Sudbury, Ontario--(Newsfile Corp. - May 26, 2021) - Magna Mining Inc. (TSXV: NICU) ("Magna" or the "Company") is pleased to announce that it has commenced the planned 9,000 metre, Phase I drilling program at its Shakespeare Project, located near Sudbury, Ontario.

Magna has allocated 6,000m of drilling to near-mine exploration targets at the past-producing Shakespeare Mine, and 3,000m to high priority regional exploration targets. At Shakespeare, drilling is designed to expand on the current National Instrument 43-101 Mineral Resource Estimate, beneath and within the footwall of the known mineralization.

Initial drilling will focus on the Gap Zone, between the existing Shakespeare East and West zones, as well as drill targets within the footwall of the known deposit, where recent surface geophysical surveys have defined anomalies that may represent sulphide mineralization. Additional borehole geophysical surveys, scheduled for early June, will be completed on the initial footwall drillholes to better define the identified geophysical anomalies, and guide additional drilling. Figure 1 illustrates the general location of the target areas. Five drillholes have been completed to date, and Magna anticipates initial assay results will be in June.

Figure 1: Shakespeare Deposit longitudinal section, illustrating the general location Phase 1 near-mine diamond drilling. Resource expansion drilling is focused on the Gap and S-13 areas and drilling in the footwall of the East zone will test surface geophysical anomalies and provide platforms for down-hole geophysical surveying.

To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/8002/85270_8ea62d6bd48b8959_002full.jpg

The second component of the Phase I drilling program includes 3,000m of drilling designed to test high priority exploration targets within the 180 km² land package that surrounds the Shakespeare Mine (see Figure 2). Regionally, Magna has identified twelve, near surface, electro-magnetic (EM) geophysical anomalies, which could potentially represent conductive sulphide mineralization, similar to the known Shakespeare Deposit. The EM anomalies are defined within 200m of surface and have not been drilled historically. The 2021 regional exploration program is designed to test three high priority targets associated with sulphides identified on surface and anomalous surface sampling. These targets are:

• P-4 target: Located 5km east of the Shakespeare deposit along the same magnetic trend and associated with gabbroic rocks, similar to those that host the Shakespeare Deposit. Historically Ursa Major mapped and drilled mineralization 500m east of the high conductance EM anomalies defined by Magna (Table 1).
• Hanover target: Located 5km northeast of the Shakespeare Deposit, the Hanover target has had limited surface mapping. Surface mineralization at Hanover consists of disseminated and blebby sulphide. Although these sulphides account for <2% of the rock there are anomalous copper and platinum group element (PGE) values as outlined in Table 1.
• Springer targets: The third target to be tested during the initial program is the Springer and Springer Extension targets, which consist of a highly conductive zone associated with chalcopyrite mineralization. Copper grades reaching 7%, and associated anomalous gold have been identified in surface sampling (Table 1).

Figure 2: Map of regional magnetics overlain by regional exploration targets associated with EM geophysical anomalies.

To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/8002/85270_8ea62d6bd48b8959_003full.jpg

 Table 1: Selected regional target samples.

Sample 706013 is from hole U-07-06 collared at 442736E, 5135912N

Qualified Person

The technical information in this press release has been reviewed and approved by Marshall Hall, M.Sc., P.Geo, the Company's Exploration Manager. Mr. Hall 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 asset is the past producing Shakespeare Mine which has major permits for the construction of a 4500 tonne per day open pit mine, processing plant and tailings storage facility and is surrounded by a contiguous 180km² prospective land package. 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 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/85270