Magna Mining Intersects 52.57 Metres of Ni- Cu-PGM Mineralization at the Shakespeare Project, Ontario, Canada
Magna Mining Intersects 52.57 Metres of Ni-
Cu-PGM Mineralization at the Shakespeare
Project, Ontario, Canada
Sudbury, Ontario--(Newsfile Corp. - November 4, 2021) - Magna
Mining Inc. (TSXV: NICU) ("Magna" or
the "Company") is pleased to announce assay results from recent drilling at its Shakespeare Project,
located near Sudbury, Ontario. All holes reported are in the immediate vicinity of the Shakespeare West
Zone, Gap Zone and East Zone. Drilling and assay results demonstrate the potential to expand on
existing shallow resources and close the gap (Gap Zone) between the currently defined West and East
Zones.
Jason Jessup, Chief Executive Officer of Magna, stated, "We are quite pleased with the assay results at
our Shakespeare Mine, which have supported our longstanding belief that the Gap Zone is mineralized.
These results also support our view that the defined mineralization below the western part of our
Shakespeare deposit was limited by a lack of drilling. This information demonstrates the potential to
grow the open pit Mineral Resources at Shakespeare, as well as potential to add underground Mineral
Resources. We are quite excited to view these results in context of an updated feasibility study on the
stand-alone Shakespeare mine and mill operation. We anticipate having the feasibility study completed
by early Q1 2022."
Drill hole MMC-21-25 was drilled to test the Gap Zone area immediately west of the current Mineral
Resource. This hole intersected
52.57 metres
grading
0.84% NiEq
(which is calculated using
assumptions for recovery of the various metals as outlined in Table 1). Magna believes the thick zone of
mineralization in this area could represent an embayment in the Shakespeare gabbro, which has the
potential to extend further south, up-dip and connect with the S-13 mineralization (see Figures 2 & 3).
Hole MMC-21-22 was drilled to test the depth extend of the central West Zone area. This hole
intersected
24.20 metres
assaying
0.59% NiEq
. This intersection is located approximately 10 metres
below and to the south of the existing Mineral Resource wireframe for the West Zone, supporting the
thesis that the West Zone can be extended deeper than the current Mineral Resource model (see Figure
4).
Hole MMC-21-20 has intersected
8.65 metres
of mineralization grading
0.69% NiEq
. This is a
significant result as it is directly between the West Zone and East Zone Mineral Resources, within the
current open pit Mineral Resource pit shell and located only 36 metres from surface. Magna believes that
this hole provides strong evidence for the continuity of mineralization through the Gap Zone in this part of
the deposit (see Figure 5). On June 24, 2021, Magna reported the results from hole MMC-21-15 (see
News Release
), which intersected 33.8 metres of Ni-Cu-PGM mineralization approximately 40 metres
below the mineralized intersection in MMC-21-15.
Complete assay results are provided in Table 1.
Mynyr Hoxha, Vice President of Exploration, stated, "This drilling has provided Magna with not only
excellent mineralized intersections, but also important geological information to advance our
understanding of the controls on the Shakespeare mineralization. We believe that the drilling results to
date will increase the current Mineral Resource and have a positive impact on future mine plans at
Shakespeare. The 2021 drilling has intersected additional mineralization within the current open pit
Mineral Resource pit shell and has also expanded the mineralization at depth, immediately below the
current Open Pit Mineral Resource. We have demonstrated the potential to significantly expand the
Shakespeare Deposit mineralization at relatively shallow depths and to the south of the current deposit."
Figure 1
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Figure 2
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Figure 3
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.
Gap zone
Figure 4
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Figure 5
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Table 1.
Recent 2021 Diamond Drilling Assay Results
DDH
From (m)
To (m)
Zone
Length
(m)
Ni (%)
Cu (%)
Co (%)
Pt (g/t)
Pd (g/t)
Au (g/t)
NiEq %
MMC-21-16
48.5
62
In-fill West
Deposit
13.5
0.25
0.31
0.02
0.32
0.30
0.14
0.48
and
74.17
79.4
Gap Zone
5.25
0.42
0.52
0.02
0.44
0.54
0.23
0.77
and
208.4
211
FW
2.64
0.14
0.29
0.01
0.19
0.22
0.13
0.34
MMC-21-17
43.13
52.1
In-fill East
Deposit
8.98
0.15
0.17
0.01
0.55
0.19
0.09
0.35
MMC-21-18
79.45
80.8
HW
1.3
0.18
0.01
0.02
0.01
0.00
0.01
0.20
and
143.5
148
East Deposit
4.54
0.16
0.07
0.01
0.18
0.20
0.10
0.26
MMC-21-19
116.4
123
In-fill East
Deposit
6.57
0.18
0.28
0.02
0.15
0.17
0.08
0.36
MMC-21-20
43.74
52.4
Gap Zone
8.65
0.37
0.42
0.02
0.42
0.52
0.31
0.69
MMC-21-21
146.3
155
S-13/Gap Zone
8.96
0.27
0.33
0.02
0.22
0.23
0.14
0.49
MMC-21-21
and
178.8
191
S-13/Gap Zone
12.33
0.23
0.27
0.02
0.22
0.26
0.15
0.43
MMC-21-22
119.8
144
West Deposit
Ext.
24.2
0.29
0.45
0.02
0.31
0.38
0.24
0.59
including
138.8
141
2.46
0.46
0.64
0.02
0.57
0.69
0.36
0.89
MMC-21-23
No significant values - drilled to north of deposit for lithologies
MMC-21-24
136.4
140
S-13/Gap Zone
3.19
0.26
0.25
0.02
0.21
0.24
0.13
0.45
and
163.9
166
S-13/Gap Zone
2.19
0.25
0.36
0.02
0.21
0.27
0.13
0.48
MMC-21-25
141
194
S-13/Gap Zone
52.57
0.46
0.54
0.03
0.48
0.55
0.25
0.84
including
178.5
182
3.25
0.54
0.80
0.03
0.60
0.69
0.33
1.06
(1)
All composite intervals are reported as core length as true width has not been determined.
(2)
Nickel Equivalent (NiEq ) grade is calculated based on metal prices of $6.25/lb Ni, $2.80/lb Cu, $31.00/lb Co, $950/oz Pt, $900/oz Pd and
$1,250.00/oz Au, and metal recoveries of 76.4% for Ni, 95.9% for Cu, 71% for Co, 74.8% for Pt, 42.4% for Pd and 38.4% for Au.
Qualified Person
The technical information in this press release has been reviewed and approved by Mynyr Hoxha, Ph.D.,
P.Geo., the Company's Vice President of Exploration. Dr. Hoxha is a qualified person under Canadian
National Instrument 43-101.
QA/QC
Sample QA/QC practices 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 SGS Laboratories, Sudbury. 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.
The reported drilling program was carried out under the supervision of Marshall Hall, M.Sc., P.Geo, the
Company's Exploration Manager.
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 asset is the past producing
Shakespeare Mine which has major permits for the construction of a 4500 tonne per day open pit mine,
processing plant and tailings storage facility and is surrounded by a contiguous 180km
2
prospective
land package. 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 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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