Magna Mining announces new assay results from 2022 diamond drilling at Crean Hill

Highlights

101 FW Zone (MCR-22-004)

• 2.5% nickel (Ni), 1.2% copper (Cu), 0.7 g/t platinum (Pt)+palladium (Pd)+gold (Au) over 8.1 m.
• 1.1% Ni, 5.7% Cu, 2.2 g/t Pt+Pd+Au over 4.4 m.
• 2.4% Ni, 2.7% Cu, 2.8 g/t Pt+Pd+Au over 4.7 m.

Intermediate Zone (MCR-22-008)

• 1.2% Ni, 0.8% Cu, 1.4 g/t Pt+Pd+Au over 17.3 m.
• 3.1% Ni, 0.6% Cu, 0.6 g/t Pt+Pd+Au over 3.7 m.

Intermediate Zone (MCR-22-009)

• 1.1% Ni, 0.7% Cu, 1.2 g/t Pt+Pd+Au over 27 m.

Jason Jessup, CEO of Magna, stated: “The assay results reported today are impressive and ongoing drilling continues to allow our team to gain a better understand-ing of the style and continuity of near surface mineralisation in both the Intermediate and 101 FW Zones. The 2022 drilling results have provided valuable information that will inform the preliminary economic assessment that is currently underway. The close proximity of these zones to surface could make them amenable to both opencast mining and more selective, ramp accessible underground mining methods. It is exciting to have such a prospective, significant mining project in one of the premiere nickel mining districts in the world.”

Drilling results have continued to enhance Magna’s understanding of the near surface Intermediate and 101 FW Zones of the Crean Hill deposit, both along strike and down-dip of historical mining areas. Of particular significance are the deeper mineralised intervals in drill hole MCR-22-004 with increased copper and precious metal values indicating these grades are increasing down-dip of the historical mining. Typical footwall zones in the Sudbury Basin commonly show an increase in these metal grades further into the footwall, away from the Sudbury Igneous Complex (SIC). The 101 FW zone is not defined along strike or down-dip and remains a high priority exploration target for Magna.

Drillholes MCR-22-007 to MCR-22-009 were targeted within a relatively large remnant area, between historical stopes, approximately 100 m in strike and 60 m vertically between historical development levels. All three holes intersected substantial widths of contact Ni-Cu mineralisation, including high-grade intervals, and confirm quality of the near surface mineralisation remaining at Crean Hill.