Mineralization Intersected over 98m Including 3.7% Ni, 2.8% Cu and 20.2 g/t Pt+Pd+Au over 7.1m
SUDBURY, ONTARIO, CANADA, JANUARY 9, 2023 – Magna Mining Inc. (TSX.V: NICU) (“Magna” or the “Company”) is pleased to announce the first assays received from drilling on the 109 Footwall (“FW”) Zone at the Crean Hill Mine (“Crean Hill”). Drillhole MCR-22-010 was targeted within the near surface 109 FW Zone Mineral Resource and intersected mineralization grading 0.4 % Ni, 0.5 % Cu, 7.2 g/t Pt+Pd+Au over 98.3 metres, including higher grade intervals grading 0.8 % Ni, 0.8 % Cu, 12.7 g/t Pt+Pd+Au over 44.0 metres, including 3.7 % Ni, 2.8 % Cu, 20.2 g/t Pt+Pd+Au over 7.1 metres. The 109 FW Zone at Crean Hill is another distinct footwall zone, located proximal to the Main Zone.

Highlights:

Drillhole MCR-22-010, intersected 0.4 % Ni, 0.5 % Cu, 7.2 g/t Pt+Pd+Au over 98.3 metres, including higher grade intervals grading 0.8 % Ni, 0.8 % Cu, 12.7 g/t Pt+Pd+Au over 44.0 metres, including 3.7 % Ni, 2.8 % Cu, 20.2 g/t Pt+Pd+Au over 7.1 metres in the 109 FW Zone.
The 109 FW Zone represents an area of high-grade mineralization extending into the footwall breccia that is associated with the Main Zone.
The 109 FW Zone is the second, separate footwall zone tested by Magna at Crean Hill, confirming the presence of multiple FW breccia corridors that will be further tested with the 2023 drill program.
While the current 109 FW Zone Mineral Resource has been defined to the 365m, historical drilling indicates this style of mineralization is open at depth and has additional strike length potential.
David King, Senior Vice President for Magna commented “Drillhole MCR-22-010 is Magna’s first drillhole targeting the 109 FW Zone and will enable Magna geologists to better understand the 109 FW low sulphide, high PGE mineralization, and geological setting controlling the distribution and continuity of mineralization. This information will be essential for optimizing the mine plan for the Preliminary Economic Assessment that is underway. The current 109 FW Zone Mineral Resource remains open below the 365m level, and wide spaced historical production drilling suggests this style of low sulphide, high grade mineralization continues to depth.”

Most of the Company’s Crean Hill drilling in 2022 (which started in November) focused on contact Ni-Cu mineralization within the Intermediate Zone, and high-grade nickel rich, massive sulphide veining in the 101 FW Zone (Figure 1). The 109 FW Zone is a different style of mineralization, consisting of low sulphide, high grade Pt+Pd+Au mineralization hosted in a breccia corridor extending into the footwall at the base of the Main Zone. Semi-massive to massive sulphides, with increased Pt+Pd+Au extending into the footwall from the Main Zone transition to stringer and disseminated sulphide within the breccia matrix. MCR-22-010 was targeted within the current 109 FW Zone Mineral Resource, and intersected 0.4 % Ni, 0.5 % Cu, 7.2 g/t Pt+Pd+Au over 98.3 metres, including a high grade massive sulphide interval grading 3.7 % Ni, 2.8 % Cu, 20.2 g/t Pt+Pd+Au over 7.1 metres (Figure 2). Lonmin Canada Inc. (“Loncan”) defined the 109 FW Zone from surface to the 365m level. The 109 FW Zone is not defined below the 365m level, and wide spaced historic INCO drilling, along with high grade precious metal assays below the 365m level suggest that this style of mineralization is associated with the Main Zone contact mineralization and continues down-dip. The Main Zone was historically mined to the 1,350 m level, and this style of low sulphide, high grade Pt+Pd+Au mineralization was not a primary focus of the mining. Magna has budgeted 15,000 m of diamond drilling in 2023, and a portion of this drilling will target the 109 FW Zone mineralization below the current Mineral Resources. The 2023 drill program is now underway and the initial results from this drilling are expected towards the end of February, 2023.

Table 1 Summary of Assay Results Received to Date
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