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

Results Include 0.4% Ni, 0.5% Cu, and 34.3 g/t Pt+Pd+Au Over 4.1 Metres, Starting at Surface

June 25, 2024, Sudbury, Ontario, Canada – 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 news release dated June 4, 2024) ** (See news release 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.