Mineralization Intersected over 98m Including 3.7% Ni, 2.8% Cu and 20.2 g/t Pt+Pd+Au over 7.1m
Key Points:
- Sudbury, Ontario--(Newsfile Corp. - January 9, 2023) - Magna Mining Inc. (TSXV: 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").
- The 109 FW Zone at Crean Hill is another distinct footwall zone, located proximal to the Main 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 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.
Retrieved on:
Tuesday, January 10, 2023
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Corporation The Charitable Flow-Through Shares will qualify as "flow-through shares" (within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the "Tax Act")).
Key Points:
- The Charitable Flow-Through Shares will qualify as "flow-through shares" (within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the "Tax Act")).
- The Common Shares being offered under the CS Offering will not qualify as "flow-through shares" for the purposes of the Tax Act.
- The Corporation intends to use the net proceeds of the CS Offering for the projects of the Corporation and general corporate purposes.
- The Corporation has agreed to pay the Agents a cash commission equal to a maximum of 6.0% of the gross proceeds of the Offering and a number of broker warrants equal to a maximum of 6.0% of the Charitable Flow-Through Shares and Common Shares sold pursuant to the Offering.
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Ministry of Oil and Mineral Reserves (Syria) Mineral reserves are stated within the final pit design based on metal prices of US$ 6.50/lb.
Key Points:
- Mineral reserves are stated within the final pit design based on metal prices of US$ 6.50/lb.
- Underground resources have been outlined beneath the Feasibility open pit which may represent an opportunity for low-cost, bulk underground mining.
- Reserves for the Study were calculated using US$6.50/lb nickel, US$3.00/lb copper, US$17/lb cobalt, US$900/oz platinum, US$1700/oz palladium and US$1500/oz gold.
- Magna Mining is an exploration and development company focused on nickel, copper and PGM projects in the Sudbury Region of Ontario, Canada.
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Mitsui The MOU is limited to 2590 hectares of the more than 18,000-hectare Shakespeare Project (see Figure 1).
Key Points:
- The MOU is limited to 2590 hectares of the more than 18,000-hectare Shakespeare Project (see Figure 1).
- The MOU property covers the location of the existing Shakespeare deposit, the proposed location of the Shakespeare open pit mine, mill, tailings storage facility and immediately adjacent claims.
- The remainder of the Shakespeare Project and regional exploration targets, such as the P-4 Discovery, will remain 100% owned by Magna.
- The parties anticipate entering into a definitive purchase and joint venture agreement setting out in more detail the proposed terms of the Transaction.
Retrieved on:
Wednesday, January 5, 2022
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William Shakespeare Additional Mineralized Intersections Reported from the Gap Zone
Key Points:
- Sudbury, Ontario--(Newsfile Corp. - January 5, 2022) - 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.
- Mynyr Hoxha, Vice President of Exploration, stated, "The 2021 drilling results to date are very encouraging.
- The 2021 drilling program also expanded our understanding of the western part of the Shakespeare deposit.
- Magna is still awaiting the assay results from the final holes of the 2021 program.
Retrieved on:
Thursday, November 4, 2021
All holes reported are in the immediate vicinity of the Shakespeare West Zone, Gap Zone and East Zone.
Key Points:
- All holes reported are in the immediate vicinity of the Shakespeare West Zone, Gap Zone and East Zone.
- These results also support our view that the defined mineralization below the western part of our Shakespeare deposit was limited by a lack of drilling.
- On June 24, 2021, Magna reported the results from hole MMC-21-15 (see News Release ), which intersected 33.8 metres of Ni-Cu-PGM mineralization approximately 40 metres below the mineralized intersection in MMC-21-15.
- We have demonstrated the potential to significantly expand the Shakespeare Deposit mineralization at relatively shallow depths and to the south of the current deposit."
Retrieved on:
Monday, September 20, 2021
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Toy Two holes were drilled to intersect a previously untested geophysical anomaly, and both holes intersected significant nickel, copper, and Platinum Group Metals (PGM) near surface.
Key Points:
- Two holes were drilled to intersect a previously untested geophysical anomaly, and both holes intersected significant nickel, copper, and Platinum Group Metals (PGM) near surface.
- Magna geologists interpret this mineralization as a magma injection into the sediments, possibly from a large magmatic source at depth.
- The newly discovered mineralization is open in all directions and the current intersections are within 140 meters of surface.
- Magna's property covers more than 10 km of strike length of the Shakespeare stratigraphy and associated magnetic anomalies that host the known Shakespeare deposit.
Retrieved on:
Tuesday, September 14, 2021
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Uranium Highlights Include 13.19% Cu, 0.07% Co, 16.20 g/t Ag and 1.81 g/t Au
Key Points:
- Mynyr Hoxha, Vice President of Exploration, states, "The results of our initial field work on the Baldwin Patents have exceeded our expectations.
- The Baldwin Patents, along with the P-4, Springer and Spanish River regional targets, are all part of our regional exploration program that we are conducting this year.
- Samples are collected from outcrop, placed into plastic bags, and then transported to the Magna Mining core facility.
- Magna Mining is an exploration and development company focused on sulphide nickel, copper and PGM projects in the Sudbury Region of Ontario, Canada.
Magna has allocated 6,000m of drilling to near-mine exploration targets at the past-producing Shakespeare Mine, and 3,000m to high priority regional exploration targets.
Key Points:
- Magna has allocated 6,000m of drilling to near-mine exploration targets at the past-producing Shakespeare Mine, and 3,000m to high priority regional exploration targets.
- At Shakespeare, drilling is designed to expand on the current National Instrument 43-101 Mineral Resource Estimate, beneath and within the footwall of the known mineralization.
- Figure 1: Shakespeare Deposit longitudinal section, illustrating the general location Phase 1 near-mine diamond drilling.
- Regionally, Magna has identified twelve, near surface, electro-magnetic (EM) geophysical anomalies, which could potentially represent conductive sulphide mineralization, similar to the known Shakespeare Deposit.
