Magna Mining Acquires Additional Critical Mineral Exploration Assets in the Sudbury Basin Mining District
Magna Mining (TSXV: NICU, OTCQB: MGMNF) has entered into a definitive asset purchase agreement with NorthX Nickel Corp. to acquire a portfolio of base metals assets in the Sudbury Basin. The property portfolio covers >30,000 Ha and includes past-producing properties like Parkin and Wisner, along with several exploration properties.
The Parkin property includes the historical Milnet mine, which produced 157,000 tons grading 1.5% Ni, 1.5% Cu, and 6.2 g/t Pt+Pd+Au. The Wisner property historically produced 295,000 tonnes grading 0.9% Cu and 4.1 g/t Pt+Pd+Au. The transaction involves a nominal cash payment of C$1.00, with Magna assuming approximately C$481,629 in mine closure liabilities, offset by a C$500,000 cash payment from NorthX. The deal is expected to close by Q1 2025.
Magna Mining (TSXV: NICU, OTCQB: MGMNF) ha stipulato un accordo definitivo di acquisto di asset con NorthX Nickel Corp. per acquisire un portafoglio di asset di metalli di base nel bacino di Sudbury. Il portafoglio immobiliare copre oltre 30.000 ettari e include proprietà che in passato hanno prodotto minerali, come Parkin e Wisner, insieme a diverse proprietà per esplorazione.
La proprietà Parkin include la storica miniera Milnet, che ha prodotto 157.000 tonnellate con un grado dello 1,5% di Ni, dell'1,5% di Cu e 6,2 g/t di Pt+Pd+Au. La proprietà Wisner ha storicamente prodotto 295.000 tonnellate con un grado dello 0,9% di Cu e 4,1 g/t di Pt+Pd+Au. La transazione comporta un pagamento nominale in contante di C$1,00, con Magna che assume circa C$481.629 in responsabilità per la chiusura delle miniere, compensato da un pagamento in contante di C$500.000 da parte di NorthX. Si prevede che l'affare si concluda entro il primo trimestre del 2025.
Magna Mining (TSXV: NICU, OTCQB: MGMNF) ha firmado un acuerdo de compra de activos definitivo con NorthX Nickel Corp. para adquirir una cartera de activos de metales básicos en la cuenca de Sudbury. El portafolio de propiedades abarca más de 30,000 hectáreas e incluye propiedades que han estado en producción, como Parkin y Wisner, junto con varias propiedades de exploración.
La propiedad Parkin incluye la histórica mina Milnet, que produjo 157,000 toneladas con un grado del 1.5% de Ni, 1.5% de Cu y 6.2 g/t de Pt+Pd+Au. La propiedad Wisner produjo históricamente 295,000 toneladas con un grado del 0.9% de Cu y 4.1 g/t de Pt+Pd+Au. La transacción involucra un pago nominal en efectivo de C$1.00, con Magna asumiendo aproximadamente C$481,629 en responsabilidades por el cierre de minas, compensadas por un pago en efectivo de C$500,000 de NorthX. Se espera que el acuerdo se cierre para el primer trimestre de 2025.
마그나 마이닝 (TSXV: NICU, OTCQB: MGMNF)은 노스엑스 니켈(NorthX Nickel Corp.)과 함께 수드버리 분지에서 비철금속 자산 포트폴리오를 인수하기 위한 자산 구매 계약을 체결했습니다. 이 자산 포트폴리오는 30,000 헥타르 이상을 커버하며, 파킨(Parkin)과 위스너(Wisner)와 같은 과거 생산된 자산과 여러 탐사 자산을 포함합니다.
파킨 자산에는 과거 157,000톤을 생산한 역사적인 밀넷(Milnet) 광산이 포함되며, 이때의 성분은 1.5% Ni, 1.5% Cu, 6.2 g/t Pt+Pd+Au입니다. 위스너 자산은 역사적으로 295,000톤을 생산하며, 그 성분은 0.9% Cu와 4.1 g/t Pt+Pd+Au입니다. 이번 거래는 명목상 C$1.00의 현금 지급을 포함하며, 마그나는 약 C$481,629의 광산 종료 책임을 인수하고, 노스엑스에서 C$500,000의 현금 지급으로 상쇄됩니다. 거래는 2025년 1분기까지 마감될 것으로 예상됩니다.
Magna Mining (TSXV: NICU, OTCQB: MGMNF) a conclu un accord d'achat d'actifs définitif avec NorthX Nickel Corp. pour acquérir un portefeuille d'actifs de métaux de base dans le bassin de Sudbury. Le portefeuille immobilier couvre plus de 30 000 hectares et inclut des propriétés ayant déjà été en production, comme Parkin et Wisner, ainsi que plusieurs propriétés d'exploration.
La propriété Parkin comprend l'ancienne mine de Milnet, qui a produit 157 000 tonnes avec une teneur de 1,5 % Ni, 1,5 % Cu et 6,2 g/t Pt+Pd+Au. La propriété Wisner a historiquement produit 295 000 tonnes avec une teneur de 0,9 % Cu et 4,1 g/t Pt+Pd+Au. La transaction implique un paiement en espèces nominal de 1,00 C$, avec Magna assumant environ 481 629 $ CAN de responsabilités liées à la fermeture des mines, compensé par un paiement en espèces de 500 000 $ CAN de NorthX. La conclusion de l'accord est prévue pour le premier trimestre de 2025.
Magna Mining (TSXV: NICU, OTCQB: MGMNF) hat eine verbindliche Kaufvereinbarung über Vermögenswerte mit NorthX Nickel Corp. unterzeichnet, um ein Portfolio von Basismetallvermögen im Sudbury Basin zu erwerben. Das Grundstücksportfolio umfasst mehr als 30.000 Hektar und beinhaltet vergangenheitsproduzierende Properties wie Parkin und Wisner sowie mehrere Explorationsgebiete.
