Category: Base Metals

Magna Mining Inc ( NICU )

Published: 21 September 2023
Written by Editor
TSX Venture   Mining   Drill Results  

Magna Mining Intersects 5% Nickel Equivalent over 7 Metres in the 105 Footwall Zone at Crean Hill

Sudbury, Ontario--- September 21, 2023 - Magna Mining Inc. (TSXV: NICU) (OTCQB: MGMNF) (FSE: 8YD) ("Magna" or the "Company") ("Magna" or the "Company") is pleased to release additional assay results from the ongoing 2023 diamond drilling program. Drilling continues to intersect high grade nickel mineralization in the 105 Footwall ("FW") Zone including drillhole MCR-23-040 which intersected 4.2% Ni, 0.9 % Cu, 1.4 g/t Pt + Pd + Au over 7.0 metres.
 
Highlights from the new assay results include:
 
105 FW Zone
 
MCR-23-040: 4.2% Ni, 0.9 % Cu, 1.4 g/t Pt + Pd + Au over 7.0 metres
 
MCR-23-046: 0.2% Ni, 1.2 % Cu, 6.3 g/t Pt + Pd + Au over 5.2 metres
 
And 2.7% Ni, 1.5 % Cu, 18.1 g/t Pt + Pd + Au over 0.9 metres
 
MCR-23-050: 1.1% Ni, 0.6 % Cu, 4.3 g/t Pt + Pd + Au over 8.8 metres
 
And 0.6% Ni, 3.5 % Cu, 10.1 g/t Pt + Pd + Au over 1.1 metres
 
Dave King, SVP Technical Services stated, "The 105 FW Zone is similar to the 101 FW Zone, and consists of high nickel tenor, semi massive to massive sulphide veins hosted within a breccia structure extending into the footwall from the Sudbury Igneous Complex ("SIC"). Additional diamond drilling within the 105 FW zone continues to intersect high grade mineralization with increasing precious metals (Pt, Pd, Au) as this structure approaches the Main Zone. We are encouraged to see high grade PGE mineralization at the 1500 ft level, down-plunge of the defined 109 FW zone, where these two structures are interpreted to intersect, indicating this style of mineralization may continue to depth" (see Figure 1).

The 105 FW diamond drilling to date has been focused on expanding the current Indicated Mineral Resource, with the objective of better understanding the geologic controls on mineralization and grade continuity. Two high grade, precious metal rich, intersections in drillhole MCR-23-040, grading 0.3% Ni, 0.8 % Cu, 38.6 g/t Pt + Pd + Au over 0.3 metres and 0.2% Ni, 0.5 % Cu, 35.2 g/t Pt + Pd + Au over 0.5 metres are related to the 109 FW zone. These two intersections are outside of the current 109 FW Mineral Resource and have potential to add near surface resource which could be amenable to more selective mining methods.

Additional exploration assay results released today are from the G1 and G2 contact exploration targets, as well as the remaining assays from the near surface drilling on the 109 FW zone (see news release dated June 20, 2023). Figure 2 illustrates the location of additional exploration drilling and complete assay results are summarized in Table 1. Drillhole collar coordinates are presented Table 2.

Diamond drilling is ongoing at Crean Hill, with one diamond drill currently focused on deep footwall exploration.

