Magna Mining Reports High Grade Copper Results from the Crean Hill Project and Commences Surface Advanced Exploration Results Include 5.0% Cu, 0.7% Ni, and 12.8 g/t Pt+Pd+Au Over 15.2 Metres
Magna Mining Reports High Grade Copper
Results from the Crean Hill Project and
Commences Surface Advanced Exploration
Results Include 5.0% Cu, 0.7% Ni, and 12.8 g/t Pt+Pd+Au Over
15.2 Metres
Sudbury, Ontario--(Newsfile Corp. - July 8, 2024) - Magna Mining Inc. (TSXV: NICU) (OTCQB: MGMNF)
(FSE: 8YD) ("Magna" or the "Company") is pleased to announce additional diamond drilling results and
provide an update on the surface advanced exploration bulk sampling in the 109 Footwall (FW) Zone.
Highlights from the new assay results include:
109 FW Zone
MCR-24-087: 5.0 % Cu, 0.7% Ni, 12.8 g/t Pt + Pd + Au over 15.2 metres
Including, 11.7 % Cu ,1 .0% Ni, 5.8 g/t Pt + Pd + Au over 5.2 metres
MCB-24-080: 0.6 % Cu, 0.2% Ni, 20.2 g/t Pt + Pd + Au
over 15.1 metres
MCB-24-082: 2.6 % Cu, 0.7% Ni, 13.2 g/t Pt + Pd + Au over 6.4 metres
Jason Jessup, CEO of Magna Mining commented, "The exploration drilling results announced today
continue to highlight the high-grade copper and precious metals found in the 109 Footwall Zone. These
intersections are within 200 metres of surface and could be incorporated into early test mining. I am also
excited to report that we have started the process of extracting the 20,000 tonne surface bulk sample
from our 109 Footwall Zone. Our mining contractor,
ADLP
, (a partnership between Atikameksheng
Anishnawbek, Wahnapitae First Nation and Technica Mining) has begun drilling the blast holes, and
initial site work is underway to commence dewatering of the underground workings. The Magna
operations team, led by our COO Jeff Huffman, has done a fantastic job working with ADLP to perform
the risk assessments and planning to ensure seamless and safe execution. We are on track to
accomplish our development milestones and growth objectives in the second half of 2024."
The bulk sample work is underway with most of the site preparation completed. (See Image 1 and 2).
Blasting is scheduled to commence within the week and mineralized material from the 109 FW Zone will
be stockpiled in preparation for trucking to the processing facility later this month. As part of the
advanced exploration program, mapping of the fresh rock faces will be completed as mining
progresses, providing valuable information on mineralization controls, and reconciliation to the geology
model and mineral resource estimate.
The new assays reported today from the Crean Hill diamond drill program include results from eight
drillholes targeting the 109 FW Zone. Current drilling is designed to better define the higher-grade core
of the 109 FW zone at depth that is within the area that will be developed as part of the underground
advanced exploration program. Significant intersections include MCR-24-087 grading 5.0% Cu, 0.7%
Ni, 12.8 g/t Pt+Pd+Au over 15.2 metres, including 11.7% Cu, 1.0 % Ni, 5.8 g/t Pt+Pd+Au over 5.2
metres. See Table 1 for full results and Figure 1 for the location of the drilling reported today.
Image 1: Picture of Bulk Sample Area and Advanced Exploration Site Preparation
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8002/215626_6740fca904d6b98e_002full.jpg
Image 2: Picture of the 109 FW Mineralization at Surface and Removal of Overburden in
Preparation for Drilling and Blasting
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8002/215626_6740fca904d6b98e_003full.jpg
Table 1:
Summary of Crean Hill Assay Results
Drillhole
Zone
From
(m)
To
(m)
Length
(m)
Cu %
Ni %
Co %
Pt g/t
Pd g/t
Au g/t
TPM g/t
NiEq
MCR-24-079
109 FW
172.54
173.38
0.84
0.95
0.15
0.03
1.69
7.45
0.67
9.81
2.67
and
187.50
189.70
2.20
0.75
0.23
0.01
0.24
13.54
0.19
13.97
3.79
MCR-24-080
109 FW
181.00
196.14
15.14
0.57
0.20
0.01
11.73
5.46
3.01
20.20
3.73
MCR-24-081
109 FW
135.77
136.37
0.60
0.05
0.22
0.03
8.99
1.72
1.45
12.16
2.06
and
181.30
181.75
0.45
0.11
0.22
0.01
14.91
5.35
3.20
23.46
3.95
MCR-24-082
109 FW
162.09
168.48
6.39
2.57
0.67
0.02
2.50
6.66
4.05
13.21
4.46
MCR-24-083
109 FW
145.67
146.30
0.63
6.09
0.27
0.01
0.00
1.59
0.33
1.92
3.29
MCR-24-084A
109 FW
274.06
274.85
0.79
0.34
0.16
0.01
0.57
12.93
5.26
18.76
4.47
and
303.64
303.95
0.31
1.18
0.17
0.03
0.01
7.03
2.52
9.56
2.86
MCR-24-085
109 FW
No Significant Values
MCR-24-086
109 FW
Assays Pending
MCR-24-087
109 FW
255.17
270.40
15.23
5.00
0.69
0.03
4.65
5.70
2.47
12.82
5.22
Including
263.60
268.80
5.20
11.74
1.00
0.04
0.59
3.90
1.33
5.81
7.25
and
255.80
261.50
5.70
1.25
0.75
0.03
7.92
9.27
4.89
22.09
5.41
All lengths are downhole length. True widths are estimated at 85-95% of downhole length.
Ni Eq % = (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.
Table 2: Drillhole Collar Coordinates
BHID
Easting
Northing
Elevation
Azimuth
Dip
Depth
MCR-24-079
473198
5141745
310
294
-59
209
MCR-24-080
473198
5141745
310
300
-62
236
MCR-24-081
473198
5141745
310
287
-65
200
MCR-24-082
473198
5141745
310
313
-53
170
MCR-24-083
473198
5141745
310
298
-46
152
MCR-24-084A
473294
5141773
291
276
-58
317
MCR-24-085
473294
5141773
291
273
-51
275
MCR-24-086
473294
5141773
291
274
-54
281
MCR-24-087
473294
5141773
291
280
-54
272
*Drillhole Coordinates are in Coordinate System NAD 83 Zone 17
Figure 1: Oblique Longitudinal Section of the Crean Hill 109 FW Zone Looking Northwest
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8002/215626_6740fca904d6b98e_005full.jpg
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. Samples are then put
into plastic bags with 10 bagged samples being placed into rice bags for transport to Swastika
Laboratories in Kirkland Lake Ontario via Gardewine Transport for preparation and analysis.
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 lab 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 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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/215626