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MAGNA MINING DEFINES A THICK, HIGH GRADE NICKEL CORE IN THE 101 FW ZONE AT THE CREAN HILL PROJECT

MAGNA MINING DEFINES A THICK, HIGH GRADE NICKEL CORE IN THE 101 FW ZONE AT THE CREAN HILL PROJECT

SUDBURY, ONTARIO, CANADA, August 15, 2023 – Magna Mining Inc. (TSX.V: NICU) (OTCQB: MGMNF) (FSE: 8YD) (“Magna” or the “Company”) is pleased to release additional assay results from the ongoing 2023 diamond drilling program at the Crean Hill Nickel Project (“Crean Hill”). A portion of the assay results today represent confirmation of a shallow zone of massive sulphides in the vicinity of MCR-22-005 (released on January 5, 2023). This is one of the areas that the Company is planning to include as part of the advanced exploration and test mining program in 2024. Two drillholes, MCR-23-041 and MCR-23-042, tested down-dip, to the north and south of drillhole MCR-22-005 (see Fig. 1).

Highlights from the new assay results include:

  • 101 FW Zone
             MCR-23-041: 3.0% Ni, 0.7% Cu, 1.2 g/t Pt + Pd + Au over 31.6 metres
             MCR-23-042: 4.2% Ni, 1.4% Cu, 1.0 g/t Pt + Pd + Au over 27.6 metres

Dave King, SVP Technical Services stated, “The assay results released today are an example of wide, high-grade, massive sulphide nickel mineralization remaining at shallow depths within the Crean Hill deposit. This drilling, in conjunction with some of the historic INCO drilling, further defines the strike and dip of the core of the 101 Footwall (“101 FW”) Zone. Our recently released Preliminary Economic Assessment (“PEA”) did not include any of the drilling executed by Magna since acquiring the property, and these results are not reflected in the current block model and Mineral Resource. We are now using this information in the detailed design of our advanced exploration and test mining program that we plan to initiate in the first half of 2024. “The 101 FW Zone consists of semi-massive to locally massive sulphide veins, hosted within a footwall breccia system, extending southwest into the footwall of the Intermediate Contact Zone. Drilling to date in the 101 FW has defined a wide, high grade, massive sulphide core, transitioning to massive sulphide veins along strike and down-dip, within the footwall breccia structure (Figures 1 and 2). The advanced exploration program planned to commence in 2024 will provide underground drilling platforms allowing detailed definition of this zone, which has potential to provide high-grade, potentially mineable resources early in mine life, which was not represented in the recent PEA.

In addition to the 101 FW drilling, four exploration drillholes were completed to better define the footwall breccia trends on the Crean Hill property (Figure 3). These holes confirmed the presence of footwall breccias trending southwest from the known 101 FW and 109 FW Zones. The Company did not expect to intersect mineralization in these holes, only to test for the presence of footwall breccias deep in the footwall rocks. These Sudbury breccias are an important exploration criterion as they represent a potential pathway for mineralization into the footwall and are the primary lithology that hosts high-grade footwall deposits in Sudbury. Geological interpretation based on the results of these holes will be used to refine the position of deeper geophysical platform exploration drillholes, targeting potentially mineralized footwall breccias at depth.

The location of the diamond drillholes is illustrated in Figures 1-3, assay results are summarized in Table 1, and drillhole coordinates in Table 2.

Figure 1: Longitudinal Section of the Crean Hill 101 Footwall Zone. Magna Diamond Drillholes and the Location of Section B (Figure 2) are Illustrated. Refer to Figure 3 for the Location of Longitudinal Section A-A’.

Table 1: Summary of Assay Results

All lengths are 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

Figure 2: Vertical Section B, through the 101 FW Zone, Showing General Geology, Recent and Historical Drilling Results, and the Current Resource Model. Refer to Figure 1 for location of Section B.

Figure 3: Plan View of the Crean Hill Property Showing the Location of Footwall Exploration Drillholes and Footwall Breccia Intervals Intersected in Recent Drilling.

Table 2: Drillhole Collar Coordinates

*Drillhole Coordinates are in coordinate system NAD 83 Zone 17

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 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 Swastika Laboratories in Kirkland Lake Ontario via Gardewine Transport. 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:

Jason Jessup
Chief Executive Officer
or
Paul Fowler, CFA
Senior Vice President
Email: info@magnamining.com

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.

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Magna Mining Inc.
1300 Kelly Lake Road
Sudbury, Ontario P3E 5P4
Canada

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