Magna Mining Announces Closing of Property Acquisition from NorthX Nickel Corp.
Magna Mining (OTCQX: MGMNF) has completed its acquisition of a significant property portfolio from NorthX Nickel Corp in the Sudbury Basin. The acquisition adds 304 km² of mineral claims, bringing Magna's total holdings in the area to 584 km².
The portfolio includes several notable properties: the Parkin property with historical production of 157,000 tons at 1.5% Ni, 1.5% Cu, and 6.2 g/t precious metals; the Wisner property with historical production of 295,000 tonnes at 0.9% Cu and 4.1 g/t precious metals; and properties near significant deposits like Blezard and Creighton, which have substantial measured and indicated resources.
The transaction terms include Magna paying C$1.00, assuming approximately C$481,629 in mine closure liabilities, while receiving C$665,000 from NorthX for closure plan assurance and property maintenance costs.
Magna Mining (OTCQX: MGMNF) ha completato l'acquisizione di un importante portafoglio immobiliare da NorthX Nickel Corp nel bacino di Sudbury. L'acquisizione aggiunge 304 km² di concessioni minerarie, portando il totale delle proprietà di Magna nell'area a 584 km².
Il portafoglio comprende diverse proprietà di rilievo: la proprietà Parkin con una produzione storica di 157.000 tonnellate a 1,5% di Ni, 1,5% di Cu e 6,2 g/t di metalli preziosi; la proprietà Wisner con una produzione storica di 295.000 tonnellate a 0,9% di Cu e 4,1 g/t di metalli preziosi; e proprietà situate vicino a depositi significativi come Blezard e Creighton, che vantano risorse misurate e indicate di rilievo.
I termini della transazione prevedono che Magna paghi 1 C$ e si assuma circa 481.629 C$ di passività per la chiusura delle miniere, ricevendo contestualmente 665.000 C$ da NorthX per la garanzia del piano di chiusura e i costi di manutenzione delle proprietà.
Magna Mining (OTCQX: MGMNF) ha completado la adquisición de una cartera significativa de propiedades de NorthX Nickel Corp en la Cuenca de Sudbury. La adquisición añade 304 km² de concesiones minerales, elevando las tenencias totales de Magna en la zona a 584 km².
La cartera incluye varias propiedades destacadas: la propiedad Parkin con una producción histórica de 157,000 toneladas a 1.5% Ni, 1.5% Cu y 6.2 g/t de metales preciosos; la propiedad Wisner con una producción histórica de 295,000 toneladas a 0.9% Cu y 4.1 g/t de metales preciosos; y propiedades cercanas a depósitos importantes como Blezard y Creighton, que cuentan con recursos medidos e indicados sustanciales.
Los términos de la transacción incluyen que Magna pague C$1.00, asumiendo aproximadamente C$481,629 en pasivos por cierre de minas, mientras recibe C$665,000 de NorthX para la garantía del plan de cierre y los costos de mantenimiento de las propiedades.
Magna Mining (OTCQX: MGMNF)는 서드버리 분지에 위치한 NorthX Nickel Corp의 주요 자산 포트폴리오 인수를 완료했습니다. 이번 인수로 304 km²의 광물 채굴권이 추가되어 Magna의 해당 지역 총 보유 면적은 584 km²가 되었습니다.
포트폴리오에는 다음과 같은 주요 자산들이 포함되어 있습니다: 과거 생산량이 157,000톤에 니켈 1.5%, 구리 1.5%, 귀금속 6.2 g/t인 Parkin 자산; 과거 생산량이 295,000톤에 구리 0.9%, 귀금속 4.1 g/t인 Wisner 자산; 그리고 Blezard와 Creighton 같은 주요 광상 인근에 위치한, 상당한 측정 및 표시 자원이 있는 자산들입니다.
거래 조건은 Magna가 1 캐나다 달러를 지불하고 약 481,629 캐나다 달러의 광산 폐쇄 부채를 인수하는 한편, NorthX로부터 폐쇄 계획 보증 및 자산 유지 비용으로 665,000 캐나다 달러를 받는 것을 포함합니다.
