Magna Mining Defines a Thick, High Grade Nickel Core IN the 101 Fw Zone at the Crean Hill Project
MAGNA MINING DEFINES A THICK, HIGH GRADE NICKEL CORE IN THE 101 FW
ZONE AT THE CREAN HILL PROJECT
SUDBURY, ONTARIO, CANADA, August 15, 2023 – Magna Mining Inc. (TSX.V: NICU) (OTCQB: MGMNF)
(FSE: 8YD) (“Magna” or the “Company”) is pleased to release additional assay results from the ongoing
2023 diamond drilling program at the Crean Hill Nickel Project (“Crean Hill”). A portion of the assay results
today represent confirmation of a shallow zone of massi ve sulphides in the vicinity of MCR -22-005
(released on January 5, 2023). This is one of the areas that the Company is planning to include as part of
the advanced exploration and test mining program in 2024. Two drillholes, MCR-23-041 and MCR-23-042,
tested down-dip, to the north and south of drillhole MCR-22-005 (see Fig. 1).
Highlights from the new assay results include:
• 101 FW Zone
MCR-23-041: 3.0% Ni, 0.7% Cu, 1.2 g/t Pt + Pd + Au over 31.6 metres
MCR-23-042: 4.2% Ni, 1.4% Cu, 1.0 g/t Pt + Pd + Au over 27.6 metres
Dave King, SVP Technical Services stated, “The assay results released today are an example of wide, high-
grade, massive sulphide nickel mineralization remaining at shallow depths within the Crean Hill deposit.
This drilling, in conjunction with some of the historic INCO drilling, further defines the strike and dip of
the core of the 101 Foot wall (“101 FW”) Zone . Our recently released Preliminary Economic Assessment
(“PEA”) did not include any of the drilling executed by Magna since acquiring the property, and these
results are not reflected in the current block model and Mineral Resource . We are now using this
information in the detailed design of our advanced exploration and test mining program that we plan to
initiate in the first half of 2024. “
The 101 FW Zone consists of semi -massive to locally massive sulphide veins, hosted within a footwall
breccia system, extending southwest into the footwall of the Intermediate Contact Zone. Drilling to date
in the 101 FW has defined a wide, high grade , massive sulphide core, transitioning to massiv e sulphide
veins along strike and down -dip, within the footwall breccia structure (Figures 1 and 2) . The advanced
exploration program planned to commence in 2024 will provide underground drilling platforms allowing
detailed definition of this zone, which has potential to provide high-grade, potentially mineable resources
early in mine life, which was not represented in the recent PEA.
In addition to the 101 FW drilling, four exploration drillholes were completed to better define the footwall
breccia trends on the Crean Hill property (Figure 3). These holes confirmed the presence of footwall
breccias trending southwest from the known 101 FW and 109 FW Zones. The Company did not expect to
intersect mineralization in these holes , only to test for the presence o f footwall breccias deep in the
footwall rocks. These Sudbury breccias are an important exploration criterion as they represent a
potential pathway for mineralization into the footwall and are the primary lithology that hosts high-grade
footwall deposits in Sudbury. Geological interpretation based on the results of these holes will be used to
refine the position of deeper geophysical platform exploration drillholes, targeting potentially mineralized
footwall breccias at depth.
The location of the diamond drillholes is illustrated in Figures 1-3, assay results are summarized in Table
1, and drillhole coordinates in Table 2.
Figure 1: Longitudinal Section of the Crean Hill 101 Footwall Zone. Magna Diamond Drillholes and the Location
of Section B (Figure 2) are Illustrated. Refer to Figure 3 for the Location of Longitudinal Section A-A’.
