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Magna Mining Announces Assay Results and Provides an Update on the McCreedy West Mine

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Magna Mining (TSXV: NICU) (OTCQB: MGMNF) has announced significant assay results from its McCreedy West and Levack mines. At McCreedy West, notable intersections include 4.4% Cu, 0.6% Ni, 13.8 g/t Pt + Pd + Au over 18.0 metres, and at Levack Mine, results show up to 24.9% Cu, 0.4% Ni & 5.0 g/t Pt + Pd + Au over 1.6 metres.

The company, which acquired McCreedy West Mine from KGHM on February 28, 2025, is currently operating two active drills underground at McCreedy West and two surface diamond drills at Levack, with a third drill scheduled for April. The drilling programs focus on resource expansion, definition, and supporting mid-term production planning.

Magna has implemented operational improvement initiatives at McCreedy West, focusing on streamlining processes, improving grade control, and increasing efficiency. The company plans to provide detailed production plans before the end of Q2 2025.

Magna Mining (TSXV: NICU) (OTCQB: MGMNF) ha annunciato risultati significativi di analisi dai suoi minieri di McCreedy West e Levack. A McCreedy West, le intersezioni notevoli includono 4.4% Cu, 0.6% Ni, 13.8 g/t Pt + Pd + Au su 18.0 metri, mentre al miniera di Levack, i risultati mostrano fino a 24.9% Cu, 0.4% Ni e 5.0 g/t Pt + Pd + Au su 1.6 metri.

La società, che ha acquisito la miniera di McCreedy West da KGHM il 28 febbraio 2025, sta attualmente operando due perforatrici attive sottoterra a McCreedy West e due perforatrici a diamante in superficie a Levack, con una terza perforatrice programmata per aprile. I programmi di perforazione si concentrano sull'espansione delle risorse, sulla definizione e sul supporto alla pianificazione della produzione a medio termine.

Magna ha implementato iniziative di miglioramento operativo a McCreedy West, concentrandosi sull'ottimizzazione dei processi, sul miglioramento del controllo della qualità e sull'aumento dell'efficienza. L'azienda prevede di fornire piani di produzione dettagliati prima della fine del secondo trimestre del 2025.

Magna Mining (TSXV: NICU) (OTCQB: MGMNF) ha anunciado resultados significativos de análisis de sus minas McCreedy West y Levack. En McCreedy West, las intersecciones notables incluyen 4.4% Cu, 0.6% Ni, 13.8 g/t Pt + Pd + Au sobre 18.0 metros, y en la mina Levack, los resultados muestran hasta 24.9% Cu, 0.4% Ni y 5.0 g/t Pt + Pd + Au sobre 1.6 metros.

La empresa, que adquirió la mina McCreedy West de KGHM el 28 de febrero de 2025, está operando actualmente dos taladros activos subterráneos en McCreedy West y dos taladros de diamante en superficie en Levack, con un tercer taladro programado para abril. Los programas de perforación se centran en la expansión de recursos, la definición y el apoyo a la planificación de producción a medio plazo.

Magna ha implementado iniciativas de mejora operativa en McCreedy West, enfocándose en la optimización de procesos, la mejora del control de calidad y el aumento de la eficiencia. La empresa planea proporcionar planes de producción detallados antes del final del segundo trimestre de 2025.

마그나 마이닝 (TSXV: NICU) (OTCQB: MGMNF)이 맥크리디 웨스트와 레박 광산에서 중요한 시추 결과를 발표했습니다. 맥크리디 웨스트에서의 주목할 만한 교차점은 4.4% Cu, 0.6% Ni, 13.8 g/t Pt + Pd + Au, 18.0 미터에 걸쳐 있으며, 레박 광산에서는 결과가 24.9% Cu, 0.4% Ni 및 5.0 g/t Pt + Pd + Au, 1.6 미터에 걸쳐 나타났습니다.

2025년 2월 28일 KGHM로부터 맥크리디 웨스트 광산을 인수한 이 회사는 현재 맥크리디 웨스트에서 두 개의 지하 드릴과 레박에서 두 개의 표면 다이아몬드 드릴을 운영하고 있으며, 4월에는 세 번째 드릴이 예정되어 있습니다. 드릴링 프로그램은 자원 확장, 정의 및 중기 생산 계획 지원에 중점을 두고 있습니다.

마그나는 맥크리디 웨스트에서 운영 개선 이니셔티브를 시행하여 프로세스 간소화, 품질 관리 개선 및 효율성 증대에 집중하고 있습니다. 이 회사는 2025년 2분기 말까지 상세한 생산 계획을 제공할 계획입니다.

