NICU.V · 2023-09-21 12:00:00

Magna Mining Intersects 5% Nickel Equivalent over 7 Metres IN the 105 Footwall Zone at Crean Hill

Drill Results

MAGNA MINING INTERSECTS 5% NICKEL EQUIVALENT OVER 7 METRES IN THE

105 FOOTWALL ZONE AT CREAN HILL

SUDBURY, ONTARIO, CANADA, September 21, 2023 – Magna Mining Inc. (TSX.V: NICU) (OTCQB: MGMNF)

(FSE: 8YD) ("Magna" or the "Company") (“Magna” or the “Company”) is pleased to release additional assay

results from the ongoing 2023 diamond drilling program. Drilling continues to intersect high grade nickel

mineralization in the 105 Footwall (“FW”) Zone including drillhole MCR-23-040 which intersected 4.2% Ni,

0.9 % Cu, 1.4 g/t Pt + Pd + Au over 7.0 metres.

Highlights from the new assay results include:

• 105 FW Zone

MCR-23-040: 4.2% Ni, 0.9 % Cu, 1.4 g/t Pt + Pd + Au over 7.0 metres

MCR-23-046: 0.2% Ni, 1.2 % Cu, 6.3 g/t Pt + Pd + Au over 5.2 metres

And 2.7% Ni, 1.5 % Cu, 18.1 g/t Pt + Pd + Au over 0.9 metres

MCR-23-050: 1.1% Ni, 0.6 % Cu, 4.3 g/t Pt + Pd + Au over 8.8 metres

And 0.6% Ni, 3.5 % Cu, 10.1 g/t Pt + Pd + Au over 1.1 metres

Dave King, SVP Technical Services stated, “The 105 FW Zone is similar to the 101 FW Zone, and consists of

high nickel tenor, semi massive to massive sulphide veins hosted within a breccia structure extending into

the footwall from the Sudbury Igneous Complex (“SIC”). Additional diamond drilling within the 105 FW

zone continues to intersect high grade mineralization with increasing precious metals (Pt, Pd, Au) as this

structure approaches the Main Zone. We are encouraged to see high grade PGE mineralization at the 1500

ft level, down-plunge of the defined 109 FW zone, where these two structures are interpreted to intersect,

indicating this style of mineralization may continue to depth” (see Figure 1).

The 105 FW diamond drilling to date has been focused on expanding the current Indicated Mineral

Resource, with the objective of better understanding the geologic controls on mineralization and grade

continuity. Two high grade, precious metal rich, intersections in drillhole MCR -23-040, grading 0.3% Ni,

0.8 % Cu, 38.6 g/t Pt + Pd + Au over 0.3 metres and 0.2% Ni, 0.5 % Cu, 35.2 g/t Pt + Pd + Au over 0.5 metres

are related to the 109 FW zone. These two intersections are outside of the current 109 FW Mineral

Resource and have potential to add near surface resource which could be amenable to more selective

mining methods.

Additional exploration assay results released today are from the G1 and G2 contact exploration targets,

as well as the remaining assays from the near surface drilling on the 109 FW zone (see news release dated

June 20, 2023) . Figure 2 illustrates the location of additional exploration drilling and complete assay

results are summarized in Table 1. Drillhole collar coordinates are presented Table 2.

Diamond drilling is ongoing at Crean Hill, with one diamond drill currently focused on deep footwall

exploration.

Table 1: Summary of Assay Results

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

Metal prices in US$: $8.50/lb Ni, $3.75/lb Cu, $22.00/lb Co, $1000/oz Pt, $2000/oz Pd and $1,750/oz Au

Drillhole From

(m)

