Magna Mining Announces Additional High- Grade Intercepts near Surface in the 109 Footwall Zone, and Provides an Update on the Preliminary Economic Assessment
Magna Mining Announces Additional High-
Grade Intercepts near Surface in the 109
Footwall Zone, and Provides an Update on the
Preliminary Economic Assessment
Sudbury, Ontario--(Newsfile Corp. - June 20, 2023) - Magna Mining Inc. (TSXV: NICU) ("Magna" or the
"Company") is pleased to release additional assay results from a series of short, near surface drillholes
immediately beneath the surface exposure of the 109 Footwall ("FW") Zone. The surface expression of
this high grade PGM zone has been identified as a potential site for an exploration bulk sample in late
2023, which could be processed through a third-party mill in Sudbury. The technical assessments
necessary for such a third-party milling agreement are already underway and are expected to conclude
in Q3 2023.
Additionally, Magna is pleased to provide an update on the progress of the Preliminary
Economic Assessment (PEA) that was initiated in Q4 2022.
Highlights from the new assay results include:
MCB-23-018: 0.2% Ni, 0.1 % Cu, 5.4 g/t Pt + Pd + Au over 27.0 metres,
including 0.2 % Ni, 0.1% Cu and 11.2 g/t Pt + Pd + Au over 3.9 metres,
and 0.4 % Ni, 0.2% Cu and 11.1 g/t Pt + Pd + Au over 5.7 metres
MCB-23-021: 0.2% Ni, 0.5 % Cu, 7.3 g/t Pt + Pd + Au
over 16.9 metres
including 0.4 % Ni, 5.3% Cu and 11.0 g/t Pt + Pd + Au over 0.3 metres,
and 1.2 % Ni, 7.7% Cu and 12.3 g/t Pt + Pd + Au over 0.3 metres
Jason Jessup, CEO of Magna, stated, "Activities at Crean Hill are progressing on schedule. The
additional 109 FW Zone assay results reported today are part of a definition drilling program to improve
our understanding of the near surface mineralization in this area.
The near surface location of this high-
grade mineralization, along with the proximity to third-party mills in Sudbury, will allow for a low-cost bulk
sampling program and we expect to be able to fund the surface bulk sample from our existing cash
balance. The surface bulk sample is expected to be completed before the end of the year, and it will be a
significant step towards our goal of producing from near surface underground zones of the Crean Hill
deposit via ramp access in in early 2024."
The 109 FW Zone is considered a low sulphide, high-grade platinum, palladium and gold mineralized
zone, hosted within a breccia system extending southwest from the historically mined Main Zone contact
nickel /copper orebody. Results reported today from the near surface portion of the 109 FW Zone are in
addition to the initial assay results reported earlier this month (
See news release dated June 7, 2023
).
Drilling continues to intersect near surface, high grade precious metal mineralization, and improve the
understanding of the distribution of mineralization within the footwall breccia.
The location of the 109 FW Zone diamond drilling is illustrated in Figures 1-2, assay results are
summarized in Table 1, and drillhole coordinates in Table 2.
PEA Update
Magna is also pleased to provide an update on the progress of the ongoing Preliminary Economic
Assessment ("PEA"), which is nearing completion, and expected to be released in late July.
The PEA base-case will consider Crean Hill as a stand-alone operation, with mineralization processed
through one of the third-party mills in Sudbury. In Section 24 of the PEA, an alternative processing
scenario will be evaluated, where Crean Hill material is processed through a future mill at Magna's
Shakespeare Project.
Dave King, SVP Technical Services, added, "The drilling that Magna has completed since releasing the
Mineral Resource Estimate for Crean Hill has been quite positive and has greatly enhanced our
understanding of the footwall zones at the deposit. We now believe that with more detailed wireframing
and block modeling, there may be improvements to the grade of both the 101 and 109 FW Zones. After
internal discussions, the decision has been made to not include any of Magna's drilling in the PEA, in
order to have the PEA completed and released in Q3. These results, along with the remaining 7000-
8000 metres of drilling yet to be completed in 2023, will be included in the next technical study."
