Magna Mining Announces New Assay Results from 2023 Diamond Drilling at Crean Hill High-Grade, near Surface Intercepts Reported in the 109 Footwall Zone, Including 2.4% Ni, 4.3 % Cu, 37.2 G/t Pt + Pd + Au over 5.1m
Magna Mining Announces New Assay Results
from 2023 Diamond Drilling at Crean Hill
High-Grade, near Surface Intercepts Reported in the 109
Footwall Zone, Including 2.4% Ni, 4.3 % Cu, 37.2 G/t Pt + Pd +
Au over 5.1m
Sudbury, Ontario--(Newsfile Corp. - April 11, 2023) - Magna Mining Inc. (TSXV: NICU) ("Magna" or the
"Company") is pleased to release the first assays received from the 2023 diamond drilling at the
Company's 100% owned Crean Hill Mine in Sudbury, Ontario. Results have been received for the first
three drillholes, where high-grade precious metal mineralization was intercepted near surface in the 109
Footwall ("FW") Zone (for details see Table 1). Approximately 14 drill holes have been completed to
date in 2023 at Crean Hill, and assays are pending for the remaining holes.
Highlights from the new assay results include:
109 Footwall Zone (Hole MCR-23-013): 0.2% Ni, 0.6 % Cu, 11.0 g/t Pt + Pd + Au over 95.4
metres,
including 0.76% Ni, 1.54% Cu and 32.83 g/t Pt + Pd + Au over 21.8m,
including 2.4% Ni, 4.3 % Cu, 37.2 g/t Pt + Pd +Au over 5.1 m,
and including 0.6% Ni, 2.3 % Cu, 122.5 g/t Pt + Pd +Au over 2.8 m
101 Footwall Zone (MCR-23-011): 2.1% Ni, 3.0 % Cu, 1.1 g/t Pt + Pd + Au
over 2.2 metres
Jason Jessup, CEO of Magna, stated, "The assay results reported today demonstrate the near surface
potential of the high grade, sulphide rich core of the 109 Footwall Zone, within the overall wider zone of
mineralized breccia. The continuity of massive sulphide in the 109 Footwall Zone is not well understood
and not currently incorporated into the resource block model, so these results are highly encouraging. On
the basis of the results so far from Crean Hill, Magna has mobilized a second diamond drill rig and will
be completing several drillholes designed to better define the near surface 109 Footwall Zone. This will
allow us to better evaluate and design the surface bulk sample at Crean Hill, which should commence
within the next 6 to 9 months."
Magna has now reported two drillholes that have intersected near surface, high grade semi-
massive/massive sulphides within the core of the 109 Footwall Zone (Figures 2 and 3). MCR-22-010
(previously reported) intersected
3.7% Ni, 2.8% Cu, 20.2 g/t Pt + Pd + Au over 7.1m
, within an overall
mineralized zone grading
0.4% Ni 0.5% Cu, 7.2 g/t Pt + Pd + Au over 98.3 metres,
beginning at 26.6
metres downhole. The newly released results from MCR-23-013 reported an intersection of
0.76% Ni,
1.54% Cu and 32.83 g/t Pt + Pd + Au over 21.8m
within an overall mineralized zone of
95.4m
grading 0.2% Ni 0.6% Cu, and 11.0 g/t Pt + Pd + Au,
beginning at 9.0 metres downhole.
Near
surface diamond drilling is ongoing, and aims to better define the distribution and continuity of high
grade veins in this area. Once complete, the results of this drilling will be incorporated into an updated
resource model in the shallow portion of the 109 FW Zone, and facilitate detailed planning of a surface
bulk sample, which Magna plans to commence before the end of 2023.
A secondary objective of drillhole MCR-23-013 was to test a deeper area of high-grade precious metal
rich footwall mineralization which has previously been intersected at depth in historical drillhole 655460.
