Magna Mining Intersects 3.8% Nickel, 1.8% Copper, & 0.5 g/t PT+PD+AU over 10.8 Metres, Including 6.0% Nickel, 0.3% Copper, & 0.7 g/t Pt+PD+AU over 5.8 Metres
Magna Mining Intersects 3.8% Nickel, 1.8%
Copper, & 0.5 g/t PT+PD+AU over 10.8 Metres,
Including 6.0% Nickel, 0.3% Copper, & 0.7 g/t
Pt+PD+AU over 5.8 Metres
Sudbury, Ontario--(Newsfile Corp. - December 12, 2022) - Magna Mining Inc. (TSXV: NICU) ("Magna" or
the "Company") is pleased to announce that first assays have been received from the recent drilling at
Crean Hill. Drillhole MCR-22-003 intersected massive sulphide mineralization (see news release dated
November 17
th
,
titled
"Magna Mining Provides Update on Activities at Crean Hill), grading
6.0 % Ni, 0.3
% Cu, 0.7 g/t Pt+Pd+Au over 5.8 metres
. The Company has completed 10 drillholes to date and
expects to resume diamond drilling in early January, 2023.
Highlights:
Drillhole MCR-22-003, intersected 3.8% Nickel, 1.8% Copper, & 0.5 g/t Pt+Pd+Au over 10.8
metres, including 3.2% Ni, 8.3% Cu, & 0.5 g/t Pt+Pd+Au over 1.7 metres, and 6.0% Ni,
0.3% Cu, 0.7 g/t Pt+Pd+Au over 5.8 metres in the 101 FW Zone
101 FW Zone mineralization hosted within an approximately 70 metre wide footwall
breccia package which remains open for exploration
2,022 metres completed to date in 10 drillholes on the Crean Hill property. All drillholes
have intersected significant mineralization as expected
Jason Jessup, Chief Executive Officer for Magna, commented, "We are excited to announce initial
assay results from our current drilling at Crean Hill. Drillhole MCR-22-003 was our first drillhole testing
the 101 FW Zone mineralization,
and demonstrates the quality and grade of the resources remaining at
Crean Hill. Additional assay results are expected in early January and will be announced shortly
thereafter."
The initial drilling program consisted of 10 drillholes, totaling 2022 metres, and was targeting areas that
will be considered for advanced exploration and potential bulk sampling within the current Mineral
Resources (Figures 1 and 2). Assay results received to date are summarized in Table 1.
Four drillholes, MCR-22-003 to MCR-22-006, targeted the 101 zone below historical mining. This area
was not a focus of previous Lonmin Canada Inc. (
"Loncan"
) drilling as it is not considered a low-
sulphide, high PGE system. The 101 FW Zone consists of disseminated to locally massive sulphide,
hosted within a footwall breccia system, extending southwest into the footwall of the Intermediate Zone
(Figure 3 and 4). Sudbury footwall orebodies are commonly hosted within breccia systems, and often
are elevated in Ni, Cu and PGE mineralization, relative to typical SIC contact mineralization. Drillhole
MCR-22-003 was targeting below and adjacent to historically mined stopes and confirms the
mineralization continues down-dip and along strike to the southwest. The drillhole intersected
approximately 70 m of footwall breccia, with local disseminated to stringer mineralization throughout.
Significant assay results received to date include
3.8% Ni, 1.8% Cu, 0.5 g/t Pt+Pd+Au over 10.8
metres
. The 101 FW Zone breccia system remains open for exploration and expansion to the southwest
and down-dip of the historical mining. In addition to the 101 FW Zone, Drillhole MCR-22-003 intersected
0.7% Ni, 0.4% Cu, 0.6 g/t Pt+Pd+Au over 30.2 metres, including 1.1% Ni, 0.6% Cu, 1.4 g/t
Pt+Pd+Au over 10.5 metres
within the Intermediate Zone at the base of the Sudbury Igneous Contact
("
SIC
").
Five drillholes, MCR-22-001, MXR-22-002 and MCR-22-007-009, were completed on the near surface
portion of the Intermediate Zone, within the current open pit resource (Figure 2). The Intermediate Zone
is a zone of contact Ni-Cu mineralization at the base of the SIC and hosted within Sublayer Norite.
Assays are pending.
One hole, MCR-22-010 targeted the 109 FW Zone. The 109 FW Zone is a zone of disseminated to
semi-massive sulphide, hosted within footwall breccia, extending into the footwall of the Main Zone
(Figure 2 and 3). The 109 FW Zone was defined near surface by Loncan, and is considered a low-
sulphide, high PGE Footwall zone. This style of mineralization can have very high Pt+Pd+Au grades over
significant widths, as demonstrated by historical Loncan drillhole LM05060, which intersected
0.6 % Cu,
0.3% Ni, 2.5 g/t Pt, 20.1 g/t Pd, 10.2 g/t Au (33.5 g/t TPM) over 18.5 metres
and drillhole LM03061,
which intersected
0.4 % Cu, 0.9% Ni, 31.1 g/t Pt, 4.5 g/t Pd, 1.8 g/t Au (37.5 g/t TPM) over 17.4
metres
. The 109 FW Zone has been defined to approximately 750 ft level below surface, and wide
spaced drilling below this elevation suggest the high grade PGE Footwall mineralization continues to
depth extending into the footwall from the Main Zone.
Table 1 Summary of Assay Results Received to Date
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-22-
001
Assays Pending
MCR-22-
002
Assays Pending
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
101 FW
including
168.12
169.78
1.66
3.24
8.30
0.08
0.07
0.24
0.21
0.52
7.65
101 FW
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
Assays Pending
MCR-22-
005
Assays Pending
MCR-22-
006
Assays Pending
MCR-22-
007
Assays Pending
MCR-22-
008
Assays Pending
MCR-22-
009
Assays Pending
MCR-22-
010
Assays Pending
All lengths are downhole length. True width is estimated at 60-80% of downhole length.
NiEq % = ( (Ni% x 2204 x Ni Price $/lb) + (Cu% x Cu Recovery% x 2204 x Cu Price $/lb) + (Co% x Co Recovery % x 2204 x Co Price $/lb) + (Pt
gpt x Pt Recovery % / 31.1035 x Pt $/oz) +(dt gpt x Pd Recovery % / 31.1035 x Pd $/oz) + (Au gpt x Au Recovery % / 31.1035 x Au $/oz))/2204 x Ni
$/lb
Figure 1 Crean Hill Mine Oblique Longitudinal Showing Area of Figure 2 and Magna Drilling
Completed to date (See Figure 2)
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/8002/147629_a212ba8c94925b86_003full.jpg
Figure 2 Magna 2022 Diamond Drilling Locations
To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/8002/147629_a212ba8c94925b86_004full.jpg
Figure 3 Schematic Plan View of the 350 ft Level, Illustrating the relationship of Contact Ni-Cu
mineralization at the Base of the SIC, and the Footwall Mineralization Hosted Within Breccia
Units Extending Into the Footwall of the SIC.
To view an enhanced version of Figure 3, please visit:
https://images.newsfilecorp.com/files/8002/147629_a212ba8c94925b86_005full.jpg
Figure 4 Schematic Section of the 101 FW Zone Showing Location of MCR-22-003
To view an enhanced version of Figure 4, please visit:
https://images.newsfilecorp.com/files/8002/147629_a212ba8c94925b86_006full.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 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. 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 an updated 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
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/147629