Table
1
: Summary of Assay Results
Drillhole
Zone
From (m)
To (m)
Length
(m)
Ni %
Cu %
Co %
Pt g/t
Pd g/t
Au g/t
TPM g/t
NiEq
MCB-23-
001*
109 FW
4.00
5.00
1.00
0.06
0.14
0.01
3.92
1.35
0.53
5.80
1.02
and
14.00
14.90
0.90
0.08
0.07
0.01
2.98
1.61
0.55
5.14
0.97
and
18.18
21.00
2.82
0.05
0.06
0.00
1.28
0.92
0.44
2.64
0.54
MCB-23-
002*
109 FW
3.50
7.00
3.50
0.05
0.10
0.01
0.93
0.51
0.33
1.78
0.40
and
14.00
14.83
0.83
0.12
0.18
0.01
4.52
3.08
1.44
9.04
1.75
and
21.00
22.91
1.91
0.10
0.35
0.01
3.56
2.11
1.16
6.83
1.40
MCB-23-
003*
109 FW
8.95
39.95
31.00
0.74
0.58
0.02
3.25
3.27
2.17
8.70
2.60
including
25.76
28.94
3.18
5.89
1.99
0.10
2.33
7.19
2.82
12.35
9.40
MCB-23-
004*
109 FW
14.32
15.22
0.90
0.10
0.12
0.01
2.66
2.22
1.10
5.98
1.22
and
19.00
20.12
1.12
0.11
0.12
0.01
1.02
0.65
0.41
2.08
0.53
MCB-23-
005*
109 FW
14.98
17.00
2.02
0.10
0.16
0.01
1.34
2.08
0.61
4.04
0.94
MCB-23-
006*
109 FW
1.85
20.00
18.15
0.12
0.21
0.01
2.42
0.93
0.85
4.19
0.89
including
16.14
20.00
3.86
0.18
0.24
0.01
4.53
2.26
1.71
8.50
1.71
MCB-23-
007*
109 FW
3.00
24.00
21.00
0.25
0.80
0.01
6.65
1.41
0.89
8.95
1.90
including
22.12
24.00
1.88
1.51
6.82
0.03
45.87
1.27
1.92
49.06
10.56
MCB-23-
008*
109 FW
13.01
19.43
6.42
0.13
0.24
0.01
3.47
1.07
0.66
5.20
1.03
MCB-23-
009*
109 FW
3.00
22.00
19.00
0.23
0.23
0.01
5.52
4.30
2.56
12.38
2.52
MCB-23-
010*
109 FW
9.03
12.00
2.97
0.12
0.07
0.01
2.49
1.79
0.92
5.20
1.06
and
14.95
16.99
2.04
0.08
0.17
0.01
3.15
0.85
0.58
4.58
0.85
MCB-23-
011*
109 FW
8.95
17.00
8.05
0.13
0.31
0.00
2.87
1.57
0.96
5.40
1.17
MCB-23-
012*
109 FW
8.04
21.00
12.96
0.36
0.56
0.04
2.12
15.17
1.58
18.88
4.77
Including
15.00
19.94
4.94
0.80
1.07
0.10
3.00
38.50
3.41
44.91
11.43
MCB-23-
013*
109 FW
11.72
12.40
0.68
0.05
0.47
0.01
0.06
0.17
0.10
0.33
0.33
MCB-23-
014*
109 FW
44.37
50.00
5.63
0.13
0.38
0.01
3.30
1.84
1.56
6.70
1.44
MCB-23-
015*
109 FW
15.00
26.00
11.00
0.07
0.46
0.01
0.60
0.44
0.38
1.43
0.53
including
18.17
18.49
0.32
0.48
8.04
0.04
2.73
5.60
3.95
12.28
6.36
MCB-23-
016*
109 FW
No Significant Values
MCB-23-
017
109 FW
10.50
11.00
0.50
0.06
0.03
0.01
3.34
1.22
0.71
5.27
0.91
MCB-23-
018
109 FW
20.98
48.00
27.02
0.15
0.12
0.01
2.67
1.73
0.99
5.38
1.13
including
20.98
24.87
3.89
0.18
0.11
0.01
5.11
3.98
2.09
11.19
2.20
including
32.00
37.65
5.65
0.36
0.17
0.01
5.48
3.60
2.06
11.14
2.35
MCB-23-
019
109 FW
14.00
17.98
3.98
0.09
0.07
0.01
3.46
2.59
1.25
7.30
1.40
and
28.00
29.00
1.00
0.09
0.08
0.01
11.50
2.33
1.68
15.51
2.38
MCB-23-
020
109 FW
No Significant Values
MCB-23-
021
109 FW
32.06
49.00
16.94
0.15
0.45
0.01
3.32
2.55
1.41
7.28
1.63
including
37.82
38.12
0.30
0.41
5.34
0.01
3.74
4.07
3.17
10.98
4.71
and
42.88
43.19
0.31
1.23
7.65
0.05
2.21
7.30
2.81
12.32
7.06
MCB-23-
022
109 FW
