Magna Mining completes acquisition of former Inco mine with growth plans afoot in the Sudbury camp
SUDBURY — Sudbury is historically known for nickel. But there remain hundreds of millions of tonnes of overlooked and valuable mineral commodities left behind by mining activity over the decades.
Now dubbed the Denison Project, Jessup calls it a “spectacular deposit” with mineralization coming to the surface that could be quickly put into production as a starter pit with relatively low capital costs.Earlier this month, Magna released an indicated mineral resource estimate for Denison revealing more than 31 million tonnes of nickel, copper, cobalt, platinum, palladium and gold that has both underground and open-pit mining potential.
Jessup and Magna see Denison as the first spoke in a hub-and-spoke model they’re planning, in combination with their proposed Shakespeare open-pit nickel project, 45 kilometres to the west. “If you kind of look back at FNX in 2003 and see where they were in 2005 and 2006, I think we can have a similar trajectory,” said Jessup, who worked general mine foreman positions and led development crews with that company.Led by executive chairman Terry MacGibbon, the FNX strategy was to acquire non-core assets from the major mining companies. FNX acquired five historic mines from INCO in 2002 and put them into production over the decade.
Finding a footwall deposit means having the right ingredients in place, Jessup explained, a good first indicator being the presence of Sudbury breccia, the signature distressed rock that’s the byproduct of the meteorite impact that formed the mineral-rich Sudbury Igneous Complex 1.85 billion years ago.
FNX raised the exploration money to successfully test out these theories and go after and mine these minerals.
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