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Magna Mining Announces Additional High-Grade Intercepts near Surface in the 109 Footwall Zone, and Provides an Update on the Preliminary Economic Assessment

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Magna Mining Announces Additional High-Grade Intercepts near Surface in the 109 Footwall Zone, and Provides an Update on the Preliminary Economic Assessment

 

 

 

 

 

 

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

 

Drillhole Zone From (m) To (m) Length (m) Ni % Cu % Co % Pt g/t Pd g/t Au g/t TPM g/t NiEq
MCB-23-001* 109 FW 4.00 5.00 1.00 0.06 0.14 0.01 3.92 1.35 0.53 5.80 1.02
and 14.00 14.90 0.90 0.08 0.07 0.01 2.98 1.61 0.55 5.14 0.97
and 18.18 21.00 2.82 0.05 0.06 0.00 1.28 0.92 0.44 2.64 0.54
MCB-23-002* 109 FW 3.50 7.00 3.50 0.05 0.10 0.01 0.93 0.51 0.33 1.78 0.40
and 14.00 14.83 0.83 0.12 0.18 0.01 4.52 3.08 1.44 9.04 1.75
and 21.00 22.91 1.91 0.10 0.35 0.01 3.56 2.11 1.16 6.83 1.40
MCB-23-003* 109 FW 8.95 39.95 31.00 0.74 0.58 0.02 3.25 3.27 2.17 8.70 2.60
including 25.76 28.94 3.18 5.89 1.99 0.10 2.33 7.19 2.82 12.35 9.40
MCB-23-004* 109 FW 14.32 15.22 0.90 0.10 0.12 0.01 2.66 2.22 1.10 5.98 1.22
and 19.00 20.12 1.12 0.11 0.12 0.01 1.02 0.65 0.41 2.08 0.53
MCB-23-005* 109 FW 14.98 17.00 2.02 0.10 0.16 0.01 1.34 2.08 0.61 4.04 0.94
MCB-23-006* 109 FW 1.85 20.00 18.15 0.12 0.21 0.01 2.42 0.93 0.85 4.19 0.89
including 16.14 20.00 3.86 0.18 0.24 0.01 4.53 2.26 1.71 8.50 1.71
MCB-23-007* 109 FW 3.00 24.00 21.00 0.25 0.80 0.01 6.65 1.41 0.89 8.95 1.90
including 22.12 24.00 1.88 1.51 6.82 0.03 45.87 1.27 1.92 49.06 10.56
MCB-23-008* 109 FW 13.01 19.43 6.42 0.13 0.24 0.01 3.47 1.07 0.66 5.20 1.03
MCB-23-009* 109 FW 3.00 22.00 19.00 0.23 0.23 0.01 5.52 4.30 2.56 12.38 2.52
MCB-23-010* 109 FW 9.03 12.00 2.97 0.12 0.07 0.01 2.49 1.79 0.92 5.20 1.06
and 14.95 16.99 2.04 0.08 0.17 0.01 3.15 0.85 0.58 4.58 0.85
MCB-23-011* 109 FW 8.95 17.00 8.05 0.13 0.31 0.00 2.87 1.57 0.96 5.40 1.17
MCB-23-012* 109 FW 8.04 21.00 12.96 0.36 0.56 0.04 2.12 15.17 1.58 18.88 4.77
Including 15.00 19.94 4.94 0.80 1.07 0.10 3.00 38.50 3.41 44.91 11.43
MCB-23-013* 109 FW 11.72 12.40 0.68 0.05 0.47 0.01 0.06 0.17 0.10 0.33 0.33
MCB-23-014* 109 FW 44.37 50.00 5.63 0.13 0.38 0.01 3.30 1.84 1.56 6.70 1.44
MCB-23-015* 109 FW 15.00 26.00 11.00 0.07 0.46 0.01 0.60 0.44 0.38 1.43 0.53
including 18.17 18.49 0.32 0.48 8.04 0.04 2.73 5.60 3.95 12.28 6.36
MCB-23-016* 109 FW No Significant Values
MCB-23-017 109 FW 10.50 11.00 0.50 0.06 0.03 0.01 3.34 1.22 0.71 5.27 0.91
MCB-23-018 109 FW 20.98 48.00 27.02 0.15 0.12 0.01 2.67 1.73 0.99 5.38 1.13
including 20.98 24.87 3.89 0.18 0.11 0.01 5.11 3.98 2.09 11.19 2.20
including 32.00 37.65 5.65 0.36 0.17 0.01 5.48 3.60 2.06 11.14 2.35
MCB-23-019 109 FW 14.00 17.98 3.98 0.09 0.07 0.01 3.46 2.59 1.25 7.30 1.40
and 28.00 29.00 1.00 0.09 0.08 0.01 11.50 2.33 1.68 15.51 2.38
MCB-23-020 109 FW No Significant Values
MCB-23-021 109 FW 32.06 49.00 16.94 0.15 0.45 0.01 3.32 2.55 1.41 7.28 1.63
including 37.82 38.12 0.30 0.41 5.34 0.01 3.74 4.07 3.17 10.98 4.71
and 42.88 43.19 0.31 1.23 7.65 0.05 2.21 7.30 2.81 12.32 7.06
MCB-23-022 109 FW No Significant Values
MCB-23-023 109 FW Assays Pending
MCB-23-024 109 FW Assays Pending
MCB-23-025 109 FW Assays Pending
MCB-23-026 109 FW Assays Pending

 

*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

 

BHID Easting Northing Elevation Azimuth Dip Depth
MCB-23-001 473053 5141781 293 116 38 25
MCB-23-002 473052 5141781 294 89 39 50
MCB-23-003 473052 5141781 294 89 77 50
MCB-23-004 473052 5141781 294 160 38 26
MCB-23-005 473051 5141787 292 91 38 44
MCB-23-006 473051 5141787 292 61 38 38
MCB-23-007 473051 5141787 292 61 60 24
MCB-23-008 473051 5141787 292 32 38 20
MCB-23-009 473046 5141792 292 53 38 22
MCB-23-010 473046 5141792 292 7 63 17
MCB-23-011 473046 5141792 292 335 39 17
MCB-23-012 473037 5141805 288 90 38 22
MCB-23-013 473037 5141805 288 46 38 21
MCB-23-014 473028 5141821 288 120 38 50
MCB-23-015 473027 5141821 288 80 38 26
MCB-23-016 473027 5141821 288 10 38 17
MCB-23-017 473079 5141769 297 340 38 35
MCB-23-018 473079 5141769 297 303 39 50
MCB-23-019 473079 5141769 297 270 38 29
MCB-23-020 473079 5141769 297 270 55 18
MCB-23-021 473080 5141770 297 320 47 51
MCB-23-022 473070 5141754 294 350 42 25
MCB-23-023 473070 5141754 294 310 38 36
MCB-23-024 473061 5141726 293 252 42 80
MCB-23-025 473061 5141726 293 305 38 51
MCB-23-026 473048 5141780 292 265 38 30

 

*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.

 

Posted June 20, 2023

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