Magna Mining Announces the Signing of a Toll Milling Agreement for the 109 Footwall Surface Bulk Sample at the Crean Hill Project
Magna Mining Announces the Signing of a Toll
Milling Agreement for the 109 Footwall
Surface Bulk Sample at the Crean Hill Project
Sudbury, Ontario--(Newsfile Corp. - June 4, 2024) - Magna Mining Inc. (TSXV: NICU) (OTCQB: MGMNF)
(FSE: 8YD) ("Magna" or the "Company") is pleased to announce the signing of a Toll Milling Agreement
(the "Agreement") with Glencore Canada Corporation ("Glencore") for the surface bulk sample of the
109 Footwall ("FW") Zone at the Crean Hill Project.
Jason Jessup, CEO of Magna Mining stated, "The signing of a toll milling agreement with Glencore to
process a surface bulk sample from the 109 FW Zone at Crean Hill is the next step in advancing our
Crean Hill Project.
Magna has the advantage of having two permitted projects in the Sudbury region and
this is yet another example of how we can work with the local major mining companies to advance our
projects.
This bulk sample will allow us to evaluate the metallurgical performance and reconcile against
our resource estimate, further de-risking our project as we move towards underground advanced
exploration at Crean Hill."
The current agreement with Glencore is for the 109 FW Zone surface bulk sample only.
Magna intends to
ship approximately 20,000 tonnes of mineralized rock from the near surface portion of the 109 FW Zone.
The material will be processed separately through Glencore's Strathcona Mill and produce a bulk
concentrate.
This will provide important information on base and precious metal recoveries, allowing
Magna to better plan underground advanced exploration and future commercial production.
Recently, a
series of short diamond drill holes were completed in the area of the surface bulk sample, and on May 8,
2024, Magna reported assay results from the first eight holes of this program.
These results included
hole MCB-24-029 which intersected 2.9% Cu, 0.9% Ni and 9.5 g/t Pt+Pd+Au over 6.3 metres starting at
surface (
see news release
).
This drilling will be incorporated into the surface bulk sample design, as well
as additional drilling for which assays are pending.
On March 27, 2024, Magna announced the signing of a Definitive Offtake Agreement for advanced
exploration at Crean Hill with Vale Canada ("Vale") (
see news release
).
The Vale agreement excluded
the 109 FW Zone as Magna wanted to explore other processing options to improve recoveries for the
copper-PGM rich mineralization in this zone.
The signing of the agreement with Glencore demonstrates
the options for Magna to grow their mining business in the Sudbury region, in a capital efficient and
environmentally responsible manner.
Magna plans on awarding the contract for the surface bulk sample work in the coming days and intends
to have contractors mobilize to site in June.
It is estimated that the surface work will take 4-6 weeks and
the toll milling will be completed in Q3 2024.
The work will be funded from cash in the treasury.
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.
About Magna Mining Inc.
Magna Mining is an exploration and development company focused on nickel, copper and Platinum
Group Metals (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 July 2023.
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:
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/211561