Magna Mining Provides Exploration Update
TSXV: NICU FSE: 8YD
MAGNA MINING PROVIDES EXPLORATION UPDATE
SUDBURY, ONTARIO, CANADA, NOVEMBER 3, 2023 – Magna Mining Inc. (TSX.V: NICU) (OTCQB: MGMNF)
(FSE: 8YD) (“Magna” or the “Company”) is pleased to provide an update on the 2023 exploration program.
This year to date, Magna has completed 17,6 18 m of drilling, comprising 89 diamond drill holes, at the
Crean Hill Project (“Crean Hill”). The Company has also completed a surface UTEM 5 geophysical program
and several borehole EM geophysical surveys at the Company’s properties. Data from these geophysical
surveys is currently being interpreted and could provide additional targets at depth and in the footwall of
the known Crean Hill deposit.
Magna is also pleased to report new assay results from the ongoing 2023 diamond drilling program at
Crean Hill.
Highlights from the new assay results include:
• Main Zone (750 Level Pillar)
MCR-23-052A : 0.8% Ni, 1.3 % Cu, 2.0 g/t Pt + Pd +Au over 96.5 metres
Including 1.2 % Ni, 2.5 % Cu, 3.1 g/t Pt + Pd +Au over 15.6 metres
• 101 FW Zone
MCR-23-051: 1.1% Ni, 0.5 % Cu, 0.5 g/t Pt + Pd + Au over 13.6 metres
And 2.5% Ni, 3.8 % Cu, 7.1 g/t Pt + Pd + Au over 1.3 metres
And 2.9% Ni, 0.4 % Cu, 1.2 g/t Pt + Pd + Au over 2.0 metres
And 2.8% Ni, 8.7 % Cu, 1.0 g/t Pt + Pd + Au over 2.4 metres
MCR-23-054A: 4.1% Ni, 0.4 % Cu, 0.7 g/t Pt + Pd + Au over 3.7 metres
Dave King, SVP Technical Services stated, “Drilling results reported today continue to demonstrate the
quality of the relatively shallow Mineral Resources remaining at Crean Hill. Drilling on the 101 FW Zone
was designed within our advanced exploration target area, to further define grade continuity and facilitate
detailed planning . Drillhole MCR -23-052A targeted a remnant pillar identified in the Main and
Intermediate Zones, at the 750 ft level, and intersected 0.8% Ni, 1.3 Cu, 2.0 g/t Pt + Pd + Au over 96.5
metres. The 750 level pillar is not well defined in the current Mineral Resources and wide mineralized
intervals such as those intersected by MCR -23-052A in the Main Zone could add significant resources in
the upper levels of the mine.”
The results of the holes announced today included two holes that targeted the 101 FW Zone, one drillhole
targeting the 9400 FW Zone, and one drillhole target ing a significant remnant pillar at the 750 ft level
within the Main Zone (Figure 1). The 750 level pillar is a sill pillar approximately 30m thick , extending
through both the Main and Intermediate Zones. A portion of the remnant pillar mineralization in the Main
Zone, up to 100m in strike and 30m wide, is not modeled, and not represented in the current Mineral
Resources. Drillhole MCR-23-052A targeted this area, and intersected mineralization over 96.5 metres,
consisting of an upper zone of low sulphide mineralization along the eastern margin of the 109 FW Zone
grading 0.1% Ni, 1.0 % Cu, 3.1 g/t Pt + Pd +Au over 17.5 metres, and several higher-grade intervals within
the Main Zone. Complete assay results are summarized in Table 1 and drillhole collar coordinates are
presented Table 2.
The diamond drill program has fulfilled Magna’s exploration objectives so far in 2023. The objectives of
the exploration program were to improve the geological understanding of the Crean Hill deposit,
contribute towards potential resource expansion , and confirm grade continuity within several of the
Crean Hill ore zones. Much of the 2023 program to date has been focused within the area currently being
considered for advanced exploration and bulk sampling, including the near surface precious metal-rich
109 FW Zone, the high grade , nickel-rich 101 FW Zone, and the Intermediate Zone. Drilling for the
remainder of 2023 will be focused on deeper footwall exploration, including geophysical platform
drillholes.
2023 Exploration Update
Year to date, Magna has drilled a total of 23,617m, comprising 17,618m at Crean Hill and 5,999m at
Shakespeare. Magna’s previous guidance for exploration drilling in 2023 was 15,000 to 18,000m at
Crean Hill and 3,000 to 5,000m at Shakespeare. The exploration program to date in 2023 has been
successful in achieving more diamond drill meters than budgeted, while remaining within the estimated
budgeted costs. This has been due to higher than estimated productivity and lower overall drilling costs.
At present, there is still one diamond drill on site at Crean Hill and the Shakespeare diamond drill
program has been completed for the year.
