eldona

Magna Mining Announces Winter Exploration Program at the Shakespeare Project and Results of Recent Borehole Electromagnetic Survey

Program to Focus on Follow-Up Drilling at the P-4 Discovery and Near Surface Copper Mineralization at the Past Producing Spanish River Copper Mine

Magna Mining Inc. (TSXV: NICU) ("Magna" or the "Company") is pleased to announce that following the completion of a $3.14 million flow through financing on Nov 3rd, the next phase of exploration at the Shakespeare Ni-Cu-PGM Project will commence in early January. The initial winter exploration program will consist of 4,500m of drilling, which will target the new P-4 nickel discovery and the past producing Spanish River Copper Mine. The P-4 Discovery and Spanish River Copper Mine are both located approximately 5 km from the Shakespeare Mine and could potentially represent satellite deposits to feed a future mill at Shakespeare. Magna has secured a diamond drilling contractor to commence drilling in early January 2022.

A borehole electromagnetic (EM) survey was recently completed which extends the electromagnetic anomaly 230 m below the deepest mineralized intersection. The interpreted EM plate is electromagnetically open at depth and the data indicates that conductivity is increasing at depth. The higher conductivity could be attributed to higher concentration of sulphides, thicker width or both. The surveys were completed on holes MP4-21-01 and MP4-21-02, which were the P-4 nickel discovery holes as reported on September 14, 2021 (see News Release). The drill program in January will prioritize the testing of the depth extent of this EM plate, and also test the eastern EM plate (see Figures 1 and 2).

Jason Jessup, Chief Executive Officer of Magna, stated, "The results of these new downhole electromagnetic surveys at our P-4 discovery indicate that there is a conductive zone extending to depth, well below the mineralized intersections in the first discovery holes that we reported in September of this year. It is particularly encouraging to have the conductivity increasing at depth. We are prioritizing our drilling in January to test some significant step-outs from the previous drilling and see how big this system gets at depth and along strike. The EM survey results are exactly the sort of indications you would expect to see in semi-massive or massive sulphide nickel and copper discoveries in the Sudbury region."

The winter diamond drilling program will also aim to test new targets at the Spanish River Copper Mine, located approximately 1 km south of the P-4 Discovery (see Figure 3). Magna has the option to earn-in to 100% ownership on the 7 claims comprising the historic Spanish River Copper Mine. The proposed diamond drill program at Spanish River Copper is designed to test high conductance EM plates that have been modelled from surface EM surveys that were completed earlier this year. Zones of chalcopyrite dominated mineralization associated with a deformation corridor have been mapped on surface along a 300 m strike length (see Figure 3). The drilling that is now scheduled is believed to be the first diamond drilling program at this particular location in over 50 years.

Jason Jessup added: "Our drilling at the P-4 target and early exploration work at the Spanish River Copper Mine comprise the first significant regional exploration program outside the Shakespeare mine site in over 15 years. Our early exploration successes support our thesis that our 180km2 exploration land package surrounding the Shakespeare Mine is high prospective for nickel and copper discoveries. Ultimately, we believe that new regional discoveries such as P-4 point to the potential for Magna to build a hub and spoke production model with our already permitted Shakespeare Mine as the core to the operation."

2021 Shakespeare Project Drilling Results Update

Magna is awaiting approximately 550 assay results from 11 drill holes from our 2021 program, including 3 holes from the Gap Zone area. It is anticipated that all assays will be received by mid-January.



Figure 1: Simplified longitudinal section looking NW showing high conductance EM plates and exploration potential along the strike (for location see Figure 3)

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/8002/105968_a2a19f18b459aa1b_002full.jpg



Figure 2: Simplified interpreted cross section showing lithologies and BHEM plate (for location see Fig. 1 & 3)

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/8002/105968_a2a19f18b459aa1b_007full.jpg



Figure 3: Map of Spanish River Copper Mine exploration target showing lithologies, deformation corridor and relationship to P-4 Discovery

To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/8002/105968_a2a19f18b459aa1b_008full.jpg

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.

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/105968

News Provided by Newsfile via QuoteMedia

The Conversation (0)
A person's hand holds a piece of copper metal ore above a blurry copper-colored background.

What's the Next US Copper Mine? 27 Copper Projects to Watch

Companies with upcoming copper mines in the US could be poised to benefit from tailwinds in the sector, including supply deficits and the Trump administration's promises to cut "red tape" for critical minerals projects.

Copper demand is climbing quickly in recent years because of the rapid urbanization of the global south as well as the developing energy transition sectors. However, current copper mines are increasing in age and there is a lack of new copper mines to replace them, both due to limited greenfield exploration and long permitting times.

This has put the world's copper supply in a difficult situation, and experts expect to see deficits begin to emerge in 2025.

