Magna Mining – Operations And Development Update At McCreedy West Copper Mine, Exploration Update At Levack Mine Building Towards A Mine Restart Plan
Jason Jessup, CEO and Director of Magna Mining (TSX.V: NICU) (OTCQB: MGMNF), joins us for an operations and development update at the producing McCreedy West copper mine, the current exploration strategy and pathway to future production at the Levack Mine, the larger vision and optionality multiple other prior-producing polymetallic mines and development projects located in Sudbury, Canada.
Jason kicks off the conversation with a review of how production and development has been going over the last 5 weeks at McCreedy West copper mine, since the company took over the operations. The main focus over the next few months is going to be on grade-control, mining efficiencies, and adding a fourth work shift into the rotation. The other are we highlight is some of the recent high-grade assays returned from drilling at McCreedy West, announced on March 31st, that focused on the 700 Footwall Cu-PGE zone resource expansion and definition in support of mid-term production planning, and targeted areas near historical mining.
Highlights from the new assay results McCreedy West Mine include:
- FNX33323: 4.4% Cu, 0.6% Ni, 13.8 g/t Pt + Pd + Au over 18.0 metres, including 8.2% Cu, 0.8% Ni, 7.5 g/t Pt + Pd + Au over 7.3 metres
- FNX33338: 8.7% Cu, 0.3% Ni, 32.8 g/t Pt + Pd + Au over 3.2 metres, and 3.7% Cu, 3.1% Ni, 2.8 g/t Pt + Pd + Au over 17.5 metres
- FNX33361: 4.3% Cu, 5.0% Ni, 3.6 g/t Pt + Pd + Au over 2.9 metres
Next we transitioned over to all the exploration focus at the past-producing Levack mine. Jason outlines the Company strategy to put out a Mine Restart Plan later this year, that will detail the development pathway for bringing the Levack Mine back into production in 2026. We also reviewed the recent high-grade intercepts returned from drilling where hole FNX33323 returned 12.2 % Cu, 0.5% Ni, 2.8 g/t Pt + Pd + Au over 3.4 metres, including 24.9% Cu, 0.4% Ni, 5.0 g/t Pt + Pd + Au over 1.6 metres.
Wrapping up we discussed how the company is well cashed up after closing the $33.5 Million private placement on March 5th. This gives them the flexibility to continue invest in further exploration and development of both McCreedy West and Levack, and optimize their production profile over the balance of this year and next year. Jason also points out the optionality that they have if the cost of capital improves or if they can attract a strategic investment from government funds to speed up their timeline of development at the Crean Hill Project and Podolsky Mine as the next key assets in their portfolio.
If you have questions for Jason regarding Magna Mining, then please email me at Shad@kereport.com.
- In full disclosure, Shad is a shareholder of Magna Mining at the time of this recording.
