Magna Mining Reports High Grade Surface Samples on the Baldwin Patents Portion of the Shakespeare Ni-Cu-PGM Project, Ontario, Canada Highlights Include 13.19% Cu, 0.07% Co, 16.20 g/t Ag and 1.81 g/t Au
Magna Mining Reports High Grade Surface
Samples on the Baldwin Patents Portion of the
Shakespeare Ni-Cu-PGM Project, Ontario,
Canada
Highlights Include 13.19% Cu, 0.07% Co, 16.20 g/t Ag and 1.81
g/t Au
Sudbury, Ontario--(Newsfile Corp. - September 14, 2021) - Magna
Mining Inc. (TSXV: NICU) ("Magna"
or the "Company") is pleased to provide assay results from surface work on the recently acquired
Baldwin Patents property, which is part of the Shakespeare Ni-Cu-PGM Project and located
approximately 3 km south-east of the Shakespeare Mine.
Initial surface mapping and sampling of these patented claims have identified sulphide mineralization on
surface. Grab samples have returned values as high as
13.2% copper with 1.8 g/t gold
as well as
7.1% copper with 6.2 g/t gold
with anomalous cobalt and silver values (see Table 1).
Table 1: Summary of the assay results from surface sampling at the Baldwin Patents
Sample #
Easting
(83)
Northing
(83)
Cu %
Ni %
Co %
Ag ppm
Au
ppm
Pt
ppm
Pd
ppm
CuEq
%
E00099571
438244
5131458
13.19
0.01
0.07
16.20
1.81
0.01
0.03
14.49%
E00099572
438245
5131458
3.04
0.00
0.01
5.00
0.07
0.01
0.01
3.07%
E00099573
438244
5131461
1.55
0.00
0.04
2.60
0.59
0.01
0.01
1.99%
E00099574
438245
5131468
7.10
0.00
0.03
13.00
6.18
0.01
0.01
11.02%
E00099575
438244
5131468
0.03
0.00
0.01
0.20
0.01
0.01
0.01
0.06%
E00099576
438260
5131473
0.11
0.01
0.02
0.30
0.03
0.03
0.01
0.18%
Note: Equivalent values calculated using September 8, 2021 average metal prices of U$8.94/lb. Ni, US$4.18/lb. Cu, US$974/oz Pt, US$2,188/oz
Pd, US$1,789 Au, US$23.99/oz Ag and US$22.73/lb. Co. Recoveries were not used in the CuEq calculations.
Mynyr Hoxha, Vice President of Exploration, states, "The results of our initial field work on the Baldwin
Patents have exceeded our expectations. This property was held for a number of decades by a major
gold producer and the last known campaign of exploration was in the 1950's. The Baldwin Patents, along
with the P-4, Springer and Spanish River regional targets, are all part of our regional exploration
program that we are conducting this year. We believe that we have multiple, highly prospective targets
across much of the 180 km
2
land package that surrounds the Shakespeare Mine, and these initial
results support our thesis that there are numerous portions of our project area that have the potential to
host high grade deposits."
The Baldwin Patents property is surrounded by the Shakespeare Project and was acquired as part of a
consolidation of the southern portion of Magna's property package
(as outlined in the June 8
th
, 2021
press release).
Through airborne geophysics, an electro-magnetic ("EM") anomaly was identified east of
the sampled area and was modelled into an EM plate. The presence of the EM plate to the east could
suggest a stronger mineralized envelope that would extend further beyond the sampled region and along
strike. According to the available records, this EM plate has never been drill-tested.
The geology of the Baldwin Patents consists of Agnew Lake intrusion, Elliot lake group sediments, mafic
intrusive, Huronian group metavolcanic-metasediments and Ramsay-Algoma intermediate granitoids
(see Figure 1). The geology in this portion of the property is different than at Shakespeare, and it is
believed to be more conducive to copper-gold styles of mineralization associated with shear zones and
quartz veining.
Figure 1: Map displaying geology and sample locations within Baldwin Patents
To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/8002/96323_513d36b77405684c_002full.jpg
Follow-up work will consist of additional surface mapping, stripping, and sampling later this fall in
anticipation of drill testing the property in 2022.
Jason Jessup, Chief Executive Officer, adds: "We're delighted to find such high-grade grab samples on
this portion of our property which we think serves to highlight the potential for significant new discoveries,
and underlines the highly prospective nature of our land package which is adjacent to the Sudbury Basin.
We're looking forward to reporting our first holes from the P-4 and Springer regional targets in the
coming weeks".
Update on Exploration and Drilling Activities
As indicated in the press release dated
August 17
th
, 2021
, assay results from earlier holes in the current
campaign (primarily resource expansion targets surrounding the Shakespeare Mine) remain delayed
due to assay lab backlogs. However, recent regional exploration results have been subsequently sent to
an alternative assay lab, and these results are anticipated by the end of September.
Exploration activity in the field has been progressing as anticipated. Magna plans to have the remaining
2,000 metres of diamond drilling in this program completed by the end of September and looks forward
to being able to provide assay results as soon as they become available.
Further geophysical work at the Bird's Bane gravity anomaly in the footwall of the Shakespeare deposit
was conducted in August. Magna has scheduled to drill test this target as part of the current program that
will be completed in the coming weeks.
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
Sample QA/QC practices for Magna have been designed to meet or exceed industry standards.
Samples are collected from outcrop, placed into plastic bags, and then transported to the Magna Mining
core facility. Samples are then placed into rice bags and then sent via bus to Swastika Labs of Kirkland
Lake, ON. QAQC samples for surface sampling include a known certified reference material sample and
blank material sample that are submitted within every 20 samples. 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.
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