No Significant Values
MCB-23-
023
109 FW
Assays Pending
MCB-23-
024
109 FW
Assays Pending
MCB-23-
025
109 FW
Assays Pending
MCB-23-
026
109 FW
Assays Pending
*Previously Reported
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
Figure 1: Plan View of the Crean Hill Property Showing the Location of the 109 FW Zone
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8002/170571_47ac84c4342beb0b_002full.jpg
Figure 2: Plan View of the 109 FW Zone, Showing the Location of Drillholes
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8002/170571_47ac84c4342beb0b_003full.jpg
Table 2: Drillhole Collar Coordinates
BHID
Easting
Northing
Elevation
Azimuth
Dip
Depth
MCB-23-001
473053
5141781
293
116
38
25
MCB-23-002
473052
5141781
294
89
39
50
MCB-23-003
473052
5141781
294
89
77
50
MCB-23-004
473052
5141781
294
160
38
26
MCB-23-005
473051
5141787
292
91
38
44
MCB-23-006
473051
5141787
292
61
38
38
MCB-23-007
473051
5141787
292
61
60
24
MCB-23-008
473051
5141787
292
32
38
20
MCB-23-009
473046
5141792
292
53
38
22
MCB-23-010
473046
5141792
292
7
63
17
MCB-23-011
473046
5141792
292
335
39
17
MCB-23-012
473037
5141805
288
90
38
22
MCB-23-013
473037
5141805
288
46
38
21
MCB-23-014
473028
5141821
288
120
38
50
MCB-23-015
473027
5141821
288
80
38
26
MCB-23-016
473027
5141821
288
10
38
17
MCB-23-017
473079
5141769
297
340
38
35
MCB-23-018
473079
5141769
297
303
39
50
MCB-23-019
473079
5141769
297
270
38
29
MCB-23-020
473079
5141769
297
270
55
18
MCB-23-021
473080
5141770
297
320
47
51
MCB-23-022
473070
5141754
294
350
42
25
MCB-23-023
473070
5141754
294
310
38
36
MCB-23-024
473061
5141726
293
252
42
80
MCB-23-025
473061
5141726
293
305
38
51
MCB-23-026
473048
5141780
292
265
38
30
*Drillhole Coordinates are in coordinate system NAD 83 Zone 17
Qualified Person
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.
QA/QC
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, with samples marked in intervals of up to 1.5m. Samples are then
whole core sampled, bagged in plastic bags with 10 bagged samples being placed into rice bags for
transport to AGAT Laboratories in Mississauga Ontario via Gardewine Transport. Designated holes
have been split with a core saw to retain representative samples. 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 lab 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 180km
2
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.sedar.com
) and on the Company's
website (
www.magnamining.com
).
For further information, please contact:
Jason Jessup
Chief Executive Officer
or
Paul Fowler, CFA
Senior Vice President
Email:
Cautionary Statement
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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/170571