Jason Jessup, CEO and Director of Magna Mining (TSX.V: NICU) (OTCQX: MGMNF), joins me for a comprehensive exploration and operations update at their producing McCreedy West copper mine in Sudbury, Canada. We also review the ongoing exploration and development work at the Levack Mine, working towards and updated resource estimate in Q3 and mine restart plan by year-end for potential production in 2026.
We start off discussing the recent exploration results returning high-grade copper, nickel and precious metal intersections from an area located in the footwall, up-dip within the main 700 Cu-PGE Footwall Zone and within 150 metres of surface. The reported holes were drilled in support of production planning and potential production expansion into areas where narrow vein mining methods could be applied. