Magna Mining (TSXV: NICU) has announced further assay results from its 2023 diamond drilling program. The company continues to find high-grade nickel mineralization in the 105 Footwall (“FW”) Zone. Specifically, drillhole MCR-23-040 intersected a segment with 4.2% nickel, 0.9% copper, and 1.4 grams per ton of platinum, palladium, and gold across a 7.0-metre length.

Dave King, SVP Technical Services commented in a press release: “The 105 FW Zone is similar to the 101 FW Zone, and consists of high nickel tenor, semi-massive to massive sulphide veins hosted within a breccia structure extending into the footwall from the Sudbury Igneous Complex (“SIC”). Additional diamond drilling within the 105 FW zone continues to intersect high-grade mineralization with increasing precious metals (Pt, Pd, Au) as this structure approaches the Main Zone. We are encouraged to see high-grade PGE mineralization at the 1500 ft level, down-plunge of the defined 109 FW zone, where these two structures are interpreted to intersect, indicating this style of mineralization may continue to depth” (see Figure 1).

The focus of the 105 FW diamond drilling to this point has aimed to expand the existing Indicated Mineral Resource. The goal is to better understand the geological factors that influence mineralization and the consistency of the grades. Drillhole MCR-23-040 also showed two high-grade intersections rich in precious metals, registering 0.3% nickel, 0.8% copper, and 38.6 grams per ton of platinum, palladium, and gold over 0.3 metres and 0.2% nickel, 0.5% copper, and 35.2 grams per ton of platinum, palladium, and gold over 0.5 metres. These findings are connected to the 109 FW zone and lie outside of its current Mineral Resource, suggesting the potential for adding near-surface resources that may be suitable for more selective mining techniques.

The update also includes additional assay results from the G1 and G2 contact exploration targets, along with remaining assays for near-surface drilling in the 109 FW zone. These results were presented along with a location map and summarized data tables.

Magna Mining is continuing its diamond drilling operations at Crean Hill. Currently, one diamond drill is focused on exploring deeper sections of the footwall.

Highlights from the results are as follows:

• 105 FW Zone

MCR-23-040: 4.2% Ni, 0.9 % Cu, 1.4 g/t Pt + Pd + Au over 7.0 metres

MCR-23-046: 0.2% Ni, 1.2 % Cu, 6.3 g/t Pt + Pd + Au over 5.2 metres

And 2.7% Ni, 1.5 % Cu, 18.1 g/t Pt + Pd + Au over 0.9 metres

MCR-23-050: 1.1% Ni, 0.6 % Cu, 4.3 g/t Pt + Pd + Au over 8.8 metres

And 0.6% Ni, 3.5 % Cu, 10.1 g/t Pt + Pd + Au over 1.1 metres

Table 1: Summary of Assay Results

All lengths are downhole length.

NiEq % = ( (Ni% x 2204 x Ni Price $/lb) + (Cu% x 96% Recovery x 2204 x Cu Price $/lb) + (Co% x 56% Recovery x 2204 x Co Price $/lb) + (Pt gpt x 69% Recovery / 31.1035 x Pt $/oz) +(Pd gpt x 68% Recovery / 31.1035 x Pd $/oz) + (Au gpt x 68% Recovery / 31.1035 x Au $/oz))/2204 x Ni $/lb

Metal prices in US$: $8.50/lb Ni, $3.75/lb Cu, $22.00/lb Co, $1000/oz Pt, $2000/oz Pd and $1,750/oz Au

Table 2: Drillhole Collar Coordinates

*Drillhole Coordinates are in coordinate system NAD 83 Zone 17