Levack Mine Exploration Success.
Magna Mining Reports High-Grade Copper Equivalent and Precious Metals at Sudbury's Levack Mine.
Anonymous
Magna Mining has hit one of the richest drill intercepts in Sudbury's recent history. The company's hole MLV-26-14A W2 cut 29.7% Copper Equivalent over 3.4 metres at the past-producing Levack Mine — including 9.4% copper, 19.8 g/t gold, and 8.8 g/t platinum and palladium combined. The Sudbury Star reported the results on June 22, 2026, the same week the company is set to graduate from the TSX Venture Exchange to the senior Toronto Stock Exchange.
The intercept comes from the R2 Footwall Zone, a new target area Magna discovered in August 2025. A restart decision for the mine is expected in the second half of 2026, after a Preliminary Economic Assessment is completed in Q3. Toronto Sun noted the company is already drilling with a second underground rig, with a third set to arrive in July.
R2 Footwall Zone Emerges as a Major New Discovery
The R2 Footwall Zone sits roughly 600 metres from the Morrison Footwall Deposit. Morrison produced 2.0 million tonnes at 7.1% copper and 8.1 g/t platinum, palladium, and gold between 2009 and 2018. SVP of Technical Services David King has said the R2 area shows "mineralogical and structural similarities" to Morrison. That comparison has drawn serious attention from investors and analysts, according to The Edmonton Sun.
Footwall zones in Sudbury are known for sharp-walled veins with extremely high copper and precious metal grades. The gold content here — 19.8 g/t — is unusually high even for this style of deposit. Early results from April 2026 had already shown 23.2% copper over 2.4 metres. The June 22 intercept goes well beyond that.
Levack Sits Idle No More After Years on Care and Maintenance
The Levack Mine originally opened in 1915. It ran under Inco and later FNX Mining before KGHM placed it on care and maintenance in 2019. Magna acquired Levack — along with the producing McCreedy West Mine — from KGHM International in February 2025 for roughly C$9.3 million upfront, with contingent payments up to C$24 million, according to Cochrane Times Post.
The acquisition was fast. Magna signed the deal in September 2024 and closed it by February 2025. Since then, the company has been dewatering the shaft and rebuilding ramp access down to the 5,400 Level. A first NI 43-101 resource estimate released in November 2025 outlined 6.1 million tonnes of Indicated resources at 3.5% copper equivalent.
McCreedy West Cash Flow Funds the Levack Exploration Push
Magna is not a pure explorer. Its nearby McCreedy West Mine is already producing. The company guided for 16.0 to 18.0 million pounds of copper equivalent production from McCreedy West in 2026. That cash flow helps fund drilling at Levack without heavy share dilution — a key advantage over typical junior miners chasing similar targets.
CEO Jason Jessup has modeled the company on FNX Mining, which grew from a small stock into a multi-billion dollar company by finding new ore zones in old Sudbury mines. Jessup called the TSX graduation — effective June 23, 2026 — "an important achievement... reflecting the significant progress we have made in building a new, Sudbury-focused Canadian mining company."
PEA Due in Q3 Will Be Key to Mine Restart Decision
All eyes are now on the Q3 2026 Preliminary Economic Assessment. The PEA was designed before the R2 Zone results came in. Analysts expect the new high-grade intercepts to act as a significant boost to the project's economics. A positive production restart decision is targeted for the second half of 2026, according to The Sudbury Star.
Risks remain. Nickel prices have been volatile, hitting lows in late 2024 and early 2025. Dewatering old underground workings is technically complex and can run over budget. But Magna also received a C$500,000 provincial grant in 2025 to support critical minerals development, aligning with Ontario's broader push to secure domestic copper and nickel supply, The Observer noted.
Sentiment
NeutralNEGATIVENEUTRALPOSITIVE
Publishers
7
Articles
7
Reach
7
A
AnonymousAuthor