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
MCR-23-026 G1   240.51 244.73 4.22 0.47 0.42 0.03 0.07 0.03 0.04 0.13 0.70
MCR-23-027 G2   28.08 37.11 9.03 0.75 0.33 0.04 0.03 0.02 0.04 0.09 0.96
    Including 34.19 37.11 2.92 1.59 0.17 0.07 0.02 0.01 0.01 0.04 1.77
MCR-23-028 G2   38.83 46.23 7.40 0.42 0.42 0.03 0.01 0.01 0.01 0.03 0.65
MCR-23-033 Intermediate   35.81 43.84 8.03 0.12 0.66 0.01 0.02 0.04 0.19 0.24 0.47
MCR-23-039 105 FW   471.00 471.66 0.66 0.33 0.20 0.01 2.39 1.07 1.13 4.59 1.20
    and 530.61 534.75 4.14 0.20 0.09 0.01 1.25 0.61 0.45 2.30 0.63
MCR-23-040 109 FW   21.30 21.60 0.30 0.31 0.81 0.09 9.38 26.71 2.52 38.61 8.65
  109 FW   65.45 65.91 0.46 0.18 0.45 0.01 26.50 5.00 3.68 35.18 5.44
  105 FW   261.00 267.98 6.98 4.19 0.87 0.11 0.42 0.80 0.15 1.37 4.98
MCR-23-43 G2   No Significant Values
MCR-23-44 G2   50.57 52.51 1.94 0.45 0.27 0.03 0.11 0.02 0.01 0.14 0.62
MCR-23-45 G2   No Significant Values
MCR-23-46 105 FW/109 FW   453.09 458.24 5.15 0.24 1.15 0.02 1.32 4.20 0.74 6.26 2.04
    and 466.02 466.89 0.87 2.70 1.53 0.07 17.16 0.67 0.22 18.05 5.68
  Intermediate   639.69 645.20 5.51 1.16 0.72 0.05 0.36 1.42 0.03 1.80 1.91
MCR-23-47 G2   No Significant Values
MCR-23-48 Exploration   No Significant Values
MCR-23-50 105 FW/109 FW   448.36 453.12 4.76 1.06 0.64 0.03 2.92 0.84 0.58 4.34 2.04
    and 461.28 462.40 1.12 0.62 3.52 0.05 0.64 4.60 4.89 10.14 4.32
    and 469.58 470.34 0.76 0.23 1.01 0.01 0.31 6.00 2.24 8.55 2.57
    and 488.77 489.10 0.33 1.97 6.25 0.04 5.10 0.29 0.09 5.48 5.35
    and 513.10 513.36 0.26 1.54 0.37 0.25 0.01 24.50 0.03 24.54 7.78
MCB-23-023 109 FW   29.12 35.99 6.87 0.08 0.11 0.01 2.04 0.90 0.61 3.55 0.71
MCB-23-024 109 FW   10.00 12.02 2.02 0.03 0.07 0.02 2.63 0.75 0.57 3.95 0.69
MCB-23-025 109 FW   27.22 36.00 8.78 0.05 0.03 0.01 2.65 1.16 0.68 4.49 0.80
MCB-23-026 109 FW   No Significant Values

 

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

Metal prices in US$: $8.50/lb Ni, $3.75/lb Cu, $22.00/lb Co, $1000/oz Pt, $2000/oz Pd and $1,750/oz Au

 Cannot view this image? Visit: https://images.newsfilecorp.com/files/8002/181332_b972014f84caaa08_003.jpg

Figure 1: Longitudinal Section of the Crean Hill Deposit Showing the Location of Mineralized Zones and the 105 FW Drillholes Reported Today, Looking North.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8002/181332_b972014f84caaa08_003full.jpg

Cannot view this image? Visit: https://images.newsfilecorp.com/files/8002/181332_b972014f84caaa08_004.jpg

Figure 2: Idealized Geological Plan View of the Crean Hill Property, Showing the 109 FW, G1 And G2 Exploration Target Areas. 

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8002/181332_b972014f84caaa08_004full.jpg

Table 2: Drillhole Collar Coordinates

BHID Easting Northing Elevation Azimuth Dip Depth
MCR-23-026 474330 5142140 296 192 52 350
MCR-23-027 474511 5141877 294 175 44 325
MCR-23-028 474510 5141876 294 100 45 80
MCR-23-033 473426 5141934 299 130 59 147
MCR-23-039 473099 5141551 301 353 49 575
MCR-23-040 473033 5141813 288 1 72 402
MCR-23-043 474510 5141879 294 229 45 50
MCR-23-044 474511 5141881 294 129 45 65
MCR-23-045 474510 5141882 294 143 75 51
MCR-23-046 473269 5141611 301 331 67 692
MCR-23-047 474508 5141880 294 74 65 69
MCR-23-048 473942 5141740 299 130 45 248
MCR-23-050 473269 5141611 301 331 64 581
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, 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 Swastika Laboratories in Kirkland Lake Ontario via Gardewine Transport. 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.

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. Additional information about the Company is available on SEDAR (www.sedarplus.ca) 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: This email address is being protected from spambots. You need JavaScript enabled to view it.

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 the production at the Shakespeare and Crean HIll Mines, the economic and operational potential of the Shakespeare and Crean Hill Mines, potential acquisitions, 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.