Keep reading...Show less
Finlay Minerals stakes the JJB Property - within the Bear Lake Corridor of British Columbia

Finlay Minerals stakes the JJB Property - within the Bear Lake Corridor of British Columbia

finlay minerals ltd. (TSXV: FYL) (OTCQB: FYMNF) ("Finlay" or the "Company") is pleased to announce the staking of 9 mineral claims covering 15,453 hectares (approximately 154 km²) in the northern Bear Lake Corridor of British Columbia . The JJB Property is named in honour of Finlay's Founder, John J. Barakso who was an early advocate for the potential of the Bear Creek Corridor.

Figure 1. New JJB Property location and expanded SAY Property boundary. (CNW Group/Finlay Minerals Ltd.)

JJB PROPERTY:

The JJB Property is located within a highly prospective 135-kilometer-long belt in the Stikine Terrane, which hosts several significant copper (Cu) and silver (Ag) showings and prospects. Noteworthy nearby projects include Zimtu Capital Corp.'s Copperline Project and Doubleview Gold Corp.'s Red Spring Project. Additionally, porphyry projects along the Bear Lake trend include Imperial Metals' Cu-Mo Porphyry Bear Lake Project, American Eagle Gold's Cu-Au-Mo ± Ag NAK Project, Amarc Resources Ltd.'s DUKE Project, and HDI Quartz Mountain's Cu Porphyry Jake Project.

The JJB area has geology similar to that of the deposits found in the Bear Lake Corridor. Three main copper showings have been identified on the property: Squingula, Quin, and Pat. The Squingula and Quin showings are located near an Eocene intrusion on the west side, characterized by a coincident magnetic high. This magnetic high is surrounded by a low that corresponds with an iron oxide anomaly, potentially indicative of a porphyry target. Both the intrusion and the magnetic and iron oxide signatures are associated with a multi-element geochemical anomaly identified through limited sampling. Mineralization appears to be influenced by major northwest-trending structures and east-west cross structures, with known mineralization occurring at the intersections of these structures.

In 2025, exploration work at the JJB will focus on expanding the geochemical anomalies within the gossanous magnetic low surrounding the magnetic high. Priority will be given to an airborne magnetic survey, along with prospecting and soil sampling.

Details on the JJB Property can be found in the JJB Property Technical Presentation and in the Properties section of the Company website at www.finlayminerals.com .

SAY PROPERTY:

Lying 4 km south of Finlay's new JJB Property, work continues on the SAY Property, which has recently been expanded with additional staking to the north and south. The SAY Property now totals 26,202 hectares. The SAY Property was acquired in 2024, and an inaugural field program focused on chip sampling and mapping along the 4.3-kilometer-long SPUR Trend. This led to the discovery of the AG Zone and confirmed the continuity of high-grade Cu-Ag mineralization in the East Breccia Zone.

The SPUR is a high-grade Cu-Ag structural vein and breccia target that extends for 4.3 km along the north-northwest Tsaytut Spur ridge * .

The SHEL target area is a Cu-Mo porphyry identified through historic mapping and drilling. SHEL mineralization is reported to be associated with veining and breccias within quartz-feldspar porphyry dikes and lies on the western margin of an unexplored 3 km x 2 km magnetic high * . Historical assays and airborne magnetic data indicate the potential for the expansion of known mineralization in these two target areas.

In 2025, exploration work at the SAY will aim to expand the mineralized footprint of the SPUR and SHEL targets through geological mapping, soil sampling, and an airborne magnetic survey.

Details on the SAY Property, can be found in the SAY Property Technical Presentation and in the Properties section of the Company website at www.finlayminerals.com .

References:

*

Refer to finlay minerals ltd. News Release # 11-24 dated October 3, 2024 entitled: " Finlay Minerals has completed its Inaugural Field Program at the High-Grade Copper-Silver SAY Property " available on SEDAR at www.sedarplus.ca.

Qualified Person:

Wade Barnes , P. Geo. and Vice President, Exploration for Finlay Minerals and a qualified person as defined by National Instrument 43-101, has approved the technical content of this news release.

About finlay minerals ltd.

Finlay is a TSXV company focused on exploration for base and precious metal deposits with five 100%-owned and operated properties in northern British Columbia . In addition to the JJB & SAY Properties, the Company holds the:

  • PIL Property , which covers 13,374 ha in the heart of the Toodoggone region, has numerous porphyry Cu-Au ± Ag targets and associated epithermal Au-Ag mineralization. Exploration on the PIL Property is fully funded for 2025 with the signing of an Earn-In-Agreement with Freeport-McMoRan (Refer to news release FYL NR03-25 entitled: "Finlay Minerals Enters into Earn-In Agreements with Freeport for its PIL & ATTY Properties ". ) The PIL is neighboured by Amarc Resources and Freeport-McMoRan's joint venture JOY Project and TDG Gold Corporation's Shasta/Baker and Sofia Properties. The PIL Property is also 25 km northwest of Centerra Gold's past-producing Kemess South Mine and 15 km east of Thesis Gold's Lawyers Project.

