Magna Mining Announces New Assay Results at Crean Hill and an Update on Advanced Exploration
Magna Mining announces positive assay results from its Crean Hill project, highlighting substantial mineral yields. Key results include 0.4% Ni, 0.5% Cu, and 34.3 g/t Pt+Pd+Au over 4.1 meters from surface samples. Notably, drilling in the 109 Footwall (FW) Zone revealed 0.2% Ni, 0.2% Cu, and 18.2 g/t Pt+Pd+Au over 15.0 meters. The company plans to commence a bulk sampling program, extracting 20,000 tonnes of ore to be processed at Strathcona Mill. This program aims to optimize metal recoveries and concentrate grades, providing valuable data for future mining operations. Revenue from the surface bulk sample is expected within six months of processing.
Additionally, advanced exploration plans include targeting high-grade zones for potential expansion. The drilling program defines the extent of mineralization and prepares Magna for underground exploration. This strategic move aligns with Magna's goal of enhancing resource estimation and overall project value.
- Assay results show significant mineral yields: 0.4% Ni, 0.5% Cu, 34.3 g/t Pt+Pd+Au.
- Bulk sampling program to extract 20,000 tonnes set to begin, aiming for optimized metal recoveries and concentrate grades.
- Revenue expected within six months from processing bulk sample.
- Surface drilling program defines mineralization extent, aiding future explorations.
- Advanced exploration targets high-grade zones for potential expansion.
- No significant values identified in multiple drill holes (MCB-24-048 to MCB-24-051).
- Current 109 FW Zone represents a small portion of the Mineral Resource Inventory.
Results Include
Sudbury, Ontario--(Newsfile Corp. - June 25, 2024) - Magna Mining Inc. (TSXV: NICU) (OTCQB: MGMNF) (FSE: 8YD) ("Magna" or the "Company") is pleased to announce additional diamond drilling results and provide an update on the surface advanced exploration bulk sampling in the 109 Footwall (FW) Zone.
Highlights from the new assay results include:
- 109 FW Zone
MCR-24-077:0.2% Ni, 0.2 % Cu, 18.2 g/t Pt + Pd + Au over 15.0 metres
- 109 FW Zone Surface Sample
MCB-24-037:0.4% Ni, 0.5 % Cu, 34.3 g/t Pt + Pd + Au over 4.1 metres
MCB-24-042:0.2% Ni, 0.1 % Cu, 13.8 g/t Pt + Pd + Au over 2.5 metres
MCR-24-052:0.8% Ni, 2.9 % Cu, 5.9 g/t Pt + Pd + Au over 3.1 metres
MCR-24-053:0.1% Ni, 0.2 % Cu, 8.3 g/t Pt + Pd + Au over 6.8 metres
Jeff Huffman, COO of Magna Mining commented, "With the Toll Milling Agreement* and contract for Advanced Exploration** now in place, Magna can commence site preparation in advance of extracting the surface bulk sample on the 109 Footwall Zone. The initial advanced exploration will include surface mining of approximately 20,000 tonnes of 109 Footwall bulk sample material that will be shipped to the Strathcona Mill for processing. This batch process will provide valuable information used for optimizing metal recoveries and concentrate grades, while facilitating additional metallurgical test work with the goal of maximizing value for lower sulphide, high precious metal ores. The final batch of assay results from the short-hole drill program is highly encouraging. This zone has a high-grade core with a broader, low-sulphide PGM halo and the test work and bulk sample will encompass both."
*(See NR dated June 4, 2024) ** (See NR dated June 11, 2024)
Magna will mobilize equipment in preparation for the surface advanced exploration work at Crean Hill in the coming days and will be extracting approximately 20,000 tonnes of bulk sample material from the 109 FW Zone in Q3 2024. Magna expects to receive revenues from the surface bulk sample within 6 months of processing the bulk sample.