Magna Mining (TSXV: NICU) (OTCQB: MGMNF) a annoncé des résultats d'analyse significatifs provenant de ses mines de McCreedy West et de Levack. À McCreedy West, les intersections notables incluent 4,4% Cu, 0,6% Ni, 13,8 g/t Pt + Pd + Au sur 18,0 mètres, et à la mine de Levack, les résultats montrent jusqu'à 24,9% Cu, 0,4% Ni et 5,0 g/t Pt + Pd + Au sur 1,6 mètres.

L'entreprise, qui a acquis la mine de McCreedy West de KGHM le 28 février 2025, exploite actuellement deux foreuses actives souterraines à McCreedy West et deux foreuses à diamant en surface à Levack, avec une troisième foreuse prévue pour avril. Les programmes de forage se concentrent sur l'expansion des ressources, la définition et le soutien à la planification de la production à moyen terme.

Magna a mis en œuvre des initiatives d'amélioration opérationnelle à McCreedy West, en se concentrant sur l'optimisation des processus, l'amélioration du contrôle de la qualité et l'augmentation de l'efficacité. L'entreprise prévoit de fournir des plans de production détaillés avant la fin du deuxième trimestre 2025.

Magna Mining (TSXV: NICU) (OTCQB: MGMNF) hat bedeutende Analyseergebnisse aus seinen Minen McCreedy West und Levack bekannt gegeben. In McCreedy West umfassen bemerkenswerte Schnittstellen 4,4% Cu, 0,6% Ni, 13,8 g/t Pt + Pd + Au über 18,0 Meter, und in der Levack Mine zeigen die Ergebnisse bis zu 24,9% Cu, 0,4% Ni und 5,0 g/t Pt + Pd + Au über 1,6 Meter.

Das Unternehmen, das die McCreedy West Mine am 28. Februar 2025 von KGHM erworben hat, betreibt derzeit zwei aktive Bohrgeräte unter Tage in McCreedy West und zwei Oberflächen-Diamantbohrer in Levack, mit einem dritten Bohrer, der für April geplant ist. Die Bohrprogramme konzentrieren sich auf die Erweiterung der Ressourcen, die Definition und die Unterstützung der mittelfristigen Produktionsplanung.

Magna hat betriebliche Verbesserungsinitiativen in McCreedy West umgesetzt, die sich auf die Optimierung von Prozessen, die Verbesserung der Qualitätskontrolle und die Steigerung der Effizienz konzentrieren. Das Unternehmen plant, vor Ende des 2. Quartals 2025 detaillierte Produktionspläne bereitzustellen.

Positive
  • High-grade copper intersections: 24.9% Cu at Levack Mine and 4.4% Cu at McCreedy West
  • Operational improvements and increased development initiatives underway at McCreedy West
  • Expansion of drilling program with third rig addition at Levack Mine in April 2025
Negative
  • McCreedy West requires capital investment and time for development before reaching optimal production
  • Levack Mine remains in care and maintenance status since 2019

Assay Results Include 24.9% Cu, 0.4% Ni & 5.0 g/t Pt + Pd + Au Over 1.6 Metres at Levack Mine

Sudbury, Ontario--(Newsfile Corp. - March 31, 2025) - Magna Mining Inc. (TSXV: NICU) (OTCQB: MGMNF) (FSE: 8YD) ("Magna" or the "Company") is pleased to announce assay results from the producing McCreedy West Mine and the adjacent Levack Mine (Figure 1). Drilling at McCreedy West was focused on the 700 Footwall Cu-PGE zone resource expansion and definition in support of mid-term production planning, and targeted areas near historical mining. Drilling at Levack was targeting the near surface Keel Footwall Cu zone.

Highlights from the new assay results include:

McCreedy West Mine

  • FNX33323: 4.4% Cu, 0.6% Ni, 13.8 g/t Pt + Pd + Au over 18.0 metres
       Including 8.2% Cu, 0.8% Ni, 7.5 g/t Pt + Pd + Au over 7.3 metres
  • FNX33338: 8.7% Cu, 0.3% Ni, 32.8 g/t Pt + Pd + Au over 3.2 metres
       And 3.7% Cu, 3.1% Ni, 2.8 g/t Pt + Pd + Au over 17.5 metres
  • FNX33361: 4.3% Cu, 5.0% Ni, 3.6 g/t Pt + Pd + Au over 2.9 metres

Levack Mine

  • FNX33323: 12.2 % Cu, 0.5% Ni, 2.8 g/t Pt + Pd + Au over 3.4 metres
       Including 24.9% Cu, 0.4% Ni, 5.0 g/t Pt + Pd + Au over 1.6 metres

Dave King, S.V.P. Exploration and Geoscience for Magna Mining stated: "Magna is pleased to be able to announce the first assays received from diamond drilling under Magna's management since taking ownership of the mine on February 28, 2025. The results today include high grade copper intersections at the McCreedy West and Levack Mines, which continue to demonstrate the quality of resources remaining at both sites. We look forward to providing additional updates as we continue to advance our understanding of these deposits, and as more drilling results become available over the coming months."

