Magna Mining (TSXV:NICU) Announces High-Grade Nickel Findings of 5% Nickel Equivalent over 7 Metres in the 105 Footwall Zone at Crean Hill, Ontario

Figure 1: Longitudinal Section of the Crean Hill Deposit Showing the Location of Mineralized Zones and the 105 FW Drillholes Reported, Looking North. Source: Magna Mining

Magna Mining (TSXV: NICU) has announced further assay results from its 2023 diamond drilling program. The company continues to find high-grade nickel mineralization in the 105 Footwall (“FW”) Zone. Specifically, drillhole MCR-23-040 intersected a segment with 4.2% nickel, 0.9% copper, and 1.4 grams per ton of platinum, palladium, and gold across a 7.0-metre length.

Dave King, SVP Technical Services commented in a press release: “The 105 FW Zone is similar to the 101 FW Zone, and consists of high nickel tenor, semi-massive to massive sulphide veins hosted within a breccia structure extending into the footwall from the Sudbury Igneous Complex (“SIC”). Additional diamond drilling within the 105 FW zone continues to intersect high-grade mineralization with increasing precious metals (Pt, Pd, Au) as this structure approaches the Main Zone. We are encouraged to see high-grade PGE mineralization at the 1500 ft level, down-plunge of the defined 109 FW zone, where these two structures are interpreted to intersect, indicating this style of mineralization may continue to depth” (see Figure 1).

The focus of the 105 FW diamond drilling to this point has aimed to expand the existing Indicated Mineral Resource. The goal is to better understand the geological factors that influence mineralization and the consistency of the grades. Drillhole MCR-23-040 also showed two high-grade intersections rich in precious metals, registering 0.3% nickel, 0.8% copper, and 38.6 grams per ton of platinum, palladium, and gold over 0.3 metres and 0.2% nickel, 0.5% copper, and 35.2 grams per ton of platinum, palladium, and gold over 0.5 metres. These findings are connected to the 109 FW zone and lie outside of its current Mineral Resource, suggesting the potential for adding near-surface resources that may be suitable for more selective mining techniques.

The update also includes additional assay results from the G1 and G2 contact exploration targets, along with remaining assays for near-surface drilling in the 109 FW zone. These results were presented along with a location map and summarized data tables.

Figure 2: Idealized Geological Plan View of the Crean Hill Property, Showing the 109 FW, G1 And G2 Exploration Target Areas. Source: Magna Mining

Magna Mining is continuing its diamond drilling operations at Crean Hill. Currently, one diamond drill is focused on exploring deeper sections of the footwall.

Highlights from the results are as follows:

