Magna advances on Sudbury, Ont., PGM results CanadiansInvest
-TSXV] shares rallied in active trading Monday after the company said drill crews had intersected high grade platinum group metal footwall mineralization at its Crean Hill Mine project near Sudbury, Ont.
The company recently completed the acquisition of Lonmin Canada Inc., which owns the Denison Project. The Denison Project is centred on the past-producing Crean Hill Mine in the Sudbury Basin, which was a significant past producer of nickel-copper and PGMs over a period spanning more than 80 years. That amounts to 500 million pounds of contained nickel, 450 million pounds of copper, 1.7 million ounces of platinum-palladium and gold in the indicated category. The company has said this resource starts at surface and could be amenable to open pit mining as well as near surface underground mining methods.
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