67.7%for Au.
Category | OreType | Tonnage | Commodity | Grade | Contained Metal |
Indicated
|
In-Situ (OP)
|
16,760,000 t
|
Nickel
|
0.53 %
|
195.78 M lbs
|
Indicated
|
In-Situ (UG)
|
14,531,000 t
|
Nickel
|
0.96 %
|
307.45 M lbs
|
Indicated
|
In-Situ (OP)
|
16,760,000 t
|
Copper
|
0.49 %
|
181 M lbs
|
Indicated
|
In-Situ (UG)
|
14,531,000 t
|
Copper
|
0.84 %
|
269.02 M lbs
|
Indicated
|
In-Situ (OP)
|
16,760,000 t
|
Gold
|
0.25 g/t
|
134.71 koz
|
Indicated
|
In-Situ (UG)
|
14,531,000 t
|
Gold
|
0.54 g/t
|
252.28 koz
|
Indicated
|
In-Situ (OP)
|
16,760,000 t
|
Platinum
|
0.48 g/t
|
258.65 koz
|
Indicated
|
In-Situ (UG)
|
14,531,000 t
|
Platinum
|
0.88 g/t
|
411.12 koz
|
Indicated
|
In-Situ (OP)
|
16,760,000 t
|
Palladium
|
0.37 g/t
|
199.38 koz
|
Indicated
|
In-Situ (UG)
|
14,531,000 t
|
Palladium
|
1.02 g/t
|
476.53 koz
|
Indicated
|
In-Situ (OP)
|
16,760,000 t
|
Nickel Equivalent
|
1.08 %
|
|
Indicated
|
In-Situ (UG)
|
14,531,000 t
|
Nickel Equivalent
|
2.07 %
|
|
Indicated
|
In-Situ (OP)
|
16,760,000 t
|
Cobalt
|
0.02 %
|
7.39 M lbs
|
Indicated
|
In-Situ (UG)
|
14,531,000 t
|
Cobalt
|
0.03 %
|
9.61 M lbs
|
Inferred
|
In-Situ (OP)
|
434,000 t
|
Nickel
|
0.43 %
|
4.11 M lbs
|
Inferred
|
In-Situ (UG)
|
1,170,000 t
|
Nickel
|
0.61 %
|
15.73 M lbs
|
Inferred
|
In-Situ (OP)
|
434,000 t
|
Copper
|
0.49 %
|
4.69 M lbs
|
Inferred
|
In-Situ (UG)
|
1,170,000 t
|
Copper
|
0.46 %
|
11.86 M lbs
|
Inferred
|
In-Situ (OP)
|
434,000 t
|
Gold
|
0.07 g/t
|
0.98 koz
|
Inferred
|
In-Situ (UG)
|
1,170,000 t
|
Gold
|
0.21 g/t
|
7.9 koz
|
Inferred
|
In-Situ (OP)
|
434,000 t
|
Platinum
|
0.29 g/t
|
4.05 koz
|
Inferred
|
In-Situ (UG)
|
1,170,000 t
|
Platinum
|
0.64 g/t
|
24.07 koz
|
Inferred
|
In-Situ (OP)
|
434,000 t
|
Palladium
|
0.14 g/t
|
1.95 koz
|
Inferred
|
In-Situ (UG)
|
1,170,000 t
|
Palladium
|
1.09 g/t
|
41 koz
|
Inferred
|
In-Situ (OP)
|
434,000 t
|
Nickel Equivalent
|
0.82 %
|
|
Inferred
|
In-Situ (UG)
|
1,170,000 t
|
Nickel Equivalent
|
1.41 %
|
|
Inferred
|
In-Situ (OP)
|
434,000 t
|
Cobalt
|
0.02 %
|
0.19 M lbs
|
Inferred
|
In-Situ (UG)
|
1,170,000 t
|
Cobalt
|
0.02 %
|
0.52 M lbs
|
Corporate Filings & Presentations:
- Subscription is required.
News:
- Subscription is required.