Welcome to our dedicated page for Magna Mining news (Ticker: MGMNF), a resource for investors and traders seeking the latest updates and insights on Magna Mining stock.
Magna Mining Inc. (OTCQX: MGMNF) generates frequent news related to copper, nickel and platinum group metals projects in the Sudbury mining district of Ontario, Canada. Company updates often center on production and development at the McCreedy West Mine and on exploration and technical work at the past-producing Levack Mine and other Sudbury properties.
Recent news releases have covered quarterly operating and financial results, including details on ore processed, copper-equivalent production and non-IFRS cost metrics at McCreedy West. Magna also reports on underground development progress, diamond drilling footage and capital investments in mine infrastructure and equipment.
Exploration-focused news from Levack includes Mineral Resource Estimate disclosures prepared under National Instrument 43-101, as well as assay results from contact nickel-copper zones and footwall copper and precious metals targets such as the R2 area and the Keel Cu-PGE zone. These releases typically provide grade information for copper, nickel, platinum, palladium, gold and silver, along with commentary from Qualified Persons and senior technical staff.
Investors following MGMNF news can also expect announcements on corporate matters such as security-based compensation grants under Magna’s omnibus equity incentive plan and appointments to senior roles. Conference call and webcast notices accompany major quarterly result releases, giving additional context to operating performance.
This news page aggregates these operational, exploration, financial and corporate updates in one place, allowing readers to review Magna Mining’s disclosures about its Sudbury-focused copper, nickel and PGM activities over time.
Magna Mining held its Annual & Special Meeting of Shareholders on June 28, 2024. Key outcomes included the election of board members Jason Jessup, Carl DeLuca, John Seaman, Vernon Baker, Jonathan Goodman, and new addition Shastri Ramnath. Ms. Ramnath, CEO of Exiro Minerals and Chair of Orix Geoscience, brings 25 years of experience in nickel exploration and leadership roles.
Shareholders approved all resolutions, including the appointment of auditors, the reconfirmation and approval of the stock option plan, and the amended restricted share unit plan. The meeting also confirmed the prior grant of restricted share units under the amended plan, as detailed in the Management Information Circular dated June 3, 2024.
Magna Mining announces positive assay results from its Crean Hill project, highlighting substantial mineral yields. Key results include 0.4% Ni, 0.5% Cu, and 34.3 g/t Pt+Pd+Au over 4.1 meters from surface samples. Notably, drilling in the 109 Footwall (FW) Zone revealed 0.2% Ni, 0.2% Cu, and 18.2 g/t Pt+Pd+Au over 15.0 meters. The company plans to commence a bulk sampling program, extracting 20,000 tonnes of ore to be processed at Strathcona Mill. This program aims to optimize metal recoveries and concentrate grades, providing valuable data for future mining operations. Revenue from the surface bulk sample is expected within six months of processing.
Additionally, advanced exploration plans include targeting high-grade zones for potential expansion. The drilling program defines the extent of mineralization and prepares Magna for underground exploration. This strategic move aligns with Magna's goal of enhancing resource estimation and overall project value.
Magna Mining has awarded Aki-eh Dibinwewziwin Partnership (ADLP) the contract for advanced exploration at the Crean Hill Project. ADLP is a joint venture between Atikameksheng Anishnawbek, Wahnapitae First Nation, and Technica Mining. CEO Jason Jessup emphasized the importance of local partnerships for minimizing costs and fostering strong community relations.
The exploration will start with a 20,000-tonne bulk sample from the 109 Footwall Zone in June 2024, followed by drilling in July and processing at Glencore's Strathcona facility. Dewatering is set to begin in Q3 2024. Magna Mining is also updating its Mineral Resource Estimate and Preliminary Economic Assessment, expected by Q3/Q4 2024. These updates aim to enhance the project's economic viability by focusing on a higher-grade, lower-production underground mining operation.
Magna Mining announced a Toll Milling Agreement with Glencore Canada for processing a 20,000-tonne surface bulk sample from the 109 Footwall Zone at the Crean Hill Project in Sudbury, Ontario. This agreement aims to advance the Crean Hill Project by evaluating metallurgical performance and corroborating resource estimates. This processing will occur at Glencore's Strathcona Mill and is expected to conclude in Q3 2024. Recent drilling results have shown promising mineralization, including 2.9% Cu, 0.9% Ni, and 9.5 g/t Pt+Pd+Au over 6.3 meters. This initiative follows a Definitive Offtake Agreement with Vale Canada, excluding the 109 FW Zone. The surface work will commence in June and will be funded from cash reserves.
Magna Mining (TSXV: NICU, OTCQB: MGMNF, FSE: 8YD) has scheduled its annual and special meeting of shareholders for June 28, 2024, at 10:00 a.m. (Toronto time). The meeting will take place at the company's offices in Sudbury, Ontario.
Key materials, including the management information circular and proxy documents, will be mailed to shareholders and available on SEDAR+ under the company's profile.
The Ontario Superior Court of Justice extended the deadline for Magna to call its next annual meeting to August 30, 2024.
Magna Mining Inc. reports positive diamond drilling results from the 109 Footwall Zone Surface Bulk Sample Area, including 0.9% Ni, 2.9% Cu, and 9.5 g/t Pt+Pd+Au over 6.3 meters. The company is advancing its surface bulk sample design following the completion of required permits, aiming to commence the program in the next few months. Additional drilling is ongoing to define mineralization at deeper levels, with the goal of extending high-grade core mineralization.
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