Magna Mining Reports a New Nickel - Copper - PGM Discovery at the Shakespeare Project,
Magna Mining Reports a New Nickel - Copper -
PGM Discovery at the Shakespeare Project,
Ontario, Canada
Sudbury, Ontario--(Newsfile Corp. - September 20, 2021) - Magna
Mining Inc. (TSXV: NICU) ("Magna"
or the "Company") is pleased to provide assay results from the first two diamond drill holes that were
designed to test a portion of the P-4 target, located 5 km to the east and on strike of the past producing
Shakespeare Mine stratigraphy.
Two holes were drilled to intersect a previously untested geophysical anomaly, and both holes
intersected significant nickel, copper, and Platinum Group Metals (PGM) near surface. A portion of hole
MP4-21-01 returned a zone grading
0.58% Ni, 0.84% Cu, 0.04% Co and 2.64 g/t TPM (1.76% NiEq)
over 0.42m
within a 2.33m zone grading 0.77% NiEq. Hole MP4-21-02 intersected a zone of semi-
massive sulphides grading
1.16% Ni, 0.10% Cu, 0.06% Co and 0.78 g/t TPM (1.53% NiEq
)
over
0.21m
as well as a second zone grading
0.46% Ni, 1.32% Cu, 0.03% Co and 1.64 g/t TPM (1.60%
NiEq) over 0.53m
within a 3.66m intersection grading 1.05% NiEq
(see Table 1 for complete assay
results).
Mynyr Hoxha, Vice President of Exploration, states, "The discovery of semi-massive sulphides within a
gabbroic unit in a sedimentary rock environment almost 100m from the Nipissing gabbros is extremely
encouraging.
The first two holes testing this target provide strong support for our thesis that our 180km
2
land package has potential to host multiple deposits of high-grade nickel, copper, and precious metal
mineralization. What we find most encouraging about this discovery is that unlike our current
Shakespeare deposit, which is comprised of relatively consistent concentrations of disseminated
sulphides, the new discovery shows evidence of sulphide and metal segregation. Magna geologists
interpret this mineralization as a magma injection into the sediments, possibly from a large magmatic
source at depth. Follow-up work will involve borehole electro-magnetic (EM) surveying on the recently
completed holes and additional drilling designed to further define the new mineralization and to follow
this system to the potential source at depth. Additionally, a second known EM geophysical anomaly,
located 400m further to the east of the new mineralization remains untested."
Figure 1. Plan view of the P-4 target location in relation to the Shakespeare Deposit
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/8002/96961_00928a4c7430195b_002full.jpg
Figure 2: Plan map displaying the location of interpreted cross section of P-4 target with drill
holes, and defined EM conductors
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/8002/96961_00928a4c7430195b_003full.jpg
Figure 3: Vertical interpreted cross section of P-4 target with drill hole results looking north-east
To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/8002/96961_00928a4c7430195b_004full.jpg
"This discovery is a first step in our regional exploration program and validates Magna's belief that the
Shakespeare Project has the potential to host multiple nickel, copper, PGM deposits within our
extensive land package. The newly discovered mineralization is open in all directions and the current
intersections are within 140 meters of surface. Assay results demonstrate a more than 50% increase in
base metal grade from the first hole to our deeper second hole. We find this quite encouraging and a
comparison of the two drillhole intercepts suggests that the width of the mineralized zone is increasing
with depth. Magna's property covers more than 10 km of strike length of the Shakespeare stratigraphy
and associated magnetic anomalies that host the known Shakespeare deposit.
This trend has seen very
little exploration in the past and the recent results demonstrate the significant geological potential and re-
affirms Magna's belief that there are additional economic deposits to be discovered on the
Shakespeare Project. We are looking forward to further testing the down dip extent of this zone of
mineralization, as well as drill testing the second electro-magnetic anomaly associated with this
exploration target," states Jason Jessup, Magna's Chief Executive Officer.
Table 1: Summary of the maiden assay results from diamond drilling at P-4 target
DDH
From
(m)
To
(m)
Length
(m)
Ni
(%)
Cu
(%)
Co
(%)
Pt
(g/t)
Pd
(g/t)
Au
(g/t)
NiEq %
MP4-21-01
154.84
157.17
2.33
0.25
0.36
0.02
0.35
0.45
0.28
0.77
Including
156.75
157.17
0.42
0.58
0.84
0.04
0.94
1.00
0.70
1.76
MP4-21-02
178.43
182.09
3.66
0.45
0.55
0.03
0.34
0.37
0.28
1.05
Including
178.7
179.23
0.53
0.46
1.32
0.03
0.56
0.58
0.50
1.60
Including
180.18
180.39
0.21
1.16
0.10
0.06
0.51
0.19
0.08
1.53
Note: Equivalent values calculated using September 16, 2021 metal prices of U$8.80/lb. Ni, US$4.21/lb. Cu, US$930/oz Pt, US$1966/oz Pd,
US$1,756 Au, and US$23.36/lb. Co. Recoveries were not used in the NiEq calculations. All composite intervals are reported as core length as true
width has not been determined.
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
Samples from diamond drilling at our P-4 target were submitted to Swastika Laboratories of Kirkland
Lake, Ontario. Samples were marked by geologists, cut, then half the core was bagged in plastic bags,
and placed into rice bags with other samples for shipment. Samples were shipped to Kirkland Lake via
Ontario Northland Bus services. Quality control samples are submitted with every batch including two
known certified references and blank material. Gold was analysed with fire assay and gravimetric finish,
Pt & Pd were analysed with fire assay and AES finish, and base metals were analysed with two acid
digestion and FAAS finish.
All QAQC samples included as part of the sample reported here have
passed QAQC. The current exploration program is being carried out under the supervision of Marshall
Hall, M.Sc., P.Geo, and the Company's Exploration Manager.
About Magna Mining Inc.
Magna Mining is an exploration and development company focused on sulphide 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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/96961