Magna Mining Announces Closing of Property Acquisition from NorthX Nickel Corp.

Core Viewpoint - Magna Mining Inc. has successfully completed the acquisition of a portfolio of exploration properties from NorthX Nickel Corp., enhancing its holdings in the Sudbury Basin to a total of 584 km² [1][2]. Company Overview - Magna Mining is a producing mining company focused on copper, nickel, and PGM projects in the Sudbury Region of Ontario, Canada, with primary assets including the McCreedy West copper mine and several past-producing mines [17]. Transaction Details - The acquisition involved Magna paying C$1.00 to NorthX and assuming liabilities related to the Broken Hammer mine closure plan, which includes a financial assurance of approximately C$481,629 [10]. - NorthX will pay Magna C$665,000 to cover costs associated with the Broken Hammer mine closure plan [10]. Property Portfolio - The acquired NorthX properties cover 304 km² and include past-producing properties such as Parkin and Wisner, as well as several exploration properties in the Sudbury Igneous Complex [2][6]. - The Parkin property has historical production of 157,000 tons grading 1.5% Ni, 1.5% Cu, and 6.2 g/t Pt + Pd + Au, with drillhole intersections showing high-grade mineralization [7]. - The Wisner property historically produced 295,000 tonnes grading 0.9% Cu and 4.1 g/t Pt + Pd + Au, with additional properties like Blezard and Creighton South showing significant measured and indicated resources [8]. Exploration Potential - Magna Mining believes the acquired properties have high potential for new discoveries, particularly in areas corresponding to the footwall of known Sudbury deposits [3]. - The exploration team will compile and interpret existing data to identify and test high-priority exploration targets [9].