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/tTPM g/t NiEq
MCR-22-003* Intermediate 75.83 105.06 30.23 0.68 0.43 0.02 0.36 0.13 0.11 0.60 0.99
including 95.55 105.06 10.51 1.11 0.61 0.03 0.86 0.31 0.20 1.37 1.63
101 FW 154.53 157.20 2.67 2.57 0.40 0.07 0.94 0.67 0.17 1.78 3.15
101 FW 168.12 178.90 10.78 3.75 1.74 0.09 0.20 0.22 0.04 0.46 4.69
including 168.12 169.78 1.66 3.24 8.30 0.08 0.07 0.24 0.21 0.52 6.96
and 173.10 178.90 5.80 6.01 0.33 0.14 0.35 0.33 0.02 0.70 6.47
101 FW 192.27 195.47 3.20 0.80 3.76 0.06 1.00 2.52 0.67 4.19 3.31
101 FW 215.75 222.00 6.25 0.19 0.71 0.01 0.02 0.02 0.08 0.13 0.52
MCR-22-004* Intermediate 91.55 110.02 18.47 0.70 0.67 0.02 0.28 0.10 0.10 0.47 1.08
including 106.77 109.25 2.48 1.33 0.59 0.03 0.96 0.16 0.14 1.26 1.81
101 FW 117.61 132.00 14.39 1.65 0.86 0.05 0.32 0.14 0.07 0.54 2.17
including 119.06 127.15 8.09 2.46 1.15 0.07 0.48 0.18 0.08 0.73 3.16
101 FW 136.61 145.76 9.15 0.81 0.28 0.03 0.09 0.05 0.02 0.16 0.99
including 139.65 141.21 1.56 2.65 0.14 0.08 0.13 0.10 0.01 0.25 2.86
101 FW 172.83 180.93 8.10 0.21 0.66 0.01 0.11 0.10 0.04 0.25 0.55
101 FW 223.58 228.00 4.42 1.11 5.73 0.03 1.17 0.45 0.56 2.18 3.93
including 225.55 228.00 2.45 1.17 8.96 0.04 0.99 0.58 1.05 2.61 5.46
101 FW 234.29 239.00 4.71 2.43 2.73 0.05 0.24 0.30 2.29 2.83 4.22
MCR-22-005* Intermediate 75.27 98.09 22.82 0.50 0.48 0.01 0.18 0.06 0.07 0.31 0.77
including 88.17 92.23 4.06 0.88 0.97 0.02 0.45 0.16 0.14 0.75 1.44
101 FW 138.39 169.44 31.06 4.04 0.69 0.10 0.36 0.25 0.07 0.67 4.58
including 138.39 143.42 5.03 6.50 1.03 0.17 0.28 0.17 0.03 0.48 7.26
and 153.08 169.44 16.07 5.68 0.69 0.13 0.43 0.29 0.05 0.78 6.29
101 FW 178.70 184.74 6.04 0.19 0.22 0.01 0.38 0.54 0.42 1.33 0.55
MCR-22-006* Intermediate 90.00 133.76 43.76 0.41 0.43 0.01 0.29 0.09 0.10 0.48 0.68
including 125.02 127.51 2.49 1.08 0.95 0.03 1.04 0.17 0.20 1.41 1.73
101 FW 137.56 154.82 17.26 0.80 0.77 0.03 0.19 0.12 0.06 0.37 1.23
including 142.89 144.83 1.94 2.03 0.56 0.06 0.32 0.26 0.03 0.62 2.45
101 FW 160.60 189.00 28.40 0.52 0.67 0.02 0.11 0.09 0.10 0.29 0.88
including 166.29 167.74 1.45 2.20 0.22 0.06 0.09 0.07 0.02 0.18 2.41
101 FW 208.63 211.64 3.01 0.51 0.45 0.02 0.07 0.08 0.03 0.19 0.76
MCR-23-025 FW Expl 185.90 186.30 0.40 0.01 0.02 0.00 0.01 0.01 1.74 1.76 0.38
MCR-23-029 FW Expl
MCR-23-030 FW Expl
MCR-23-031 FW Expl
MCR-23-032 101 FW 231.00 234.50 3.50 0.34 0.18 0.02 2.57 1.17 0.06 3.80 1.04
237.60 238.30 0.60 2.69 2.68 0.12 0.43 4.05 0.28 4.76 5.05
MCR-23-034 101 FW 224.30 225.10 0.80 4.58 2.15 0.09 0.41 0.26 0.34 1.01 5.79
