Canadian, U.S. government incentives look attractive to Sudbury mine developer
The global nickel price is slumping but Magna Mining isn’t breaking stride in making progress to bring two former Sudbury mines back into production. Magna Mining will be running two winter drilling programs at its Crean Hill and Shakespeare properties at the outset of what the local company anticipates will be an exciting year to make new discoveries on these brownfield properties.
With more than $15 million banked, Magna plans to do 25,000 metres of drilling this year, most of it at Crean Hill, a former INCO mine property containing nickel, copper and platinum group metals that the company acquired in November 2022.
Like its neighbour, SPC Nickel, Magna is a Sudbury-focussed exploration and development company situated on the southwest lip of the Sudbury basin. Crean Hill is in an active mining and exploration corridor, 35 kilometres from Sudbury, just off the Trans-Canada Highway. Shakespeare is 70 kilometres west of the city, near the village of McKerrow.
Crean Hill has huge high-grade underground and open-pit mine upside; the latter would allow the company to go into production fairly quickly. Since picking up Crean Hill, Magna has conducted more than 21,000 metres of drilling that went into a mineral resource estimate and a preliminary economic assessment (PEA) released last July, projecting a 15-year mine life.