Magna Mining Announces Initial Mineral Reserves for McCreedy West Mine in Sudbury, Ontario
SUDBURY, Ontario — Magna Mining Inc. (TSXV: NICU) (OTCQX: MGMNF) (FSE: 8YD) has announced the initial Mineral Reserves for its McCreedy West Mine, located in the North Range of the Sudbury Basin in Ontario, Canada. This significant milestone marks a key development for the company, with the Mineral Reserves and Mineral Resources estimates prepared in strict accordance with National Instrument 43-101 standards for mineral project disclosure.
Key Reserve and Resource Figures
The company disclosed comprehensive figures that outline the mineral potential of the McCreedy West Mine:
- Probable Mineral Reserves: 987,000 tonnes at 1.59% copper, 0.32% nickel, 0.01% cobalt, 1.15 grams per tonne platinum, 1.23 g/t palladium, 0.32 g/t gold, and 6.65 g/t silver.
- Indicated Mineral Resources: 5,632,000 tonnes at 1.10% copper, 0.98% nickel, 0.03% cobalt, 0.82 g/t platinum, 0.92 g/t palladium, 0.23 g/t gold, and 5.15 g/t silver.
- Inferred Mineral Resources: 874,000 tonnes at 1.37% copper, 1.00% nickel, 0.02% cobalt, 1.26 g/t platinum, 1.24 g/t palladium, 0.26 g/t gold, and 4.12 g/t silver.
It is important to note that Mineral Resources do not include Mineral Reserves, providing a clear distinction between the two categories.
Three-Year Production Profile
Based on the Mineral Reserve Estimate, the 700/PM Copper-PGE Zones at McCreedy West demonstrate an initial three-year production profile. This projection assumes forecasted mining rates that align with the current operation and the company's 2026 guidance. The Mineral Reserve estimate specifically supports this production timeline for the 700/PM Copper Zones, while the Intermain Nickel Zone is incorporated only in the Mineral Resource estimate and not in the three-year production profile.
CEO Statement and Company Confidence
Jason Jessup, CEO of Magna Mining, expressed pride in this announcement, stating, "We are proud to be able to announce our Mineral Reserves for the McCreedy West Mine, and it is a milestone for our company and a testament to the team we have built. These Mineral Reserves will support an initial three-year production profile, which is in line with the reserves that McCreedy West has operated with since being restarted in 2003 by FNX Mining."
Jessup further emphasized the company's ongoing efforts, adding, "As we continue to diamond drill and plan further into the future, I am confident that we can continue to convert Mineral Resources and replace mined reserves for many years to come."
Technical Details and Mining Methodology
The 2026 Mineral Reserves and Mineral Resources estimate is effective as of December 31, 2025, and reflects updated parameters including Mineral Resource estimation adjustments, cut-off grade assumptions, and geological data from the company's drilling program. All Mineral Reserves are contained within the 700 Copper and PM Copper-PGE Zones, comprising 987,000 tonnes at specific grades.
The Mineral Reserves in these footwall copper zones consist of structural-controlled, chalcopyrite-rich veins with widths ranging from less than one foot (0.305 metres) to greater than 10 feet (3.05 metres). The mining method currently employed at McCreedy West is long hole stoping with unconsolidated rock backfill.
Stope design is based on a minimum mining width of 5 feet (1.52 metres), with an additional 1.5 feet (0.46 metres) dilution on both the hanging wall and footwall. The resulting tonnage and grade estimates include appropriate dilution and 85% stope recoveries.
A cut-off grade was applied to each stope based on Net Smelter Return exceeding sustaining development, equipment and fixed plant capital costs, as well as operating costs of CAD$180.00 per short ton. This rigorous approach ensures economic viability and operational efficiency.
Historical Context and Future Outlook
The McCreedy West Mine has been operational since its restart in 2003 by FNX Mining, and the current Mineral Reserves align with historical production profiles. Magna Mining's announcement represents a continuation of this legacy while positioning the company for sustained future growth through ongoing drilling and resource conversion efforts.