Magna Mining (OTCQX : MGMNF) a finalisé l'acquisition d'un portefeuille important de propriétés auprès de NorthX Nickel Corp dans le bassin de Sudbury. Cette acquisition ajoute 304 km² de concessions minières, portant les avoirs totaux de Magna dans la région à 584 km².
Le portefeuille comprend plusieurs propriétés notables : la propriété Parkin avec une production historique de 157 000 tonnes à 1,5 % de Ni, 1,5 % de Cu et 6,2 g/t de métaux précieux ; la propriété Wisner avec une production historique de 295 000 tonnes à 0,9 % de Cu et 4,1 g/t de métaux précieux ; ainsi que des propriétés situées à proximité de gisements importants comme Blezard et Creighton, qui disposent de ressources mesurées et indiquées substantielles.
Les termes de la transaction prévoient que Magna paie 1 C$, assume environ 481 629 C$ de passifs liés à la fermeture des mines, tout en recevant 665 000 C$ de NorthX pour la garantie du plan de fermeture et les coûts d'entretien des propriétés.
Magna Mining (OTCQX: MGMNF) hat den Erwerb eines bedeutenden Grundstücksportfolios von NorthX Nickel Corp im Sudbury-Becken abgeschlossen. Die Akquisition fügt 304 km² an Mineralansprüchen hinzu, womit Magnas Gesamtbesitz in der Region auf 584 km² anwächst.
Das Portfolio umfasst mehrere bemerkenswerte Grundstücke: das Parkin-Grundstück mit historischer Förderung von 157.000 Tonnen bei 1,5 % Ni, 1,5 % Cu und 6,2 g/t Edelmetallen; das Wisner-Grundstück mit historischer Förderung von 295.000 Tonnen bei 0,9 % Cu und 4,1 g/t Edelmetallen; sowie Grundstücke in der Nähe bedeutender Lagerstätten wie Blezard und Creighton, die über umfangreiche gemessene und angezeigte Ressourcen verfügen.
Die Transaktionsbedingungen sehen vor, dass Magna 1 C$ zahlt und etwa 481.629 C$ an Rückstellungen für Minenschließungen übernimmt, während es von NorthX 665.000 C$ für die Sicherstellung des Schließungsplans und die Instandhaltung der Grundstücke erhält.
- Significant expansion of property portfolio in Sudbury Basin from 280 km² to 584 km²
- Acquisition includes historically productive mines with high-grade mineralization
- Properties are strategically located near known major deposits
- Net positive cash flow from transaction with C$665,000 received vs C$481,629 in liabilities
- Multiple exploration targets identified with promising historical drill results
- Assumption of mine closure plan liabilities and financial assurance requirements
- Not all properties are 100% owned, with some subject to joint ventures and royalties
- Annual work commitments required for certain properties
- Advanced NSR royalty payment obligations assumed
Sudbury, Ontario--(Newsfile Corp. - July 21, 2025) - Magna Mining Inc. (TSXV: NICU) (OTCQX: MGMNF) (FSE: 8YD) ("Magna" or the "Company") is pleased to report that further to its news release dated December 18, 2024, the Company has completed its acquisition of a portfolio of exploration properties located in the Sudbury Basin (the "Transaction") from NorthX Nickel Corp. (CSE: NIX) ("NorthX").
The NorthX properties being acquired represent 304 km2 of mineral claims, leases and patents in the Sudbury area. The acquisition of the NorthX property portfolio brings Magna's aggregate holdings in the Sudbury area to 584 km2 (see Figure 1).
Paul Fowler, Senior Vice President of Magna commented, "We are excited to complete this transaction and add a significant new portfolio of properties to our already strong pipeline of development and exploration projects in Sudbury. We believe that these assets have high potential for new discoveries, as many of these properties are in areas that would correspond to the footwall of known Sudbury deposits. We believe that they are deserving of more exploration capital, so we are looking forward to further evaluating these properties and applying our experience and knowledge of exploration in the Sudbury Basin."
