Magna Mining drills 6.6 metres of 5.1% copper, 1% nickel at McCreedy West mine, Ontario

Magna Mining Inc. [TSXV: NICU; OTCQX: MGMNF; FSE: 8YD] has released additional drill results from the McCreedy West mine, including 3.0% copper, 0.4% nickel, 9.1 g/t platinum plus palladium plus gold over 10.8 metres and 3.9% Cu, 0.6% Ni, 6.8 g/t Pt plus Pd plus Au over 2.1 metres in drill hole FNX33368. The Sudbury-based projects owned and operated by the company have been identified as shovel ready, strategic critical mineral projects by the government of Ontario. In a letter to Canada’s Minister of Energy and Natural Resources, Ontario’s Ministers of Energy and Mines, Natural Resources, and Indigenous Affairs and First Nations Economic Reconciliation, the government of Ontario urged the federal government to invest in critical mineral mines and infrastructure in Ontario.

Highlights from the new assay results include: FNX33344: 5.1 per cent Cu, 1.0 per cent Ni, 1.8 g/t Pt plus Pd plus Au over 6.6 metres. FNX33350: 2.0% Cu, 0.2% Ni, 2.6 g/t Pt plus Pd plus Au over 20.0 metres, including 29.5% Cu, 0.2% Ni, 18.7 g/t Pt plus Pd plus Au over 0.5 metre and 23.4% Cu, 0.1% Ni, 38.5 g/t Pt plus Pd plus Au over 0.5 metre.

FNX33368: 3.0% Cu, 0.4% Ni, 9.1 g/t Pt plus Pd plus Au over 10.8 metres and 3.9% Cu, 0.6% Ni, 6.8 g/t Pt plus Pd plus Au over 2.1 metres.

FNX33385: 2.7% Cu, 0.4% Ni, 6.9 g/t Pt plus Pd plus Au over 7.0 metres and 28.9% Cu, 1.0% Ni, 2.2 g/t Pt plus Pd plus Au over 0.8 metre.

Production drilling at the McCreedy West mine is continuing with two underground diamond drills working in the 700 Cu-PGE footwall zone. Drilling is currently focused on supporting the mid-term production planning and better definition and grade confidence for stopes in the 2025 mine plan.

As development progresses and drilling platforms become available, the focus will shift to expansion and definition drilling along the lower margins and to the west of the known 700 Cu-PGE footwall zone.

There is one surface diamond drill rig at Levack mine that is supporting definition and expansion drilling on the Keel zone in the footwall of the Main orebody. Once drilling in the Keel area is complete, this rig will continue with definition and expansion within near-surface portions of the No. 1 and No. 2 Ni-Cu zones in support of the Levack mine restart study.

A second rig is currently drilling exploration targets in the footwall of the historic No. 3 orebody and will continue testing deeper targets over the next few months. In addition to the current surface drilling, Magna has begun planning an underground drilling program, which the company anticipates starting in the third quarter as suitable drilling platforms are identified and become available. Assay result turnaround times were slower than expected in May, resulting in a reduced number of Levack drill hole assay results available to report at this time. The company believes the issues have been resolved and anticipate that going forward, assay results should be as expected.

Geological compilation work is underway on Magna’s exploration and development stage properties, including Podolsky and Kirkwood, in advance of summer field programs. Priority exploration targets at Kirkwood include the near-surface Sudbury breccia-hosted Segway footwall Cu-PGE zone, which was discovered by FNX Mining Inc. however has not been fully explored below the 150-metre level. At Podolsky, exploration will follow up on historical drill hole intersections outside of the known mineralized zones, within the footwall breccias. Magna has initiated surface prospecting, mapping and sampling in areas where information is lacking, with the goal of identifying and prioritizing additional exploration targets that can be drill tested in 2025. Magna intends to commence exploration drilling on the highest-priority targets in the third quarter.

Magna reported that the Sudbury-based projects owned and operated by the company have been identified as shovel-ready, strategic critical mineral projects by the Province of Ontario. In a letter to Canada’s Minister of Energy and Natural Resources, Ontario’s Ministers of Energy and Mines, Natural Resources, and Indigenous Affairs and First Nations Economic Reconciliation urged the federal government to invest in critical mineral mines and infrastructure.

The projects owned and operated by Magna were on a shortlist of such projects that the Ontario government identified as priorities for investment. Magna owns one producing critical mineral mine and four permitted, past-producing projects in the Sudbury region. The company has ore selling agreements in place with Vale Base Metals and Glencore Canada to supply ore to their respective concentrators.

Magna’s senior vice-president, Paul Fowler, commented: “We are proud to be advancing several projects in Sudbury that we believe will make a meaningful contribution towards augmenting the upstream portion of the critical mineral supply chain in Canada. We certainly appreciate this recognition from the government of Ontario, and their support and assistance through initiatives such as the $500 million Critical Mineral Processing Fund will be of the upmost importance as we build our projects and expand our existing operations. In conjunction with the support programs now operated by the federal government, we believe that Magna is in a strong position to build our projects as quickly as possible and therefore help to rapidly strengthen Canada’s critical mineral supply chain.”

Refer to original press release for complete assays results.

Magna Mining is a producing mining company with a portfolio of copper, nickel and PGM (platinum group metals) operating, exploration and development projects in the Sudbury region of Ontario, Canada. The company’s primary assets are the producing McCreedy West copper mine and the past-producing Levack, Podolsky, Shakespeare and Crean Hill mines.