  • 105 FW Zone

MCR-23-040: 4.2% Ni, 0.9 % Cu, 1.4 g/t Pt + Pd + Au over 7.0 metres

MCR-23-046: 0.2% Ni, 1.2 % Cu, 6.3 g/t Pt + Pd + Au over 5.2 metres

And 2.7% Ni, 1.5 % Cu, 18.1 g/t Pt + Pd + Au over 0.9 metres

MCR-23-050: 1.1% Ni, 0.6 % Cu, 4.3 g/t Pt + Pd + Au over 8.8 metres

And 0.6% Ni, 3.5 % Cu, 10.1 g/t Pt + Pd + Au over 1.1 metres

Table 1: Summary of Assay Results

Drillhole Zone From
(m)
To
(m)
Length
(m)
Ni % Cu % Co % Pt g/t Pd g/t Au g/t TPM g/t NiEq
MCR-23-026 G1 240.51 244.73 4.22 0.47 0.42 0.03 0.07 0.03 0.04 0.13 0.70
MCR-23-027 G2 28.08 37.11 9.03 0.75 0.33 0.04 0.03 0.02 0.04 0.09 0.96
Including 34.19 37.11 2.92 1.59 0.17 0.07 0.02 0.01 0.01 0.04 1.77
MCR-23-028 G2 38.83 46.23 7.40 0.42 0.42 0.03 0.01 0.01 0.01 0.03 0.65
MCR-23-033 Intermediate 35.81 43.84 8.03 0.12 0.66 0.01 0.02 0.04 0.19 0.24 0.47
MCR-23-039 105 FW 471.00 471.66 0.66 0.33 0.20 0.01 2.39 1.07 1.13 4.59 1.20
and 530.61 534.75 4.14 0.20 0.09 0.01 1.25 0.61 0.45 2.30 0.63
MCR-23-040 109 FW 21.30 21.60 0.30 0.31 0.81 0.09 9.38 26.71 2.52 38.61 8.65
109 FW 65.45 65.91 0.46 0.18 0.45 0.01 26.50 5.00 3.68 35.18 5.44
105 FW 261.00 267.98 6.98 4.19 0.87 0.11 0.42 0.80 0.15 1.37 4.98
MCR-23-43 G2 No Significant Values
MCR-23-44 G2 50.57 52.51 1.94 0.45 0.27 0.03 0.11 0.02 0.01 0.14 0.62
MCR-23-45 G2 No Significant Values
MCR-23-46 105 FW/109 FW 453.09 458.24 5.15 0.24 1.15 0.02 1.32 4.20 0.74 6.26 2.04
and 466.02 466.89 0.87 2.70 1.53 0.07 17.16 0.67 0.22 18.05 5.68
Intermediate 639.69 645.20 5.51 1.16 0.72 0.05 0.36 1.42 0.03 1.80 1.91
MCR-23-47 G2 No Significant Values
MCR-23-48 Exploration No Significant Values
MCR-23-50 105 FW/109 FW 448.36 453.12 4.76 1.06 0.64 0.03 2.92 0.84 0.58 4.34 2.04
and 461.28 462.40 1.12 0.62 3.52 0.05 0.64 4.60 4.89 10.14 4.32
and 469.58 470.34 0.76 0.23 1.01 0.01 0.31 6.00 2.24 8.55 2.57
and 488.77 489.10 0.33 1.97 6.25 0.04 5.10 0.29 0.09 5.48 5.35
and 513.10 513.36 0.26 1.54 0.37 0.25 0.01 24.50 0.03 24.54 7.78
MCB-23-023 109 FW 29.12 35.99 6.87 0.08 0.11 0.01 2.04 0.90 0.61 3.55 0.71
MCB-23-024 109 FW 10.00 12.02 2.02 0.03 0.07 0.02 2.63 0.75 0.57 3.95 0.69
MCB-23-025 109 FW 27.22 36.00 8.78 0.05 0.03 0.01 2.65 1.16 0.68 4.49 0.80
MCB-23-026 109 FW No Significant Values

All lengths are downhole length.

NiEq % = ( (Ni% x 2204 x Ni Price $/lb) + (Cu% x 96% Recovery x 2204 x Cu Price $/lb) + (Co% x 56% Recovery x 2204 x Co Price $/lb) + (Pt gpt x 69% Recovery / 31.1035 x Pt $/oz) +(Pd gpt x 68% Recovery / 31.1035 x Pd $/oz) + (Au gpt x 68% Recovery / 31.1035 x Au $/oz))/2204 x Ni $/lb

Metal prices in US$: $8.50/lb Ni, $3.75/lb Cu, $22.00/lb Co, $1000/oz Pt, $2000/oz Pd and $1,750/oz Au

Table 2: Drillhole Collar Coordinates

BHID Easting Northing Elevation Azimuth Dip Depth
MCR-23-026 474330 5142140 296 192 52 350
MCR-23-027 474511 5141877 294 175 44 325
MCR-23-028 474510 5141876 294 100 45 80
MCR-23-033 473426 5141934 299 130 59 147
MCR-23-039 473099 5141551 301 353 49 575
MCR-23-040 473033 5141813 288 1 72 402
MCR-23-043 474510 5141879 294 229 45 50
MCR-23-044 474511 5141881 294 129 45 65
MCR-23-045 474510 5141882 294 143 75 51
MCR-23-046 473269 5141611 301 331 67 692
MCR-23-047 474508 5141880 294 74 65 69
MCR-23-048 473942 5141740 299 130 45 248
MCR-23-050 473269 5141611 301 331 64 581
MCB-23-023 473070 5141754 294 310 38 36
MCB-23-024 473061 5141726 293 252 42 80
MCB-23-025 473061 5141726 293 305 38 51
MCB-23-026 473048 5141780 292 265 38 30

*Drillhole Coordinates are in coordinate system NAD 83 Zone 17

 

 

 

 

The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.
Matthew Evanoff

I specialize in the mining industry, focusing on top global mining stocks. My reporting covers the latest industry news, company/project developments, and profiles of key players. With a degree in finance and economics from the University of Toronto, I've contributed to a wide range of industry publications. Beyond my professional pursuits, I have a keen interest in global business and a love for travel.

By Matthew Evanoff

I specialize in the mining industry, focusing on top global mining stocks. My reporting covers the latest industry news, company/project developments, and profiles of key players. With a degree in finance and economics from the University of Toronto, I've contributed to a wide range of industry publications. Beyond my professional pursuits, I have a keen interest in global business and a love for travel.

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