Announcement • Jun 22
Magna Mining Reports Exploration Results From The R2 Footwall Zone At Levack Mine
Magna Mining Inc. has provided the results of ongoing exploration and an update on activities at the past-producing Levack Mine, located in the North Range of the Sudbury Basin, Ontario, Canada. Recent drilling has continued to intersect significant copper-rich massive sulphide veins with high grade precious metals within the R2 Footwall Zone. Highlights of two additional wedge holes from surface and the first underground drill hole targeting the R2 Footwall Zone are summarized below and in Table 1. Exploration of the R2 Footwall Zone continues in parallel with underground development and surface work at Levack Mine in anticipation of a restart decision in the second half of 2026 following completion of the Levack Preliminary Economic Assessment in the Third Quarter. Highlights from the new assay results include: MLV-26-14A W2 9.4% Cu, 2.3% Ni, 28.7 g/t Pt+Pd+Au, 52.9 g/t Ag (29.7% CuEq) over 3.4 metres, from 958.2 metres down hole, including 18.7% Cu, 0.7% Ni, 60.2 g/t Pt+Pd+Au, 103.8 g/t Ag (57.0% CuEq) over 1.5 metres, from 958.2 metres down hole, and 21.4% Cu, 0.4% Ni, 40.8 g/t Pt+Pd+Au, 152.0 g/t Ag (34.0% CuEq) over 0.4 metres, from 1017.5 metres down hole. MLV-26-14A W3 22.5% Cu, 1.4% Ni, 49.9 g/t Pt+Pd+Au, 135.0 g/t Ag (43.9% CuEq) over 1.1 metres, from 1001.6 metres down hole, and 14.0% Cu, 1.9% Ni, 47.2 g/t Pt+Pd+Au, 96.0 g/t Ag (36.2% CuEq) over 1.5 metres, from 1009.0 metres down hole. MLV-26-41 7.2% Cu, 0.2% Ni, 3.1 g/t Pt+Pd+Au, 23.1 g/t Ag (8.0% CuEq) over 2.2 metres, from 414.1 metres down hole, and 26.2% Cu, 0.1% Ni, 19.8 g/t Pt+Pd+Au, 82.0 g/t Ag (30.4% CuEq) over 0.4 metres, from 448.5 metres down hole. To date, fourteen drillholes have targeted the R2 Footwall Zone, with all holes intersecting copper and precious metals-rich mineralization. The thicker down hole intercepts encountered in the MLV-26-14A W1-3 drillholes, including the 29.7% copper equivalent over 3.4 metres reported, represent some of the highest grade-thickness intercepts to date. Near term drilling will focus on expanding the mineralization up-dip, with the goal of understanding the relationship of the R2 Footwall Zone with the historical No. 3 Orebody, as well as infill drilling to better understand the structural controls on vein thickness and the distribution of precious metals within the veins. Two surface drill rigs and one underground rig are currently active at Levack, with an additional underground drill scheduled to mobilize this week, and a third underground drill to be added in July. In addition to the current drilling, underground development crews have advanced the new 2950 Level exploration drift from the Morisson Footwall Cu-PGE deposit by approximately 185 meters towards the R2 Footwall Zone and are expected to reach the initial drilling platform by the end of July. In addition to development on the 2950 Level, Levack Mine personnel are progressing well with rehabilitating along the 2650 Level from the No. 2 shaft towards the No. 3 shaft. The 2650 Level underground exploration diamond drilling platforms will be better positioned to define the upper R2 Footwall Zone and test additional target areas in the footwall of the No. 3 Orebody. The vein system which defines the R2 Footwall Zone has been intersected over a vertical extent of approximately 300 metres and a north-south extent of approximately 150 metres. The R2 Zone remains open up dip towards the No. 3 Footwall Zone as well as at depth towards the Morrison Footwall Cu-PGE Deposit, located 600 metres to the southwest. Diamond drillholes MLV-26-14A W2 and MLV-26-14A W3 are follow up wedge holes drilled from surface designed to test the interpreted extensional environment in the R2 Footwall Zone to the west and north of the intercepts in drillhole MLV-26-14A W1. Drillhole MLV-26-14A W2 encountered four veins over 123.7 metres beginning at 890.6 metres down hole, including a 3.4 metre intercept which returned 9.4% copper, 2.3% nickel, 19.8 g/t gold, 2.8 g/t platinum, 6.0 g/t palladium, and 52.9 g/t silver (29.7% copper equivalent) from 958.2 metres down hole, including 1.5 metres grading 18.7% copper, 0.7% nickel, 44.3 g/t gold, 5.1 g/t platinum, 10.8 g/t palladium, and 103.8 g/t silver (57.0% copper equivalent). This represents the highest grade-thickness intercept encountered to date at the R2 Footwall Zone. Drillhole MLV-26-14A W3 encountered four veins over 115.4 metres down hole, including 22.5% copper, 1.4% nickel, 15.2 g/t gold, 10.0 g/t platinum, 24.7 g/t palladium, and 135.0 g/t silver (43.9% copper equivalent) over 1.1 metres from 1001.6 metres downhole, as well as 14.0% copper, 1.9% nickel, 15.4 g/t gold, 15.3 g/t platinum, 16.4 g/t palladium, and 96 g/t silver (36.2% copper equivalent) over 1.5 metres. Diamond drillhole MLV-26-41 is the first underground hole drilled from the 8451 drill bay on the 1800 Level targeting the R2 Footwall Zone and it encountered three veins over 29.8 metres beginning at 411.9 metres down hole where it intercepted 2.2 metres of 7.2% copper, 2.7 g/t palladium, and 23.1 g/t silver (8.0% copper equivalent), followed by 26.2% copper, 5.0 g/t platinum, 14.4 g/t palladium, 0.5 g/t gold, and 82 g/t silver (30.4% copper equivalent) over 0.4 metres, beginning at 448.5 metres down hole.
