Magna Mining Inc. (TSX-V: NICU) is pleased to release additional assay results from a series of short, near surface drillholes immediately beneath the surface exposure of the 109 Footwall Zone. The surface expression of this high grade PGM zone has been identified as a potential site for an exploration bulk sample in late 2023, which could be processed through a third-party mill in Sudbury. The technical assessments necessary for such a third-party milling agreement are already underway and are expected to conclude in Q3 2023. Additionally, Magna is pleased to provide an update on the progress of the Preliminary Economic Assessment that was initiated in Q4 2022.

Highlights from the new assay results include:

• MCB-23-018: 0.2% Ni, 0.1 % Cu, 5.4 g/t Pt + Pd + Au over 27.0 metres,

including 0.2 % Ni, 0.1% Cu and 11.2 g/t Pt + Pd + Au over 3.9 metres,

and 0.4 % Ni, 0.2% Cu and 11.1 g/t Pt + Pd + Au over 5.7 metres

• MCB-23-021: 0.2% Ni, 0.5 % Cu, 7.3 g/t Pt + Pd + Au over 16.9 metres

including 0.4 % Ni, 5.3% Cu and 11.0 g/t Pt + Pd + Au over 0.3 metres,

and 1.2 % Ni, 7.7% Cu and 12.3 g/t Pt + Pd + Au over 0.3 metres

Jason Jessup, CEO of Magna, stated, “Activities at Crean Hill are progressing on schedule. The additional 109 FW Zone assay results reported today are part of a definition drilling program to improve our understanding of the near surface mineralization in this area. The near surface location of this high-grade mineralization, along with the proximity to third-party mills in Sudbury, will allow for a low-cost bulk sampling program and we expect to be able to fund the surface bulk sample from our existing cash balance. The surface bulk sample is expected to be completed before the end of the year, and it will be a significant step towards our goal of producing from near surface underground zones of the Crean Hill deposit via ramp access in in early 2024.”

The 109 FW Zone is considered a low sulphide, high-grade platinum, palladium and gold mineralized zone, hosted within a breccia system extending southwest from the historically mined Main Zone contact nickel /copper orebody. Results reported today from the near surface portion of the 109 FW Zone are in addition to the initial assay results reported earlier this month (See news release dated June 7, 2023). Drilling continues to intersect near surface, high grade precious metal mineralization, and improve the understanding of the distribution of mineralization within the footwall breccia.

The location of the 109 FW Zone diamond drilling is illustrated in Figures 1-2, assay results are summarized in Table 1, and drillhole coordinates in Table 2.

PEA Update

Magna is also pleased to provide an update on the progress of the ongoing Preliminary Economic Assessment, which is nearing completion, and expected to be released in late July.

The PEA base-case will consider Crean Hill as a stand-alone operation, with mineralization processed through one of the third-party mills in Sudbury. In Section 24 of the PEA, an alternative processing scenario will be evaluated, where Crean Hill material is processed through a future mill at Magna’s Shakespeare Project.

Dave King, SVP Technical Services, added, “The drilling that Magna has completed since releasing the Mineral Resource Estimate for Crean Hill has been quite positive and has greatly enhanced our understanding of the footwall zones at the deposit. We now believe that with more detailed wireframing and block modeling, there may be improvements to the grade of both the 101 and 109 FW Zones. After internal discussions, the decision has been made to not include any of Magna’s drilling in the PEA, in order to have the PEA completed and released in Q3. These results, along with the remaining 7000-8000 metres of drilling yet to be completed in 2023, will be included in the next technical study.”

Table 1: Summary of Assay Results

*Previously Reported
All lengths are downhole length.
NiEq % = ( (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

 Figure 1: Plan View of the Crean Hill Property Showing the Location of the 109 FW Zone

Figure 2: Plan View of the 109 FW Zone, Showing the Location of Drillholes

Table 2: Drillhole Collar Coordinates

*Drillhole Coordinates are in coordinate system NAD 83 Zone 17

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, with samples marked in intervals of up to 1.5m. Samples are then whole core sampled, bagged in plastic bags with 10 bagged samples being placed into rice bags for transport to AGAT Laboratories in Mississauga Ontario via Gardewine Transport. Designated holes have been split with a core saw to retain representative samples. 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 180km² prospective land package. Crean Hill is a past producing nickel, copper and PGM mine with a technical report dated August 2022.