Magna Mining Announces New Assay Results at Crean Hill and an Update on Advanced Exploration

Rhea-AI Summary

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.

Positive

• 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.

Negative

• 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 0.4% Ni, 0.5% Cu, and 34.3 g/t Pt+Pd+Au over 4.1 Metres, Starting at Surface

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 0.2% Ni, 0.2% Cu, 18.2 g/t Pt + Pd + Au over 15.0 metres in drillhole MCR-24-077 (Figure 2). This area of the 109 FW Zone will be one of the areas targeted as part of the underground advanced exploration program. Although the 109 FW Zone comprises only a small portion of the current Mineral Resource Inventory, Magna believes the zone can be expanded further at depth.

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 85-95% of downhole length.

Ni Eq % = (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.

Metal prices in US$: $8.50/lb Ni, $3.75/lb Cu, $22.00/lb Co, $1000/oz Pt, $2000/oz Pd and $1,750/oz Au.

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	{ "@context": "https://schema.org", "@type": "FAQPage", "name": "Magna Mining Announces New Assay Results at Crean Hill and an Update on Advanced Exploration FAQs", "mainEntity": [ { "@type": "Question", "name": "What are the recent assay results for MGMNF?", "acceptedAnswer": { "@type": "Answer", "text": "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." } }, { "@type": "Question", "name": "When will Magna Mining start the bulk sampling program?", "acceptedAnswer": { "@type": "Answer", "text": "Magna Mining will begin the bulk sampling program in Q3 2024, extracting approximately 20,000 tonnes of material." } }, { "@type": "Question", "name": "What is the significance of the 109 Footwall Zone for Magna Mining?", "acceptedAnswer": { "@type": "Answer", "text": "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." } }, { "@type": "Question", "name": "How will the bulk sampling program impact Magna Mining's revenues?", "acceptedAnswer": { "@type": "Answer", "text": "Magna Mining expects to receive revenues from the surface bulk sample within six months of processing the material." } }, { "@type": "Question", "name": "What future exploration plans does Magna Mining have at Crean Hill?", "acceptedAnswer": { "@type": "Answer", "text": "Magna Mining plans to conduct advanced exploration targeting high-grade zones and potential underground mining to expand the 109 Footwall Zone." } } ] } 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. MAGNA MNG INC OTC:MGMNF MGMNF Rankings N/A Ranked by Market Cap N/A Ranked by Dividends MGMNF Latest News Nov 4, 2024 Magna Mining Discovers New Copper Zone at the Shakespeare Project Nov 1, 2024 Magna Mining Files Updated Preliminary Economic Assessment for the Crean Hill Project Oct 29, 2024 Magna Mining Files Technical Report for the McCreedy West Copper-Nickel Mine Oct 21, 2024 Magna Mining Announces Grant of Stock Options Oct 9, 2024 Magna Mining Inc. Announces Conditional Approval of Application for Funding from the Federal Critical Mineral Infrastructure Fund (CMIF) MGMNF Stock Data Market Cap 203.88M Float 97.03M Insiders Ownership 31.55% Institutions Ownership 19.55% Industry Other Industrial Metals & Mining Sector Basic Materials Website Link Country United States of America City Sudbury Explore About Rhea-AI Sitemap Legal Terms of Use Cookie Notice Privacy Policy Links RSS feed Patreon Discord Server Facebook Reddit Google News © 2020-2024 StockTitan.net