Historical assays from hole 665460 reported similar grades to those drilled by Magna in hole MCR-23-
013, including 2.3% Ni, 4.1% Cu, 35.5 g/t Pt + Pd + Au over 13.2 m (Figure 2). However, hole MCR-23-
013 did not deviate as planned and broke through into historical workings before the intended target. As
a result, the intended target was not reached, and the hole instead intersected a short interval of
mineralized breccia grading 1.4% Cu over 3.4 metres. Additional drillholes are now being planned to
test the depth extent of the 109 FW Zone utilizing this new information from the recent drilling, since
historical drilling in the footwall of the Main Zone indicates a high potential for additional 109 Footwall
style mineralization beneath the currently defined 109 FW Zone.
Two drillholes, (MCR-23-011 and MCR-23-012) targeted the down-dip extension of the 101 Footwall
Zone (Figure 4). MCR-23-011 intersected 2.5% Ni, 3.0 % Cu, 1.1 g/t Pt + Pd + Au over 2.2 metres in the
101 FW Zone, approximately 60 metres down-dip of the high-grade portion of the 101 FW Zone drilled
by Magna in 2022. MCR-23-012 did not intersect significant mineralization, and was in diabase longer
than expected and as a result did not test the 101 FW Zone stratigraphy at this elevation.
The location of the 2023 diamond drilling is illustrated in Figures 1-4, and assay results are summarized
in Table 1, and drillhole coordinates in Table 2.
Figure 1: Crean Hill Mine Oblique Longitudinal Looking Northeast, Showing Historical
Infrastructure and Ore Zones
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8002/161884_c5d20ceef4b029d7_002full.jpg
Table 1: Summary of 2023 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-23-011
Undefined
199.65
200.73
1.08
0.42
0.46
0.01
5.15
5.97
4.01
15.13
3.45
101 FW
and
279.76
282.00
2.24
2.05
2.98
0.05
0.36
0.71
0.06
1.13
3.60
Intermediate
and
383.99
386.33
2.34
0.95
1.02
0.04
0.61
0.14
0.14
0.89
1.56
MCR-23-012
Intermediate
721.66
722.79
1.13
0.96
1.93
0.04
0.49
0.64
0.05
1.18
2.04
MCR-23-013
109 FW
8.96
104.35
95.39
0.24
0.60
0.01
7.30
2.06
1.66
11.02
2.19
Including
8.96
30.79
21.83
0.76
1.54
0.01
23.55
4.65
4.63
32.83
6.25
Including
11.43
16.50
5.07
2.39
4.33
0.04
23.10
8.69
5.36
37.15
10.14
and Including
28.00
30.79
2.79
0.57
2.27
0.01
102.92
6.80
12.73
122.45
17.94
and
117.00
120.84
3.84
0.03
0.05
0.00
12.23
2.19
0.93
15.35
2.21
109 FW Deep
746.58
750.01
3.43
0.10
1.39
0.01
0.00
0.10
0.07
0.18
0.74
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
NEW
Figure 2: Crean Hill Main Zone Longitudinal Section, Looking West
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8002/161884_c5d20ceef4b029d7_003full.jpg
Figure 3: Crean Hill 109 FW Zone Longitudinal Section, Looking West. Block Model Grade and
Drillhole intercepts >1.1 % NiEq over >10ft.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8002/161884_c5d20ceef4b029d7_004full.jpg
Figure 4: Crean Hill 101 Zone Long Section, Looking West, Showing the Location of Drillholes
MCR-23-011 and MCR-23-012
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8002/161884_c5d20ceef4b029d7_005full.jpg
Table 2: Drillhole Collar Coordinates.
BHID
Easting
Northing
Elevation
Azimuth
Dip
Depth (m)
MCR-23-011
473028
5141817
288
330
58
413
MCR-23-012
473114
5141715
297
313
59
791
MCR-23-013
473044
5141785
292
101
68
789
*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, 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 Ontario Northland Bus services.
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 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