Magna Mining Announces Further Positive Assay Results from 2021 Shakespeare Mine Drilling

Magna Mining Announces Further Positive Assay Results from 2021 Shakespeare Mine Drilling

Additional Mineralized Intersections Reported from the Gap Zone

Magna Mining Inc. (TSXV: NICU) ("Magna" or the "Company") is pleased to announce the assay results from a further nine holes drilled at the Shakespeare Mine during the 2021 drilling program. Highlights from this batch of assay results include wide Gap Zone intersections which support the thesis that the West and East Zones are connected not only near surface, but also at depth.

Jason Jessup, Chief Executive Officer of Magna, stated, "We are pleased with the results that are announced today, which continue to support our belief that we can add significant open pit mineral resources to our Shakespeare deposit. The East Zone results continue to impress us and where resource wireframes were intersected, the mineralization has shown to be much wider than previously estimated. The deeper intersections also enhance the understanding of the orientation of the mineralized melagabbro, which is now interpreted as steeply dipping to the south at depth, opening new, relatively shallow areas for exploration and resource expansion. It is also important to note that many of the holes intersected new areas of mineralization within the current open pit resource shell. The significance of these intersections is that it may add additional Mineral Resources to the Shakespeare deposit, which could also convert what is currently estimated as waste within the open pit shell to Mineral Resource. This could reduce the future open pit stripping ratio and potentially extend the life of mine of future operations. The feasibility study that is currently being completed is a base case scenario, staying within the parameters of the current approved closure plan and major permits and will not include any of the 2021 diamond drilling. We are excited to incorporate these results into future mine planning at the Shakespeare Mine."

Diamond Drilling Highlights Include:

Hole MMC-21-27 intersected 47.68 metres at 0.25% Ni, 0.30% Cu, 0.02% Co, 0.24 g/t Pt, 0.27 g/t Pd, 0.13 g/t Au including 33 m at 0.30% Ni, 0.36% Cu, 0.02% Co, 0.30 g/t Pt, 0.33 g/t Pd, 0.17 g/t Au. This hole was designed to follow-up on the wide mineralized intersection in hole MMC-21-25 reported on November 4, 2021 (see News Release). The intersection pierced the East Zone wireframe in an area 24.5 metres east of hole MMC-21-25. This hole intersected the mineralization 4.5m above the current mineral resource wireframe and continued 20.70 m beyond the wireframe (see Fig. 2.). As a result, this hole, along with hole MMC-21-25, have demonstrated the potential to significantly grow the East Zone Mineral Resource in this area of the deposit. The up-dip extension of the East Zone in this area remains open for expansion.

Holes MMC-21-29 & MMC-21-30 each intersected multiple zones of mineralization including 64.16 m at 0.34% Ni, 0.41% Cu, 0.02% Co, 0.34 g/t Pt, 0.41 g/t Pd, 0.23 g/t Au starting just 30.0 metres down hole MMC-21-29. This intersection pierced a portion of the West Zone wireframe but initially intersected the mineralization 27.30 metres outside the upper portion of the wireframe and inside of the current open pit resource shell. Follow-up drilling is required to test for further mineralization closer to surface. The primary purpose of these holes was to test the Gap Zone at depth. The holes were successful in intersecting multiple zones of mineralization within the Gap Zone, lending further support to Magna's interpretation that the East and West Zones are connected through the Gap Zone (see Fig. 3 & 4 and Table 1 for complete assay results).

Hole MMC-21-34 was drilled in the Gap Zone, approximately 36 metres to the east of Hole MMC-21-20 that was reported on November 4, 2021 (see News Release). Mineralization was intersected over 11.45 metres grading 0.20% Ni, 0.25% Cu, 0.01% Co, 0.22 g/t Pt, 0.27 g/t Pd, 0.15 g/t Au starting at 24.5 m downhole. This near surface intersection in the Gap Zone has potential to convert a significant amount of material within the open pit resource shell from waste to mineral resource (see Fig. 4).

