Denison’s indicated mineral useful resource for each underground and open pit totals greater than 31 million tonnes, Magna stated. The whole contained steel is 500 million lb. nickel, 450 million lb. copper and 1.7 million oz. platinum, palladium and gold, it stated.
“The Denison mission has appreciable remaining mineralization and has the potential to, as soon as once more, change into a major producing mine,” Magna chief government officer Jason Jessup stated in a information launch. “We plan to begin our maiden exploration program at Crean Hill and fee a brand new technical research to show the potential synergies between Crean Hill and Shakespeare.”
The open-pit’s indicated mineral useful resource is 16.8 million tonnes grading 0.53% nickel, 0.49% copper, and 0.02% cobalt for 1.08% nickel equal. It additionally has 0.48 gram platinum, 0.37 gram palladium and 0.25 gram gold per tonne, the corporate stated.
The underground indicated mineral useful resource is 14.5 million tonnes grading at 0.56% nickel, 0.84% copper and 0.03% cobalt for two.07% nickel equal. It additionally has 0.88 gram platinum, 1.02 gram palladium and 0.54 gram gold per tonne.
Magna and different mission builders and explorers are profiting from new methods and the rising demand for metals wanted for the worldwide transition to wash vitality price trillions of {dollars} to make past-producing mines worthwhile once more. Nickel, copper and platinum group metals are essential for making quite a few forms of new expertise equivalent to electrical car batteries, cellphones and wind generators.
Paul Fowler, a senior vp at Magna, stated the Denison mission might rival discoveries by FNX Mining within the Sudbury basin practically 20 years in the past.
“There stays lots of exploration potential within the footwall zone the place we’re going to re-commence drilling instantly,” Fowler stated by e-mail. “There are lots of historic high-grade hits within the footwall with phenomenal lengthy intersections.”
Magna acquired Denison with the C$16 million buy of Lonmin Canada in August. Denison operated as Crean Hill for Inco for about 80 years in three intervals from 1906 to 2002. Vale (NYSE: VALE) ran the location as a three way partnership with Lonmin earlier than they closed the mine in 2017.
The Shakespeare mission, 37 km west of Denison, additionally hosts a past-producing nickel-copper-platinum group metals mine. It has an indicated useful resource of 20.3 million tonnes grading 0.33% nickel, 0.36% copper, 0.32 gram platinum per tonne, 0.35 gram palladium and 0.19 gram gold. Magna has permits for the development of a 4,500-tonne-per-day mill and the re-start of open pit mining at Shakespeare.
“The proximity of our different mission, the permitted mine and mill website at Shakespeare, signifies that this asset is a pure match for our firm and offers us a singular benefit in exploring and creating Crean Hill,” CEO Jessup stated.
