Sudbury, Ontario--(Newsfile Corp. - March 4, 2024) - Magna Mining Inc. (TSXV: NICU) (OTCQB: MGMNF) (FSE: 8YD) ("Magna" or the "Company") is pleased to provide an update on the permitting and approval process for the Crean Hill Project.
On February 29 2024, Magna received confirmation that the amended Closure Plan for the Crean Hill Project had been filed with the Ontario Ministry of Mines. This allows Magna to move forward with an advanced exploration plan, which includes a surface bulk sample and development of a ramp from surface to perform test mining in the 101 Footwall, 109 Footwall and Intermediate mineralized zones (see Figure 1). The tonnage of the mineralized rock from the surface and underground test mining is outlined as 400,000 tonnes. This test mining material would be crushed on surface, sampled, and shipped to a third-party mill for processing. Magna expects to have processing agreements finalized by the end of Q1 2024.
Jason Jessup, CEO of Magna Mining stated, "We are thrilled to be able to announce the filing of the amended Crean Hill Closure Plan. This is quite an accomplishment, and I must commend our team at Magna and the Ontario Ministry of Mines for working together to make this happen. Magna now has all the approvals to conduct a surface bulk sample on the 109 Footwall zone, which we plan to complete in the first half of this year."
Magna has also submitted an application for a Permit to Take Water (PTTW) to the Ministry of Environment, Conservation and Parks (MECP). In September 2023, Magna received comments back from the MECP on the application, amendments to the application were made in October and December 2023 and Magna awaits a response on the final approval of the permit. Magna anticipates having this approved before the end of Q2 2024. This permit will allow Magna to dewater the underground workings at Crean Hill, which is necessary for the commencement of underground advanced exploration and test mining.
Magna plans to execute a surface bulk sample from the 109 Footwall zone on surface in Q2, which will be shipped to a third-party mill for processing (see Figure 2 for sample location). Although Magna expects to have the PTTW in place and be able to execute the underground phase of advanced exploration by mid-2024, due to the current state of the capital markets and the associated high cost of capital, Magna is exploring non-dilutive options to fund underground advanced exploration. This may include funding in the form of government grants and/or a by-product metal stream. Magna is fully funded for a 25,000 m exploration drilling program in 2024 and will move forward with underground advanced exploration and test mining when the cost of capital is appropriate.
Figure 1. Long Section showing 101 FW, 109 FW and Intermediate Zones.
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Figure 2. Area of Advanced Exploration Surface Bulk Sample at the Crean Hill Project - Looking North-East.
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Qualified Person
The technical information in this press release has been reviewed and approved by David King, M.Sc., P.Geo. Mr. King is the Senior Vice President, Technical Services for Magna Mining Inc. and is a qualified person under Canadian National Instrument 43-101.
About Magna Mining Inc.
Magna Mining is an exploration and development company focused on nickel, copper and PGM (Platinum Group Metals) projects in the Sudbury Region of Ontario, Canada. The Company's flagship assets are the past producing Shakespeare and Crean Hill Mines. The Shakespeare Mine is a feasibility stage project which has major permits for the construction of a 4,500 tonne per day open pit mine, processing plant and tailings storage facility and is surrounded by a contiguous 180km2 prospective land package. Crean Hill is a past producing nickel, copper and PGM mine with a technical report dated July 2023. Additional information about the Company is available on SEDAR (www.sedar.com) and on the Company's website (www.magnamining.com).
For further information, please contact:
Jason Jessup
Chief Executive Officer
or
Paul Fowler, CFA
Senior Vice President
Email: info@magnamining.com
Cautionary Statement
This press release contains certain forward-looking information or forward-looking statements as defined in applicable securities laws. Forward-looking statements are not historical facts and are subject to several risks and uncertainties beyond the Company's control, including statements regarding the production at the Shakespeare and Crean HIll Mines, the economic and operational potential of the Shakespeare and Crean Hill Mines, potential acquisitions, plans to complete exploration programs, potential mineralization, exploration results and statements regarding beliefs, plans, expectations, or intentions of the Company. Resource exploration and development is highly speculative, characterized by several significant risks, which even a combination of careful evaluation, experience and knowledge may not eliminate. All forward-looking statements herein are qualified by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements whether as a result of new information or future events or otherwise, except as may be required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this press release.
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