Magna Mining Discovers New Copper Zone at the Shakespeare Project First Drillhole on the SW Copper Showing Intersects 2.3% Cu Over 13.9 Metres
Magna Mining Discovers New Copper Zone at
the Shakespeare Project
First Drillhole on the SW Copper Showing Intersects 2.3% Cu
Over 13.9 Metres
Sudbury, Ontario--(Newsfile Corp. - November 4, 2024) - Magna Mining Inc. (TSXV: NICU) (OTCQB:
MGMNF) (FSE: 8YD) ("Magna" or the "Company") is pleased to provide an update on the ongoing
regional diamond drilling program on the Shakespeare Project in Sudbury, Ontario. The initial drillhole
on the Southwest (SW) Copper zone has intersected 1.4% Cu over 32.4 metres, including 2.3% Cu over
13.9 metres, beginning at 64.6 metres downhole (Tables 1 and 2).
Dave King, SVP Exploration and Geoscience at Magna stated, "Over the course of 2024, we have
approached the regional exploration at our Shakespeare Project in a measured, systematic manner.
This target area was identified early in the year, advanced with surface mapping, sampling and
geophysical surveys, to bring it to a point we were confident in drill testing. There are no records of any
historical drilling being conducted in this area previously and at this time, the zone is open for expansion
in all directions. We are in the early days of defining the significance of mineralization here, however, we
are optimistic of the potential and looking forward to continuing to work this target area and testing it
further on strike and at depth."
The Stumpy Bay copper showing is hosted within a regional scale structural zone associated with the
Murray Fault System, that strikes across the Shakespeare property from WSW-ENE (Figure 1). The
structural zone hosts several known copper occurrences, with mineralization found locally, within the
highly silicified shears, including the Stumpy Bay showing and now the SW Copper mineralization,
approximately 1 km west of Stumpy Bay. Both Stumpy Bay and the SW Copper zone are located within
a portion of the Shakespeare property held under a joint venture agreement with Glencore, which is
currently held 86% by Magna and 14% by Glencore. At Stumpy Bay, historical channel samples have
returned assays up to 1.7% Cu over 7.6 metres on surface, and Magna surface grab samples at the SW
Copper showing have returned assays up to 7.6% Cu. The initial drillhole completed by Magna, beneath
the SW Copper surface showing has intersected 1.4% Cu over 32.4 metres, including 2.3% Cu over
13.9 metres (Figure 2). Sulphide mineralization is dominated by zones of disseminated to net-textured
pyrite, pyrrhotite and chalcopyrite within an intensely silicified structural zone (Image 1). A second
drillhole, MSW-24-03, collared approximately 75 metres along strike to the NE has been completed and
assays are pending. A third drillhole on this shear zone beneath MSW-24-03 is in progress. Drillhole
MSW-24-02 targeted a separate, weak EM conductor within a gabbro not associated with the
mineralized structure, approximately 400 metres southeast of hole MSW-24-01 (assays pending).
The Stumpy Bay/SW Copper structural trend is located approximately 1-2 kilometres southwest of
Magna's Shakespeare Mine. The Shakespeare Mine is a feasibility stage project, permitted for a 4,500
tonne per day open pit mine, mill and tailings storage facility. The mine plan and schedule is based on
Probable Mineral Reserves totaling 11.87 Mt of ore grading 0.33% nickel, 0.35% copper, 0.02% cobalt,
0.32 g/t platinum, 0.36 g/t palladium and 0.18 g/t gold processed over a 7.1 year mine life, excluding a
year of pre-stripping.
Table 1: Summary of Assay Results
Drillhole
Target
From
To
Length(m)
Cu %
Co %
Ag g/t
MSW-24-01
SW Cu
64.55
96.90
32.35
1.41
0.09
3.09
including
69.60
83.50
13.90
2.29
0.13
4.60
MSW-24-02
EM Anomaly
Assays Pending
MSW-24-03
SW Cu
Assays Pending
MSW-24-04
SW Cu
In Progress
Table 2: Drillhole Collar Coordinates
BHID
Easting
Northing
Elevation
Azimuth
Dip
Depth
MSW-24-01
434795
5131894
302
008
-45
120
MSW-24-02
435259
5131763
281
250
-50
250
MSW-24-03
434881
5131927
297
330
-48
135
MSW-24-04
434881
5131927
297
330
-60
200
Figure 1: Surface Geology of the Shakespeare Property Showing the Shakespeare Mine,
Stumpy Bay and SW Copper Occurrences
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8002/228600_10537709b49f2a9b_002full.jpg
Figure 2:
Vertical Section Looking Northeast Showing Drillhole MSW-24-01
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8002/228600_10537709b49f2a9b_003full.jpg
Image 1:
Southwest Copper Drillhole MSW-24-01 Mineralization, Blebby to Net Textured Pyrite,
Pyrrhotite and Chalcopyrite
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8002/228600_10537709b49f2a9b_004full.jpg
Corporate Update
Magna is pleased to announce that Mr. Greg Huffman has agreed to join the advisory board of the
company. Mr. Huffman is currently Chief Executive Officer, President and Director of Nuclear Fuels Inc,
and his extensive career has spanned positions in fund management, equity research and mining equity
sales, most recently as Global Head of Mining Sales at Canaccord Genuity. Greg holds a Bachelor of
Science (Honors), cum laude, from the Harquail School of Earth Sciences at Laurentian University in
Sudbury and serves on the Advisory Board of the Goodman School of Mines, also at Laurentian
University.
CEO Jason Jessup stated "For the past 4 years Greg has been incredibly supportive and
instrumental in advising our company on our ambitious growth plans and our capital market activities.
We are delighted to have Greg join as an advisor to Magna. His experience in capital markets and
knowledge of Sudbury geology will be highly beneficial as we continue to execute our exciting growth
plans for our company."
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 AGAT Laboratories in Mississauga Ontario. 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. All QAQC samples have been reviewed by Senior Project Geologist, Marshall Hall.
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, Exploration and Geoscience 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 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 Preliminary Economic Assessment Technical
Report dated November 1, 2024. Additional information about the Company is available on SEDAR+
(
www.sedarplus.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
705-482-9667
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.
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https://www.newsfilecorp.com/release/228600