Magna Mining Discovers New Copper Zone at the Shakespeare Project

Rhea-AI Summary

Magna Mining has discovered a new copper zone at its Shakespeare Project in Sudbury, Ontario. The initial drillhole at the Southwest (SW) Copper zone intersected 1.4% Cu over 32.4 metres, including 2.3% Cu over 13.9 metres, starting at 64.6 metres downhole. The SW Copper showing is part of a regional structural zone associated with the Murray Fault System, located approximately 1-2 kilometres southwest of the Shakespeare Mine. The zone is currently open for expansion in all directions, with no historical drilling records in this area. A second drillhole has been completed with pending assays, and a third is in progress.

Positive

• Discovery of new copper zone with significant mineralization (1.4% Cu over 32.4m)
• Zone is open for expansion in all directions, indicating growth potential
• Located near existing Shakespeare Mine infrastructure
• Property held under JV agreement with Glencore (Magna 86%, Glencore 14%)

Negative

• None.

First Drillhole on the SW Copper Showing Intersects 2.3% Cu Over 13.9 Metres

Sudbury, Ontario--(Newsfile Corp. - November 4, 2024) - Magna Mining Inc. (TSXV: NICU) (OTCQB: MGMNF) (FSE: 8YD) ("Magna" or the "Company") is pleased to provide an update on the ongoing regional diamond drilling program on the Shakespeare Project in Sudbury, Ontario. The initial drillhole on the Southwest (SW) Copper zone has intersected 1.4% Cu over 32.4 metres, including 2.3% Cu over 13.9 metres, beginning at 64.6 metres downhole (Tables 1 and 2).

Dave King, SVP Exploration and Geoscience at Magna stated, "Over the course of 2024, we have approached the regional exploration at our Shakespeare Project in a measured, systematic manner. This target area was identified early in the year, advanced with surface mapping, sampling and geophysical surveys, to bring it to a point we were confident in drill testing. There are no records of any historical drilling being conducted in this area previously and at this time, the zone is open for expansion in all directions. We are in the early days of defining the significance of mineralization here, however, we are optimistic of the potential and looking forward to continuing to work this target area and testing it further on strike and at depth."

The Stumpy Bay copper showing is hosted within a regional scale structural zone associated with the Murray Fault System, that strikes across the Shakespeare property from WSW-ENE (Figure 1). The structural zone hosts several known copper occurrences, with mineralization found locally, within the highly silicified shears, including the Stumpy Bay showing and now the SW Copper mineralization, approximately 1 km west of Stumpy Bay. Both Stumpy Bay and the SW Copper zone are located within a portion of the Shakespeare property held under a joint venture agreement with Glencore, which is currently held 86% by Magna and 14% by Glencore. At Stumpy Bay, historical channel samples have returned assays up to 1.7% Cu over 7.6 metres on surface, and Magna surface grab samples at the SW Copper showing have returned assays up to 7.6% Cu. The initial drillhole completed by Magna, beneath the SW Copper surface showing has intersected 1.4% Cu over 32.4 metres, including 2.3% Cu over 13.9 metres (Figure 2). Sulphide mineralization is dominated by zones of disseminated to net-textured pyrite, pyrrhotite and chalcopyrite within an intensely silicified structural zone (Image 1). A second drillhole, MSW-24-03, collared approximately 75 metres along strike to the NE has been completed and assays are pending. A third drillhole on this shear zone beneath MSW-24-03 is in progress. Drillhole MSW-24-02 targeted a separate, weak EM conductor within a gabbro not associated with the mineralized structure, approximately 400 metres southeast of hole MSW-24-01 (assays pending).

The Stumpy Bay/SW Copper structural trend is located approximately 1-2 kilometres southwest of Magna's Shakespeare Mine. The Shakespeare Mine is a feasibility stage project, permitted for a 4,500 tonne per day open pit mine, mill and tailings storage facility. The mine plan and schedule is based on Probable Mineral Reserves totaling 11.87 Mt of ore grading 0.33% nickel, 0.35% copper, 0.02% cobalt, 0.32 g/t platinum, 0.36 g/t palladium and 0.18 g/t gold processed over a 7.1 year mine life, excluding a year of pre-stripping.

Table 1: Summary of Assay Results

Drillhole	Target	From	To	Length(m)	Cu %	Co %	Ag g/t
MSW-24-01	SW Cu	64.55	96.90	32.35	1.41	0.09	3.09
	including	69.60	83.50	13.90	2.29	0.13	4.60
MSW-24-02	EM Anomaly	Assays Pending
MSW-24-03	SW Cu	Assays Pending
MSW-24-04	SW Cu	In Progress

 

Table 2: Drillhole Collar Coordinates

BHID	Easting	Northing	Elevation	Azimuth	Dip	Depth
MSW-24-01	434795	5131894	302	008	-45	120
MSW-24-02	435259	5131763	281	250	-50	250
MSW-24-03	434881	5131927	297	330	-48	135
MSW-24-04	434881	5131927	297	330	-60	200

 

Figure 1: Surface Geology of the Shakespeare Property Showing the Shakespeare Mine, Stumpy Bay and SW Copper Occurrences

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8002/228600_10537709b49f2a9b_002full.jpg

Figure 2: Vertical Section Looking Northeast Showing Drillhole MSW-24-01

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8002/228600_10537709b49f2a9b_003full.jpg

Image 1: Southwest Copper Drillhole MSW-24-01 Mineralization, Blebby to Net Textured Pyrite, Pyrrhotite and Chalcopyrite

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8002/228600_10537709b49f2a9b_004full.jpg

Corporate Update

Magna is pleased to announce that Mr. Greg Huffman has agreed to join the advisory board of the company. Mr. Huffman is currently Chief Executive Officer, President and Director of Nuclear Fuels Inc, and his extensive career has spanned positions in fund management, equity research and mining equity sales, most recently as Global Head of Mining Sales at Canaccord Genuity. Greg holds a Bachelor of Science (Honors), cum laude, from the Harquail School of Earth Sciences at Laurentian University in Sudbury and serves on the Advisory Board of the Goodman School of Mines, also at Laurentian University. CEO Jason Jessup stated "For the past 4 years Greg has been incredibly supportive and instrumental in advising our company on our ambitious growth plans and our capital market activities. We are delighted to have Greg join as an advisor to Magna. His experience in capital markets and knowledge of Sudbury geology will be highly beneficial as we continue to execute our exciting growth plans for our company."

QA / QC

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 and cut with a diamond saw. Samples are then bagged in plastic bags with 10 bagged samples being placed into rice bags for transport to AGAT Laboratories in Mississauga Ontario. 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 duplicate. All QAQC samples have been reviewed by Senior Project Geologist, Marshall Hall.

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.

About Magna Mining Inc.

Magna Mining is an exploration and development company focused on nickel, copper and PGM 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 Preliminary Economic Assessment Technical Report dated November 1, 2024. Additional information about the Company is available on SEDAR+ (www.sedarplus.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 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/228600

FAQ

What are the drilling results from Magna Mining's (MGMNF) new copper discovery?

The initial drillhole at the SW Copper zone intersected 1.4% Cu over 32.4 metres, including 2.3% Cu over 13.9 metres, beginning at 64.6 metres downhole.

Where is the new copper zone located in relation to Magna Mining's (MGMNF) Shakespeare Mine?

The new SW Copper zone is located approximately 1-2 kilometres southwest of the Shakespeare Mine in Sudbury, Ontario.

What is the ownership structure of Magna Mining's (MGMNF) SW Copper zone?

The SW Copper zone is part of a joint venture agreement with Glencore, with Magna holding 86% and Glencore holding 14%.