Magna Mining Announces Additional High-Grade Intercepts near Surface in the 109 Footwall Zone, and Provides an Update on the Preliminary Economic Assessment
Sudbury, Ontario–(Newsfile Corp. – June 20, 2023) – Magna Mining Inc. (TSXV: NICU) (“Magna” or the “Company”) is pleased to release additional assay results from a series of short, near surface drillholes immediately beneath the surface exposure of the 109 Footwall (“FW”) Zone. The surface expression of this high grade PGM zone has been identified as a potential site for an exploration bulk sample in late 2023, which could be processed through a third-party mill in Sudbury. The technical assessments necessary for such a third-party milling agreement are already underway and are expected to conclude in Q3 2023. Additionally, Magna is pleased to provide an update on the progress of the Preliminary Economic Assessment (PEA) that was initiated in Q4 2022.
Highlights from the new assay results include:
- MCB-23-018: 0.2% Ni, 0.1 % Cu, 5.4 g/t Pt + Pd + Au over 27.0 metres,
including 0.2 % Ni, 0.1% Cu and 11.2 g/t Pt + Pd + Au over 3.9 metres,
and 0.4 % Ni, 0.2% Cu and 11.1 g/t Pt + Pd + Au over 5.7 metres
- MCB-23-021: 0.2% Ni, 0.5 % Cu, 7.3 g/t Pt + Pd + Au over 16.9 metres
including 0.4 % Ni, 5.3% Cu and 11.0 g/t Pt + Pd + Au over 0.3 metres,
and 1.2 % Ni, 7.7% Cu and 12.3 g/t Pt + Pd + Au over 0.3 metres
Jason Jessup, CEO of Magna, stated, “Activities at Crean Hill are progressing on schedule. The additional 109 FW Zone assay results reported today are part of a definition drilling program to improve our understanding of the near surface mineralization in this area. The near surface location of this high-grade mineralization, along with the proximity to third-party mills in Sudbury, will allow for a low-cost bulk sampling program and we expect to be able to fund the surface bulk sample from our existing cash balance. The surface bulk sample is expected to be completed before the end of the year, and it will be a significant step towards our goal of producing from near surface underground zones of the Crean Hill deposit via ramp access in in early 2024.”
The 109 FW Zone is considered a low sulphide, high-grade platinum, palladium and gold mineralized zone, hosted within a breccia system extending southwest from the historically mined Main Zone contact nickel /copper orebody. Results reported today from the near surface portion of the 109 FW Zone are in addition to the initial assay results reported earlier this month (See news release dated June 7, 2023). Drilling continues to intersect near surface, high grade precious metal mineralization, and improve the understanding of the distribution of mineralization within the footwall breccia.
The location of the 109 FW Zone diamond drilling is illustrated in Figures 1-2, assay results are summarized in Table 1, and drillhole coordinates in Table 2.
Magna is also pleased to provide an update on the progress of the ongoing Preliminary Economic Assessment (“PEA”), which is nearing completion, and expected to be released in late July.
The PEA base-case will consider Crean Hill as a stand-alone operation, with mineralization processed through one of the third-party mills in Sudbury. In Section 24 of the PEA, an alternative processing scenario will be evaluated, where Crean Hill material is processed through a future mill at Magna’s Shakespeare Project.
Dave King, SVP Technical Services, added, “The drilling that Magna has completed since releasing the Mineral Resource Estimate for Crean Hill has been quite positive and has greatly enhanced our understanding of the footwall zones at the deposit. We now believe that with more detailed wireframing and block modeling, there may be improvements to the grade of both the 101 and 109 FW Zones. After internal discussions, the decision has been made to not include any of Magna’s drilling in the PEA, in order to have the PEA completed and released in Q3. These results, along with the remaining 7000-8000 metres of drilling yet to be completed in 2023, will be included in the next technical study.”
Table 1: Summary of Assay Results
|Drillhole||Zone||From (m)||To (m)||Length (m)||Ni %||Cu %||Co %||Pt g/t||Pd g/t||Au g/t||TPM g/t||NiEq|
|MCB-23-016*||109 FW||No Significant Values|
|MCB-23-020||109 FW||No Significant Values|
|MCB-23-022||109 FW||No Significant Values|
|MCB-23-023||109 FW||Assays Pending|
|MCB-23-024||109 FW||Assays Pending|
|MCB-23-025||109 FW||Assays Pending|
|MCB-23-026||109 FW||Assays Pending|
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 1: Plan View of the Crean Hill Property Showing the Location of the 109 FW Zone
To view an enhanced version of this graphic, please visit:
Figure 2: Plan View of the 109 FW Zone, Showing the Location of Drillholes
To view an enhanced version of this graphic, please visit:
Table 2: Drillhole Collar Coordinates
*Drillhole Coordinates are in coordinate system NAD 83 Zone 17
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.
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, with samples marked in intervals of up to 1.5m. Samples are then whole core sampled, bagged in plastic bags with 10 bagged samples being placed into rice bags for transport to AGAT Laboratories in Mississauga Ontario via Gardewine Transport. Designated holes have been split with a core saw to retain representative samples. 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 lab 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
Email: [email protected]
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/170571