Magna Mining's Initial 2021 Drilling Intersects 33.8 Metres of Ni-Cu-PGM Mineralization in the Gap Zone at the Shakespeare Project, Ontario, Canada
Magna Mining's Initial 2021 Drilling Intersects
33.8 Metres of Ni-Cu-PGM Mineralization in the
Gap Zone at the Shakespeare Project, Ontario,
Canada
Sudbury, Ontario--(Newsfile Corp. - June 24, 2021) -
Magna
Mining Inc. (TSXV: NICU) ("Magna" or the
"Company") is pleased to announce drill results for the first two drill holes at its Shakespeare Project,
located near Sudbury, Ontario. Diamond drilling on the Shakespeare Project commenced in late April,
with one diamond drill focused on better defining the area between the East and West zones, referred to
as the Gap Zone, and at depth, below the East Zone.
Drillhole MMC-21-15 intersected
0.51% Nickel Equivalent
("Ni Eq")
over 33.8 metres
in the Gap
Zone, thereby supporting the Company's thesis that the existing NI 43-101 Mineral Resource estimate
can be expanded in this near-surface part of the Shakespeare deposit.
Jason Jessup, Chief Executive Officer of Magna, stated, "We are pleased to report the first assay results
received from our ongoing exploration program on the Shakespeare Project. Results from hole MMC-
21-15 demonstrate the near surface exploration potential of the project, as well as the potential to
significantly increase Mineral Resources."
"Of the planned 9,000 metre diamond drilling program to date, we have completed 2,426 metres in 11
drillholes. Additionally, we have successfully progressed three of the 2021 exploration program
objectives. Firstly, drilling to date has advanced our understanding of the geological controls on
Shakespeare mineralization. In addition, we have now identified substantial nickel-copper-PGM
mineralization in proximity to our open pit resource and have established platforms for downhole
geophysical surveys, which will help guide additional drilling in 2021. We are encouraged by the results
to date, including drillhole MMC-21-15, which intersected significant mineralization outside of the current
Mineral Resource and extending outside of the 2021 open pit resource shell. Magna looks forward to
providing additional updates as the 2021 exploration program progresses and assay results are
received," stated Jason Jessup.
The Gap Zone currently separates the Shakespeare West and East mineral resources (Figure 1). Six
drillholes targeted the Gap Zone area, and results have been received for two holes. Table 1
summarizes drilling and assays received to date. Significant results include drillhole MMC-21-15, which
intersected a wide interval of mineralization, extending beyond the current mineral resource open pit
shell (Figure 2).
Two drill holes, MMC-21-18 and MMC-18-07 extension, were completed beneath the East Zone and
extended into the footwall of the known deposit. These will provide platforms for downhole geophysical
surveys, which could potentially define geophysical anomalies representing areas of conductivity and
mineralization. Crone Geophysics has completed surveys on 5 of the 11 holes, for which results are
pending.
Drilling has also been carried out on regional targets while the geophysical surveying program was
being executed at Shakespeare. Currently the drill is on our Springer Target which is following up on
surface sampling that assays up to 7.36% Cu and is in proximity to our newly acquired
patents claims
(see press release dated
June 8
th
, 2021).
Drilling will resume on the Shakespeare deposit later this
month.
Figure 1: Shakespeare Deposit longitudinal section, illustrating the location of diamond drilling
and assay results received to date
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Figure 2: Vertical section illustrating drillhole MMC-21-15
To view an enhanced version of this graphic, please visit:
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Table 1 2021 Diamond Drilling Results
DDH
Depth (m)
Zone
Including
From (m)
To (m)
Length
(m)
Cu (%)
Ni (%)
Co (%)
Pt (g/t)
Pd (g/t)
Au (g/t)
Ni Eq
MMC-21-14
178
Gap
63.0
65.0
2.0
0.08
0.13
0.01
0.15
0.16
0.08
0.21
MMC-21-15
201
Gap
49.8
52.6
2.8
0.01
0.27
0.00
0.01
0.00
0.00
0.23
Gap
and
90.5
124.3
33.8
0.31
0.27
0.02
0.26
0.34
0.19
0.51
Including
90.5
112.2
21.6
0.37
0.34
0.03
0.32
0.42
0.24
0.64
East FW
131.9
134.7
2.8
0.51
0.39
0.02
0.45
0.49
0.25
0.73
MMC-21-16
309
S-13
Assays Pending
MMC-21-17
150
Gap
Assays Pending
MMC-21-18
426
East FW
Assays Pending
MMC-21-19
252
Gap
Assays Pending
MMC-21-20
126
Gap
Assays Pending
MMC-18-07
(Deepening)
600
175 ext
East FW
Assays Pending
MSP-21-01
102
Springer
Assays Pending
MSP-21-02
351
Springer
Assays Pending
MSP-21-03
71
Springer
Assays Pending
(1)
Reported lengths are downhole length. True widths are estimated to be 70-80% of downhole length.
(2)
Nickel Equivalent grade is calculated based on metal prices of $6.25/lb Ni, $2.80/lb Cu, $31.00/lb Co, $950/oz Pt, $900/oz Pd and $1,250.00/oz Au,
and metal recoveries of 76.4% for Ni, 95.9% for copper, 71% for Co, 74.8% for Pt, 42.4% for Pd and 38.4% for Au.
Qualified Person
The technical information in this press release has been reviewed and approved by Marshall Hall, M.Sc.,
P.Geo, the Company's Exploration Manager.
Mr Hall 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. Drill
core is collected from the diamond drill and placed in sealed core trays from 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 SGS Laboratories, Sudbury. 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.
The current drilling program is being carried out under the supervision of Marshall Hall, M.Sc., P.Geo, the
Company's Exploration Manager.
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 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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