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Magna Mining Announces Acquisition of Patented Claims Within the Shakespeare Project
Sudbury, Ontario--(Newsfile Corp. - June 8, 2021) - Magna Mining Inc. (TSXV: NICU) (the "Compa...
About this update from Magna Mining Inc
[{"type":"text","content":"Magna Mining Announces Acquisition of Patented Claims Within the Shakespeare ProjectSudbury, Ontario--(Newsfile Corp. - June 8, 2021) - Magna Mining Inc. (TSXV: NICU) (the \"Company\" or \"Magna\") announces that they have signed a definitive agreement to acquire a 50% interest in eight (8) patented claims in Baldwin Township, the \"Baldwin Copper Patents,\" comprising 132.8 hectares of land (see Figure 1). Seven claims comprise both surface and mining rights, while the remaining claim is restricted to mining rights only. The 50% interest in these claims was acquired for $80,000 in cash and the vendor will retain a 1% Net Smelter Return (NSR) royalty. The acquisition is expected to close on or around June 18, 2021.Figure 1: Location of Baldwin Copper Patents within the Magna Mining Property BoundaryTo view an enhanced version of this graphic, please visit:https://orders.newsfilecorp.com/files/8002/86780_00c6afe204729a98_002full.jpgMagna Mining CEO Jason Jessup stated: \"The acquisition of the Baldwin Copper Patents is in line with our strategy to further consolidate the Shakespeare Property and acquire prospective properties that have potential synergies with our existing Shakespeare Mine project. The most recently reported diamond drilling on these claims was in the 1950's. Ursa Major Minerals Inc. (a subsidiary of Magna Mining) flew an airborne VTEM survey in 2015, which identified a strong EM anomaly on the Baldwin Copper Patents. Follow-up work will be completed later in 2021. The claims are located 600m west of our Springer Showing where Magna samples have returned assays up to 7.97% Cu, 0.54 g/t Au and 27 gpt Ag* on surface in 2018.\"*Assay results from selected grab samples from Magna Mining's 2018 Springer Showing prospectingSampleEasting (83)Northing (83)Cu (%)Au (gpt)Ag (gpt)Co (%)15600143982751319737.970.54270.0915600243982751319737.361.06240.14 These samples were grab samples submitted as part of a larger sample submission. This included one duplicate sample and three certified standard references. All QAQC samples were within acceptable ranges as per standard deviations defined by CDN Laboratories from whom the reference material was acquired from. Qualified PersonThe technical information in this press release has been reviewed and approved by Marshall Hall, M.Sc., P.Geo, the Company's Exploration Manager. Mr ...