Following the initial short-hole assay results (See news release dated May 8, 2024), the remaining assays have been received from this program. The purpose of this drilling program was to define the extent of 109 FW Zone mineralization exposed at surface (see Table 1 and Figure 1). Drillhole data was used to design a 20,000 tonne surface bulk sample that includes a blend of higher grade sulphide rich mineralization, as well as the low-sulphide precious metal rich mineralization, representative of a bulk mining scenario in the 109 FW Zone. Results from processing this material at the Strathcona Mill will provide data on base case recoveries and concentrate grades for this style of mineralization. Detailed sampling at various stages of the milling process will provide material for future metallurgical test work and allow Magna to assess process flowsheet modifications with the goal of optimizing both recovery and concentrate grade in advance of underground mining. In addition to the near surface short hole drilling program, additional assays have been received from the ongoing 109 FW Zone definition program, which continues to define the high precious metal mineralization in the upper levels of the mine. Highlights from this drilling include
Table 1: Summary of Crean Hill 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 | |
MCR-24-077 | 109 FW | 96.00 | 129.00 | 33.00 | 0.11 | 0.16 | 0.00 | 6.56 | 2.53 | 1.50 | 10.59 | 1.85 | |
Including | 107.00 | 122.00 | 15.00 | 0.15 | 0.20 | 0.00 | 11.75 | 4.01 | 2.39 | 18.16 | 3.06 | ||
and | 140.00 | 142.00 | 2.00 | 0.06 | 0.05 | 0.00 | 4.52 | 3.46 | 1.22 | 9.20 | 1.68 | ||
MCR-24-078 | Intermediate | 103.00 | 117.00 | 14.00 | 0.35 | 0.56 | 0.02 | 0.20 | 0.08 | 0.10 | 0.38 | 0.67 | |
MCB-24-037 | 109 FW Surface | 0.00 | 4.05 | 4.05 | 0.36 | 0.48 | 0.00 | 10.70 | 14.52 | 9.03 | 34.26 | 7.07 | |
MCB-24-038 | 109 FW Surface | 1.7 | 5.0 | 3.3 | 0.3 | 0.2 | 0.0 | 0.9 | 3.7 | 0.5 | 5.07 | 1.47 | |
MCB-24-039 | 109 FW Surface | 4.70 | 6.16 | 1.46 | 0.68 | 0.26 | 0.02 | 0.09 | 0.26 | 0.03 | 0.38 | 0.91 | |
MCB-24-040 | 109 FW Surface | 9.00 | 9.49 | 0.49 | 0.81 | 0.42 | 0.04 | 1.52 | 0.21 | 0.17 | 1.90 | 1.30 | |
MCB-24-041 | 109 FW Surface | 42.71 | 46.11 | 3.40 | 0.06 | 0.08 | 0.00 | 2.27 | 0.90 | 0.60 | 3.77 | 0.70 | |
MCB-24-042 | 109 FW Surface | 21.87 | 24.34 | 2.47 | 0.16 | 0.11 | 0.00 | 2.33 | 7.39 | 4.11 | 13.82 | 3.05 | |
MCB-24-043 | 109 FW Surface | 1.01 | 1.98 | 0.97 | 0.04 | 0.03 | 0.01 | 0.01 | 0.01 | 2.04 | 2.06 | 0.48 | |
MCB-24-044 | 109 FW Surface | 10.00 | 11.00 | 1.00 | 0.09 | 0.05 | 0.01 | 1.16 | 0.81 | 0.53 | 2.50 | 0.55 | |
MCB-24-045 | 109 FW Surface | 20.25 | 20.60 | 0.35 | 0.13 | 0.09 | 0.01 | 0.01 | 0.01 | 8.35 | 8.37 | 1.88 | |
MCB-24-046 | 109 FW Surface | 7.74 | 10.25 | 2.51 | 0.13 | 0.10 | 0.01 | 3.31 | 1.67 | 1.15 | 6.14 | 1.20 | |
MCB-24-047 | 109 FW Surface | 2.50 | 3.87 | 1.37 | 0.06 | 0.03 | 0.01 | 4.20 | 0.95 | 0.68 | 5.84 | 0.94 | |
MCB-24-048 | 109 FW Surface | No Significant Values | |||||||||||
