Magna Mining Announces the Approval of the Crean Hill Permit to Take Water

Rhea-AI Summary

Magna Mining has received the Crean Hill Permit to Take Water, enabling advanced exploration and test mining. The permit allows dewatering of mine workings for surface bulk sampling and underground mining. The company plans to start the surface bulk sample in Q2 2024 and underground exploration in late 2024. Recent drilling results show high-grade mineralization in the 109 FW Zone. Magna aims to confirm mineralization continuity and de-risk the project through test mining. The company is fully permitted to proceed with its exploration plans.

The Crean Hill Project is Fully Permitted For Advanced Exploration and Test Mining

Sudbury, Ontario--(Newsfile Corp. - April 23, 2024) - Magna Mining Inc. (TSXV: NICU) (OTCQB: MGMNF) (FSE: 8YD) ("Magna" or the "Company") is pleased to announce the receipt of the Crean Hill Permit to Take Water (PTTW).

Magna received confirmation that the Permit to Take Water for the Crean Hill Project has been approved by the Ministry of Environment, Conservation and Parks (MECP). This is the final permit required to enable dewatering of the existing mine workings and allow Magna to move forward with their advanced exploration plan, including a surface bulk sample and development of a ramp from surface to perform test mining in the 101 Footwall, 109 Footwall and Intermediate Zones (see Figure 1 and 2). The tonnage of the mineralized rock from the surface and underground test mining is estimated at 400,000 tonnes, which will be crushed on surface, sampled, and shipped to a third-party mill for processing, under the terms of the Off-Take Agreement announced on March 27, 2024 (see News Release).

Jason Jessup, CEO of Magna Mining stated, "We are extremely pleased to have received the Crean Hill Permit to Take Water, as Magna now has all the approvals and permits necessary to conduct both our surface and underground advanced exploration programs. We acquired the Crean Hill Project in November 2022, and have advanced it to this point in only 17 months. This is a remarkable accomplishment and a testament to our team and the jurisdiction in which we are building our company. Magna plans to initiate the surface bulk sample on the 109 FW Zone by the end of Q2 2024, and commence portal construction and underground advanced exploration in the second half of 2024."

Recent drilling in the 109 FW Zone has intersected high grade copper, nickel and precious metal mineralization (see News Releases dated April 3, 2024, and February 20, 2024), which have helped to define the core of the 109 FW Zone. This area of the 109 FW will be targeted as part of the early underground test mining. The test mining program will allow reconciliation against the current resource block model, confirm continuity of the high-grade mineralization and further de-risk the project. Currently the Company is drilling several short diamond drill holes in the area of the surface bulk sample which will facilitate the final bulk sample design. Results of this drilling are expected to be received in early May 2024. A second drill is active testing geophysical anomalies in the footwall environment, approximately 300m south of the Main Contact Zone at Crean Hill (click here to see a video providing an explanation of Sudbury footwall deposits).

The underground advanced exploration program will also include areas of the 101 FW Zone and Intermediate Contact Zone, which were drilled by Magna in 2023. Highlights of this drilling include holes MCR-22-005 which intersected 4.0% Ni, 0.7% Cu and 0.7 g/t Pt+Pd+Au over 31.1 metres, and MCR-23-042 which intersected 4.2% Ni, 1.4% Cu and 1.0 g/t Pt+Pd+Au over 27.6 metres (see Table 1 for all 101 FW Zone drilling).

Table 1. Selected Previously Released Assay Highlights from the Crean Hill 101 FW, Intermediate and 109 FW Zones.

