.jpg)
10 hours ago
4
Article content
Article content
Article content
Article content
Qualified Persons for PEA
The following Qualified Persons (QPs) oversaw the completion of the work in preparation of the PEA and are responsible for the contents:
Article content
Independent QP for Geology and Mineral Resource Estimates
Mr. Allan Armitage, Ph.D., P.Geo., of SGS Geological Services.
Mr. Armitage conducted personal inspection of the site on May 25-26, 2022, July 25, 2023, July 02, 2024 and July 25, 2024.
Article content
Independent QP for Underground Mining and Financial Analysis
Mr. Henri Gouin, P.Eng., of SGS Geological Services.
Mr. Gouin last conducted a personal inspection of the site on May 13, 2024.
Article content
Independent QP for Underground Mining, Financial Analysis, Permitting and Environmental
Mr. William van Breugel, P.Eng., B.A.Sc. Geological Engineering, of SGS Geological Services.
Article content
Independent QP for Processing and Recovery
Mr. Dominic Fragomeni, P.Eng., of Frago-Met Solution Ltd.
Article content
Crean Hill Property Mineral Resource Estimate Notes:
Article content
- The effective date of the Crean Hill Property Mineral Resource Estimate (MRE) is April 15, 2024. This is the close out date for the final mineral resource models and mine out models (as-builts).
- Allan Armitage, Ph.D., P. Geo. of SGS Geological Services is an independent Qualified Person as defined by NI 43-101 and is responsible for the current Crean Hill MRE. Armitage conducted multiple site visits to the Crean Hill Property including on May 25-26, 2022, July 25, 2023, July 02, 2024 and July 25, 2024.
- The classification of the current MRE into Indicated and Inferred mineral resources is consistent with current 2014 CIM Definition Standards – For Mineral Resources and Mineral Reserves.
- All figures are rounded to reflect the relative accuracy of the estimate and numbers may not add due to rounding.
- The mineral resource is presented undiluted and in situ, constrained by 3D grade control resource models, and are considered to have reasonable prospects for eventual economic extraction. The mineral resource is exclusive of mined out material.
- Mineral resources which are not mineral reserves do not have demonstrated economic viability. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that most Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
- The Crean Hill mineral resource estimate is based on a validated drill hole database which includes data from 4,646 surface and underground diamond drill holes completed between 1951 and March 2024. The drilling totals 739,448 m. The resource database totals 103,952 assay intervals representing 290,253 m of data.
- The mineral resource estimate is based on a three-dimensional (“3D”) resource model of the main mineralization and a broader dilution envelope. 3D models of mined out areas were used to exclude mined out material from the current MRE.
- Grades for Ni, Cu, Co, Pt, Pd, Ag and Au are estimated for each mineralization domain using ~2.0 m capped composites assigned to that domain. To generate grade within the blocks, the inverse distance squared (ID2) interpolation method was used for all domains.
- Specific gravity values were assigned to each block based on a regression formula defined by a database of 32,592 samples. SG=(0.2057xNi%+2.88).
- Based on the size, shape, and orientation of the Crean Hill Deposit, it is envisioned that the deposits may be mined using both bulk and selective mining methods including Longhole Stoping.
- The MRE is reported at a base case cut-off grade of 1.10% NiEq. The mineral resource grade blocks are quantified above the base case cut-off grade and within the constraining mineralized wireframes (considered mineable shapes).
- The underground cut-off grade of 1.10% NiEq considers metal prices of $8.50/lb Ni, $3.75/lb Cu, $17.00/lb Co, $950/oz Pt, $1100/oz Pd and $1,950/oz Au, metal recoveries of 78% for Ni, 95.5% for Cu, 56% for Co, 69.2% for Pt, 68% for Pd and 67.7% for Au (Ag is not considered), a mining cost of US$80.00/t rock and processing, treatment and refining, transportation and G&A cost of US$42.50/t mineralized material.
- The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
Article content
Article content
Qualified Person for News Release
Article content
The scientific and 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.
Article content
Cautionary Statement
Article content
All statements, other than statements of historical fact, contained or incorporated by reference in this press release constitute “forward-looking statements” and “forward-looking information” (collectively, “forward-looking statements”) within the meaning of applicable securities laws. Generally, these forward-looking statements can be identified by the use of forward-looking terminology, such as “may”, “might”, “potential”, “expect”, “anticipate”, “estimate”, “believe”, “can”, “could”, “should”, “would”, “will”, “interpreted”, “continue”, “intend”, “plan”, “forecast”, “prospective”, “significant” or other similar words or phrases or variations thereof. Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to business, market, economic, technical and other risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements, including risks and uncertainties relating to the failure to commence, or complete, the prefeasibility study as expected, the failure of the completed prefeasibility study to confirm the preliminary, indicative economic and other findings or conclusions in the currently filed preliminary economic assessment for the Crean Hill Project, such as those pertaining to net present value, internal rate of return, capital expenditure, or mine life, and other risks disclosed in the Company’s annual management discussion and analysis, available on the SEDAR+ website (at: www.sedarplus.ca). Although the Company has attempted to identify important risks, uncertainties, contingencies and factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements, there can be no certainty or assurance that the Company has accurately or adequately captured, accounted for or disclosed all such risks, uncertainties, contingencies or factors. Readers should place no reliance on forward-looking statements as actual results, performance or achievements may be materially different from those expressed or implied by such statements. Resource exploration and development, and mining operations, are highly speculative, characterized by several significant risks, which even a combination of careful evaluation, experience and knowledge will not eliminate. Forward-looking statements speak only as of the date they are made. The Company does not undertake to update any forward-looking statements, whether as a result of new information or future events or otherwise, except in accordance with applicable securities laws.
Article content
Article content
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.
Article content
About Magna Mining Inc.
Article content
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 September 2024. Additional information about the Company is available on SEDAR+ (www.sedarplus.com) and on the Company’s website (www.magnamining.com).
Article content
For further information, please contact:
Article content
Jason Jessup
Chief Executive Officer
Article content
or
Article content
Paul Fowler, CFA
Executive Vice President
705-482-9667
Email: [email protected]
Article content
Article content
Article content
Article content
Article content
Article content
Article content
Article content
Article content
English (US)