Sudbury, Ontario--(Newsfile Corp. - September 21, 2023) - Magna Mining Inc. (TSXV: NICU) (OTCQB: MGMNF) (FSE: 8YD) ("Magna" or the "Company") ("Magna" or the "Company") is pleased to release additional assay results from the ongoing 2023 diamond drilling program. Drilling continues to intersect high grade nickel mineralization in the 105 Footwall ("FW") Zone including drillhole MCR-23-040 which intersected 4.2% Ni, 0.9 % Cu, 1.4 g/t Pt + Pd + Au over 7.0 metres.
Highlights from the new assay results include:
- 105 FW Zone
MCR-23-040: 4.2% Ni, 0.9 % Cu, 1.4 g/t Pt + Pd + Au over 7.0 metres
MCR-23-046: 0.2% Ni, 1.2 % Cu, 6.3 g/t Pt + Pd + Au over 5.2 metres
And 2.7% Ni, 1.5 % Cu, 18.1 g/t Pt + Pd + Au over 0.9 metres
MCR-23-050: 1.1% Ni, 0.6 % Cu, 4.3 g/t Pt + Pd + Au over 8.8 metres
And 0.6% Ni, 3.5 % Cu, 10.1 g/t Pt + Pd + Au over 1.1 metres
Dave King, SVP Technical Services stated, "The 105 FW Zone is similar to the 101 FW Zone, and consists of high nickel tenor, semi massive to massive sulphide veins hosted within a breccia structure extending into the footwall from the Sudbury Igneous Complex ("SIC"). Additional diamond drilling within the 105 FW zone continues to intersect high grade mineralization with increasing precious metals (Pt, Pd, Au) as this structure approaches the Main Zone. We are encouraged to see high grade PGE mineralization at the 1500 ft level, down-plunge of the defined 109 FW zone, where these two structures are interpreted to intersect, indicating this style of mineralization may continue to depth" (see Figure 1).
The 105 FW diamond drilling to date has been focused on expanding the current Indicated Mineral Resource, with the objective of better understanding the geologic controls on mineralization and grade continuity. Two high grade, precious metal rich, intersections in drillhole MCR-23-040, grading 0.3% Ni, 0.8 % Cu, 38.6 g/t Pt + Pd + Au over 0.3 metres and 0.2% Ni, 0.5 % Cu, 35.2 g/t Pt + Pd + Au over 0.5 metres are related to the 109 FW zone. These two intersections are outside of the current 109 FW Mineral Resource and have potential to add near surface resource which could be amenable to more selective mining methods.
Additional exploration assay results released today are from the G1 and G2 contact exploration targets, as well as the remaining assays from the near surface drilling on the 109 FW zone (see news release dated June 20, 2023). Figure 2 illustrates the location of additional exploration drilling and complete assay results are summarized in Table 1. Drillhole collar coordinates are presented Table 2.
Diamond drilling is ongoing at Crean Hill, with one diamond drill currently focused on deep footwall exploration.
Table 1: Summary of Assay Results
|Ni %||Cu %||Co %||Pt g/t||Pd g/t||Au g/t||TPM g/t||NiEq|
|MCR-23-43||G2||No Significant Values|
|MCR-23-45||G2||No Significant Values|
|MCR-23-46||105 FW/109 FW||453.09||458.24||5.15||0.24||1.15||0.02||1.32||4.20||0.74||6.26||2.04|
|MCR-23-47||G2||No Significant Values|
|MCR-23-48||Exploration||No Significant Values|
|MCR-23-50||105 FW/109 FW||448.36||453.12||4.76||1.06||0.64||0.03||2.92||0.84||0.58||4.34||2.04|
|MCB-23-026||109 FW||No Significant Values|
All lengths are downhole length.
NiEq % = ( (Ni% x 2204 x Ni Price $/lb) + (Cu% x 96% Recovery x 2204 x Cu Price $/lb) + (Co% x 56% Recovery x 2204 x Co Price $/lb) + (Pt gpt x 69% Recovery / 31.1035 x Pt $/oz) +(Pd gpt x 68% Recovery / 31.1035 x Pd $/oz) + (Au gpt x 68% Recovery / 31.1035 x Au $/oz))/2204 x Ni $/lb
Metal prices in US$: $8.50/lb Ni, $3.75/lb Cu, $22.00/lb Co, $1000/oz Pt, $2000/oz Pd and $1,750/oz Au
Figure 1: Longitudinal Section of the Crean Hill Deposit Showing the Location of Mineralized Zones and the 105 FW Drillholes Reported Today, Looking North.
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Figure 2: Idealized Geological Plan View of the Crean Hill Property, Showing the 109 FW, G1 And G2 Exploration Target Areas.
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Table 2: Drillhole Collar Coordinates
*Drillhole Coordinates are in coordinate system NAD 83 Zone 17
The technical information in this press release has been reviewed and approved by David King, M.Sc., P.Geo. Mr. King is the Senior Vice President, Technical Services for Magna Mining Inc. and is a qualified person under Canadian National Instrument 43-101.
Sample QA/QC procedures for Magna have been designed to meet or exceed industry standards. Drill core is collected from the diamond drill and placed in sealed core trays for transport to Magna's core facilities. The core is then logged, and samples marked in intervals of up to 1.5m and cut with a diamond saw. Samples are then bagged in plastic bags with 10 bagged samples being placed into rice bags for transport to Swastika Laboratories in Kirkland Lake Ontario via Gardewine Transport. Samples are submitted in batches of 50 with 5 QA/QC samples including, 2 certified reference material standards, 2 samples of blank material and 1 duplicate.
About Magna Mining Inc.
Magna Mining is an exploration and development company focused on nickel, copper and PGM projects in the Sudbury Region of Ontario, Canada. The Company's flagship assets are the past producing Shakespeare and Crean Hill Mines. The Shakespeare Mine is a feasibility stage project which has major permits for the construction of a 4,500 tonne per day open pit mine, processing plant and tailings storage facility and is surrounded by a contiguous 180km2 prospective land package. Crean Hill is a past producing nickel, copper and PGM mine with a technical report dated August 2022. Additional information about the Company is available on SEDAR (www.sedarplus.ca) and on the Company's website (www.magnamining.com).
For further information, please contact:
Chief Executive Officer
Paul Fowler, CFA
Senior Vice President
This press release contains certain forward-looking information or forward-looking statements as defined in applicable securities laws. Forward-looking statements are not historical facts and are subject to several risks and uncertainties beyond the Company's control, including statements regarding the production at the Shakespeare and Crean HIll Mines, the economic and operational potential of the Shakespeare and Crean Hill Mines, potential acquisitions, plans to complete exploration programs, potential mineralization, exploration results and statements regarding beliefs, plans, expectations, or intentions of the Company. Resource exploration and development is highly speculative, characterized by several significant risks, which even a combination of careful evaluation, experience and knowledge may not eliminate. All forward-looking statements herein are qualified by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements whether as a result of new information or future events or otherwise, except as may be required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this press release.
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