Mynyr Hoxha, Vice President of Exploration, stated, "The 2021 drilling results to date are very encouraging. The Shakespeare deposit has significant potential to grow along the strike to the east and west, and is open at depth. Due to drilling challenges around historical mining areas, the Gap Zone is not fully defined. Recent drilling targeting the Gap Zone indicates that East and West Zones are connected around the S-13 area and open at depth. To properly define the Gap Zone closer to surface, a shallow drilling program is proposed in 2022 that will be accomplished by using an underground drill capable of drilling shallow angle holes to test some of the upper part of the East Zone/Gap Zone. The 2021 drilling program also expanded our understanding of the western part of the Shakespeare deposit. We now have evidence that the rock units are changing orientation and dipping more southerly. This opens up tremendous exploration potential and is generating multiple new exploration targets we intend to drill in 2022."

Magna is still awaiting the assay results from the final holes of the 2021 program. Once the results have been received, a detailed interpretation will be completed which will be used to design a follow-up program in 2022 to test the remaining areas of the Gap Zone, as well as extensions of the deposit at depth and to the west. The goal is to incorporate the next phase of Shakespeare drilling into an updated Mineral Resource estimate.

The Company is also pleased to report that drilling is currently underway at the P-4 Discovery (P-4). The program at P-4 is currently budgeted for 3500 metres of drilling, and the program will expand based on successful results. The initial hole that was collared on January 4, 2022, is targeting a 200m step down below the deepest mineralized intersection (see News Release, September 20th 2021), within a recently identified new electromagnetic (EM) plate (see News Release, December 1st, 2021). Once this hole is completed, borehole EM will be conducted on this hole while the drill moves 400 m to the east to test the second EM plate target associated with P-4. Steps have been taken to have more consistent and timely turn-around-times on assays and we expect to have assay results within 4 weeks of submission to the lab.

Cannot view this image? Visit: https://orders.newsfilecorp.com/files/8002/109024_225211e9a4b34894_002.jpg

Figure 1: Simplified Longitudinal Section of Shakespeare Deposit

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/8002/109024_225211e9a4b34894_002full.jpg

  

Cannot view this image? Visit: https://orders.newsfilecorp.com/files/8002/109024_225211e9a4b34894_006.jpg

Figure 2: Simplified Vertical Section 27 Looking NE (See Fig. 1 for location)

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/8002/109024_225211e9a4b34894_006full.jpg

  

Cannot view this image? Visit: https://orders.newsfilecorp.com/files/8002/109024_225211e9a4b34894_007.jpg

Figure 3: Composite Simplified Vertical Section 29/30 Looking NE (Clipping +/-35m; See Fig. 1 for location)

To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/8002/109024_225211e9a4b34894_007full.jpg

  

Cannot view this image? Visit: https://orders.newsfilecorp.com/files/8002/109024_225211e9a4b34894_008.jpg

Figure 4: Simplified 3D Longitudinal Section Showing Recent Mineralized Intersections in the Lower Gap Zone Area as well as Hole MMC-21-34

To view an enhanced version of Figure 4, please visit:
https://orders.newsfilecorp.com/files/8002/109024_225211e9a4b34894_008full.jpg

Table 1. Recent 2021 Diamond Drilling Assay Results

DDH 

From

(m)

To

(m)

Zone

Length

(m)

Ni

(%)

Cu

(%)

Co

(%)

Pt

(g/t)

Pd

(g/t)

Au

(g/t)

NiEq %
             
MMC-21-26 166.1171West4.50.070.130.010.060.070.050.16
 and196197West 1.00.110.200.010.080.130.080.25
MMC-21-27 69.6473.6Gap 3.960.160.180.010.180.190.090.30
 and125.3173East 47.680.250.300.020.240.270.130.46
 including139.8156 16.630.380.430.020.370.400.190.68
MMC-21-28 3.215.5West12.260.180.230.010.210.280.130.36
MMC-21-29 3094.2West64.160.340.410.020.340.410.230.62
  3057.3West*27.330.340.400.020.330.410.260.62
 including3039 9.000.420.440.020.410.520.400.75
 including45.3757.3 11.960.460.560.030.440.540.300.84
 and57.3394.2West**36.830.340.410.020.350.410.200.62
 including57.3381 23.670.470.540.030.480.550.280.84
 and120.3131Gap10.240.300.370.020.300.340.170.55
 and168.8185Gap15.750.230.240.020.200.210.150.41
MMC-21-30 124.8131Gap6.380.250.320.010.290.360.170.48
 and142.6155Gap12.790.340.460.020.390.480.200.65
 and162165Gap2.590.240.180.020.130.170.080.38
 and186.4191Gap4.430.230.170.020.240.220.220.41
MMC-21-31No significant values 
MMC-21-32Assays pending
MMC-21-33Assays pending
MMC-21-34 4.464.76Gap0.30.330.450.020.400.500.270.66
 and24.5536Gap11.450.200.250.010.220.270.150.38
             