McCreedy West Mine 2025 Drilling

Currently there are two drills active underground at McCreedy West supporting ongoing production and longer-term planning. Drilling results released today are from the first drillholes completed by Magna mining and are targeting mineralized remnant pillars within the 700 Footwall Zone (Figures 2 and 3). Results include 4.4% Cu, 0.6% Ni, 13.8 g/t Pt + Pd + Au over 18.0 metres, including 8.2% Cu, 0.8% Ni, 7.5 g/t Pt + Pd + Au over 7.3 metres in drillhole FNX33323. A summary of assay results is presented in Table 1 and drillhole collar information is provided in Table 2.

Levack Mine 2025 Drilling Program

The Levack Mine (Figure 4) was in production by KGHM until 2019 and is currently in care and maintenance. There are two surface diamond drillholes active at Levack, with a third drill scheduled to mobilize to site in April. The 2025 drilling program at Levack is designed to support the Magna Mining internal Levack Mine restart study and exploration for new footwall and contact style deposits. The initial diamond drilling is focussed on defining near surface mineralization in the footwall of the main orebody and defining the unmined Keel FW zone (Figure 4). Definition drilling within the Keel zone will also provide material to be used for metallurgical test work. Results from the first drillhole completed by Magna mining included 24.9% Cu, 0.4% Ni & 5.0 g/t Pt + Pd + Au Over 1.6 metres in drillhole MLV-25-01. See Table 1 for a complete summary of assay results.

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Figure 1: Magna Mining - Current Properties in the Sudbury Basin.

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Figure 2: McCreedy West Mine 3D Oblique View Showing the Location of Mineralized Zones and the Location of Figure 3 Plan View.

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Figure 3: McCreedy West Mine Plan View, Showing the Mined Stopes with Respect to the Location of Drillhole FNX33323.

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Figure 4: Levack Mine Longitudinal Section Showing the Location of Mineralized Zones, and Vertical Section Showing the Location of the Keel Footwall Zone.

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Table 1: Summary of Drillhole Results from McCreedy West and Levack Drilling

DrillholeZone
From (m)To (m)Length (m)Cu %Ni %Co %Pt g/tPd g/tAu g/tTPM g/tNiEqCuEq
FNX33323700 FW
7.478.841.376.540.440.015.527.231.0413.795.9910.67


and37.9541.153.201.371.260.017.003.791.2912.083.716.60


and50.7551.660.9120.650.180.0013.8713.524.7232.1116.4929.35


and87.17105.1617.984.420.580.011.382.210.474.063.526.26


Including90.5397.847.328.240.760.012.504.170.877.546.2711.17
FNX33338700 FW
36.7339.933.208.730.280.006.2012.2014.4432.8411.8221.05


and167.18184.7117.533.693.080.041.161.400.222.795.079.03


Including177.85184.716.865.103.950.041.501.890.063.456.6411.82
FNX33361700 FW
155.14158.042.904.305.030.071.651.860.103.617.1812.78
MLV-25-01Keel
239.97240.260.2911.790.020.010.030.010.020.066.3611.33


and 288.40291.803.4012.240.520.010.731.450.662.847.5113.38


Including290.17291.801.6324.930.430.010.882.851.315.0414.6726.11
               
All lengths are downhole length. True widths are uncertain at this time.
 
Ni Eq % = (Ni% x 85% Recovery 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.
 
Cu Eq % = (Ni% x 85% Recovery 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 Cui $/lb.

 
Metal prices in US$: $7.30/lb Ni, $4.10/lb Cu, $15.00/lb Co, $1,000/oz Pt, $1,050/oz Pd and $2,200/oz Au.

