28 Jan HIGH GRADE PALLADIUM ASSAYS CONFIRM MAGMATIC SULFIDE POTENTIAL…
HIGH GRADE PALLADIUM ASSAYS CONFIRM MAGMATIC SULFIDE POTENTIAL OF THE 3KM- LONG PALLADIUM VALLEY TREND ON THE SHAKESPEARE PROPERTY
Sudbury, Ontario, January 28, 2020 – Magna Mining Corporation (“Magna Mining” or the “Company”), reports 11.18gpt TPM including 9.6gpt Pd from surface sampling 8 km north-east of the Shakespeare deposit.
These results are from a reconnaissance surface sampling program completed in October 2019 on a showing of mineralized gabbro and diorite in an area of historic prospecting.
The mineralization occurs at surface in a poorly explored sequence of pegmatoidal gabbros, diorites, and skarns after metasedimentary rocks. The mineralized showings extend from the Hanover mineral occurrence in the west over a distance of 3km to a series of trenches and stripped outcrops in the east. All of the mafic igneous rocks appear to be part of the Nipissing Gabbro. Work continues in an effort to identify significant extensions of the Shakespeare Mineral system which have potential for discovery of a major new mineral system.
Highly anomalous Pd mineralization, with Pt, Cu & Ni
In October of 2019 grab samples from the BT showing returned up to 0.23% Ni, 0.45% Cu, & 11.18gpt TPM (1.24gpt Pt, 9.59gpt Pd, & 0.35gpt Au). Samples taken in the area were analysed to confirm historic grades which reached up to 15gpt TPM, including 13.8 grams per tonne Pd. The 2019 sampling confirmed high grade samples over a 10x30m footprint at surface and identified areas for additional exploration in the 2020 field season. Early snow fall prevented follow-up work to understand the controls and extent of the high grade precious metal mineralization.
Peter Lightfoot, Vice-President of Exploration at Magna Mining Corporation stated: “The showings associated with Palladium Valley point to the potential for a significant discovery of low-sulfide-high-precious metals mineralization in association with a variable-textured gabbro. Exploration work is required to establish the surface extent of samples with high precious metal grades, and 2020 offers a remarkable opportunity to understand the Palladium Valley mineralization through surface sampling, geochemistry, and IP survey work.”
About Shakespeare Mine Project
The Shakespeare Mine Project is a past producing Ni-Cu-Co-Pd-Pt-Au open pit mine which declared commercial production in 2010 and continued to produce through toll milling until February 2012. Currently it is on care & maintenance. It has all the major permits to construct a 4500 tpd open pit mine, processing plant and tailings storage facility. The 2019 NI 43-101 compliant global resource is 21.4 M tonnes (Indicated & Inferred).
The Shakespeare Property Is located 70km west of Sudbury, Ontario, and is 100% owned by Magna Mining (see www.magnamining.com for details).
About Magna Mining Corporation
Magna Mining is a private company, primarily focused on the acquisition, exploration and development of advanced andhighlyprospectivepolymetallic(Ni-Cu-PGM)depositsintheSudburyRegionofOntario,Canada. TheCompany’s flagship asset is the past producing Shakespeare Mine which has all major permits for the construction of a 4500 tpd open pit mine, processing plant and tailings storage facility.