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New Listing: Magna Mining (TSXV:NICU)

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The company was formed in 2016 and in early 2017, acquired Ursa Major Minerals, a private company that owned the past producing Shakespeare Mine and Shining Tree project.

Additional Information:

Company: Magna Mining
Website: http://www.MagnaMining.com
Stock Symbol: TSXV: NICU
Date Published: May 11, 2021
Transcript: Available

Video Transcript:

I’m Cassandra Bolinski for Investmentpitch Media

Magna Mining is one of the latest new listings on the TSX Venture Exchange, trading under the symbol “NICU”, following its qualifying transaction with Capital Pool Company CT Developers.

The company was formed in 2016 and in early 2017, acquired Ursa Major Minerals, a private company that owned the past producing Shakespeare Mine and Shining Tree project.

Shakespeare is situated 70 km to the south-west of the Sudbury Basin, which hosts one of the largest known concentration of nickel globally and has produced nickel and copper ore for over a century.

Magna has since assembled a contiguous land package of over 180 square kilometres, much of which has seen little exploration work and yet remains prospective for further nickel, copper and PGM discoveries.

Between May 2010 and February 2012, the past producing Shakespeare Mine processed 490,000 tonnes of ore through a third-party mill at an average grade of 0.33% nickel, 0.38% copper, and 0.9 g/t PGM plus gold.

The project also has a NI 43-101 Open Pit Resource with 14.4 million tonnes of Indicated Resource at 0.34% nickel, 0.37% copper and 0.9 g/t TGM and 1.7 million tonnes Inferred Resource at 0.29% nickel, 0.31% copper and 0.74 g/t TPM, along with an underground resource estimate.

The large magmatic system, including 30 kilometres of strike, has the potential for high grades and multiple untested new targets.

A 2015 VTEM survey and 2021 ground EM survey have defined multiple untested EM plates presenting the company with shallow targets with good accessibility, all within less than 200 metres from the surface with potential for deep roots.

Magna Mining has 2 key objectives, which are to grow the existing resource at Shakespeare and to make new regional discoveries.

In 2021 the company are planning to achieve this through the execution of the first significant exploration program on this land package in more than 15 years.

The company plans to initiate a 6,000 metre drill program near the mine to expand the resource, while commencing a 3,000 metre regional exploration program.

The company’s Shining Tree project, located 100km north of Sudbury, within trucking distance of milling facilities, is an advanced nickel-copper property with an historic NI 43-101 resource.

The company recently closed a broker private placement, raising gross proceeds of $7 million from the placement of approximately 8.75 million units (8,750,625) priced at $0.40 per unit.

Each unit consisted of 1 share and 1 warrant, with the warrant exercisable at $0.615 for 18 months, subject to an acceleration clause.

The shares are trading at $0.64.

For more information, please visit the company’s website www.MagnaMining.com, contact Jason Jessup, CEO, at 705-665-0262 or email Jason.jessup@MagnaMining.com or contact Paul Fowler, Senior VP, at 416-356-8165 or by email at paul.fowler@MagnaMining.com.
I’m Cassandra Bolinski for Investmentpitch Media