Magna Mining (NICU) – Permitted Nickel Mine, Mill & Tailings Storage





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Matthew Gordon spoke to Jason Jessup, CEO of Magna Mining Corp (TSX-V:NICU) to discuss the company’s recent activities.

Our previous interview:

Magna Mining is a Sudbury-focused exploration and development company focused on nickel, copper and platinum group metals (PGMs). The company acquired its cornerstone project, the Shakespeare mine in 2017 through the acquisition of Ursa Major Minerals, who owned the project at that time. Magna Mining has assembled a 180 km2 land package around the mine, which it believes is underexplored and holds potential for further nickel, copper and PGM discoveries.

The Shakespeare mine is located approximately 70 km southwest of the Sudbury Basin, a major geological structure in Ontario, Canada. The mine is a NI 43-101 accredited resource and holds all the major permits required for both the construction of a 4,500 ton per day mill and the recommencement of open-pit mining.

The company recently released additional assay results for the Shakespeare mine 2021 exploration drilling program. The highlights of the exploration drilling program includes wide gap zone intersections, which the company believes supports the hypothesis that the mineralisation of the projects east and west side are connected at both surface as well as at depth.
The company released a feasibility study for the Shakespeare mine in early 2022, which is considered as a base case, with the results of the 2021 exploration program not included. The feasibility study includes highlights as a pre-tax NPV6% of USD$ 221 million and a pre-tax payback period of 3.4 years.

Magna Mining has also recently signed a memorandum of understanding (MOU) for a proposed joint venture arrangement with Mitsui & Co. regarding the Shakespeare mine. The MOU entails the possibility of Mitsui & Co. acquiring 10% to 12.5% of interest in the Shakespeare mine, in exchange for between USD$ 8 million to USD$ 10 million.

0:00 – Company Overview
1:29 – Jason’s Background
4:46 – Plans Before vs. Plan as of Today
8:16 – Working around “Small” Company Disadvantages
12:12 – MoU with Mitsui Discussion
15:19 – Acquisition Targets
16:17 – Strategizing the Next Possible Deals
18:47 – Company’s RTO Discussion
22:05 – Highlights of the Feasibility Study
25:50 – Plans in Raising Funding
31:00 – Getting the Desired CapEx
33:34 – “Three Big Pillars of Growth”
36:05 – Outro

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