NICU.V · 2024-06-25 12:00:00

Magna Mining Announces New Assay Results at Crean Hill and an Update on Advanced Exploration Results Include 0.4% Ni, 0.5% Cu, and 34.3 g/t Pt+Pd+Au over 4.1 Metres, Starting at Surface

Drill Results

Magna Mining Announces New Assay Results

at Crean Hill and an Update on Advanced

Exploration

Results Include 0.4% Ni, 0.5% Cu, and 34.3 g/t Pt+Pd+Au over

4.1 Metres, Starting at Surface

Sudbury, Ontario--(Newsfile Corp. - June 25, 2024) - Magna Mining Inc. (TSXV: NICU) (OTCQB:

MGMNF) (FSE: 8YD) ("Magna" or the "Company") is pleased to announce additional diamond drilling

results and provide an update on the surface advanced exploration bulk sampling in the 109 Footwall

(FW) Zone.

Highlights from the new assay results include:

109 FW Zone

MCR-24-077: 0.2% Ni, 0.2 % Cu, 18.2 g/t Pt + Pd + Au over 15.0 metres

109 FW Zone Surface Sample

MCB-24-037: 0.4% Ni, 0.5 % Cu, 34.3 g/t Pt + Pd + Au

over 4.1 metres

MCB-24-042: 0.2% Ni, 0.1 % Cu, 13.8 g/t Pt + Pd + Au over 2.5 metres

MCR-24-052:

0.8% Ni, 2.9 % Cu, 5.9 g/t Pt + Pd + Au over 3.1 metres

MCR-24-053:

0.1% Ni, 0.2 % Cu, 8.3 g/t Pt + Pd + Au over 6.8 metres

Jeff Huffman, COO of Magna Mining commented, "With the Toll Milling Agreement* and contract for

Advanced Exploration** now in place, Magna can commence site preparation in advance of extracting

the surface bulk sample on the 109 Footwall Zone.

The initial advanced exploration will include surface

mining of approximately 20,000 tonnes of 109 Footwall bulk sample material that will be shipped to the

Strathcona Mill for processing. This batch process will provide valuable information used for optimizing

metal recoveries and concentrate grades, while facilitating additional metallurgical test work with the

goal of maximizing value for lower sulphide, high precious metal ores. The final batch of assay results

from the short-hole drill program is highly encouraging. This zone has a high-grade core with a broader,

low-sulphide PGM halo and the test work and bulk sample will encompass both."

e NR dated June 4, 2024

) ** (

See NR dated June 11, 2024

)

Magna will mobilize equipment in preparation for the surface advanced exploration work at Crean Hill in

the coming days and will be extracting approximately 20,000 tonnes of bulk sample material from the

109 FW Zone in Q3 2024.

Magna expects to receive revenues from the surface bulk sample within 6

months of processing the bulk sample.

Following the initial short-hole assay results (

See news release dated May 8, 2024

), the remaining

assays have been received from this program. The purpose of this drilling program was to define the

extent of 109 FW Zone mineralization exposed at surface (see Table 1 and Figure 1).

Drillhole data was

used to design a 20,000 tonne surface bulk sample that includes a blend of higher grade sulphide rich

mineralization, as well as the low-sulphide precious metal rich mineralization, representative of a bulk

mining scenario in the 109 FW Zone. Results from processing this material at the Strathcona Mill will

provide data on base case recoveries and concentrate grades for this style of mineralization. Detailed

sampling at various stages of the milling process will provide material for future metallurgical test work

and allow Magna to assess process flowsheet modifications with the goal of optimizing both recovery

and concentrate grade in advance of underground mining. In addition to the near surface short hole

drilling program, additional assays have been received from the ongoing 109 FW Zone definition

program, which continues to define the high precious metal mineralization in the upper levels of the mine.

Highlights from this drilling include 0.2% Ni, 0.2% Cu, 18.2 g/t Pt + Pd + Au over 15.0 metres in drillhole

MCR-24-077 (Figure 2). This area of the 109 FW Zone will be one of the areas targeted as part of the

underground advanced exploration program. Although the 109 FW Zone comprises only a small portion

of the current Mineral Resource Inventory, Magna believes the zone can be expanded further at depth.

