MAGNA MINING (NICU.V): INTERSECTS 52.57 METRES OF NI-CU-PGM MINERALIZATION AT THE SHAKESPEARE PROJECT, ONTARIO, CANADA

November 4, 2021, Sudbury, Ontario, Canada – Magna Mining Inc. (TSX.V: NICU) (“Magna” or the “Company”) is pleased to announce assay results from recent drilling at its Shakespeare Project, located near Sudbury, Ontario. All holes reported are in the immediate vicinity of the Shakespeare West Zone, Gap Zone and East Zone. Drilling and assay results demonstrate the potential to expand on existing shallow resources and close the gap (Gap Zone) between the currently defined West and East Zones.

Jason Jessup, Chief Executive Officer of Magna, stated “We are quite pleased with the assay results at our Shakespeare Mine, which have supported our longstanding belief that the Gap Zone is mineralized. These results also support our view that the defined mineralization below the western part of our Shakespeare deposit was limited by a lack of drilling. This information demonstrates the potential to grow the open pit Mineral Resources at Shakespeare, as well as potential to add underground Mineral Resources. We are quite excited to view these results in context of an updated feasibility study on the stand-alone Shakespeare mine and mill operation. We anticipate having the feasibility study completed by early Q1 2022.”

Drill hole MMC-21-25 was drilled to test the Gap Zone area immediately west of the current Mineral Resource. This hole intersected 52.57 metres grading 0.84% NiEq (which is calculated using assumptions for recovery of the various metals as outlined in Table 1). Magna believes the thick zone of mineralization in this area could represent an embayment in the Shakespeare gabbro, which has the potential to extend further south, up-dip and connect with the S-13 mineralization (see Figures 2 & 3).

Hole MMC-21-22 was drilled to test the depth extend of the central West Zone area. This hole intersected 24.20 metres assaying 0.59% NiEq. This intersection is located approximately 10 metres below and to the south of the existing Mineral Resource wireframe for the West Zone, supporting the thesis that the West Zone can be extended deeper than the current Mineral Resource model (see Figure 4).

Hole MMC-21-20 has intersected 8.65 metres of mineralization grading 0.69% NiEq. This is a significant result as it is directly between the West Zone and East Zone Mineral Resources, within the current open pit Mineral Resource pit shell and located only 36 metres from surface. Magna believes that this hole provides strong evidence for the continuity of mineralization through the Gap Zone in this part of the deposit (see Figure 5). On June 24, 2021, Magna reported the results from hole MMC-21-15 (see News Release), which intersected 33.8 metres of Ni-Cu-PGM mineralization approximately 40 metres below the mineralized intersection in MMC-21-15.

Complete assay results are provided in Table 1.

Mynyr Hoxha, Vice President of Exploration, stated “This drilling has provided Magna with not only excellent mineralized intersections, but also important geological information to advance our understanding of the controls on the Shakespeare mineralization. We believe that the drilling results to date will increase the current Mineral Resource and have a positive impact on future mine plans at Shakespeare. The 2021 drilling has intersected additional mineralization within the current open pit Mineral Resource pit shell and has also expanded the mineralization at depth, immediately below the current Open Pit Mineral Resource. We have demonstrated the potential to significantly expand the Shakespeare Deposit mineralization at relatively shallow depths and to the south of the current deposit.”

Figure 1

Figure 2

Figure 3

Figure 4

Figure 5

Table 1. Recent 2021 Diamond Drilling Assay Results

1. All composite intervals are reported as core length as true width has not been determined.
2. Nickel Equivalent (NiEq ) grade is calculated based on metal prices of $6.25/lb Ni, $2.80/lb Cu, $31.00/lb Co, $950/oz Pt, $900/oz Pd and $1,250.00/oz Au, and metal recoveries of 76.4% for Ni, 95.9% for Cu, 71% for Co, 74.8% for Pt, 42.4% for Pd and 38.4% for Au.

Qualified Person

The technical information in this press release has been reviewed and approved by Mynyr Hoxha, Ph.D., P.Geo., the Company’s Vice President of Exploration. Dr. Hoxha is a qualified person under Canadian National Instrument 43-101.

QA/QC

Sample QA/QC practices 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 SGS Laboratories, Sudbury. 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. The reported drilling program was carried out under the supervision of Marshall Hall, M.Sc., P.Geo, the Company’s Exploration Manager.

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 asset is the past producing Shakespeare Mine which has major permits for the construction of a 4500 tonne per day open pit mine, processing plant and tailings storage facility and is surrounded by a contiguous 180km2 prospective land package. 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 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.