Magna Mining Continues to Intersect High Grade Massive Sulphide Within the Core of the 109 Footwall Zone, Including 2.5% Ni, 9.6% Cu, and 17.4 g/t Pt+Pd+Au over 6.8 Metres

Sudbury, Ontario–(Newsfile Corp. – April 3, 2024) – Magna Mining Inc. (TSX.V: NICU) (OTCQB: MGMNF) (FSE: 8YD) (“Magna” or the “Company”) is pleased to provide additional drilling results from the 2024 exploration program at Crean Hill, targeting the near surface advanced exploration area of the 109 Footwall (FW) Zone. Recent drilling is designed to define the high-grade core of the 109 FW Zone.

Highlights from the new assay results include:

• 109 FW Zone

MCR-24-068: 0.7% Ni, 2.4 % Cu, 9.7 g/t Pt + Pd + Au over 26.3 metres

Including 3.2% Ni, 11.3 % Cu, 10.6 g/t Pt + Pd + Au over 4.4 metres

MCR-24-069: 0.3% Ni, 0.3 % Cu, 10.7 g/t Pt + Pd + Au over 28.5 metres

Including 0.9% Ni, 0.3 % Cu, 25.3 g/t Pt + Pd + Au over 7.8 metres

MCR-24-070: 1.6% Ni, 5.2 % Cu, 10.0 g/t Pt + Pd + Au over 17.1 metres

Including 2.5% Ni, 9.6 % Cu, 17.4 g/t Pt + Pd + Au over 6.8 metres

Dave King, SVP Technical Services stated, “Drilling at Crean Hill has continued to define the high grade, massive sulphide core of the 109 FW Zone, as well as the broader envelope of low sulphide, high precious metal mineralization. Massive sulphide veins continue to demonstrate good continuity, with drillhole intersections grading up to 2.5% Ni, 9.6% Cu and 17.4 g/t Pt + Pd +Au over 6.8 metres, and wider, precious metal intervals up to 0.3% Ni, 0.3 % Cu, 10.7 g/t Pt + Pd + Au over 28.5 metres (Figure 1 and 2). The next phase of near surface drilling on the 109 FW Zone, is designed to extend the strike of the current mineral resource to the south, where historical channel samples indicate low sulphide precious metal mineralization continues within the Sudbury Breccia unit (Figure 1).”

In March 2024, Magna announced the filing of the Crean Hill Closure Plan (see news release) and the signing of the Definitive Offtake Agreement (see news release). As the Company awaits the approval of the final permit required for underground advanced exploration (the Permit to Take Water), these assay results are being incorporated into the design of the test mining program. Due to the relatively shallow depths (approximately 75-125 metres from surface), the drill intersection areas announced in this news release could be incorporated into a test mining plan and executed within 18 months of commencement of the program.

In addition to the 109 FW drilling, one rig continues to complete footwall exploration drilling at Crean Hill. Prospective structures and lithologies including Sudbury Breccia units containing sulphides have been intersected. Several geophysical conductive anomalies have been identified and exploration drilling continues. A summary of Crean Hill assay results is presented in Table 1 and drillhole collars are presented in Table 2.

Table 1: Summary of Crean Hill Assay Results

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

Table 2: Drillhole Collar Coordinates

*Drillhole Coordinates are in coordinate system NAD 83 Zone 17

At Shakespeare, regional drilling is ongoing, and results have been received for the initial five drillholes testing the Palladium Valley target. The Palladium Valley target area is approximately 8.5km northeast of the Shakespeare Mine and consists of several gabbroic intrusive units similar to the Shakespeare gabbro (Figure 3). Magna confirmed the presence of elevated palladium (Brunne-Turcotte), copper and gold (Main Skarn) mineralization at depth beneath historical surface showings (Table 3). These results support the thesis that the lithologies hosting the Shakespeare Deposit are present at Palladium Valley, are mineralized, and have potential to host similar deposits.

The Shakespeare drill rig has since mobilized to the Stumpy Bay area (600m south of the Shakespeare deposit) and is testing coincident ZTEM and Borehole UTEM geophysical conductors identified in 2023. These geophysical anomalies seem associated with known copper and silver mineralization at and near surface.

Magna is fully funded to complete 25,000 metres of exploration drilling in 2024.

Table 3: Summary of Shakespeare Assay Results

Table 4: Shakespeare Drillhole Collar Coordinates

*Drillhole Coordinates are in coordinate system NAD 83 Zone 17

Figure 1: Plan View of the Crean Hill 109 FW zone at the 100ft level, showing location of Magna drilling.

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https://images.newsfilecorp.com/files/8002/204012_67cff51df4373aeb_006full.jpg

Figure 2: Vertical Section of the Crean Hill 109 FW zone looking North, showing location of Magna drilling.

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https://images.newsfilecorp.com/files/8002/204012_67cff51df4373aeb_007full.jpg

Figure 3: Palladium Valley Geology Showing the Location of 2024 Drilling.

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https://images.newsfilecorp.com/files/8002/204012_67cff51df4373aeb_008full.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. All except one Crean Hill drillhole were whole core sampled and the Shakespeare drillholes were cut in half. 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 for Crean Hill samples and Shakespeare samples are transported to AGAT Laboratories in Mississauga Ontario 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 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/204012