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-22-003	101 FW		168.12	178.90	10.78	3.75	1.74	0.09	0.20	0.22	0.04	0.46	4.69
		including	168.12	169.78	1.66	3.24	8.30	0.08	0.07	0.24	0.21	0.52	7.65
MCR-22-004	101 FW		117.61	132.00	14.39	1.65	0.86	0.05	0.32	0.14	0.07	0.54	2.17
		including	119.06	127.15	8.09	2.46	1.15	0.07	0.48	0.18	0.08	0.73	3.16
	101 FW		223.58	228.00	4.42	1.11	5.73	0.03	1.17	0.45	0.56	2.18	3.93
	101 FW	and	234.29	239.00	4.71	2.43	2.73	0.05	0.24	0.30	2.29	2.83	4.22
MCR-22-005	101 FW		138.39	169.44	31.06	4.04	0.69	0.10	0.36	0.25	0.07	0.67	4.58
		including	138.39	143.42	5.03	6.50	1.03	0.17	0.28	0.17	0.03	0.48	7.26
		and	153.08	169.44	16.07	5.68	0.69	0.13	0.43	0.29	0.05	0.78	6.29
MCR-23-042	101 FW		149.20	176.90	27.60	4.20	1.37	0.10	0.56	0.36	0.11	1.02	5.09
MCR-22-007	Intermediate		142.20	200.40	58.20	0.68	0.60	0.02	0.32	0.18	0.11	0.61	1.07
		including	179.74	184.87	5.13	1.40	1.22	0.05	0.56	0.30	0.14	1.00	2.16
		and	194.50	198.15	3.65	2.21	0.56	0.07	0.14	0.11	0.08	0.33	2.60
MCR-22-008	Intermediate		159.00	195.43	36.43	1.04	0.55	0.03	0.49	0.21	0.14	0.84	1.46
		including	171.88	189.18	17.30	1.24	0.76	0.04	0.83	0.34	0.23	1.40	1.84
		and	191.69	195.43	3.74	3.07	0.57	0.09	0.33	0.20	0.03	0.56	3.53
MCR-22-009	Intermediate		175.83	202.78	26.95	1.13	0.69	0.04	0.91	0.20	0.09	1.20	1.65
MCR-24-060	109 FW		35.0	49.0	14.0	0.32	1.99	0.01	3.79	2.75	2.09	8.63	2.69
		Including	40.0	43.0	3.0	1.11	8.33	0.03	3.38	5.96	4.58	13.93	7.38
MCR-24-068	109 FW		94.0	120.3	26.3	0.72	2.39	0.01	6.36	1.88	1.48	9.72	3.24
		Including	104.6	113.7	9.1	1.84	6.32	0.03	12.58	2.76	2.20	17.54	7.13
		Including	108.6	113.0	4.4	3.22	11.33	0.05	7.60	2.40	0.61	10.61	9.64
MCR-24-070		and	127.7	144.8	17.1	1.63	5.19	0.04	4.70	4.08	1.22	10.00	5.63
		Including	128.2	135.0	6.8	2.54	9.60	0.06	8.35	7.61	1.47	17.44	9.74
			139.0	142.6	3.6	1.83	5.78	0.04	2.17	2.64	0.92	5.73	5.38
MCB-23-003	109 FW		8.95	39.95	31.00	0.74	0.58	0.02	3.25	3.27	2.17	8.70	2.60
		including	25.76	28.94	3.18	5.89	1.99	0.10	2.33	7.19	2.82	12.35	9.40
MCB-23-009	109 FW		3.00	22.00	19.00	0.23	0.23	0.01	5.52	4.30	2.56	12.38	2.52

 

NiEq % = ( (Ni% x 2204 x Ni Price $/lb) + (Cu% x Cu Recovery% x 2204 x Cu Price $/lb) + (Co% x Co Recovery % x 2204 x Co Price $/lb) + (Pt gpt x Pt Recovery % / 31.1035 x Pt $/oz) +(dt gpt x Pd Recovery % / 31.1035 x Pd $/oz) + (Au gpt x Au Recovery % / 31.1035 x Au $/oz))/2204 x Ni $/lb.

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

Figure 1. Long Section showing 101 FW, 109 FW & Intermediate Zones and Advanced Exploration Area.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8002/206414_f8b3f63a1408494b_003full.jpg

Figure 2. Area of Advanced Exploration Surface Bulk Sample at the Crean Hill Project,
Looking North-East.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8002/206414_f8b3f63a1408494b_004full.jpg

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

About Magna Mining Inc.

Magna Mining is an exploration and development company focused on nickel, copper and PGM (Platinum Group Metals) projects in the Sudbury Region of Ontario, Canada. The Company's flagship assets are the past producing Shakespeare and Crean Hill Mines. The Shakespeare Mine is a feasibility stage project which has major permits for the construction of a 4,500 tonne per day open pit mine, processing plant and tailings storage facility and is surrounded by a contiguous 180km² prospective land package. Crean Hill is a past producing nickel, copper and PGM mine with a technical report dated July 2023. Additional information about the Company is available on SEDAR (www.sedarplus.ca) 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
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 at the Shakespeare and Crean HIll Mines, the economic and operational potential of the Shakespeare and Crean Hill Mines, potential acquisitions, 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.

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/206414

FAQ

What permit did Magna Mining receive recently?

Magna Mining received the Crean Hill Permit to Take Water for their project.

What does the permit allow Magna Mining to do?

The permit enables dewatering of mine workings, surface bulk sampling, and underground test mining.

When does Magna Mining plan to start the surface bulk sample?

Magna Mining plans to start the surface bulk sample in the second quarter of 2024.

What high-grade mineralization did recent drilling reveal?

Recent drilling in the 109 FW Zone intersected high-grade copper, nickel, and precious metal mineralization.

Who is the Qualified Person mentioned in the press release?

David King, M.Sc., P.Geo, is the Senior Vice President, Technical Services for Magna Mining Inc. and the Qualified Person under Canadian National Instrument 43-101.