“We believe that this is, in every sense of the word, a transformational acquisition, and it is a key milestone in our vision to become the next mid-tier nickel producer in Canada,” Magna’s CEO Jason Jessup said in a statement to shareholders.
The Denison project, including the former Crean Hill mine, is located 37 km east of the company’s advanced-stage Shakespeare project. Crean Hill was mined during three separate periods from 1906 to 2002, producing a total of 20.3 million tonnes of ore grading 1.3% nickel, 1.1% copper, 1.6 g/t platinum-palladium-gold. In 2018, subsequent to the mine closing, Loncan entered into an agreement with then-owner Vale Canada regarding the transfer and development of the Denison project.
The project hosts multiple, well-defined PGM-rich zones that were explored after the operations were suspended. Recent drilling highlights include 1.69% nickel, 2.28% copper and 2.37 g/t…