MCB-24-049 | 109 FW Surface | No Significant Values | |||||||||||
MCB-24-050 | 109 FW Surface | No Significant Values | |||||||||||
MCB-24-051 | 109 FW Surface | No Significant Values | |||||||||||
MCB-24-052 | 109 FW Surface | 13.78 | 16.88 | 3.10 | 0.77 | 2.92 | 0.02 | 4.21 | 1.06 | 0.62 | 5.89 | 2.91 | |
MCB-24-053 | 109 FW Surface | Including | 1.96 | 11.00 | 9.04 | 0.09 | 0.23 | 0.00 | 3.18 | 2.16 | 1.23 | 6.57 | 1.33 |
2.42 | 9.17 | 6.75 | 0.10 | 0.17 | 0.00 | 4.05 | 2.74 | 1.55 | 8.34 | 1.62 | |||
MCB-24-054 | 109 FW Surface | Including | 0.69 | 18.60 | 17.91 | 0.07 | 0.24 | 0.00 | 2.21 | 1.69 | 0.73 | 4.63 | 0.98 |
11.15 | 15.87 | 4.72 | 0.12 | 0.46 | 0.01 | 3.45 | 3.67 | 1.16 | 8.28 | 1.82 |
All lengths are downhole length. True widths are estimated at 85
Ni Eq % = (Ni% x 2204 x Ni Price $/lb) + (Cu% x
Metal prices in US$:
Table 2: Drillhole Collar Coordinates
BHID | Easting | Northing | Elevation | Azimuth | Dip | Depth |
MCR-24-077 | 473127 | 5141759 | 304 | 309 | -70 | 161 |
MCR-24-078 | 473196 | 5141965 | 300 | 198 | -50 | 119 |
MCB-24-037 | 473037 | 5141767 | 287 | 50 | -45 | 5 |
MCB-24-038 | 473028 | 5141870 | 293 | 259 | -10 | 13 |
MCB-24-039 | 473028 | 5141871 | 293 | 300 | -5 | 10 |
MCB-24-040 | 473028 | 5141868 | 293 | 220 | -5 | 18 |
MCB-24-041 | 472996 | 5141718 | 284 | 69 | -4 | 60 |
MCB-24-042 | 472997 | 5141718 | 284 | 84 | 2 | 27 |
MCB-24-043 | 472997 | 5141717 | 284 | 97 | 4 | 33 |
MCB-24-044 | 473064 | 5141777 | 296 | 80 | 0 | 12 |
MCB-24-045 | 473064 | 5141777 | 295 | 80 | -25 | 21 |
MCB-24-046 | 473078 | 5141771 | 297 | 348 | -25 | 13 |
MCB-24-047 | 473079 | 5141771 | 297 | 20 | -25 | 11 |
MCB-24-048 | 473103 | 5141770 | 301 | 342 | -25 | 15 |
MCB-24-049 | 473017 | 5141833 | 288 | 50 | 0 | 21 |
MCB-24-050 | 473018 | 5141830 | 289 | 80 | -2 | 20 |
MCB-24-051 | 473017 | 5141830 | 288 | 80 | -28 | 30 |
MCB-24-052 | 473018 | 5141830 | 288 | 105 |
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FAQ
What are the recent assay results for MGMNF?
Magna Mining reported assay results including 0.4% Ni, 0.5% Cu, and 34.3 g/t Pt+Pd+Au over 4.1 meters from surface samples.
When will Magna Mining start the bulk sampling program?
Magna Mining will begin the bulk sampling program in Q3 2024, extracting approximately 20,000 tonnes of material.
What is the significance of the 109 Footwall Zone for Magna Mining?
The 109 Footwall Zone showed promising mineralization, including 0.2% Ni, 0.2% Cu, and 18.2 g/t Pt+Pd+Au over 15.0 meters, and is important for defining resource extents.
How will the bulk sampling program impact Magna Mining's revenues?
Magna Mining expects to receive revenues from the surface bulk sample within six months of processing the material.
What future exploration plans does Magna Mining have at Crean Hill?
Magna Mining plans to conduct advanced exploration targeting high-grade zones and potential underground mining to expand the 109 Footwall Zone.
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