Magna Mining Inc. (TSX-V: NICU) (OTCQX: MGMNF) (FSE: 8YD) is pleased to report that further to its news release dated December 18, 2024, the Company has completed its acquisition of a portfolio of exploration properties located in the Sudbury Basin from NorthX Nickel Corp. (CSE: NIX).

The NorthX properties being acquired represent 304 km² of mineral claims, leases and patents in the Sudbury area. The acquisition of the NorthX property portfolio brings Magna’s aggregate holdings in the Sudbury area to 584 km² (see Figure 1).

Paul Fowler, Senior Vice President of Magna commented, “We are excited to complete this transaction and add a significant new portfolio of properties to our already strong pipeline of development and exploration projects in Sudbury. We believe that these assets have high potential for new discoveries, as many of these properties are in areas that would correspond to the footwall of known Sudbury deposits. We believe that they are deserving of more exploration capital, so we are looking forward to further evaluating these properties and applying our experience and knowledge of exploration in the Sudbury Basin.”

Figure 1: Location of Magna Mining’s Existing Properties, Operations and the NorthX Acquisition Properties

Property Descriptions

The property portfolio includes past-producing properties (Parkin, Wisner), as well as several exploration properties mainly in the footwall of the Sudbury Igneous Complex (SIC) contact, and totaling >30,000 Ha. Magna believes these properties have significant exploration potential remaining, including offset dyke environments at Trill and Parkin, contact Ni-Cu mineralization at Windy Lake, and several properties in the footwall environment (Figures 1 and 2).

The Parkin property covers more than 9 kilometres of the Parkin offset, northeast of the Podolsky Mine property. The property hosts the historical Milnet mine with past production of 157,000 tons grading 1.5% Ni, 1.5% Cu, and 6.2 g/t Pt + Pd + Au, and the high-grade Milnet 1500 Zone (Geology of Hutton and Parkin Townships: Ontario Department of Mines, Geol. Report 80, 1970), with drillhole intersections up to 4.1% Ni, 0.6% Cu and 4.3 g/t Pt + Pd + Au over 8.0 metres. Diamond drilling in 2015-2016 on the on Wallbridge-Lonmin Parkin JV expanded on known near surface mineralization, including intersections up to 1.2% Ni, 1.5% Cu and 2.2 g/t Pt + Pd + Au over 24.3 metres and 1.4% Ni, 1.0% Cu and 1.6 g/t Pt + Pd + Au over 7.5 metres (Technical Report on Wallbridge’s Sudbury Area Properties, Ontario (Canada), 2017).

Several properties host known exploration targets within Sudbury Breccia units in the footwall of the Sudbury Igneous Complex (SIC), including the Wisner, Blezard, Frost Lake and Creighton South properties. The Wisner property historically produced 295,000 tonnes grading 0.9% Cu and 4.1 g/t Pt + Pd + Au from the surface Broken Hammer Zone (Technical Report on Wallbridge’s Sudbury Area Properties, Ontario (Canada), 2017). The Blezard and Creighton South properties cover portions of the footwall environment near the known Blezard and Creighton contact deposits, which have measured and indicated resources of 7.9 million tonnes grading 1.0% Ni, 0.7% Cu and 6.2 million tonnes grading 4.5% Ni, 3.3% Cu, respectively (Technical Report Summary, Sudbury Property, Vale 2021). Surface samples at Blezard have returned assays up to 4.5% Cu, 0.6 % Ni and 1.8 g/t Pt + Pd + Au (Technical Report on Wallbridge’s Sudbury Area Properties, Ontario (Canada), 2017). The Creighton South and Blezard properties cover a portion of the South Range Breccia Belt (SRBB). The SRBB is underexplored on these properties and is known to host significant deposits including the Frood-Stobie complex (Figure 2). Similarly, the Frost Lake property hosts known Sudbury breccia mineralization, with near surface drillhole intersections including 0.9 g/t Pt + Pd + Au over 48.4 metres (Technical Report on Wallbridge’s Sudbury Area Properties, Ontario (Canada), 2017).

The Magna exploration team will work to compile and interpret the immense amount of data that exists on these properties with the goal of identifying and testing the highest priority exploration targets. Not all properties are 100% NorthX ownership, and several properties are subject to underlying joint ventures, agreements, and royalties.

Transaction Summary

The Transaction was structured as an asset purchase transaction whereby Magna acquired all of NorthX’s legal and beneficial interest in the Sudbury Properties. The consideration for the Transaction consisted of the following:

• Magna paying to NorthX ONE DOLLAR (C$1.00);
• Magna assuming all liabilities of NorthX with respect to the Broken Hammer mine closure plan, including lodging financial assurance with the Ministry of Mines in an amount of approximately C$481,629;
• NorthX paying to Magna C$665,000 in cash to cover the Broken Hammer mine closure plan financial assurance and other costs incurred by Magna in maintaining the Broken Hammer property to the close of the Transaction; and
• Magna assuming certain liabilities with respect to the Sudbury Properties, including acting as the operator of joint ventures, advanced net smelter return (NSR) royalty payments, and annual work commitments.

Figure 2: Plan View Showing the Location of the South Range Breccia Belt in Relation to the Blezard, Kirkwood and Falconbridge Footwall Properties

Qualified Person for Technical Information

The scientific and 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, Exploration and Geoscience for Magna Mining Inc. and is a qualified person under National Instrument 43-101.

About Magna Mining Inc.

Magna Mining is a producing mining company with a portfolio of copper, nickel and PGM operating, exploration and development projects in the Sudbury Region of Ontario, Canada. The Company’s primary assets are the producing McCreedy West copper mine and the past producing Levack, Podolsky, Shakespeare and Crean Hill mines.