Magna Mining Announces New Assay Results from 2022 Diamond Drilling at Crean Hill

Further High-Grade Intercepts Reported from 101 Footwall and Intermediate Zones

Sudbury, Ontario--(Newsfile Corp. - March 2, 2023) - Magna Mining Inc. (TSXV: NICU) ("Magna" or the "Company") is pleased to announce additional assay results from the remaining November 2022 diamond drilling program at the Company's 100% owned Crean Hill Mine in Sudbury, Ontario. Results have been received for five holes drilled into a near-surface area of the Intermediate Zone and two holes from the 101 Footwall Zone. High grade mineralization has now been intersected and reported in all holes that were drilled in the 2022 program (see table 1).

Highlights from the new assay results include:

101 FW Zone (MCR-22-004)

• 2.5% Ni, 1.2 %Cu, 0.7 g/t Pt+Pd+Au over 8.1 metres
• 1.1% Ni, 5.7% Cu, 2.2 g/t Pt+Pd+Au over 4.4 metres
• 2.4% Ni, 2.7% Cu, 2.8 g/t Pt+Pd+Au over 4.7 metres

Intermediate Zone (MCR-22-008)

• 1.2% Ni, 0.8 %Cu, 1.4 g/t Pt+Pd+Au over 17.3 metres
• 3.1% Ni, 0.6% Cu, 0.6 g/t Pt+Pd+Au over 3.7 metres

Intermediate Zone (MCR-22-009)

• 1.1% Ni, 0.7 %Cu, 1.2 g/t Pt+Pd+Au over 27.0 metres

Jason Jessup, CEO of Magna stated, "The assay results reported today are impressive and ongoing drilling continues to allow our team to gain a better understanding of the style and continuity of near surface mineralization in both the Intermediate and 101 FW Zones. The 2022 drilling results have provided valuable information that will inform the Preliminary Economic Assessment that is currently underway. The close proximity of these zones to surface could make them amenable to both open pit mining and more selective, ramp accessible underground mining methods. It is exciting to have such a prospective, significant mining project in one of the premiere nickel mining districts in the world."

Drilling results have continued to enhance Magna's understanding of the near surface Intermediate and 101 FW Zones of the Crean Hill deposit, both along strike and down-dip of historical mining areas. Of particular significance are the deeper mineralized intervals in drillhole MCR-22-004 with increased copper and precious metal values indicating these grades are increasing down-dip of the historical mining. Typical footwall zones in the Sudbury Basin commonly show an increase in these metal grades further into the footwall, away from the Sudbury Igneous Complex ("SIC"). The 101 FW zone is not defined along strike or down-dip and remains a high priority exploration target for Magna.

Drillholes MCR-22-007 to MCR-22-009 were targeted within a relatively large remnant area, between historical stopes, approximately 100 metres in strike and 60 metres vertically between historical development levels. All three holes intersected substantial widths of contact Ni-Cu mineralization, including high-grade intervals, and confirm quality of the near surface mineralization remaining at Crean Hill. The location of the 2022 diamond drilling is illustrated in Figures 1-4, and assay results are summarized in Table 1.

Figure 1: Crean Hill Mine Oblique Longitudinal Looking Northeast, Showing Area of Figure 2

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Table 1: Summary of 2022 Assay Results.

* Previously reported hole
All lengths are downhole length. True width is estimated at 60-80% of downhole length.
NiEq % = ( (Ni% x 2204 x Ni Price $/lb) + (Cu% x Cu Recovery% x 2204 x Cu Price $/lb) + (Co% x Co Recovery % x 2204 x Co Price $/lb) + (Pt gpt x Pt Recovery % / 31.1035 x Pt $/oz) +(dt gpt x Pd Recovery % / 31.1035 x Pd $/oz) + (Au gpt x Au Recovery % / 31.1035 x Au $/oz))/2204 x Ni $/lb

Figure 2: Magna 2022 Diamond Drilling Locations, Looking North West

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Figure 3: Schematic Plan View of the 350 ft Level, Illustrating the relationship of Contact Ni-Cu mineralization at the Base of the SIC, and the Footwall Mineralization Hosted Within Breccia Units Extending Into the Footwall of the SIC, and the Projected location of Drillholes MCR-22-003 to MCR-22-006.

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Figure 4: Schematic Section of the 101 FW Zone Showing Location of MCR-22-003, MCR-22-005 and MCR-22-006, Looking North East. See Figure 3 for Location of Section.

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Qualified Person

The 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, Technical Services for Magna Mining Inc. and is a qualified person under Canadian National Instrument 43-101.

QA/QC

Sample QA/QC procedures for Magna have been designed to meet or exceed industry standards. Drill core is collected from the diamond drill and placed in sealed core trays for transport to Magna's core facilities. The core is then logged, and samples marked in intervals of up to 1.5m and cut with a diamond saw. Samples are then bagged in plastic bags with 10 bagged samples being placed into rice bags for transport to AGAT Laboratories in Mississauga Ontario. Samples are submitted in batches of 50 with 5 QA/QC samples including, 2 certified reference material standards, 2 samples of blank material and 1 duplicate.

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 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 August 2022. 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 the production at the Shakespeare and Crean HIll Mines, the economic and operational potential of the Shakespeare and Crean Hill Mines, potential acquisitions, 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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