Magna Mining (TSXV:NICU) reports a new discovery at the Shakespeare Project

• Magna Mining (NICU) is pleased to provide assay results from the first two diamond drill holes at the Shakespeare Project
• Two holes were drilled to intersect a previously untested geophysical anomaly, and both holes intersected significant nickel, copper and platinum
• These results support Magna’s belief that the Shakespeare Project has the potential to host multiple nickel, copper and platinum group metals
• Follow-up work will involve borehole electromagnetic (EM) surveying on the recently completed holes and additional drilling
• Magna Mining is an exploration and development company focused on sulphide nickel, copper and PGM projects in the Sudbury region
• Magna Mining Inc. (NICU) opened trading at C$0.40 per share

Magna Mining (NICU) is pleased to provide assay results from the first two diamond drill holes at the Shakespeare Project in Ontario.

Two holes were drilled to intersect a previously untested geophysical anomaly, and both holes intersected significant nickel, copper, and platinum group metals near surface.

A portion of hole MP4-21-01 returned a zone grading 0.58% Ni, 0.84% Cu, 0.04% Co and 2.64 g/t TPM (1.76% NiEq) over 0.42m within a 2.33m zone grading 0.77% NiEq. Hole MP4-21-02 intersected a zone of semi-massive sulphides grading 1.16% Ni, 0.10% Cu, 0.06% Co and 0.78 g/t TPM (1.53% NiEq) over 0.21m as well as a second zone grading 0.46% Ni, 1.32% Cu, 0.03% Co and 1.64 g/t TPM (1.60% NiEq) over 0.53m within a 3.66m intersection grading 1.05% NiEq (see Table 1 for complete assay results).

Mynyr Hoxha, Vice President of Exploration, stated,

“The discovery of semi-massive sulphides within a gabbroic unit in a sedimentary rock environment almost 100m from the Nipissing gabbros is extremely encouraging. The first two holes testing this target provide strong support for our thesis that our 180km² land package has potential to host multiple deposits of high-grade nickel, copper, and precious metal mineralization. What we find most encouraging about this discovery is that unlike our current Shakespeare deposit, which is comprised of relatively consistent concentrations of disseminated sulphides, the new discovery shows evidence of sulphide and metal segregation. Magna geologists interpret this mineralization as a magma injection into the sediments, possibly from a large magmatic source at depth.

Follow-up work will involve borehole electro-magnetic (EM) surveying on the recently completed holes and additional drilling designed to further define the new mineralization and to follow this system to the potential source at depth.

Additionally, a second known EM geophysical anomaly, located 400m further to the east of the new mineralization remains untested.”

“This discovery is the first step in our regional exploration program and validates Magna’s belief that the Shakespeare Project has the potential to host multiple nickel, copper, PGM deposits within our extensive land package. The newly discovered mineralization is open in all directions and the current intersections are within 140 meters of surface. Assay results demonstrate a more than 50 per cent increase in base metal grade from the first hole to our deeper second hole. We find this quite encouraging and a comparison of the two drillhole intercepts suggests that the width of the mineralized zone is increasing with depth.

Magna’s property covers more than 10 km of strike length of the Shakespeare stratigraphy and associated magnetic anomalies that host the known Shakespeare deposit. This trend has seen very little exploration in the past and the recent results demonstrate the significant geological potential and re-affirms Magna’s belief that there are additional economic deposits to be discovered on the Shakespeare Project. We are looking forward to further testing the down-dip extent of this zone of mineralization, as well as drill testing the second electro-magnetic anomaly associated with this exploration target,” states Jason Jessup, Magna’s Chief Executive Officer.

Table 1: Summary of the maiden assay results from diamond drilling at P-4 target

Note: Equivalent values calculated using September 16, 2021 metal prices of U$8.80/lb. Ni, US$4.21/lb. Cu, US$930/oz Pt, US$1966/oz Pd, US$1,756 Au, and US$23.36/lb. Co. Recoveries were not used in the NiEq calculations. All composite intervals are reported as core length as true width has not been determined.

Magna Mining is an exploration and development company focused on sulphide nickel, copper and PGM projects in the Sudbury region.

Magna Mining Inc. (NICU) opened trading at C$0.40 per share.