 

Table 2: Drillhole Collar Coordinates

BHIDEastingNorthingElevationAzimuthDipDepth (m)
MLV-25-014715115166871377227-56400
FNX3332346964951649082181.417108
FNX333384698355164878-48211.42186
FNX333614698355164878-48204.42162
       
*Drillhole Coordinates are in Coordinate System NAD 83 Zone 17

 

Update on the McCreedy West Mine

Magna Mining assumed ownership of the McCreedy West Mine following the closing of the acquisition of a subsidiary of KGHM on February 28, 2025. Upon closing, production at the mine was governed by the prior operational plan which was approved and implemented by KGHM. Magna immediately undertook multiple operational improvement initiatives during the first week of ownership, and the Company is pleased with the current progress of these initiatives. These initiatives are aimed streamlining processes, improving grade control and increasing efficiency, and there is a renewed focus on underground development. Magna anticipates that increased development will result in additional ore mining areas that can be accessed within the mine, subsequently increasing production flexibility, stope sequencing and efficiency of the operation. Magna intends to provide more detailed production plans for the McCreedy West mine before the end of Q2.

Jason Jessup, CEO of Magna stated "The assay results today highlight the potential opportunity to increase production grades at our McCreedy West Mine and incorporate high grade copper footwall veins into a restart plan for Levack Mine. The exploration drilling at Levack Mine is being accelerated with a third diamond drill rig in April. We have begun the necessary investments and changes at the McCreedy West Mine to bring it to what we believe is an optimal, sustainable production level. One of the keys to successfully growing production will to be increasing the amount of capital development within the mine, which will facilitate access to additional ore mining workplaces. This will require some time and a modest capital investment, but we see the opportunity to continue to grow production and set up the mine for a strong 2026 and beyond."

Investor Rights Agreement with Dundee Corporation

Magna and Dundee Resources Limited ("Dundee") entered into an investor rights agreement effective as of July 23, 2024 (the "Investor Rights Agreement") pursuant to which Dundee is entitled to certain customary investor rights, provided that Dundee maintains certain equity ownership thresholds in Magna and satisfies certain other conditions. Among other things, the Investor Rights Agreement provides Dundee with (i) the right to designate one director for appointment to the board of directors of Magna, (ii) the right to participate in certain financings completed by Magna, and (iii) information rights.

A copy of the Investor Rights Agreement is available on SEDAR+ (www.sedarplus.ca) under Magna's issuer profile.

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, Exploration and Geoscience for Magna Mining Inc. and is a qualified person under Canadian National Instrument 43-101.

QAQC

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. Samples are then put into plastic bags with 10 bagged samples being placed into rice bags for transport to Swastika Laboratories in Kirkland Lake Ontario via Gardewine Transport for preparation and analysis. 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 a producing mining company with a portfolio of copper, nickel and PGM operating, exploration and development projects in the Sudbury Region of Ontario, Canada. The Company's primary assets are the producing McCreedy West copper mine and the past producing Levack, Podolsky, Shakespeare and Crean Hill mines. 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
705-482-9667
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 and exploration potential of the McCreedy West Mine and Levack Mine, production and operational objectives, 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.

A production decision at the McCreedy West mine was made by the previous operator of the mine, and Magna has made a decision to continue production subsequent to the completion of the Acquisition. This decision by Magna to continue production following completion of the Acquisition and, to the knowledge of Magna, the prior production decision by the current operator, were not based on a feasibility study of mineral reserves, demonstrating economic and technical viability, and, as a result, there may be an increased uncertainty of achieving any particular level of recovery of minerals or the cost of such recovery, which include increased risks associated with developing a commercially mineable deposit. Historically, such projects have a much higher risk of economic and technical failure. There is no guarantee that anticipated production results and costs will be achieved. Failure to achieve the anticipated production costs would have a material adverse impact on Magna's cash flow and future profitability. Readers are cautioned that there is increased uncertainty and higher risk of economic and technical failure associated with such production decisions.

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/246644

FAQ

What are the latest drilling results from Magna Mining's (MGMNF) McCreedy West Mine?

McCreedy West's latest results show 4.4% Cu, 0.6% Ni, 13.8 g/t Pt + Pd + Au over 18.0 metres, including 8.2% Cu, 0.8% Ni, 7.5 g/t Pt + Pd + Au over 7.3 metres.

When did Magna Mining acquire the McCreedy West Mine from KGHM?

Magna Mining acquired McCreedy West Mine from KGHM on February 28, 2025.

What are the drilling results from Magna Mining's (MGMNF) Levack Mine?

Levack Mine drilling revealed 24.9% Cu, 0.4% Ni & 5.0 g/t Pt + Pd + Au over 1.6 metres in the Keel Footwall Zone.

How many drill rigs does Magna Mining (MGMNF) currently operate at its mines?

Magna operates two underground drills at McCreedy West and two surface diamond drills at Levack, with a third drill planned for April 2025.

When will Magna Mining (MGMNF) release detailed production plans for McCreedy West?

Magna Mining plans to provide detailed production plans for McCreedy West before the end of Q2 2025.
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