  • ATTY Property covers 3,875 ha of sub-alpine terrain in the southern Toodoggone region. Exploration on the ATTY Property is also full-funded for 2025 with the signing of an Earn-In-Agreement with Freeport-McMoRan in April 2025.The Toodoggone is a northwest-trending belt of Triassic to Jurassic arc terranes that hosts numerous significant porphyry Cu-Au ± Ag and associated epithermal Au-Ag deposits. The ATTY Property is in between and contiguous to Centerra Gold's Kemess Project and the joint-venture JOY Project held by Amarc Resources and Freeport-McMoRan. The ATTY Property KEM target has similarities to the Kemess North Trend, which hosts the Kemess Underground and Kemess East deposits.

  • Silver Hope Property covers 21,322 ha and surrounds the past-producing Equity Silver Mine in the prospective Skeena Arch region of central B.C. The Silver Hope contains the Main Trend which is a >2 km Cu-Ag-Au mineralized trend with mineralization starting at surface.  West of the Main Trend is the West Cu-Mo Porphyry which is also mineralized starting from surface. The Property hosts a network of forestry roads and trails and has all-year access from Houston, BC .

Finlay trades under the symbol "FYL" on the TSXV and under the symbol "FYMNF" on the OTCQB. For further information and details, please visit the Company's website at www.finlayminerals.com

On behalf of the Board of Directors,

Robert F. Brown
President, CEO & Director

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information: This news release includes certain "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements.  Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "expect", "plan", "anticipate", "project", "target", "potential", "schedule", "forecast", "budget", "estimate", "intend" or "believe" and similar expressions or their negative connotations, or that events or conditions "will", "would", "may", "could", "should" or "might" occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Forward-looking statements in this news release include statements regarding, among others, the exploration plans for the JJB and SAY Properties. Although Finlay believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration successes, and continued availability of capital and financing and general economic, market or business conditions. These forward-looking statements are based on a number of assumptions including, among other things, assumptions regarding general business and economic conditions, the timing and receipt of regulatory and governmental approvals, the ability of Finlay and other parties to satisfy stock exchange and other regulatory requirements in a timely manner, the availability of financing for Finlay's proposed transactions and programs on reasonable terms, and the ability of third-party service providers to deliver services in a timely manner. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Finlay does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future or otherwise, except as required by applicable law.

SOURCE finlay minerals ltd.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/April2025/23/c5360.html

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
Solis Minerals

Additional High-Grade Copper Confirmed at Cinto, Peru

Latin American focused copper-gold explorer Solis Minerals Limited (ASX: SLM) (“Solis Minerals” or the “Company”) is pleased to announce an update on copper mineralisation identified in channel samples at the Cinto Project in Peru.

Keep reading...Show less
Copper pipes laid on top of each other in bundles.

5 Best-performing Copper Stocks on the TSX in 2025

Over the past year, copper prices have reached record highs on two occasions, with the most recent instance being on March 26, when the metal soared to US$5.26 per pound.

These high prices stem from an increasingly tight copper market, driven by rising demand from population growth and migration in the global south, as well as growing pressures from the energy transition.

This situation is compounded by a limited number of greenfield projects that would introduce new deposits, as opposed to brownfield projects that merely extend the life of existing mines.

The first quarter of the year also witnessed some panic buying, as traders moved inventories into the US in anticipation of tariff-related price increases. Interest in companies developing US copper mines has increased as well as new US President Donald Trump looks to expedite critical metals projects.

Against that backdrop, how have TSX-listed copper companies performed? Learn about the top five best-performing copper stocks in 2025 by year-to-date gains below. Data for this article was retrieved on April 7, 2025, using TradingView's stock screener, and only companies with market capitalizations greater than C$50 million are included.

Keep reading...Show less
Finlay Minerals Enters into Earn-In Agreements with Freeport for its PIL & ATTY Properties

Finlay Minerals Enters into Earn-In Agreements with Freeport for its PIL & ATTY Properties

Finlay Minerals Ltd.( TSXV: FYL) (OTCQB: FYMNF) ("Finlay" or the "Company") announces that the Company has entered into two definitive earn-in agreements (the "Earn-In Agreements") with Freeport-McMoRan Mineral Properties Canada Inc. ("Freeport"), a wholly owned subsidiary of Freeport-McMoRan Inc. (NYSE: FCX), pursuant to which it has granted Freeport separate options to earn an 80% interest in its PIL and ATTY Properties (the "Properties") in the Toodoggone District of northern British Columbia.

Highlights

Keep reading...Show less

Latest Press Releases

Related News

×