In addition to diamond drilling, Magna has completed several geophysical surveys including borehole
EM and surface UTEM 5 at both Crean Hill and Shakespeare, and an airborne ZTEM survey over the
entire 180 km2 property package at Shakespeare. Data processing and interpretation from these surveys
is underway and results will influence the exploration strategy and diamond drilling programs in 2024.
A provisional 2024 exploration budget has been authorized by the Board of Directors of Magna, which
includes a total of 25,000m of diamond drilling that will be allocated between Crean Hill and
Shakespeare. This 2024 drilling program will be funded by Magna’s current cash balance. Magna’s cash
balance as of June 30, 2023 was $18.5 million.
CEO Jason Jessup added “Given the current market conditions, we are fortunate to be completely
funded for a robust exploration budget for 2024. I believe that our properties host some of the best
exploration potential of any nickel junior in Canada and we have a team with the experience and track
record to make new discoveries. I predict that 2024 will be an exciting year for exploration at Magna”.
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 Zone From (m) To (m) Length (m) Ni % Cu % Co % Pt g/t Pd g/t Au g/t TPM g/t NiEq
MCR-23-049A 9400 FW 457.00 458.12 1.12 0.02 0.03 0.00 0.86 0.75 0.32 1.93 0.38
MCR-23-051 Intermediate 94.80 111.40 16.60 0.60 0.59 0.02 0.42 0.13 0.09 0.65 0.97
101 FW 119.87 121.48 1.61 1.41 1.11 0.04 0.41 0.21 0.09 0.71 2.05
and 129.00 142.61 13.61 1.10 0.50 0.03 0.26 0.16 0.05 0.47 1.44
and 148.27 151.14 2.87 1.21 1.69 0.05 0.18 0.86 0.20 1.24 2.25
and 190.42 196.07 5.65 0.69 1.71 0.05 0.15 2.22 0.14 2.52 2.06
and 206.26 207.54 1.28 2.52 3.78 0.06 6.32 0.72 0.10 7.14 5.14
and 217.04 218.37 1.33 0.25 2.74 0.01 0.13 0.18 1.32 1.64 1.74
and 220.79 222.80 2.01 2.90 0.39 0.07 0.33 0.23 0.66 1.22 3.38
and 226.96 228.27 1.31 0.91 0.42 0.02 1.94 0.14 0.12 2.20 1.41
and 234.55 236.99 2.44 2.80 8.67 0.08 0.01 0.34 0.59 0.95 6.77
MCR-23-52A 241.85 338.35 96.50 0.75 1.29 0.03 0.95 0.80 0.26 2.01 1.68
109 FW 241.85 259.38 17.53 0.13 1.00 0.01 0.86 1.76 0.45 3.07 1.17
Including 254.69 259.38 4.69 0.25 1.23 0.02 0.81 2.66 0.59 4.05 1.63
Main 260.50 261.40 0.90 1.43 6.17 0.05 1.10 0.30 1.20 2.61 4.56
and 263.00 278.00 15.00 1.21 1.05 0.04 0.99 0.52 0.31 1.82 2.02
Including 267.00 273.40 6.40 2.20 0.55 0.08 0.78 0.65 0.09 1.52 2.80
and 285.25 338.35 53.10 0.90 1.56 0.03 1.08 0.59 0.18 1.85 1.91
Including 291.00 295.14 4.14 1.64 0.74 0.06 0.56 0.96 0.28 1.80 2.39
and Including 322.80 338.35 15.55 1.19 2.50 0.04 2.23 0.68 0.22 3.13 2.77
MCR-23-54A Intermediate 76.95 116.68 39.73 0.64 0.69 0.02 0.38 0.14 0.17 0.69 1.07
101 FW 126.49 130.16 3.67 4.14 0.43 0.11 0.36 0.27 0.08 0.70 4.59
and 139.65 140.60 0.95 2.19 0.54 0.06 0.30 0.21 0.05 0.56 2.60
and 148.50 149.76 1.26 0.49 0.07 0.02 0.96 1.48 7.41 9.85 2.51
and 152.00 152.81 0.81 0.46 6.23 0.01 0.05 0.30 0.14 0.49 3.21
and 158.17 158.55 0.38 1.84 1.04 0.06 0.03 1.04 0.08 1.15 2.62
Figure 1: Longitudinal Section of the Crean Hill Deposit Showing the Location of Mineralized Zones and the
Drillholes Reported Today, Looking North.
Table 2: Drillhole Collar Coordinates
*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.
BHID Easting Northing Elevation Azimuth Dip Depth
MCR-23-049A 472486 5141759 283 25 61 629
MCR-23-051 472896 5142027 303 176 54 275
MCR-23-052A 473240 5141704 300 322 59 344
MCR-23-054A 472895 5142026 303 152 59 215
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 NI 43-101 Technical Report, Preliminary Economic
Assessment dated July 2023. Additional information about the Company is available on SEDAR
(www.sedarplus.ca) 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: [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.