Magna Mining Announces High-Grade Intercepts near Surface in the 109 Footwall Zone Including 5.9% Ni, 2.0 % Cu, 12.4 g/t Pt + Pd + Au Over 3.2 m
Magna Mining Announces High-Grade
Intercepts near Surface in the 109 Footwall
Zone
Including 5.9% Ni, 2.0 % Cu, 12.4 g/t Pt + Pd + Au Over 3.2 m
Sudbury, Ontario--(Newsfile Corp. - June 7, 2023) - Magna Mining Inc. (TSXV: NICU) (FSE: 8YD)
("Magna" or the "Company") is pleased to release initial assays from a series of short, near surface
drillholes immediately beneath the surface exposure of the 109 Footwall ("FW") Zone.
The assay results
reported wide, high- grade intercepts including 0.7% Ni, 0.6% Cu, and 8.7 g/t Pt + Pd + Au over 31 m in
hole MCB-23-003, and 0.3% Ni, 0.8% Cu, and 9.0 g/t Pt + Pd + Au over 21 m in hole MCB-23-007 (see
Table 1). These high-grade intersections are not well represented in the current resource model. As a
result of confirming high-grade mineralization in this section of the 109 FW Zone, Magna is now planning
a surface, advanced exploration bulk sample program to better define the grade and continuity of
mineralization in this area. Results for 16 of 26 short drillholes completed have been received so far.
Highlights from the new assay results include:
MCB-23-003: 0.7% Ni, 0.6 % Cu, 8.7 g/t Pt + Pd + Au over 31.0 metres,
including 5.9 % Ni, 2.0% Cu and 12.4 g/t Pt + Pd + Au over 3.2 metres,
MCB-23-007: 0.3% Ni, 0.8 % Cu, 9.0 g/t Pt + Pd + Au
over 21.0 metres
including 1.9 % Ni, 1.5% Cu and 49.1 g/t Pt + Pd + Au over 1.9 metres
MCB-23-012: 0.4% Ni, 0.6 % Cu, 18.9 g/t Pt + Pd + Au
over 13.0 metres
including 0.8 % Ni, 1.1% Cu and 44.9 g/t Pt + Pd + Au over 4.9 metres
Jason Jessup, CEO of Magna, stated, "The assay results reported today are part of a definition drilling
program to improve our understanding and modelling of the 109 FW Zone. The intersections received to
date support our new thesis that there are high-grade, structurally controlled systems running through the
109 FW Zone. These high-grade trends are not well represented in the current Mineral Resource
Estimate but will be incorporated into future resource updates. Magna is currently planning an advanced
exploration bulk sampling program at surface from this area of the 109 FW Zone. We are expecting to
complete this bulk sample before the end of this year in advance of a possible underground advanced
exploration program commencing in early 2024."
The 109 FW Zone is considered a low sulphide, high-grade Pt+Pd+Au mineralized zone, hosted within a
breccia system extending southwest from the historically mined Main Zone contact Ni-Cu orebody.
Magna's drilling in 2022 and early 2023 identified extremely high-grade, semi-massive to massive
sulphide mineralization within the overall low sulphide mineralized zone (See news release dated
April
11, 2023
). A program comprised of 26 short (15 to 50 m) drillholes has been completed, with the
objective of defining the distribution and continuity of semi-massive to massive sulphides. At least two
structurally controlled, high grade trends have been recognized within the 109 FW Zone, which will
improve the geological modeling and will be incorporated into future resource estimates. These trends
are not well exposed on surface and a surface advanced exploration bulk sampling program is being
planned to confirm and better define the interpreted high-grade trends, and to facilitate planning of future
exploration to expand on the 109 FW Zone.
The location of the 109 FW diamond drilling is illustrated in Figures 1-3, assay results are summarized in
Table 1, and drillhole coordinates in Table 2.
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
and
30.04
32.00
1.96
0.07
0.10
0.01
2.02
0.89
0.48
3.39
0.67
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
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/8002/169060_807833d784699803_003full.jpg
Figure 2: Plan View of the 109 FW Zone, Showing the Location of Drillholes Reported in
Todays News Release and Vertical Section Shown in Figure 3.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8002/169060_807833d784699803_004full.jpg
Figure 3: 109 FW Zone Vertical Section, Looking North West, Showing Magna Drilling Results
and the Current Resource Model. See Figure 2 for the location of Section A-A'.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8002/169060_807833d784699803_005full.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
*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/169060