Magna Mining Announces Winter Exploration Program at Project Shakespeare and Recent Electromagnetic Drill Survey Results

Program focused on follow-up drilling to P-4 discovery and near-surface copper mineralization at the former Spanish River copper mine

Sudbury, Ontario – (Newsfile Corp. – December 1, 2021) – Magna Mining Inc. (TSXV: NICU) (“Magna” or the “Company”) is pleased to announce that following the completion of a funding of $ 3.14 million on November 3e, the next exploration phase of the Shakespeare Ni-Cu-PGM project will begin in early January. The initial winter exploration program will consist of 4,500m of drilling, which will target the new P-4 nickel discovery and the former producing Spanish River copper mine. The P-4 discovery and the Spanish River copper mine are both located about 5 km from the Shakespeare mine and could potentially represent satellite deposits to fuel a future plant at Shakespeare. Magna has secured a diamond drilling contractor to begin drilling in early January 2022.

An electromagnetic (EM) borehole survey was recently completed, extending the electromagnetic anomaly to 230 m below the deepest mineralized intersection. The interpreted EM plate is electromagnetically open at depth and the data indicates that the conductivity increases at depth. The higher conductivity could be attributed to a higher concentration of sulphides, a thicker width, or both. Surveys were completed on holes MP4-21-01 and MP4-21-02, which were the P-4 nickel discovery holes as reported on September 14, 2021 (see press release). The January drilling program will prioritize testing the depth extent of this EM plate, and will also test the eastern EM plate (see Figures 1 and 2).

Jason Jessup, Chief Executive Officer of Magna, said: “The results of these new downhole electromagnetic surveys on our P-4 discovery indicate that there is a conductive zone extending at depth, well below the intersections. mineralized in the first discovery holes that we have reported. in September of this year. It is especially encouraging to see the conductivity increase at depth. We are prioritizing our drilling in January to test significant advancements over the previous drilling and see how much this system grows at depth and along strike. The EM drilling results are exactly the kind of indications one would expect to see in the discoveries of semi-massive or massive sulphides of nickel and copper in the Sudbury area. “

The winter diamond drilling program will also seek to test new targets at the Spanish River copper mine, located approximately 1 km south of the P-4 discovery (see Figure 3). Magna has the option to acquire 100% ownership of the 7 claims comprising the historic Spanish River copper mine. The proposed Spanish River Copper diamond drill program is designed to test high conductance EM plates that were modeled from surface EM surveys conducted earlier this year. Zones of chalcopyrite dominated mineralization associated with a deformation corridor have been mapped at surface over a strike length of 300 m (see Figure 3). The drilling that is now planned is considered the first diamond drilling program at this particular location in over 50 years.

Jason Jessup added, “Our drilling on target P-4 and our first exploration at the Spanish River copper mine marks the first significant regional exploration program outside the Shakespeare mine site in over 15 years. years. Our first exploration successes support our thesis that our 180 km2 The set of exploration grounds surrounding the Shakespeare mine hold great promise for nickel and copper discoveries. Ultimately, we believe new regional discoveries such as P-4 point to the potential for Magna to build a star-shaped production model with our already licensed Shakespeare mine as the heart of the operation. “

Shakespeare 2021 Project Drill Results Update

Magna expects approximately 550 assay results from 11 drill holes from our 2021 program, including 3 holes from the Gap Zone. It is expected that all tests will be received by mid-January.

Figure 1: Simplified longitudinal section to the NW showing high conductance EM plates and exploration potential along the direction (for location, see Figure 3)

To view an improved version of Figure 1, please visit:
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Figure 2: Simplified interpreted cross section showing lithologies and BHEM plate (for location see Fig. 1 & 3)

To view an improved version of Figure 2, please visit:
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Figure 3: Map of the exploration target of the Spanish River copper mine showing lithologies, deformation corridor and relationship to the P-4 discovery

To view an improved version of Figure 3, please visit:
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Qualified person

The technical information contained in this press release has been reviewed and approved by Mynyr Hoxha, Ph.D., P.Geo., Vice President of Exploration of the Company. Dr. Hoxha is a Qualified Person under the Canadian National Instrument 43-101.

About Magna Mining Inc.

Magna Mining is an exploration and development company focused on nickel, copper and PGM projects in the Sudbury area of ​​Ontario, Canada. The Company’s flagship asset is the former Shakespeare Mine, which has major permits for the construction of a 4,500 tonne per day surface mine, processing plant and storage facility. tailings and is surrounded by a contiguous 180 km zone2 future land lot. Additional information on the Company is available on SEDAR (www.sedar.com) and on the Company’s website (www.magnamining.com).

For more information, please contact:
Jason jessup
Chief Executive Officer
Where
Paul Fowler, CFA
Senior Vice President
E-mail: [email protected]

Caution

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 control of the Company, including statements regarding the plans to carry out exploration programs, potential mineralization, exploration results and statements regarding the beliefs, plans, expectations or intentions of the Company. The exploration and development of resources is highly speculative, characterized by several significant risks, which even a combination of careful assessment, experience and knowledge may not eliminate. All forward-looking statements contained in this document are qualified by this cautionary statement. Therefore, readers should not place undue reliance on forward-looking statements. The Company assumes no obligation to publicly update or otherwise revise forward-looking statements, whether as a result of new information or future events or otherwise, except as 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) accepts 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/105968

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