Magna Mining Launches Pre-Feasibility Study for Crean Hill Project

Magna Mining Inc. has announced the initiation of a pre-feasibility study (PFS) for its wholly owned Crean Hill Project, located in Sudbury, Ontario. This significant step will be undertaken by Technica Mining Inc. as part of the company’s strategy to further develop its mining operations.

Jason Jessup, CEO of Magna Mining, expressed optimism about the project’s potential, highlighting its attractive combination of base and precious metals. The upcoming PFS will build on the Preliminary Economic Assessment (PEA) completed in September 2024, which suggested a promising 13-year mine life with reasonable pre-production costs and a favorable internal rate of return based on conservative precious metals prices.

In 2025, the Crean Hill Project had taken a backseat as Magna focused on integrating properties acquired from KGHM, but the company continued to advance preparations for a construction decision. Engineering work has progressed on essential infrastructures, including a connection to the grid and a permanent dewatering system, which are expected to enhance the project’s economic evaluation in 2026.

The PFS is set to commence in January 2026 and is anticipated to be completed by the third quarter of the same year. This study will incorporate findings from a recent 20,000-tonne bulk sample program conducted in late 2024, which further supports the economic viability of the Crean Hill Project.

2024 PEA Highlights
The 2024 PEA indicated that the Crean Hill Project could support an underground mining operation, with projected resources sold to an existing third-party mill in the Sudbury area. The assessment outlined an initial 15-month Advanced Exploration program, followed by a 12-month pre-production ramp-up, leading to 13 years of commercial production. Plans call for ramp access via a new surface portal, with eventual rehabilitation of the historic #2 shaft for deeper mining operations.

Permits for the commencement of the Advanced Exploration program are already in place, setting the stage for the next phases of development.

The 2024 PEA was based on the current mineral resource inventory compiled by SGS Geological Services, with an effective date of April 15, 2024. Dr. Allan Armitage, a qualified person under NI 43-101, oversaw the resource estimate, confirming that the majority of resources at Crean Hill comprise contact nickel-copper zones, along with significant quantities of footwall copper, nickel, and precious metals.

Notable intersections from the project have shown promising grades, including a drill hole in the 109 footwall zone that reported 0.6% Cu, 0.2% Ni, and 11.0 g/t of precious metals over 95.4 meters. Another drill hole in the 9400 zone indicated 0.3% Cu and 0.5% Ni, alongside impressive precious metal grades.

The financial assumptions for the project include nickel priced at $8.50/lb, copper at $3.75/lb, and gold at approximately $1,950/oz, reflecting a detailed analysis of costs and expected recoveries. The underground cut-off grade is set at 1.10% Ni equivalent, considering these values.

As Magna Mining moves forward, the completion of the PFS alongside ongoing assessments of the Levack Mine underscores the company’s ambition to become a multi-mine producer in the Sudbury Basin over the coming years.

The technical and scientific information in this release has been reviewed by David King, Senior Vice President of Exploration and Geoscience at Magna Mining, and is compliant with Canadian National Instrument 43-101 standards, ensuring that the information presented is both accurate and reliable.

For further inquiries, interested parties may contact Jason Jessup or Paul Fowler, Executive Vice President, at Magna Mining.

Additional information about the company and its ongoing projects can be found on its official website and through the SEDAR+ platform.