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Magna Mining Announces Additional High-Grade Intercepts near Surface in the 109 Footwall Zone, and Provides an Update on the Preliminary Economic Assessment
Sudbury, Ontario--(Newsfile Corp. - June 20, 2023) - Magna Mining Inc. (TSXV: NICU) ("Magna" or t...
About this update from Magna Mining Inc
[{"type":"text","content":"Magna Mining Announces Additional High-Grade Intercepts near Surface in the 109 Footwall Zone, and Provides an Update on the Preliminary Economic AssessmentSudbury, Ontario--(Newsfile Corp. - June 20, 2023) - Magna Mining Inc. (TSXV: NICU) (\"Magna\" or the \"Company\") is pleased to release additional assay results from a series of short, near surface drillholes immediately beneath the surface exposure of the 109 Footwall (\"FW\") Zone. The surface expression of this high grade PGM zone has been identified as a potential site for an exploration bulk sample in late 2023, which could be processed through a third-party mill in Sudbury. The technical assessments necessary for such a third-party milling agreement are already underway and are expected to conclude in Q3 2023. Additionally, Magna is pleased to provide an update on the progress of the Preliminary Economic Assessment (PEA) that was initiated in Q4 2022. Highlights from the new assay results include:MCB-23-018: 0.2% Ni, 0.1 % Cu, 5.4 g/t Pt + Pd + Au over 27.0 metres, including 0.2 % Ni, 0.1% Cu and 11.2 g/t Pt + Pd + Au over 3.9 metres, and 0.4 % Ni, 0.2% Cu and 11.1 g/t Pt + Pd + Au over 5.7 metresMCB-23-021: 0.2% Ni, 0.5 % Cu, 7.3 g/t Pt + Pd + Au over 16.9 metresincluding 0.4 % Ni, 5.3% Cu and 11.0 g/t Pt + Pd + Au over 0.3 metres,and 1.2 % Ni, 7.7% Cu and 12.3 g/t Pt + Pd + Au over 0.3 metresJason Jessup, CEO of Magna, stated, \"Activities at Crean Hill are progressing on schedule. The additional 109 FW Zone assay results reported today are part of a definition drilling program to improve our understanding of the near surface mineralization in this area. The near surface location of this high-grade mineralization, along with the proximity to third-party mills in Sudbury, will allow for a low-cost bulk sampling program and we expect to be able to fund the surface bulk sample from our existing cash balance. The surface bulk sample is expected to be completed before the end of the year, and it will be a significant step towards our goal of producing from near surface underground zones of the Crean Hill deposit via ramp access in in early 2024.\"The 109 FW Zone is considered a low sulphide, high-grade platinum, palladium and gold mineralized zone, hosted within a breccia system extending southwest from the historically mined Main Zone contact nickel /copper orebody. Resu...