Das Parkin-Gelände umfasst die historische Milnet-Mine, die 157.000 Tonnen mit einem Gehalt von 1,5% Ni, 1,5% Cu und 6,2 g/t Pt+Pd+Au produzierte. Die Wisner-Property hat historisch 295.000 Tonnen mit einem Gehalt von 0,9% Cu und 4,1 g/t Pt+Pd+Au produziert. Die Transaktion beinhaltet eine nominale Barzahlung von C$1,00, wobei Magna etwa C$481.629 an Rückstellungsverpflichtungen für den Bergbauabschluss übernimmt, die von einer Barzahlung von C$500.000 von NorthX ausgeglichen werden. Der Abschluss des Deals wird bis zum ersten Quartal 2025 erwartet.
- Strategic expansion of property portfolio in Sudbury Basin with >30,000 Ha acquisition
- Acquisition includes historically productive mines with high-grade mineral content
- Minimal acquisition cost (C$1) with balanced financial structure
- Properties show significant exploration potential with high-grade drill results
- Assumption of mine closure liabilities of C$481,629
- Several properties subject to underlying joint ventures and royalty obligations
- Annual work commitments required for properties
Sudbury, Ontario--(Newsfile Corp. - December 18, 2024) - Magna Mining Inc. (TSXV: NICU) (OTCQB: MGMNF) (FSE: 8YD) ("Magna" or the "Company") is pleased to announce that it has entered into a definitive asset purchase agreement dated December 18, 2024 (the "Agreement") with NorthX Nickel Corp. ("NorthX") (CSE: NIX) to acquire a portfolio of base metals assets ("Sudbury Properties") located in the Sudbury Basin (the "Transaction").
Jason Jessup, CEO of Magna, stated "We are pleased to announce the acquisition of these exploration properties as we continue to grow our presence in the Sudbury Basin. The properties announced today compliment the currently owned and pending KGHM acquisition properties and our exploration team believes they have high potential for new discovery. Many of these properties are located in the footwall of known Sudbury deposits, within prospective geological environments and have not been thoroughly explored. This acquisition is another example of how we continue to execute our growth strategy in a capital efficient manner with minimal dilution to shareholders."
Figure 1: Location of NorthX Sale Assets, Magna Mining Existing Properties, KGHM Acquisition Assets, and Key Sudbury Infrastructure
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8002/234264_6277867e243f39e1_002full.jpg
Property Descriptions
The property portfolio includes both 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 (Figure 1). 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.
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 will be completed pursuant to the Agreement and is structured as an asset purchase transaction whereby Magna will acquire all of NorthX's legal and beneficial interest in the Sudbury Properties. The purchase price is comprised of:
Magna paying to NorthX ONE DOLLAR (C
$1.00) cash payable at closing;Magna will assume all liabilities of NorthX with respect to the Broken Hammer Project Mine Closure Plan, including lodging financial assurance with the Ministry of Mines in an amount of approximately C
$481,629 at closing;NorthX providing Magna C
$500,000 cash payable at closing to cover Broken Hammer closure financial assurance;Magna will assume 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.
The Transaction is subject to satisfaction of customary closing conditions including the receipt of all required third party consents and regulatory approvals. The Transaction is expected to close by the end of the first quarter of 2025.
Figure 2: Plan View showing the Location of the South Range Breccia Belt in Relation to the Blezard, Kirkwood and Falconbridge Footwall Properties
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8002/234264_6277867e243f39e1_003full.jpg
Qualified Person
The 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 Canadian National Instrument 43-101.
About Magna Mining Inc.
Magna Mining is an exploration and development company focused on nickel, copper and PGM projects in the Sudbury Region of Ontario, Canada. The Company's flagship assets are the past producing Shakespeare and Crean Hill Mines. The Shakespeare Mine is a feasibility stage project which has major permits for the construction of a 4,500 tonne per day open pit mine, processing plant and tailings storage facility and is surrounded by a contiguous 180km2 prospective land package. Crean Hill is a past producing nickel, copper and PGM mine with a technical report dated July 2023. 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
Cautionary Statement
This press release contains certain forward-looking information or forward-looking statements as defined in applicable securities laws. Forward-looking statements are not historical facts and are subject to several risks and uncertainties beyond the Company's control, including statements regarding the Company's acquisition of NorthX's interest in the Sudbury Properties; the ability to satisfy closing conditions contemplated in the Agreement, including receipt of all required third party consents and regulatory approvals, and build new or maintain existing relationships with joint venture partners, communities and other stakeholders; the economic, exploration and production potential of the Sudbury Properties; and statements regarding growth strategy, beliefs, plans, expectations, or intentions of the Company. Resource exploration and development is highly speculative, characterized by several significant risks, which even a combination of careful evaluation, experience and knowledge may not eliminate. Several factors could cause actual results to differ materially from the results discussed in the forward-looking statements. All forward-looking statements herein are qualified by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements whether as a result of new information or future events or otherwise, except as may be required by law. 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/234264
FAQ
What assets is Magna Mining (MGMNF) acquiring in the Sudbury Basin?
What is the purchase price for Magna Mining's (MGMNF) Sudbury Basin acquisition?
What were the historical production grades at the Milnet mine in Magna Mining's (MGMNF) new acquisition?
When is Magna Mining's (MGMNF) Sudbury Basin acquisition expected to close?
What are the key obligations Magna Mining (MGMNF) will assume in this acquisition?
