https://www.northernontariobusiness.com/
Local mine developer swings its second major land acquisition deal in 2024
Sudbury’s newest and boldest miner, Magna Mining, continues to expand its footprint in the Sudbury basin. The junior mine developer has signed an asset acquisition agreement with NorthX Nickel to pick up a raft of former mine and exploration properties that hold some promising base metal potential.
And it’s a pretty sweet cash deal for Magna. One dollar. The properties, scattered all over the corners of the Sudbury basin, amount to about 30,000 hectares that Magna believes have significant upside based on the geology and the record of high-grade hits from drilling programs carried out by previous companies.
The deal is expected to close by March 2025. Magna is best known in Sudbury for its redevelopment of the former Crean Hill mine, once operated by Inco. This is the second land acquisition transaction by Magna this year. In September, Magna swung a major $33-millon deal with KGHM to land the operating McCreedy West copper mine and a stable of exploration properties that the Magna team is quite familiar with. That deal will be finalized in the first quarter of next year.
For the rest of this article: https://www.northernontariobusiness.com/industry-news/mining/magna-mining-forks-over-a-dollar-for-30000-hectares-of-sudbury-base-metal-properties-9975666