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Sudbury nickel junior miner posts preliminary economic assessment for pit and underground operation
Sudbury’s Magna Mining has tabled an economic and technical report to bring a former Inco nickel mine back into production. The exploration outfit and would-be mine developers released a preliminary economic assessment (PEA) showing strong mineable economics on its Crean Hill Project located in the southwest corner of the Sudbury Basin. A PEA is an initial report on what a mine operation could look like.
In the company’s evaluation of the property, Crean Hill has the potential for a 15 to 19-year mine life depending upon the mineral processing scenario they eventually choose, and bring it online at a “modest” cost.
Magna has aspirations to be the next new nickel miner in Sudbury. The company acquired the former Crean Hill Mine last November and has continued drilling it off. Crean Hill originally closed in 2002 after 80 years in operation. The site located 35 kilometres from Sudbury and is just off the Trans-Canada Highway.
There remains untapped mineral potential with nickel, copper, cobalt, platinum, palladium and gold still in the ground, the kind of commodities that gets the battery and electric vehicle industries charged up. Crean Hill contains an indicated resource of more than 500 million pounds (227,000 tonnes) of indicated nickel, 450 million pounds (204,000 tonnes) of copper, and 1.7 million ounces of platinum, palladium and gold.
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