Length

(m) Ni % Cu % Co % Pt g/t Pd g/t Au g/t TPM g/t NiEq

MCR-23-026 G1 240.51 244.73 4.22 0.47 0.42 0.03 0.07 0.03 0.04 0.13 0.70

MCR-23-027 G2 28.08 37.11 9.03 0.75 0.33 0.04 0.03 0.02 0.04 0.09 0.96

Including 34.19 37.11 2.92 1.59 0.17 0.07 0.02 0.01 0.01 0.04 1.77

MCR-23-028 G2 38.83 46.23 7.40 0.42 0.42 0.03 0.01 0.01 0.01 0.03 0.65

MCR-23-033 Intermediate 35.81 43.84 8.03 0.12 0.66 0.01 0.02 0.04 0.19 0.24 0.47

MCR-23-039 105 FW 471.00 471.66 0.66 0.33 0.20 0.01 2.39 1.07 1.13 4.59 1.20

and 530.61 534.75 4.14 0.20 0.09 0.01 1.25 0.61 0.45 2.30 0.63

MCR-23-040 109 FW 21.30 21.60 0.30 0.31 0.81 0.09 9.38 26.71 2.52 38.61 8.65

109 FW 65.45 65.91 0.46 0.18 0.45 0.01 26.50 5.00 3.68 35.18 5.44

105 FW 261.00 267.98 6.98 4.19 0.87 0.11 0.42 0.80 0.15 1.37 4.98

MCR-23-43 G2

MCR-23-44 G2 50.57 52.51 1.94 0.45 0.27 0.03 0.11 0.02 0.01 0.14 0.62

MCR-23-45 G2

MCR-23-46 105 FW/109 FW 453.09 458.24 5.15 0.24 1.15 0.02 1.32 4.20 0.74 6.26 2.04

and 466.02 466.89 0.87 2.70 1.53 0.07 17.16 0.67 0.22 18.05 5.68

Intermediate 639.69 645.20 5.51 1.16 0.72 0.05 0.36 1.42 0.03 1.80 1.91

MCR-23-47 G2

MCR-23-48 Exploration

MCR-23-50 105 FW/109 FW 448.36 453.12 4.76 1.06 0.64 0.03 2.92 0.84 0.58 4.34 2.04

and 461.28 462.40 1.12 0.62 3.52 0.05 0.64 4.60 4.89 10.14 4.32

and 469.58 470.34 0.76 0.23 1.01 0.01 0.31 6.00 2.24 8.55 2.57

and 488.77 489.10 0.33 1.97 6.25 0.04 5.10 0.29 0.09 5.48 5.35

and 513.10 513.36 0.26 1.54 0.37 0.25 0.01 24.50 0.03 24.54 7.78

MCB-23-023 109 FW 29.12 35.99 6.87 0.08 0.11 0.01 2.04 0.90 0.61 3.55 0.71

MCB-23-024 109 FW 10.00 12.02 2.02 0.03 0.07 0.02 2.63 0.75 0.57 3.95 0.69

MCB-23-025 109 FW 27.22 36.00 8.78 0.05 0.03 0.01 2.65 1.16 0.68 4.49 0.80

MCB-23-026 109 FW

Zone

No Significant Values

Figure 1: Longitudinal Section of the Crean Hill Deposit Showing the Location of Mineralized Zones and the 105

FW Drillholes Reported Today, Looking North.

Figure 2: Idealized Geological Plan View of the Crean Hill Property, Showing the 109 FW, G1 And G2 Exploration

Target Areas.

Table 2: Drillhole Collar Coordinates

*Drillhole Coordinates are in coordinate system NAD 83 Zone 17

BHID Easting Northing Elevation Azimuth Dip Depth

MCR-23-026 474330 5142140 296 192 52 350

MCR-23-027 474511 5141877 294 175 44 325

MCR-23-028 474510 5141876 294 100 45 80

MCR-23-033 473426 5141934 299 130 59 147

MCR-23-039 473099 5141551 301 353 49 575

MCR-23-040 473033 5141813 288 1 72 402

MCR-23-043 474510 5141879 294 229 45 50

MCR-23-044 474511 5141881 294 129 45 65

MCR-23-045 474510 5141882 294 143 75 51

MCR-23-046 473269 5141611 301 331 67 692

MCR-23-047 474508 5141880 294 74 65 69

MCR-23-048 473942 5141740 299 130 45 248

MCR-23-050 473269 5141611 301 331 64 581

MCB-23-023 473070 5141754 294 310 38 36

MCB-23-024 473061 5141726 293 252 42 80

MCB-23-025 473061 5141726 293 305 38 51

MCB-23-026 473048 5141780 292 265 38 30

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

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.

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