Magna Mining Provides Update on Activity at Crean Hill Diamond Drilling Has Commenced and Intersected Semi- Massive to Massive Sulphides over 10.7 Metres
Magna Mining Provides Update on Activity at
Crean Hill
Diamond Drilling Has Commenced and Intersected Semi-
Massive to Massive Sulphides over 10.7 Metres
Sudbury, Ontario--(Newsfile Corp. - November 17, 2022) - Magna Mining Inc. (TSXV: NICU) ("Magna" or
the "Company") is pleased to announce that drilling has commenced at the Crean Hill Mine, part of the
Denison Project (see Figure 1). To date, three holes have been completed and each has intersected
mineralization as expected, including massive sulphide mineralization in drillhole MCR-22-003. (See
Figure 2). The Company expects to complete approximately 2000m of drilling prior to the Christmas
break, and resume diamond drilling in January.
The Company is pleased to announce that it has awarded the contract to complete a Preliminary
Economic Assessment("PEA") to Stantec Consulting Ltd. The PEA will be used to demonstrate the
potential economics of the Denison Project, identify, and quantify synergies with the Company's
Shakespeare Project and make recommendations for additional work which will support a future Pre-
feasibility Study. The completion of the PEA is anticipated early in Q2 2023.
Dave King, Senior Vice President of Technical Services for Magna commented, "We are pleased to
have secured a local drilling company for the Crean Hill diamond drilling so quickly after the closing of
the acquisition of Lonmin Canada Inc. Our initial drilling has intersected massive sulphide mineralization,
as expected, and demonstrates the quality of the mineral resources remaining at Crean Hill. The initial
1500-2000m in this drilling program at Crean Hill is designed to provide technical information to support
the PEA, as well as provide material for metallurgical or other required testing as our technical studies
progress."
The initial drilling program at Crean Hill is targeted within the current mineral resources, within areas that
will be considered for advanced exploration and potential bulk sampling. To date, three drillholes have
been completed, and have intersected mineralization as expected, confirming the accuracy of the
historical stope models, geological models, and overall quality of mineral resources remaining at Crean
Hill. The first two holes targeted near surface Cu-Ni Sudbury Igneous Complex ("SIC") contact style
mineralization within the current open pit resource. The third drillhole, MCR-22-003, targeted the 101
Zone, which is associated with a breccia system trending southwest from the main SIC contact
mineralization, into the footwall rocks. Sudbury footwall orebodies are commonly hosted within breccia
systems, and often are elevated in copper and platinum group element ("PGE") mineralization, relative
to typical SIC contact mineralization. Drillhole MCR-22-003 was targeting below and adjacent to
historically mined stopes and confirms the mineralization continues down-dip and along strike to the
southwest. The drillhole intersected approximately 70 m of footwall breccia, with local disseminated to
stringer mineralization throughout, and includes massive sulphide mineralization from 168.1-169.8 and
173.1-178.8 metres downhole, (1.7 m and 5.7 m, respectively) (Figure 2). Additional drilling will be
designed to further extend the 101 Zone mineralization.
In 2023, Magna is budgeting 12,000 to 15,000 metres of drilling that will be focused on expanding on the
existing Mineral Resources and testing new exploration targets in the footwall of the SIC as well contact
nickel and copper targets to the east of the current resource.
Figure 1:
Denison Project Location, showing adjacent significant land tenure.
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/8002/144587_2dc1252934bdbafe_002full.jpg
Figure 2:
MCR-22-003 Massive Sulphide.
To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/8002/144587_2dc1252934bdbafe_003full.jpg
Restricted Share Unit (RSU) Plan update
As previously announced by the Company in its press release dated November 10, 2022, the Company
granted restricted share units ("
RSUs
") to certain directors, officers and employees of the Company
under its existing Restricted Share Unit Plan ("
RSU Plan
"). The Company further announces that, in
connection with such prior grant of a portion of the RSUs, the Company also approved an amendment to
the RSU Plan (the "
Amended RSU Plan
") to increase the fixed maximum number of shares reserved
for issuance under the RSU Plan from 750,000 to 1,500,000 shares. The Amended RSU Plan and the
grant of 78,000 RSUs under the Amended RSU Plan are subject to approval by the TSX Venture
Exchange and ratification by the Company's shareholders at the next annual and special meeting of
shareholders. Further details regarding the grant of the RSUs are set out in the Company's press
release dated November 10, 2022 available on SEDAR.
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.
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 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 an updated technical report, prepared in accordance with NI 43-101, 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/144587