Magna Mining Announces the Approval of the Crean Hill Permit to Take Water

The Crean Hill Project is Fully Permitted For Advanced Exploration and Test Mining

Sudbury, April 23, 2024 - Magna Mining Inc. (TSXV: NICU) (OTCQB: MGMNF) (FSE: 8YD) ("Magna" or the "Company") is pleased to announce the receipt of the Crean Hill Permit to Take Water (PTTW).

Magna received confirmation that the Permit to Take Water for the Crean Hill Project has been approved by the Ministry of Environment, Conservation and Parks (MECP). This is the final permit required to enable dewatering of the existing mine workings and allow Magna to move forward with their advanced exploration plan, including a surface bulk sample and development of a ramp from surface to perform test mining in the 101 Footwall, 109 Footwall and Intermediate Zones (see Figure 1 and 2). The tonnage of the mineralized rock from the surface and underground test mining is estimated at 400,000 tonnes, which will be crushed on surface, sampled, and shipped to a third-party mill for processing, under the terms of the Off-Take Agreement announced on March 27, 2024 (see News Release).

Jason Jessup, CEO of Magna Mining stated, "We are extremely pleased to have received the Crean Hill Permit to Take Water, as Magna now has all the approvals and permits necessary to conduct both our surface and underground advanced exploration programs. We acquired the Crean Hill Project in November 2022, and have advanced it to this point in only 17 months. This is a remarkable accomplishment and a testament to our team and the jurisdiction in which we are building our company. Magna plans to initiate the surface bulk sample on the 109 FW Zone by the end of Q2 2024, and commence portal construction and underground advanced exploration in the second half of 2024."

Recent drilling in the 109 FW Zone has intersected high grade copper, nickel and precious metal mineralization (see News Releases dated April 3, 2024, and February 20, 2024), which have helped to define the core of the 109 FW Zone. This area of the 109 FW will be targeted as part of the early underground test mining. The test mining program will allow reconciliation against the current resource block model, confirm continuity of the high-grade mineralization and further de-risk the project. Currently the Company is drilling several short diamond drill holes in the area of the surface bulk sample which will facilitate the final bulk sample design. Results of this drilling are expected to be received in early May 2024. A second drill is active testing geophysical anomalies in the footwall environment, approximately 300m south of the Main Contact Zone at Crean Hill (click here to see a video providing an explanation of Sudbury footwall deposits).

The underground advanced exploration program will also include areas of the 101 FW Zone and Intermediate Contact Zone, which were drilled by Magna in 2023. Highlights of this drilling include holes MCR-22-005 which intersected 4.0% Ni, 0.7% Cu and 0.7 g/t Pt+Pd+Au over 31.1 metres, and MCR-23-042 which intersected 4.2% Ni, 1.4% Cu and 1.0 g/t Pt+Pd+Au over 27.6 metres (see Table 1 for all 101 FW Zone drilling).

Table 1. Selected Previously Released Assay Highlights from the Crean Hill 101 FW, Intermediate and 109 FW Zones.

NiEq % = ( (Ni% x 2204 x Ni Price $/lb) + (Cu% x Cu Recovery% x 2204 x Cu Price $/lb) + (Co% x Co Recovery % x 2204 x Co Price $/lb) + (Pt gpt x Pt Recovery % / 31.1035 x Pt $/oz) +(dt gpt x Pd Recovery % / 31.1035 x Pd $/oz) + (Au gpt x Au Recovery % / 31.1035 x Au $/oz))/2204 x Ni $/lb.

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

Figure 1. Long Section showing 101 FW, 109 FW & Intermediate Zones and Advanced Exploration Area.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8002/206414_f8b3f63a1408494b_003full.jpg

Figure 2. Area of Advanced Exploration Surface Bulk Sample at the Crean Hill Project,
Looking North-East.

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https://images.newsfilecorp.com/files/8002/206414_f8b3f63a1408494b_004full.jpg

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.sedarplus.ca) 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/206414