SUDBURY, ONTARIO, CANADA, February 20, 2024 – Magna Mining Inc. (TSX.V: NICU) (OTCQB: MGMNF) (FSE: 8YD) (“Magna” or the “Company”) is pleased to provide initial drilling results from the 2024 exploration program at Crean Hill, targeting the near surface advanced exploration area of the 109 FW Zone.

Highlights from the new assay results include:

109 FW Zone
MCR-24-060: 0.3% Ni, 2.0 % Cu, 8.6 g/t Pt + Pd + Au over 14.0 metres
Including 1.1% Ni, 8.3 % Cu, 13.9 g/t Pt + Pd + Au over 3.0 metres
MCR-234-061: 0.6% Ni, 1.0 % Cu, 9.5 g/t Pt + Pd + Au over 14.7 metres
Including 1.6% Ni, 3.5 % Cu, 12.5 g/t Pt + Pd + Au over 2.9 metres
And 2.2% Ni, 1.2 % Cu, 28.7 g/t Pt + Pd + Au over 1.0 metres
MCR-24-065: 0.2% Ni, 1.1 % Cu, 11.4 g/t Pt + Pd + Au over 10.2 metres
Including 1.5% Ni, 10.7 % Cu, 16.0 g/t Pt + Pd + Au over 0.7 metres
Dave King, SVP Technical Services stated, “Drilling results reported today are from the near surface portion of the 109 FW Zone. The objective of the current drilling is to define the continuity of the high grade core of the zone, and the limits of the low-sulphide, high precious metal mineralized envelope. The 2024 drilling to date confirms the continuity of metre scale massive sulphide veins, grading up to 1.1% Ni, 8.3% Cu and 13.9 g/t Pt + Pd +Au over 3.0 metres, within a broader mineralized breccia averaging approximately 12 to 15 metres wide, and grading up to 0.3% Ni, 2.0 % Cu, 8.6 g/t Pt + Pd + Au over 14.0 metres (Figure 1 and 2). Data acquired will be used to update the 109 FW zone geological model and will facilitate planning of our Advanced Exploration program scheduled to commence in the second half of 2024.”

Currently two drills are active at Crean Hill, with one rig supporting Advanced Exploration planning, and six drillholes have been completed to date. A summary of assay results is presented in Table 1 and drillhole collars are presented in Table 2. A second drill has been focused on testing high-priority exploration targets in the footwall of the Crean Hill orebody. A third drill has recently been mobilized to the Shakespeare site and has commenced regional exploration drilling. Magna is fully funded to complete 25,000 metres of exploration drilling in 2024.

Table 1: Summary of Assay Results

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