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Magna Mining Reports a New Nickel - Copper - PGM Discovery at Shakespeare Project near Sudbury

Sep 20, 2021

Magna Mining Inc. is providing assay results from the first two diamond drill holes that were designed to test a portion of the P-4 target, located 5 km to the east and on strike of the past producing Shakespeare Mine stratigraphy near Sudbury.

Two holes were drilled to intersect a previously untested geophysical anomaly, and both holes intersected significant nickel, copper, and Platinum Group Metals (PGM) near surface. A portion of hole MP4-21-01 returned a zone grading 0.58% Ni, 0.84% Cu, 0.04% Co and 2.64 g/t TPM (1.76% NiEq) over 0.42m within a 2.33m zone grading 0.77% NiEq. Hole MP4-21-02 intersected a zone of semi-massive sulphides grading 1.16% Ni, 0.10% Cu, 0.06% Co and 0.78 g/t TPM (1.53% NiEqover 0.21m as well as a second zone grading 0.46% Ni, 1.32% Cu, 0.03% Co and 1.64 g/t TPM (1.60% NiEq) over 0.53m within a 3.66m intersection grading 1.05% NiEq (see Table 1 for complete assay results).

Mynyr Hoxha, Vice President of Exploration, states, "The discovery of semi-massive sulphides within a gabbroic unit in a sedimentary rock environment almost 100m from the Nipissing gabbros is extremely encouraging. The first two holes testing this target provide strong support for our thesis that our 180km2 land package has potential to host multiple deposits of high-grade nickel, copper, and precious metal mineralization. What we find most encouraging about this discovery is that unlike our current Shakespeare deposit, which is comprised of relatively consistent concentrations of disseminated sulphides, the new discovery shows evidence of sulphide and metal segregation. Magna geologists interpret this mineralization as a magma injection into the sediments, possibly from a large magmatic source at depth. Follow-up work will involve borehole electro-magnetic (EM) surveying on the recently completed holes and additional drilling designed to further define the new mineralization and to follow this system to the potential source at depth. Additionally, a second known EM geophysical anomaly, located 400m further to the east of the new mineralization remains untested."

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