Business
Magna Mining Intersects 52.57 Metres of Ni-Cu-PGM Mineralization at the Shakespeare Project, Ontario, Canada
Sudbury, Ontario--(Newsfile Corp. - November 4, 2021) - Magna Mining Inc. (TSXV: NICU) ("Mag...
About this update from Magna Mining Inc
[{"type":"text","content":"Magna Mining Intersects 52.57 Metres of Ni-Cu-PGM Mineralization at the Shakespeare Project, Ontario, CanadaSudbury, Ontario--(Newsfile Corp. - November 4, 2021) - Magna Mining Inc. (TSXV: NICU) (\"Magna\" or the \"Company\") is pleased to announce assay results from recent drilling at its Shakespeare Project, located near Sudbury, Ontario. All holes reported are in the immediate vicinity of the Shakespeare West Zone, Gap Zone and East Zone. Drilling and assay results demonstrate the potential to expand on existing shallow resources and close the gap (Gap Zone) between the currently defined West and East Zones. Jason Jessup, Chief Executive Officer of Magna, stated, \"We are quite pleased with the assay results at our Shakespeare Mine, which have supported our longstanding belief that the Gap Zone is mineralized. 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. This information demonstrates the potential to grow the open pit Mineral Resources at Shakespeare, as well as potential to add underground Mineral Resources. We are quite excited to view these results in context of an updated feasibility study on the stand-alone Shakespeare mine and mill operation. We anticipate having the feasibility study completed by early Q1 2022.\"Drill hole MMC-21-25 was drilled to test the Gap Zone area immediately west of the current Mineral Resource. This hole intersected 52.57 metres grading 0.84% NiEq (which is calculated using assumptions for recovery of the various metals as outlined in Table 1). Magna believes the thick zone of mineralization in this area could represent an embayment in the Shakespeare gabbro, which has the potential to extend further south, up-dip and connect with the S-13 mineralization (see Figures 2 & 3). Hole MMC-21-22 was drilled to test the depth extend of the central West Zone area. This hole intersected 24.20 metres assaying 0.59% NiEq. This intersection is located approximately 10 metres below and to the south of the existing Mineral Resource wireframe for the West Zone, supporting the thesis that the West Zone can be extended deeper than the current Mineral Resource model (see Figure 4). Hole MMC-21-20 has intersected 8.65 metres of mineralization grading 0.69% NiEq. This is a significant result as it is dir...