Magna Mining Announces New Assay Results at Crean Hill and an Update on Advanced Exploration

Sudbury, Ontario–(Newsfile Corp. – June 25, 2024) – Magna Mining Inc. (TSXV: NICU) (OTCQB: MGMNF) (FSE: 8YD) (“Magna” or the “Company”) is pleased to announce additional diamond drilling results and provide an update on the surface advanced exploration bulk sampling in the 109 Footwall (FW) Zone.

Highlights from the new assay results include:

• 109 FW Zone

  MCR-24-077: 0.2% Ni, 0.2 % Cu, 18.2 g/t Pt + Pd + Au over 15.0 metres

• 109 FW Zone Surface Sample

  MCB-24-037: 0.4% Ni, 0.5 % Cu, 34.3 g/t Pt + Pd + Au over 4.1 metres

  MCB-24-042: 0.2% Ni, 0.1 % Cu, 13.8 g/t Pt + Pd + Au over 2.5 metres

  MCR-24-052: 0.8% Ni, 2.9 % Cu, 5.9 g/t Pt + Pd + Au over 3.1 metres

  MCR-24-053: 0.1% Ni, 0.2 % Cu, 8.3 g/t Pt + Pd + Au over 6.8 metres

Jeff Huffman, COO of Magna Mining commented, “With the Toll Milling Agreement* and contract for Advanced Exploration** now in place, Magna can commence site preparation in advance of extracting the surface bulk sample on the 109 Footwall Zone. The initial advanced exploration will include surface mining of approximately 20,000 tonnes of 109 Footwall bulk sample material that will be shipped to the Strathcona Mill for processing. This batch process will provide valuable information used for optimizing metal recoveries and concentrate grades, while facilitating additional metallurgical test work with the goal of maximizing value for lower sulphide, high precious metal ores. The final batch of assay results from the short-hole drill program is highly encouraging. This zone has a high-grade core with a broader, low-sulphide PGM halo and the test work and bulk sample will encompass both.”

*(See NR dated June 4, 2024) ** (See NR dated June 11, 2024)

Magna will mobilize equipment in preparation for the surface advanced exploration work at Crean Hill in the coming days and will be extracting approximately 20,000 tonnes of bulk sample material from the 109 FW Zone in Q3 2024. Magna expects to receive revenues from the surface bulk sample within 6 months of processing the bulk sample.

Following the initial short-hole assay results (See news release dated May 8, 2024), the remaining assays have been received from this program. The purpose of this drilling program was to define the extent of 109 FW Zone mineralization exposed at surface (see Table 1 and Figure 1). Drillhole data was used to design a 20,000 tonne surface bulk sample that includes a blend of higher grade sulphide rich mineralization, as well as the low-sulphide precious metal rich mineralization, representative of a bulk mining scenario in the 109 FW Zone. Results from processing this material at the Strathcona Mill will provide data on base case recoveries and concentrate grades for this style of mineralization. Detailed sampling at various stages of the milling process will provide material for future metallurgical test work and allow Magna to assess process flowsheet modifications with the goal of optimizing both recovery and concentrate grade in advance of underground mining. In addition to the near surface short hole drilling program, additional assays have been received from the ongoing 109 FW Zone definition program, which continues to define the high precious metal mineralization in the upper levels of the mine. Highlights from this drilling include 0.2% Ni, 0.2% Cu, 18.2 g/t Pt + Pd + Au over 15.0 metres in drillhole MCR-24-077 (Figure 2). This area of the 109 FW Zone will be one of the areas targeted as part of the underground advanced exploration program. Although the 109 FW Zone comprises only a small portion of the current Mineral Resource Inventory, Magna believes the zone can be expanded further at depth.

Table 1: Summary of Crean Hill Assay Results

All lengths are downhole length. True widths are estimated at 85-95% of downhole length.

Ni Eq % = (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.

Table 2: Drillhole Collar Coordinates

*Drillhole Coordinates are in Coordinate System NAD 83 Zone 17

Figure 1: Plan View of the Crean Hill 109 FW Zone Showing Location of Magna Drilling.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8002/214232_87abbf24d4c66af5_002full.jpg

Figure 2: Oblique Longitudinal Section of the Crean Hill 109 FW Zone Looking Northwest.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8002/214232_87abbf24d4c66af5_003full.jpg

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. Samples are then put into plastic bags with 10 bagged samples being placed into rice bags for transport to Swastika Laboratories in Kirkland Lake Ontario via Gardewine Transport for preparation and analysis. 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 July 2023. Additional information about the Company is available on SEDAR (www.sedar.com) 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: [email protected]

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.

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