About
The Podolsky Mine property is located on the east range of the SIC, and is an underground copper-nickel deposit. Discovered in the late 20th century, the deposit was developed as part of the region’s continued expansion beyond the traditional Sudbury Basin, highlighting the broader mineral potential of the area.
History
The Podolsky Mine property consists of the historically mined Whistle open pit nickel contact deposit as well as the shaft accessed 2000 Zone offset hosted footwall deposit, that was developed and mined by FNX Mining Inc. from 2007-2013. The Whistle open pit was developed and mined by Inco in the late 1980’s and 1990’s, and produced 5.7 million tons grading 0.33% Cu, 0.95% Ni and 0.034% Co. Production from the 2000 Zone and Gabbro Zones totaled 1.75 million tonnes grading 3.9% Cu, 0.3 % Ni and 3.9 g/t Pt+Pd+Au. The North Zone offset hosted Cu-PGE deposit remains undeveloped, and significant exploration potential exists for additional offset hosted Cu-PGE deposits within the footwall and offset environments.
Historical Resource Estimate
An MRE for the Podolsky Mine has been completed internally by KGHM International. The MRE for the Podolsky Mine is considered historical in nature. Although the resource estimate has been prepared and disclosed in compliance with all current disclosure requirements for mineral resources set out in the NI 43-101 and the classification of the historical resource as a Measured, Indicated and Inferred resource is consistent with current 2014 CIM Definition Standards – For Mineral Resources and Mineral Reserves, a qualified person has not done sufficient work to classify the historical resource estimate as a current mineral resource and Magna is not treating the historical resource estimate as a current mineral resource.