* Intersection ouside of Mineral Resource wireframe        
** Intersection inside of Mineral Resource wireframe        

All composite intervals are reported as core length as true width has not been determined. Nickel Equivalent (NiEq%) grade is calculated based on metal prices of $6.25/lb Ni, $2.80/lb Cu, $31.00/lb Co, $950/oz Pt, $900/oz Pd and $1,250.00/oz Au, and metal recoveries of 76.4% for Ni, 95.9% for Cu, 71% for Co, 74.8% for Pt, 42.4% for Pd and 38.4% for Au.

Qualified Person

The technical information in this press release has been reviewed and approved by Mynyr Hoxha, Ph.D., P.Geo., the Company's Vice President of Exploration. Dr. Hoxha is a qualified person under Canadian National Instrument 43-101.

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 SGS Laboratories in Sudbury. 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. The reported drilling program was carried out under the supervision of Marshall Hall, M.Sc., P.Geo, the Company's Exploration Manager.

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 asset is the past producing Shakespeare Mine which has major permits for the construction of a 4500 tonne per day open pit mine, processing plant and tailings storage facility and is surrounded by a contiguous 180km2 prospective land package. Additional information about the Company is available on SEDAR (www.sedar.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
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 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/109024

News Provided by Newsfile via QuoteMedia

NICU:CA
The Conversation (0)
Magna Mining Appoints Jonathan Goodman as a Non-Executive Director

Magna Mining Appoints Jonathan Goodman as a Non-Executive Director

Magna Mining Inc. (TSXV: NICU) ("Magna" or the "Company") is pleased to announce the appointment of Jonathan Goodman to Magna's Board of Directors. Mr. Goodman is currently the President and CEO of Dundee Corporation ("Dundee") and is also the President and CEO of Dundee Goodman Merchant Partners, a mining focused merchant bank. Dundee currently holds a 19.2% investment interest in Magna as of October 26, 2021 (see news release).

Mr. Goodman previously served as CEO of Dundee Precious Metals from 1995 to 2013, as Executive Chairman from April 2013 to September 2017, at which time he was appointed Chairman.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Magna Mining Commissions Second Drill Rig at the Shakespeare Project and Provides an Update on the Evaluation of a Toll Milling Restart for Near-Term Nickel Production

Magna Mining Commissions Second Drill Rig at the Shakespeare Project and Provides an Update on the Evaluation of a Toll Milling Restart for Near-Term Nickel Production

Magna Mining Inc (TSXV: NICU) (the "Company") is pleased to announce that it has commissioned a second drill rig to accelerate exploration drilling at previously identified regional targets on the Shakespeare Nickel Project. The second rig was moved to site early this month, and recently began drilling at the Company's Spanish River Mine Option ("Spanish River"), located 1km south-west of the recent P-4 nickel discovery (see Fig. 1). Spanish River was previously in production as an underground Cu-Co-Au-Ag operation until 1970, and the current drill program is the first diamond drilling program since the mine closed.

The first drill rig of the 2022 drill program started in January and is currently drilling the P-4 Nickel target, which was discovered during the 2021 regional exploration drill program (see News Release). This drill is planning to complete an initial 2500m of drilling to further test the EM plate associated with the discovery hole, as well as the prospective trend of over 400m of strike length to the east. The Company expects this drilling to be completed in early April, with assay results coming out later that month. Magna is planning to complete 10,000m of drilling in 2022, with 5500 m still to be allocated based on results from the winter drilling program.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Magna Mining Files Technical Report for the Shakespeare Nickel Project

Magna Mining Files Technical Report for the Shakespeare Nickel Project

Magna Mining Inc. (TSXV: NICU) ("Magna" or the "Company") is pleased to announce that further to its news release dated January 31, 2022, it has filed on SEDAR an independent technical report titled "Shakespeare Project Feasibility Study Technical Report" in respect of its Shakespeare Nickel Project located 60 km south-west of Sudbury, Ontario. The technical report has been filed in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects. A copy of the technical report is available under the Company's profile page at www.sedar.com.

