Magna Mining Provides an Update on Advanced Exploration at the Crean Hill Project and Corporate Update

Rhea-AI Summary

Magna Mining (TSXV: NICU) (OTCQB: MGMNF) has completed the surface bulk sample mining at the Crean Hill Project in Sudbury, Ontario. The company excavated 20,714 tonnes of rock, which was crushed and hauled to Glencore's Strathcona Mill. The project was executed on time and to plan, with milling commencing on September 2, 2024. The bulk sample will be processed separately to evaluate metallurgical performance and reconcile against resource estimates.

Magna has also initiated dewatering of underground workings to gather data for long-term strategy. The company expects to announce bulk sample assays within 4-6 weeks. Additionally, Magna announced the departure of CFO Ann-Marie Finney, effective October 4, 2024.

Positive

• Completed surface bulk sample mining of 20,714 tonnes on time and to plan
• Observed semi-massive and massive sulphides throughout the sample
• Initial grab samples reconciling well with internal grade estimates
• Bulk sample program conducted without environmental issues or injuries
• Initiated dewatering of underground workings to gather data for long-term strategy

Negative

• Departure of CFO Ann-Marie Finney, effective October 4, 2024

Sudbury, Ontario--(Newsfile Corp. - September 5, 2024) - Magna Mining Inc. (TSXV: NICU) (OTCQB: MGMNF) (FSE: 8YD) ("Magna" or the "Company") is pleased to provide an update on the Advanced Exploration surface bulk sample at the Crean Hill Project in Sudbury, Ontario.

The mining of the surface bulk sample commenced on July 2, 2024, and the final blast was on August 15, 2024. A total of 20,714 tonnes of rock was excavated, crushed and hauled to Glencore Sudbury Integrated Nickel Operations' ("Glencore") Strathcona Mill, with the last truck arriving on August 29, 2024. The project was executed on time and to the planned design. Three 8-metre-high benches were extracted from the 109 Footwall Zone, with routine grab samples taken from each truckload that was hauled to the stockpile. Mapping was completed on each bench to identify mineralized trends and structures. This information will be used to better understand this mineralized zone and design mining stopes for the underground portion of the advanced exploration program. The milling of the ore commenced on September 2, 2024, and is scheduled to be completed on September 6, 2024. The bulk sample will be processed separately through the Strathcona Mill with samples taken from various parts of the circuit to evaluate and improve metallurgical performance, enhance recoveries and reconcile against our resource estimate.

Jason Jessup, CEO of Magna Mining commented, "Magna, working with ADLP as the mining contractor and Z'Gamok as our crushing and haulage contractor, have executed the surface bulk sample work on time and on budget, while slightly exceeding our original designed bulk sample tonnage. We observed semi-massive and massive sulphides throughout the sample and initial grab samples are reconciling well to our internal grade estimates. The bulk sample program on site was conducted without any environmental issues or injuries. The next phase of the surface bulk sample is underway as Glencore is processing this material through their mill this week. We will expect to have assays for the bulk sample ready to announce within the next 4 - 6 weeks."

Magna has also initiated dewatering of the underground workings. The current system is temporary while the long-term dewatering system and infrastructure designs are finalized. This initial dewatering will provide data and information to better plan and implement our long-term dewatering strategy.

Image 1: 109 FW Mineralized Bulk Sample Rock Being Hauled Out of the Pit

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https://images.newsfilecorp.com/files/8002/222192_161068a974336ad6_002full.jpg

Image 2: Surface Bulk Sample at Crean Hill

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https://images.newsfilecorp.com/files/8002/222192_161068a974336ad6_003full.jpg

Image 3: Bulk Sample Stockpile and Haulage Trucks Leaving the Crean Hill Site

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https://images.newsfilecorp.com/files/8002/222192_161068a974336ad6_004full.jpg

Image 4: Magna Ore Being Processed Through the Floatation Circuit at Strathcona Mill

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https://images.newsfilecorp.com/files/8002/222192_161068a974336ad6_005full.jpg

Corporate Update

The Company announces the departure of Ms. Ann-Marie Finney from her position as Chief Financial Officer ("CFO"). Ms. Finney will remain with the Company as CFO until October 4, 2024.

"Ms. Finney has been a valued member of our executive team since joining the Company in May of 2023", said Jason Jessup, Chief Executive Officer. "On behalf of the Board and our executive team, I want to thank Ms. Finney for her contributions and wish her continued success in her future endeavors."

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, Exploration and Geoscience 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 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/222192

FAQ

What is the status of Magna Mining's (MGMNF) surface bulk sample at Crean Hill Project?

Magna Mining has completed the surface bulk sample mining at the Crean Hill Project, excavating 20,714 tonnes of rock. The material has been crushed and hauled to Glencore's Strathcona Mill for processing, which began on September 2, 2024.

When will Magna Mining (MGMNF) announce the assay results from the Crean Hill bulk sample?

Magna Mining expects to announce the assay results from the Crean Hill bulk sample within 4-6 weeks from September 5, 2024.

What is Magna Mining's (MGMNF) progress on underground dewatering at Crean Hill?

Magna Mining has initiated dewatering of the underground workings at Crean Hill. The current system is temporary while long-term dewatering system and infrastructure designs are being finalized.

Who is leaving Magna Mining's (MGMNF) executive team?

Ann-Marie Finney, the Chief Financial Officer (CFO) of Magna Mining, will be leaving her position. She will remain with the company until October 4, 2024.