Jason Jessup, President and CEO of Magna Mining (TSX.V: NICU), joins us for a comprehensive introduction to the Shakespeare Project and Denison/Crean Hill Project, the exploration and development strategy at both, and the ultimate pathway towards production in Sudbury.  

We start off by looking at how the recently announced acquisition from Lonmin of the Denison project, will complement the 7 year mine life and 11.8 million tonnes of reserves already at the permitted and Feasibility Study stage at the Shakespeare project.  Jason sees Denison/Crean Hill as augmenting the production profile, with ore being able to be trucked to the planned processing center at Shakespeare using a hub and spoke strategy.  

Next, we review the recently announced 31 million tonnes of nickel-copper-platinum-palladium resources at Denison, and review both the underground and open pit components.  Lonmin did 90,000 meters of historic drilling, exploring for the higher-grade platinum and palladium, but they weren’t as focused on the nickel-copper mineralization at the contact zone, and this is another opportunity for the exploration team to focus on moving forward.  The current plan is 2,000 meters of drilling for met testing and confirmation, as the Company works towards a Preliminary Economic Assessment for early Q2 of 2023, which will demonstrate the economics of the Denison/Crean Hill resources, and where the balance is for both underground and open pit extraction.

The discussion shifts back to reviewing the recent Feasibilty Study and key metrics put out at the Shakespeare Project, and Jason mentions the ongoing exploration success they’ve been having expanding the geometry and resources at the project, and that there is plenty of room for growth.  We also have Jason outline the optionality for putting Shakespeare into production, with the possibility of starting with toll-mining with Glencore of Vale, as they construct their own plant, and the confidence in acquiring the capex needed to build the project.   We wrap up with a discussion of the management team, and board of directors experience already having worked successfully together in the past with FNX, having put 3 mines into production and sold their company to majors for $1.5 billion.

If you have questions for Jason regarding Magna Mining, then please email us either Fleck@kereport.com or Shad@kereport.com.

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