Magna Mining Provides an Update on Advanced Exploration at the Crean Hill Project and Corporate Update
Magna Mining Provides an Update on
Advanced Exploration at the Crean Hill Project
and Corporate Update
Sudbury, Ontario--(Newsfile Corp. - September 5, 2024) - Magna Mining Inc. (TSXV: NICU) (OTCQB:
MGMNF) (FSE: 8YD) ("Magna" or the "Company") is pleased to provide an update on the Advanced
Exploration surface bulk sample at the Crean Hill Project in Sudbury, Ontario.
The mining of the surface bulk sample commenced on July 2, 2024, and the final blast was on August 15,
2024. A total of 20,714 tonnes of rock was excavated, crushed and hauled to Glencore Sudbury
Integrated Nickel Operations' ("Glencore") Strathcona Mill, with the last truck arriving on August 29,
2024. The project was executed on time and to the planned design. Three 8-metre-high benches were
extracted from the 109 Footwall Zone, with routine grab samples taken from each truckload that was
hauled to the stockpile. Mapping was completed on each bench to identify mineralized trends and
structures. This information will be used to better understand this mineralized zone and design mining
stopes for the underground portion of the advanced exploration program. The milling of the ore
commenced on September 2, 2024, and is scheduled to be completed on September 6, 2024. The bulk
sample will be processed separately through the Strathcona Mill with samples taken from various parts
of the circuit to evaluate and improve metallurgical performance, enhance recoveries and reconcile
against our resource estimate.
Jason Jessup, CEO of Magna Mining commented, "Magna, working with ADLP as the mining contractor
and Z'Gamok as our crushing and haulage contractor, have executed the surface bulk sample work on
time and on budget, while slightly exceeding our original designed bulk sample tonnage. We observed
semi-massive and massive sulphides throughout the sample and initial grab samples are reconciling
well to our internal grade estimates. The bulk sample program on site was conducted without any
environmental issues or injuries. The next phase of the surface bulk sample is underway as Glencore is
processing this material through their mill this week. We will expect to have assays for the bulk sample
ready to announce within the next 4 - 6 weeks."
Magna has also initiated dewatering of the underground workings. The current system is temporary while
the long-term dewatering system and infrastructure designs are finalized. This initial dewatering will
provide data and information to better plan and implement our long-term dewatering strategy.
Image 1: 109 FW Mineralized Bulk Sample Rock Being Hauled Out of the Pit
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Image 2: Surface Bulk Sample at Crean Hill
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Image 3: Bulk Sample Stockpile and Haulage Trucks Leaving the Crean Hill Site
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Image 4: Magna Ore Being Processed Through the Floatation Circuit at Strathcona Mill
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Corporate Update
The Company announces the departure of Ms. Ann-Marie Finney from her position as Chief Financial
Officer ("CFO"). Ms. Finney will remain with the Company as CFO until October 4, 2024.
"Ms. Finney has been a valued member of our executive team since joining the Company in May of
2023", said Jason Jessup, Chief Executive Officer. "On behalf of the Board and our executive team, I
want to thank Ms. Finney for her contributions and wish her continued success in her future endeavors."
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 technical report dated July 2023. 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.
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