Figure 1: Location of Magna Mining's Existing Properties, Operations and the NorthX Acquisition Properties
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Property Descriptions
The property portfolio includes 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. 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 (Figures 1 and 2).
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
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
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
Transaction Summary
The Transaction was structured as an asset purchase transaction whereby Magna acquired all of NorthX's legal and beneficial interest in the Sudbury Properties. The consideration for the Transaction consisted of the following:
Magna paying to NorthX ONE DOLLAR (C
$1.00) ;Magna assuming all liabilities of NorthX with respect to the Broken Hammer mine closure plan, including lodging financial assurance with the Ministry of Mines in an amount of approximately C
$481,629 ;NorthX paying to Magna C
$665,000 in cash to cover the Broken Hammer mine closure plan financial assurance and other costs incurred by Magna in maintaining the Broken Hammer property to the close of the Transaction; andMagna assuming certain liabilities with respect to the Sudbury Properties, including acting as the operator of joint ventures, advanced net smelter return (NSR) royalty payments, and annual work commitments.
Figure 2: Plan View Showing the Location of the South Range Breccia Belt in Relation to the Blezard, Kirkwood and Falconbridge Footwall Properties
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Qualified Person for Technical Information
The scientific and technical information in this press release has been reviewed and approved by David King, M.Sc., P.Geo. Mr. King is the Senior Vice President, Exploration and Geoscience for Magna Mining Inc. and is a qualified person under National Instrument 43-101.
Cautionary Statement on Forward-Looking Statements
All statements, other than statements of historical fact, contained or incorporated by reference in this press release constitute "forward-looking statements" and "forward-looking information" (collectively, "forward-looking statements") within the meaning of applicable securities laws. Generally, these forward-looking statements can be identified by the use of forward-looking terminology, such as "may", "might", "potential", "expect", "anticipate", "estimate", "believe", "could", "should", "would", "will", "continue", "intend", "plan", "forecast", "prospective" or other similar words or phrases or variations thereof. For example, forward-looking statements include, but are not limited to, statements with respect to the exploration or discovery potential of the acquired NorthX properties.
Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to business, market, economic, technical and other risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements, including risks and uncertainties relating to the exploration or discovery potential of the acquired NorthX properties, if any potential for additional resources or reserves to the Company's existing portfolio of assets exists, and other risks disclosed in the Company's most recent management discussion and analysis. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to Magna's filings with Canadian securities regulators, including the most recent management discussion and analysis, available on SEDAR+ at www.sedarplus.ca.
Although the Company has attempted to identify important risks, uncertainties, contingencies and factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements, there can be no certainty or assurance that the Company has accurately or adequately captured, accounted for or disclosed all such risks, uncertainties, contingencies or factors. Readers should place no reliance on forward-looking statements as actual results, performance or achievements may be materially different from those expressed or implied by such statements. Resource exploration and development, and mining operations, are highly speculative, characterized by several significant risks, which even a combination of careful evaluation, experience and knowledge will not eliminate. Forward-looking statements speak only as of the date they are made. The Company does not undertake to update any forward-looking statements, whether as a result of new information or future events or otherwise, except in accordance with applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this press release.
About Magna Mining Inc.
Magna Mining is a producing mining company with a portfolio of copper, nickel and PGM operating, exploration and development projects in the Sudbury Region of Ontario, Canada. The Company's primary assets are the producing McCreedy West copper mine and the past producing Levack, Podolsky, Shakespeare and Crean Hill mines. Additional information about the Company is available on SEDAR (www.sedar.com) and on the Company's website (www.magnamining.com).
For further information, please contact:
Jason Jessup
Chief Executive Officer
or
Paul Fowler, CFA
Senior Vice President
705-482-9667
Email: info@magnamining.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/259404
FAQ
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