The independent technical report is dated March 17, 2022, with an effective date of January 31, 2022, and was prepared by AGP Mining Consultants Inc.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Magna Mining Inc. Announces Non-Binding Memorandum of Understanding for Proposed Joint Venture Arrangement with Mitsui & Co. for Shakespeare Mine

Magna Mining Inc. Announces Non-Binding Memorandum of Understanding for Proposed Joint Venture Arrangement with Mitsui & Co. for Shakespeare Mine

Magna Mining Inc. (TSXV: NICU) ("Magna" or the "Company") is pleased to announce that it has entered into a non-binding memorandum of understanding ("MOU") with Mitsui & Co., Ltd. ("Mitsui"), whereby Magna and Mitsui will discuss the possibility of Mitsui's acquirement of a 10 to 12.5% interest in Magna's Shakespeare Mine in exchange for cash consideration ranging between $8 million to $10 million on such terms as to be further negotiated between the parties (the "Transaction"). In connection with the Transaction, it is expected that the parties will enter into a joint venture agreement to jointly pursue the development of the Shakespeare Mine, with Magna being the operator of the Project (the "Joint Venture" or "JV").

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Magna Mining Inc's Shakespeare Nickel Project Feasibility Study Demonstrates Positive Economics and Carbon Neutral Nickel Mining Operation

Magna Mining Inc's Shakespeare Nickel Project Feasibility Study Demonstrates Positive Economics and Carbon Neutral Nickel Mining Operation

Magna Mining Inc (TSXV: NICU) (the "Company") is pleased to announce the results of the 2022 Feasibility Study for the Shakespeare Nickel Project ("Shakespeare") located 60 km south-west of Sudbury, Ontario. The Feasibility Study ("Study") is considered a base case and does not include any of the results from the 2021 Shakespeare drilling campaign (as highlighted in Figure 3). This Study remains within the constraints of current approvals, with only minor amendments and permits required prior to the start of construction. Shakespeare has a filed Closure Plan that has been accepted (approved) by the Ministry of Northern Development, Mines, Natural Resources and Forestry, and has obtained major permits for construction of a 4500 tonne per day (tpd) open pit mine, mill and tailing storage facility.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
BHP logo overlaid on top of hand and arrows pointing up.

BHP Overtakes Glencore as Top Mining Brand with US$6.1 Billion Valuation

BHP (ASX:BHP,LSE:BHP,NYSE:BHP) has emerged as mining's new leader in brand value, surpassing longstanding frontrunner Glencore (LSE:GLEN,OTC Pink:GLCNF), according to a recent report from Brand Finance.

The document outlines a 17 percent surge in BHP's brand value, soaring to an impressive US$6.1 billion.

This year-on-year rise was enough to propel BHP to the top spot and dethrone Glencore, whose brand value, while still substantial at US$5.9 billion, experienced a marginal decline of 1 percent from the previous period.

Keep reading...Show less

Hudbay Provides Annual Reserve and Resource Update and Production Outlook

  • Consolidated copper production is expected to average 153,000 i tonnes per year over the next three years, representing a 16% increase from 2023 and demonstrating Hudbay's strong and stable operating portfolio with three long-life operations in tier-one mining jurisdictions in the Americas.
  • Strong complementary gold exposure with consolidated gold production expected to average 272,500 i ounces per year over the next three years, reflecting strong production in Manitoba and a contribution from Pampacancha high grade gold zones.
  • Enhanced operating platform with the recent acquisition of Copper Mountain, positioning Hudbay as the fourth largest copper producer and the fifth largest gold producer in Canada in 2023 ii .
  • Constancia's expected mine life extended by three years to 2041 as a result of mineral reserve conversion and the addition of a further mining phase at the Constancia pit.
  • Snow Lake's expected mine life maintained until 2038 with average annual gold production of 185,000 i ounces expected over the next three years.
  • Exploration activities in Peru focused on advancing drill permitting for highly prospective satellite properties near Constancia.
  • Commenced largest annual exploration program in Snow Lake consisting of geophysical surveys and drill campaigns testing the newly acquired Cook Lake claims, former Rockcliff properties and near-mine exploration at Lalor.
  • Developing access drift at the 1901 deposit in Snow Lake, located within 1,000 metres from the underground ramp to the Lalor mine, with a focus on confirming the optimal mining method for the base metal and gold lenses and converting inferred mineral resources in the gold lenses to mineral reserves.
  • Continuing to de-risk Copper World after enhanced pre-feasibility study published in 2023 and remaining state level permits expected in 2024.
  • Advancing Flin Flon tailings reprocessing opportunities through metallurgical test work and early economic evaluation to potentially produce critical minerals and precious metals while reducing the environmental footprint.
  • Entered into an option agreement with Marubeni Corporation relating to three exploration projects located near Hudbay's Flin Flon processing facilities.