101 FW 231.40 231.80 0.30 3.25 0.66 0.09 0.11 0.30 0.09 0.50 3.76
101 FW 260.20 260.70 0.50 0.47 3.57 0.01 0.46 0.04 0.13 0.63 2.08
101 FW 263.40 264.20 0.80 1.92 7.23 0.06 0.01 0.80 0.11 0.92 5.26
101 FW 270.20 273.80 3.60 0.21 1.24 0.01 0.01 0.11 0.05 0.17 0.78
101 FW 278.60 279.00 0.40 1.26 0.25 0.04 0.01 0.65 0.91 1.57 1.76
MCR-23-035 101 FW 297.80 300.80 2.90 0.56 2.35 0.02 0.06 0.22 0.39 0.66 1.71
Intermediate 418.20 423.30 4.90 0.84 0.89 0.03 0.88 0.28 0.30 1.46 1.49
MCR-23-036 101 FW 245.40 246.00 0.50 0.19 1.08 0.00 0.09 0.01 0.10 0.20 0.68
MCR-23-037 Undefined 92.00 93.40 1.40 2.18 0.88 0.03 0.01 0.01 0.01 0.03 2.60
101 FW 309.10 312.80 3.70 0.91 1.87 0.01 0.16 0.05 0.04 0.26 1.76
MCR-23-038 101 FW
MCR-23-041 Intermediate 77.40 112.00 34.70 0.60 0.55 0.02 0.33 0.10 0.09 0.51 0.94
Including 87.40 95.30 7.90 0.78 0.65 0.02 0.45 0.15 0.10 0.71 1.19
and including 102.50 112.00 9.50 0.89 0.85 0.03 0.53 0.15 0.13 0.81 1.42
101 FW 134.80 166.50 31.60 2.99 0.65 0.08 0.75 0.37 0.10 1.22 3.57
MCR-23-042 Intermediate 74.00 80.90 6.90 0.31 0.25 0.01 0.08 0.02 0.04 0.15 0.45
90.90 92.60 1.70 0.92 1.33 0.03 0.44 0.30 0.27 1.00 1.70
101 FW 149.20 176.90 27.60 4.20 1.37 0.10 0.56 0.36 0.11 1.02 5.09
No Signficant Values
No Signficant Values
No Signficant Values
No Signficant Values
*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 2: Vertical Section B, through the 101 FW Zone, Showing General Geology, Recent and
Historical Drilling Results, and the Current Resource Model. Refer to Figure 1 for location of Section B.
Figure 3: Plan View of the Crean Hill Property Showing the Location of Footwall Exploration Drillholes and
Footwall Breccia Intervals Intersected in Recent Drilling.
Table 2: Drillhole Collar Coordinates
*Drillhole Coordinates are in coordinate system NAD 83 Zone 17
BHID Easting Northing Elevation Azimuth Dip Depth
(m)
MCR-23-025 472816 5141363 286 284 60 731
MCR-23-029 472656 5141369 282 270 45 350
MCR-23-030 472656 5141369 282 98 50 677
MCR-23-031 472683 5141752 285 91 45 151
MCR-23-032 472985 5141759 281 315 48 299
MCR-23-034 472985 5141759 281 323 47 308
MCR-23-035 473026 5141821 286 333 63 450
MCR-23-036 472984 5141759 281 307 51 299
MCR-23-037 472984 5141760 281 333 53 383
MCR-23-038 473032 5141815 288 325 72 501
MCR-23-041 472897 5142028 303 158 59 221
MCR-23-042 472897 5142028 303 164 59 200
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 Gardewine Transport. 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 180km2 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: [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.