RESULTS INCLUDE THE HIGHEST-GRADE INTERSECTION OF COMBINED PLATINUM, PALLADIUM AND GOLD DISCOVERED TO DATE ON THE SHAKESPEARE PROJECT
SUDBURY, ONTARIO, CANADA, OCTOBER 6, 2022 – Magna Mining Inc. (TSX.V: NICU) (“Magna” or the “Company”) is pleased to announce the assay results from recent drilling at the Shakespeare Mine. A total of 1,983 meters of drilling in 5 drillholes was completed in the first half of 2022, with the results presented in Table 1.

The 2022 exploration program thus far was designed to follow-up on the successful 2021 drilling in the “Gap Zone” near the West Zone of the deposit. The program also aimed to test whether a wide known zone of the resource known as the S-13 Zone, previously thought to be an isolated zone, could be connected to the East and West Zones.

The following is a summary of conclusions from the first five holes of the 2022 drill program:

Mineralization at the West Zone expanded: Drilling has continued to expand on mineralization near the West Zone, extending the West Zone mineralization approximately 150m along strike and down dip from the current Mineral Resource.
High grade Pt, Pd and Au intersection: Hole MMC-22-43 returned a mineralized intersection of 15.5 g/t Pt, 1.46 g/t Pd and 1.31 g/t Au over 0.35m at 284m depth, the highest combined Pt, Pd and Au grades ever recorded at Shakespeare.
S-13 Zone Orientation: The recent drilling has provided evidence supporting the continuity of mineralization around the S-13 Zone and suggests the potential for a change in dip of the mineralized zone, from north dipping to south dipping.
Significant assay results from the recent drilling include:

MMC-22-42: 0.24% Ni, 0.35% Cu, 0.73 g/t Pt + Pd + Au over 21.3m.
MMC-22-42: 0.18% Ni, 0.90% Cu, 15.50 g/t Pt, 1.46 g/t Pd, 1.31 g/t Au over 0.36m.
MMC-22-43: 0.31% Ni, 0.41% Cu, 1.09 g/t Pt + Pd + Au over 18.4m.
The location of the 2022 drilling is illustrated in Figure 1, and complete assay results are presented in Table 1.

Mynyr Hoxha, Vice President Exploration commented “We are pleased to announce additional assay results from the 2022 diamond drilling on the Shakespeare Deposit. Additional drilling below the West Zone open pit resource has demonstrated improved continuity of mineralization in this area, which has potential to increase the open pit mineral resource and add to the Shakespeare mine life. The West Zone remains open for expansion down dip and to the West, and a shallowing of the dip of the mineralization in this area could lead to additional exploration targets south of the known mineralization.”

In addition to expanding the West Zone mineralization, the recent drilling suggests there is a significant change in the dip of the mineralized zone in this area, from north dipping to steep sub-vertical to shallow dipping to the south (Figure 2). A shallowing of the mineralization could represent a feeder for the system to the main Shakespeare deposit and add significant exploration potential to the south of the known Deposit. Additionally, if mineralization continues to dip shallowly to the south, there is potential to increase the overall metal pounds per vertical meter, which could positively impact the open pit economics if the West Pit can be expanded to lower elevations, which occurs in the East Pit.

To date, the 2022 exploration program has been successful in expanding the West Zone mineralization, improving the geological understanding of the Shakespeare deposit, and identifying the controls on mineralization. Exploration drilling is ongoing at Shakespeare and will follow-up on the results from the early 2022 drilling. Additional results will be reported as assays are received.

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