Magna Mining Discovers New Copper Zone at Shakespeare Project
Magna Mining has identified new copper mineralization at its Shakespeare project, in a joint venture with Glencore, less than 2 km from a feasibility-stage former mine. The discovery, made in Sudbury, Ontario, could potentially add to the long-term prospects of the project.
The initial drillhole, MSW-24-01, in the newly targeted Southwest copper zone intersected 32.4 meters grading 1.4% copper, including 13.9 meters at 2.3% copper starting from 64.6 meters downhole, according to a release on Monday.
Crews identified the Southwest target earlier this year on the project, said Dave King, Magna's senior vice-president of geoscience. The zone had no prior drilling records, and Magna is planning further exploration to test the area along strike and at depth. “The zone is open for expansion in all directions,” King said, noting optimism about the potential for further discoveries.
Sudbury, known for its long history of nickel production, is drawing renewed exploration interest for battery and energy transition metals. Major players like Vale and SPC Nickel are also expanding in the area. Vale is growing its Sudbury Copper Cliff complex to increase output of nickel, copper, and cobalt, while SPC Nickel is advancing its West Graham nickel-copper project nearby.
Magna has permits for its 4,500-tonne-per-day open-pit former Shakespeare mine, which includes a mill and tailings facility. The company is also redeveloping the nearby Crean Hill mine as a nickel-copper-platinum group metals producer. According to a preliminary economic assessment issued in September, the Crean Hill project boasts a 129% internal rate of return.
The Shakespeare joint venture, in which Magna holds 86% and Glencore holds 14%, is situated about 1 km west of the Stumpy Bay target. It is in a regional-scale structural zone linked to the Murray fault system, which runs across the Shakespeare property. Sulfide mineralization at both targets consists of disseminated to net-textured pyrite, pyrrhotite, and chalcopyrite in highly silicified shears, Magna said.
Magna recently collared the second drillhole in the Southwest zone, MSW-24-03, approximately 75 meters along strike northeast, with assays pending. A third hole is currently being drilled beneath MSW-24-03. Another drillhole, MSW-24-02, targeted a weak electro-magnetic conductor within a gabbro, unconnected to the main mineralized structure; assays for this hole are also pending.
The Shakespeare mine, which Magna is in the process of redeveloping, has probable mineral reserves totaling 11.9 million tonnes of ore with grades of 0.33% nickel, 0.35% copper, 0.02% cobalt, 0.32 g/t platinum, 0.36 g/t palladium, and 0.18 g/t gold. The plan involves processing the ore over a 7.1-year mine life following a year of pre-stripping.