Table 1: Summary of Crean Hill 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

MCR-24-

077

109 FW

96.00

129.00

33.00

0.11

0.16

0.00

6.56

2.53

1.50

10.59

1.85

Including

107.00

122.00

15.00

0.15

0.20

0.00

11.75

4.01

2.39

18.16

3.06

and

140.00

142.00

2.00

0.06

0.05

0.00

4.52

3.46

1.22

9.20

1.68

MCR-24-

078

Intermediate

103.00

117.00

14.00

0.35

0.56

0.02

0.20

0.08

0.10

0.38

0.67

MCB-24-

037

109 FW Surface

0.00

4.05

0.36

0.48

0.00

10.70

14.52

9.03

34.26

7.07

MCB-24-

038

109 FW Surface

1.7

5.0

3.3

0.3

0.2

0.0

0.9

3.7

0.5

5.07

1.47

MCB-24-

039

109 FW Surface

4.70

6.16

1.46

0.68

0.26

0.02

0.09

0.26

0.03

0.38

0.91

MCB-24-

040

109 FW Surface

9.00

9.49

0.49

0.81

0.42

0.04

1.52

0.21

0.17

1.90

1.30

MCB-24-

041

109 FW Surface

42.71

46.11

3.40

0.06

0.08

0.00

2.27

0.90

0.60

3.77

0.70

MCB-24-

042

109 FW Surface

21.87

24.34

2.47

0.16

0.11

0.00

2.33

7.39

4.11

13.82

3.05

MCB-24-

043

109 FW Surface

1.01

1.98

0.97

0.04

0.03

0.01

2.04

2.06

0.48

MCB-24-

044

109 FW Surface

10.00

11.00

1.00

0.09

0.05

0.01

1.16

0.81

0.53

2.50

0.55

MCB-24-

045

109 FW Surface

20.25

20.60

0.35

0.13

0.09

0.01

8.35

8.37

1.88

MCB-24-

046

109 FW Surface

7.74

10.25

2.51

0.13

0.10

0.01

3.31

1.67

1.15

6.14

1.20

MCB-24-

047

109 FW Surface

2.50

3.87

1.37

0.06

0.03

0.01

4.20

0.95

0.68

5.84

0.94

MCB-24-

048

109 FW Surface

No Significant Values

MCB-24-

049

109 FW Surface

No Significant Values

MCB-24-

050

109 FW Surface

No Significant Values

MCB-24-

051

109 FW Surface

No Significant Values

MCB-24-

052

109 FW Surface

13.78

16.88

3.10

0.77

2.92

0.02

4.21

1.06

0.62

5.89

2.91

MCB-24-

053

109 FW Surface

Including

1.96

11.00

9.04

0.09

0.23

0.00

3.18

2.16

1.23

6.57

1.33

2.42

9.17

6.75

0.10

0.17

0.00

4.05

2.74

1.55

8.34

1.62

MCB-24-

054

109 FW Surface

Including

0.69

18.60

17.91

0.07

0.24

0.00

2.21

1.69

0.73

4.63

0.98

11.15

15.87

4.72

0.12

0.46

0.01

3.45

3.67

1.16

8.28

1.82

All lengths are downhole length. True widths are estimated at 85-95% of downhole length.

Ni Eq % = (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.

Table 2: Drillhole Collar Coordinates

BHID

Easting

Northing

Elevation

Azimuth

Dip

Depth

MCR-24-077

473127

5141759

304

309

-70

161

MCR-24-078

473196

5141965

300

198

-50

119

MCB-24-037

473037

5141767

287

-45

MCB-24-038

473028

5141870

293

259

-10

MCB-24-039

473028

5141871

293

300

-5

MCB-24-040

473028

5141868

293

220

-5

MCB-24-041

472996

5141718

284

-4

MCB-24-042

472997

5141718

284

MCB-24-043

472997

5141717

284

MCB-24-044

473064

5141777

296

MCB-24-045

473064

5141777

295

-25

MCB-24-046

473078

5141771

297

348

-25

MCB-24-047

473079

5141771

297

-25

MCB-24-048

473103

5141770

301

342

-25

MCB-24-049

473017

5141833

288

MCB-24-050

473018

5141830

289

-2

MCB-24-051

473017

5141830

288

-28

MCB-24-052

473018

5141830

288

105

-10

MCB-24-053

473063

5141779

296

360

-10

MCB-24-054

473063

5141779

295

360

-30

*Drillhole Coordinates are in Coordinate System NAD 83 Zone 17

Figure 1: Plan View of the Crean Hill 109 FW Zone Showing Location of Magna Drilling.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/8002/214232_87abbf24d4c66af5_002full.jpg

Figure 2: Oblique Longitudinal Section of the Crean Hill 109 FW Zone Looking Northwest.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/8002/214232_87abbf24d4c66af5_003full.jpg

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, and samples marked in intervals of up to 1.5m. Samples are then put

into plastic bags with 10 bagged samples being placed into rice bags for transport to Swastika

Laboratories in Kirkland Lake Ontario via Gardewine Transport for preparation and analysis.

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

prospective land package. Crean Hill is a

past producing nickel, copper and PGM mine with a technical report dated July 2023. 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

Paul Fowler, CFA

Senior Vice President

Email:

[email protected]

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/214232

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