Magna Mining Intersects 6% Nickel in Additional Footwall Zone at the Crean Hill Project
Magna Mining Intersects 6% Nickel in
Additional Footwall Zone at the Crean Hill
Project
Sudbury, Ontario--(Newsfile Corp. - July 10, 2023) - Magna Mining Inc. (TSXV: NICU) (FSE: 8YD)
("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 101
Footwall ("FW")
Zone and in a footwall zone between the 101 and 109 FW Zones, referred to as the 105
FW Zone, which intersected 6.0% Ni, 2.2 % Cu, 5.8 g/t Pt + Pd + Au over 2.2 metres.
Highlights from the new assay results include:
105 FW Zone
MCR-23-024: 6.0% Ni, 2.2 % Cu, 5.8 g/t Pt + Pd + Au over 2.2 metres
101 FW Zone
MCR-23-020: 4.3% Ni, 0.4 % Cu, 1.7 g/t Pt + Pd + Au
over 0.4 metres
And 11.2% Ni, 0.4 % Cu, 0.1 g/t Pt + Pd + Au
over 0.4 metres
MCR-23-024: 5.1% Ni, 1.3 % Cu, 0.03 g/t Pt + Pd + Au
over 0.8 metres
Dave King, SVP Technical Services, stated, "Diamond drilling is ongoing at Crean Hill, where two drill
rigs remain active. The assays released today include results from our initial drilling within the 105 FW
Zone, which is a high tenor nickel zone similar to the 101 FW Zone, and hosted within a footwall breccia
structure trending southwest from the Main Contact Zone. Both the 101 FW and the 105 FW Zones have
the potential to produce high grade nickel ore using selective mining methods.
Although some of the
assay intervals released today are narrow, this style of massive sulphide veins can pinch and swell over
relatively short distances, and it is encouraging to see these zones extending beyond the current Mineral
Resource models. Diamond drilling is ongoing in these areas, and we look forward to providing
additional assay results as they are received."
Diamond drillhole assay results released today are from the 101 FW, 105 FW and 9400 FW Zones, and
were designed to extend known mineralized zones beyond the current mineral resource models. Drillhole
MCR-23-023 targeted the 9400 FW Zone, southwest of the known mineralization and intersected high-
grade Pt+Pd+Au, low sulphide mineralization approximately 30 metres southwest of the current Mineral
Resource.
Drillholes MCR-23-020, MCR-23-021 and MCR-23-024 were designed to test both the 105 FW Zone
and the 101 FW Zone. The 105 FW Zone is similar to the 101 FW Zone (See news release
dated March
2, 2023
), 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"). The footwall
breccias are commonly associated with the mafic volcanic and metasediment contacts and can provide
a structural corridor for sulphide mineralization to extend into the footwall environment of the SIC. Drilling
to date has demonstrated good continuity of sulphide veins within the current mineral resource, and
recent drilling has extended both of these zones beyond where they are currently modelled. The 105 FW
Zone, trends into the footwall from the Main Zone, which was historically the main source of contact Ni-Cu
mineralization at Crean Hill. The 105 FW Zone has historically been defined to the 1500 foot level, and
remains a significant Mineral Resource with historical mining on only a few levels.
The location of the diamond drillholes is illustrated in Figures 1-2, assay results are summarized in Table
1, and drillhole coordinates in Table 2.
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/t
TPM g/t
NiEq
MCR-23-
020
109 FW
18.72
19.35
0.63
0.03
0.06
0.00
6.78
0.49
0.30
7.57
1.04
105 FW
272.29
272.60
0.31
1.38
0.08
0.07
0.01
1.46
0.13
1.60
1.89
101 FW
326.56
327.00
0.44
4.34
0.20
0.23
0.02
0.08
1.59
1.69
5.09
and
344.92
354.73
9.81
0.77
0.51
0.01
0.03
0.17
0.30
0.50
1.10
Including
347.57
348.00
0.43
11.21
0.68
0.08
0.01
0.06
0.06
0.13
11.63
and
362.00
362.60
0.60
0.82
2.05
0.03
0.01
0.01
0.06
0.08
1.73
MCR-23-
021
101 FW
262.74
263.10
0.36
3.17
0.51
0.03
0.12
0.09
1.20
1.41
3.70
MCR-23-
022
9400 FW
338.60
341.02
2.42
0.06
0.07
0.00
3.89
4.70
1.54
10.13
1.97
MCR-23-
023
9400 FW
No Significanct Values
MCR-23-
024
105 FW
265.48
270.55
5.07
2.60
0.50
0.05
2.32
1.02
0.04
3.39
3.40
Including
265.48
267.63
2.15
6.01
0.97
0.10
5.40
0.32
0.06
5.78
7.29
101 FW
333.57
335.23
1.66
2.42
1.04
0.08
0.02
0.05
0.12
0.19
3.01
Including
334.00
334.77
0.77
5.06
1.33
0.16
0.01
0.01
0.01
0.03
5.85
Intermediate
481.23
483.00
1.77
0.81
0.63
0.03
0.70
0.75
0.27
1.72
1.44
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 1: Longitudinal Section of the Crean Hill Deposit Showing the Location of Mineralized
Zones, Drillholes Reported Today, Selected Historical Drillholes, and the 750 Level (See Figure
2).
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8002/172897_6ea8f71394ed9b1c_003full.jpg
Figure 2: Idealized Geological Plan View of the 750 Level, Showing the 105 FW Breccia Zone in
Relation to Other Crean Hill Mineralized Zones. The Location of Drillhole MCR-23-24 is
Indicated, Along with Selected Historical Drillhole Intersections in the 105 FW Zone.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8002/172897_6ea8f71394ed9b1c_004full.jpg
Table 2: Drillhole Collar Coordinates
BHID
Easting
Northing
Elevation
Azimuth
Dip
Depth
MCR-22-020
473033
5141811
288
345
72
533
MCR-22-021
472585
5141882
286
332
47
440
MCR-22-022
472580
5141884
286
357
70
503
MCR-22-023
473030
5141814
288
316
55
335
MCR-22-024
473031
5141814
288
332
68
380
*Drillhole Coordinates are in coordinate system NAD 83 Zone 17
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 180km
2
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:
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/172897