Magna Mining (TSXV: NICU; US-OTC: MGMNF) says drilling found new copper mineralization on its Shakespeare project in a joint venture with Glencore (LSE: GLEN) less than 2 km from a feasibility-stage former mine.
The initial drillhole MSW-24-01 on the Southwest copper zone cut 32.4 metres grading 1.4% copper, including 13.9 metres at 2.3% copper beginning at 64.6 metres downhole, Magna said on Monday.
Crews identified the Southwest target early this year on the project in Sudbury, Ont., Dave King, Magna senior vice-president of geoscience, said in a release. Southwest had no records of previous drilling. Magna plans more exploration to test the area on strike and at depth, King said.
“The zone is open for expansion in all directions,” he said. “We are in the early days of defining the significance of mineralization here, however, we are optimistic of the potential.”
Sudbury, known for its nickel production that dominated the region for more than a century, is attracting exploration linked to historical operations as demand for battery and energy transition metals rises. Giant Vale (NYSE: VALE) is expanding its Sudbury Copper Cliff complex to increase production of nickel, copper and cobalt. SPC Nickel (TSXV: SPC) is developing its West Graham nickel-copper project in the area.
