Magna Mining Inc. (TSXV: NICU) (OTCQB: MGMNF) (FSE: 8YD) (“Magna” or the “Company”) is pleased to announce that it has entered into a definitive asset purchase agreement dated December 18, 2024 (the “Agreement”) with NorthX Nickel Corp. (“NorthX”) (CSE: NIX) to acquire a portfolio of base metals assets (“Sudbury Properties”) located in the Sudbury Basin (the “Transaction”).
Jason Jessup, CEO of Magna, stated, “We are pleased to announce the acquisition of these exploration properties as we continue to grow our presence in the Sudbury Basin. The properties announced today compliment the currently owned and pending KGHM acquisition properties and our exploration team believes they have high potential for new discovery. Many of these properties are located in the footwall of known Sudbury deposits, within prospective geological environments and have not been thoroughly explored. This acquisition is another example of how we continue to execute our growth strategy in a capital efficient manner with minimal dilution to shareholders.
Figure 1: Location of NorthX Sale Assets, Magna Mining Existing Properties, KGHM Acquisition Assets, and Key Sudbury Infrastructure
Property Descriptions
The property portfolio includes both past-producing properties (Parkin, Wisner), as well as several exploration properties mainly in the footwall of the Sudbury Igneous Complex (SIC) contact, and totaling >30,000 Ha (Figure 1). Magna believes these properties have significant exploration potential remaining, including offset dyke environments at Trill and Parkin, contact Ni-Cu mineralization at Windy Lake, and several properties in the footwall environment.
The Parkin property covers more than 9 kilometres of the Parkin offset, northeast of the Podolsky Mine property. The property hosts the historical Milnet mine with past production of 157,000 tons grading 1.5% Ni, 1.5% Cu, and 6.2 g/t Pt+Pd+Au, and the high-grade Milnet 1500 Zone, with drillhole intersections up to 4.1% Ni, 0.6% Cu and 4.3 g/t Pt+Pd+Au over 8.0 metres. Diamond drilling in 2015-2016 on the on Wallbridge-Lonmin Parkin JV expanded on known near surface mineralization, including intersections up to 1.2% Ni, 1.5% Cu and 2.2 g/t Pt+Pd+Au over 24.3 metres and 1.4% Ni, 1.0% Cu and 1.6 g/t Pt+Pd+Au over 7.5 metres.
Several properties host known exploration targets within Sudbury Breccia units in the footwall of the Sudbury Igneous Complex (SIC), including the Wisner, Blezard, Frost Lake and Creighton South properties. The Wisner property historically produced 295,000 tonnes grading 0.9% Cu and 4.1 g/t Pt+Pd+Au from the surface Broken Hammer Zone. The Blezard and Creighton South properties cover portions of the footwall environment near the known Blezard and Creighton contact deposits, which have measured and indicated resources of 7.9 million tonnes grading 1.0% Ni, 0.7% Cu and 6.2 million tonnes grading 4.5% Ni, 3.3 % Cu, respectively (Technical Report Summary, Sudbury Property, Vale 2021). Surface samples at Blezard have returned assays up to 4.5% Cu, 0.6 % Ni and 1.8 g/t Pt+Pd+Au. The Creighton South and Blezard properties cover a portion of the South Range Breccia Belt (SRBB). The SRBB is underexplored on these properties and is known to host significant deposits including the Frood-Stobie complex (Figure 2). Similarly, the Frost Lake property hosts known Sudbury breccia mineralization, with near surface drillhole intersections including 0.9 g/t Pi+Pd+Au over 48.4 metres.
The Magna exploration team will work to compile and interpret the immense amount of data that exists on these properties with the goal of identifying and testing the highest priority exploration targets. Not all properties are 100% NorthX ownership, and several properties are subject to underlying joint ventures, agreements, and royalties.
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