Sudbury, Ontario--(Newsfile Corp. - June 8, 2021) - Magna Mining Inc. (TSXV: NICU) (the "Company" or "Magna") announces that they have signed a definitive agreement to acquire a 50% interest in eight (8) patented claims in Baldwin Township, the "Baldwin Copper Patents," comprising 132.8 hectares of land (see Figure 1). Seven claims comprise both surface and mining rights, while the remaining claim is restricted to mining rights only. The 50% interest in these claims was acquired for $80,000 in cash and the vendor will retain a 1% Net Smelter Return (NSR) royalty. The acquisition is expected to close on or around June 18, 2021.
Figure 1: Location of Baldwin Copper Patents within the Magna Mining Property Boundary
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Magna Mining CEO Jason Jessup stated: "The acquisition of the Baldwin Copper Patents is in line with our strategy to further consolidate the Shakespeare Property and acquire prospective properties that have potential synergies with our existing Shakespeare Mine project. The most recently reported diamond drilling on these claims was in the 1950's. Ursa Major Minerals Inc. (a subsidiary of Magna Mining) flew an airborne VTEM survey in 2015, which identified a strong EM anomaly on the Baldwin Copper Patents. Follow-up work will be completed later in 2021. The claims are located 600m west of our Springer Showing where Magna samples have returned assays up to 7.97% Cu, 0.54 g/t Au and 27 gpt Ag* on surface in 2018."
*Assay results from selected grab samples from Magna Mining's 2018 Springer Showing prospecting
|Sample||Easting (83)||Northing (83)||Cu (%)||Au (gpt)||Ag (gpt)||Co (%)|
These samples were grab samples submitted as part of a larger sample submission. This included one duplicate sample and three certified standard references. All QAQC samples were within acceptable ranges as per standard deviations defined by CDN Laboratories from whom the reference material was acquired from.
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:
Paul Fowler, CFA
Senior Vice President
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.
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