Hudbay Minerals Inc. ("Hudbay" or the "company") ( TSX, NYSE: HBM) today released its annual mineral reserve and resource update and issued new three-year production guidance. All amounts are in U.S. dollars, unless otherwise noted.

"Our updated mineral reserve estimates and three-year production outlook demonstrate Hudbay's high-quality operating platform with annual production of more than 150,000 tonnes of copper and 270,000 ounces of gold from three long-life mines located in tier-one mining friendly jurisdictions in the Americas," said Peter Kukielski, Hudbay's President and Chief Executive Officer. "We saw strong reserve conversion in Peru after successful geotechnical work confirmed the addition of another mining phase at Constancia, extending the mine life to 2041, and we continued to progress drill permitting activities for the high-potential exploration satellites in Peru. Manitoba exploration efforts are focused on advancing the largest geophysical and drilling program in our history in Snow Lake to test the newly acquired land claims for another anchor deposit and extend the mine life well beyond 2038. Our Copper Mountain mine has a robust copper production profile over its 21-year mine life as reflected in the recent technical report. We already have a resilient operating platform delivering stable copper production and complementary gold production, and we expect to continue to add to our robust production outlook by leveraging our proven track record of delivering value through exploration and development as we advance our quality pipeline of growth assets."

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Trilogy Metals Announces Date of Annual Shareholders Meeting and Provides Update on Ambler Access Road

Trilogy Metals Inc. (TSX: TMQ) (NYSE American: TMQ) ("Trilogy Metals" or "the Company") will hold the Company's 2024 Annual General Meeting of the Shareholders ("AGM") on Wednesday, May 22, 2024 at 10:00 am Pacific Time at the office of the Company, Suite 1150, 609 Granville Street, Vancouver, British Columbia .

All current directors will stand for re-election at the AGM. Other items of business include the approval of unallocated entitlements under the Company's 2012 Equity Incentive Plan. Pursuant to Toronto Stock Exchange rules, all unallocated options, rights and entitlements require shareholder approval every three years following institution of the plan.

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
True North Copper

TNC Announces Institutional Placement

True North Copper Limited (ASX:TNC) (True North, TNC or the Company) is pleased to advise that it has signed binding documentation with Millinium Capital Managers Limited as trustee for MP Materials and Mining Group Fund for a placement of A$5 million comprising the issue of 41,666,667 fully paid ordinary shares in the Company (Shares) at an issue price of A$0.12 per Share (Placement).

Keep reading...Show less
Forte Minerals President and CEO Patrick Elliott.

Forte Minerals CEO Highlights Strategy for Prospecting, Acquiring Prolific Assets at Low Cost

Forte Minerals’ (CSE:CUAU) ability to discover and acquire exploration properties at a low cost in Peru has been largely accomplished through two strategies: seeking relinquished properties when the market is down, and employing remote sensing technology for discoveries, according to the company’s president and CEO, Patrick Elliott.

"Through low market times, we thrive on property acquisitions, deals, negotiating," he said. "It's usually around a time when other companies are relinquishing properties. A lot of the majors go through these periods whereby exploration gets the first cut. ... So we remain very flexible to be able to pick up these properties for nothing."

Elliott was commenting on the company’s recent acquisition of two properties in Peru — the Alto Ruri gold prospect and the Cerro Quillo gold-copper-molybdenum prospect — for a one-time cash payment of only US$25,000.

Keep reading...Show less
True North Copper

TNC Operational Update - Cloncurry Copper Project’s Mining Restart

True North Copper Limited (ASX:TNC) (True North, TNC or the Company) is pleased to provide an operational update on the mining restart at its 100% owned Cloncurry Copper Project (CCP).

Keep reading...Show less

Latest Press Releases

Related News

×