Magna Mining Identifies New High-Grade Copper Zone at Shakespeare Project in Ontario

Magna Mining (TSXV: NICU) has announced a promising discovery of high-grade copper mineralization at its Shakespeare project in Sudbury, Ontario, through a joint venture with Glencore (LSE: GLEN). The newly identified Southwest Copper Zone, located less than 2 kilometres from the feasibility-stage Shakespeare mine, has shown significant potential following recent drilling results.

The first drillhole in the Southwest target, MSW-24-01, intercepted 32.4 meters of copper mineralization grading 1.4% copper, including a high-grade interval of 13.9 meters at 2.3% copper, starting at a depth of 64.6 meters downhole. Magna Mining described the discovery as encouraging, especially since the Southwest area had no prior drilling records. The company plans to continue drilling in the area to test both the strike and depth of the mineralization, which is still open in all directions.

“This is an exciting development for us,” said Dave King, Magna’s Senior Vice President of Geoscience. “We are optimistic about the potential of this zone, and our next step is to explore its full extent. The area is open for expansion in all directions, and we are in the early stages of understanding its significance.”

Sudbury, historically known for nickel mining, is now attracting increasing exploration interest, driven by the rising demand for copper, nickel, and other critical metals. Magna Mining’s latest discovery at Shakespeare comes as global miners like Vale (NYSE: VALE) and SPC Nickel (TSXV: SPC) ramp up efforts in the region to capitalize on these resources.

Shares of Magna Mining rose 4.4% to C$1.20 on Monday, with the company’s market capitalization reaching C$207.8 million. The company’s stock has ranged between C$0.37 and C$1.35 over the past 52 weeks.

Magna Mining holds an 86% stake in the Shakespeare project, while Glencore owns 14%. The project includes the redevelopment of the former Shakespeare mine and its associated mill, with permits already in place for a 4,500-tonne-per-day open-pit operation. Magna is also working on the nearby Crean Hill mine, which is expected to produce nickel, copper, and platinum group metals. A recent preliminary economic assessment (PEA) shows a 129% internal rate of return for the Crean Hill project.

The Southwest zone lies within a regional structural zone associated with the Murray fault system, which runs through the Shakespeare property. Mineralization is dominated by pyrite, pyrrhotite, and chalcopyrite, hosted in silicified shears. Magna is also drilling additional holes in the area to further explore this promising new copper zone.

Magna's continued exploration in Sudbury highlights the region’s growing role as a hub for copper and other critical metal production, as demand for these resources’ surges in the context of the global energy transition.