Magna Mining drills 0.2% nickel over 28.4 metres at Crean Hill, Ontario

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Magna Mining Inc. [NICU-TSXV] reported additional assays results from the continuing diamond drilling program at Crean Hill, Sudbury Basin, Ontario. Results include assays from five drill holes completed on the G1 zone, a narrow embayment structure at the Sudbury igneous complex (SIC) contact, approximately 1,000 metres east of the Crean Hill Main zone, and one additional drill hole targeting the 109 Footwall (109 FW) zone.

Highlights from the new assay results include: G1 zone (MCR-23-014) returned 1% nickel, 0.8% copper, 0.2 g/t platinum plus palladium plus gold over 5.2 metres; 109 FW zone (MCR-23-019) returned 0.2% Ni, 0.3% Cu, eight g/t Pt plus Pd plus Au over 28.4 metres.

The G1 zone exploration drilling was targeted based on historical drill hole LM01800, which was drilled beneath a mineralized outcrop at surface, and was not previously followed up with subsequent drilling. Magna drill holes MCR-23-014 to MCR-22-18 were designed to define the plunge of the mineralization, and intersected a narrow zone of Ni-Cu mineralization from surface to the 65-metre level.

Nickel and copper grades within the G1 zones are generally consistent with SIC contact mineralization at the historically mined Crean Hill deposit, approximately 1,000 metres west of the G1 zone. The G1 zone remains open down plunge.

Drill hole MCR-23-019 was drilled within the 109 FW zone to better define the true width of the mineralized breccia. The hole intersected 0.2% Ni, 0.3% Cu, eight g/t Pt plus Pd plus Au over 28.4 metres, confirming the presence of high-grade platinum group metals in this section of breccia in the 109 FW zone.

Previously released drill holes in the 109 FW zone (MCR-22-010 and MCR-23-013) intersected an overall mineralized zone grading 0.4% Ni, 0.5% Cu, 7.2 g/t Pt plus Pd plus Au over 98.3 metres and 0.2% Ni, 0.6% Cu and 11 g/t Pt plus Pd plus Au over 95.4 metres, respectively.

Both of these holes were drilled down the plunge of the breccia to better understand the distribution and continuity of high-grade veins in this area. These results are not incorporated into the current mineral resource estimate.

Dave King, senior vice-president, technical services, stated: “These results are encouraging, and the information provided allows our exploration team to develop a better understanding of the geological controls on the property. Although these results are not as exceptional as some of our previous results, we are extremely pleased to continue to intersect not only high-grade PGMs in the 109 FW zone, but to start to define a new zone of near-surface mineralization elsewhere on the property which is open below 65 metres from surface. The Crean Hill deposit was historically mined to depths below 1,400 metres, so we have a large area below these intersections to explore. We have identified another exploration target further to the east of G1, which we call the G2 target, and drilling has been initiated on the G2 target as well. The exploration potential of the Crean Hill property is quite exceptional.”

The company currently has two diamond drill rigs operating at Crean Hill since mobilizing a second drill rig in early April. This year to date, there have been 47 drill holes completed for 8,145 metres of drilling, with the results of nine holes reported to date from the 2023 drilling program. Of 4,966 samples sent for analytical analysis year to date, approximately 2,124 assays are currently outstanding and will continue to be released as they are received. Magna currently anticipates completing a total of 15,000 to 18,000 metres of drilling at Crean Hill in 2023.

A third drill rig will be commencing a 5,000-metre program at the company’s Shakespeare mine in mid-June. The objective of the 2023 exploration at Shakespeare will be to follow up on the 2022 exploration holes that identified a potential feeder system for the Shakespeare deposit, and test other high-priority targets that have been identified at depth adjacent to the Shakespeare deposit. Both the Crean Hill and Shakespeare drilling programs are fully financed for 2023.

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 180 km2 prospective land package. Crean Hill is a past-producing nickel, copper and PGM mine with an updated technical report dated August 2022.

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