23 Feb MAGNA MINING ANNOUNCES INTERSECTION OF NEW ZONE OF NEAR SURFACE SULPHIDE MINERALIZATION 1000 METRES EAST OF CREAN HILL DEPOSIT AND REPORTS NEW ASSAY RESULTS FROM SHAKESPEARE
MAGNA MINING ANNOUNCES INTERSECTION OF NEW ZONE OF NEAR SURFACE SULPHIDE MINERALIZATION 1000 METRES EAST OF CREAN HILL DEPOSIT AND REPORTS NEW ASSAY RESULTS FROM SHAKESPEARE
SUDBURY, ONTARIO, CANADA, FEBRUARY 23, 2023 – Magna Mining Inc. (TSX.V: NICU) (“Magna” or the “Company”) is pleased to announce that drilling has confirmed a new zone of near surface sulphide mineralization approximately 1000 metres east of the Crean Hill Main Zone (Figure 1). To date, four holes have been completed and have intersected disseminated to locally semi-massive sulphides within a narrow embayment structure at the Sudbury Igneous Complex (“SIC”) contact (Figure 1). The recent drilling was targeted near historical drill hole LM01800, which intersected 0.58% Cu, 0.72% Ni over 33.2 metres and 0.39% Cu, 0.67% Ni over 20.2 metres starting at 10.3 metres downhole.
Historical drill hole LM01800 was drilled beneath a mineralized outcrop at surface and was not previously followed up with subsequent drilling. Magna drill holes MCR-23-014 to MCR-22-17 intersected between 25 and 60 metres of disseminated sulphides, including narrow semi-massive intervals of less than 1 metre. The highest concentration of sulphide mineralization, over 5.2 metres in drillhole MCR-23-014, is shown in Figure 2. This zone remains poorly tested down-dip, with historical drilling on spacings between 75 and more than 150 metres.
Dave King, SVP of Magna stated, “We are encouraged to intersect near surface mineralization along strike of the known Crean Hill mine ore zones. The widths of mineralization intersected are significant, and if the copper and nickel grades are consistent with the historical drill hole, LM01800, with further definition drilling this zone may potentially be amenable to open pit mining. We expect to have assay results for this initial drilling within four weeks and will report results soon after they are received.”
Figure 1: Denison Surface Geology Showing the Location of the East Embayment.
Figure 2: Drill Hole MCR-23-014 Mineralized Interval From 13.8 to 19.0 metres.
SHAKESPEARE ASSAY RESULTS
Magna Mining is also pleased to report that assay results from the second phase of 2022 drilling at the Shakespeare deposit have now been received. A total of 1,902 metres of drilling across nine drill holes was completed in this phase of the 2022 drill program, the results of which are summarized below. Drill hole locations are shown in Figures 3 and 4, and assay results are summarized in Table 1. A summary of the pertinent conclusions from these results is as follows:
- Drilling has successfully expanded the West Zone mineralization both down-plunge, and closer to the surface in areas which were previously undrilled. The West Zone remains open along the strike and down-dip to the south. The results confirm the potential to add near surface resources around the West Zone.
- Further successful drilling in the area between the East and West zones (MMC-22-47) supports the hypothesis that the Shakespeare open pit could be optimized in the future through incorporating East and West Zone mineralization into a single open pit design.
- Mineralized intercepts are consistent with grades and tenors that are reported in the existing NI 43-101 compliant mineral resource and reserve estimates for Shakespeare.
Highlights of the Shakespeare 2022 Phase 2 drilling include:
- MJU-22-01 intersected 0.25% Ni, 0.32% Cu, 0.81 g/t Pt + Pd + Au over 36.1m. This hole was targeting a near surface area of the West Zone, which was within the feasibility study pit shell, but previously undrilled and interpreted as waste rock.
- MMC-22-45 intersected 0.30% Ni, 0.58% Cu, 1.04 g/t Pt + Pd + Au over 16.6m, extending known mineralization in the West Zone near the “S-13 Zone”, and extends the newly identified shallow dip of mineralization further to the south.
- MMC-22-47 intersected 0.34% Ni, 0.40% Cu, 1.01 g/t Pt + Pd + Au over 11.2m in an area below historical drilling and demonstrates continuity of the mineralization in this brecciated area. This area of mineralisation remains open to west.
- MMC-22-48, intersected 0.23% Ni, 0.28% Cu, 0.80 g/t Pt + Pd + Au over 34.0m down-plunge of the current West Zone resource, further extending the known depth extent of mineralization in the West Zone.
Mynyr Hoxha, Vice President Exploration commented “We are very pleased to report that this diamond drill program was successful in identifying a wide zone of mineralization between the existing resource and surface in the West Zone, in an area previously interpreted as waste in the 2022 feasibility study. Results from the additional 2022 exploration drilling have also demonstrated that the West Zone remains open for expansion along strike to the west and down-dip to the south, where the dip of the mineralization is shallower than previously interpreted. Having intersected this zone of shallow-dipping mineralization cutting through the gabbros in multiple holes now, we believe this could be the feeder system for the entire mineralized Shakespeare deposit.”
A total of 4,020m of drilling across 15 drill holes was completed at Shakespeare in 2022. The 2022 exploration program has been successful in testing and expanding the West Zone mineralization, refining the geological model, and identifying new exploration targets that could represent areas for further expansion of the Shakespeare Deposit. The 2023 exploration and drilling program at Shakespeare is scheduled to commence in Q2 2023.
Figure 3: Longitudinal Section Showing the Location of 2022 Drilling
Figure 4: Vertical Section MJU-22-01 (For location see Figure 3)
Table 1: Selected 2022 Shakespeare Drilling Assay Results
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 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 AGAT Laboratories in Mississauga Ontario. 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.sedar.com) and on the Company’s website (www.magnamining.com).
For further information, please contact:
Chief Executive Officer
Paul Fowler, CFA
Senior Vice President
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.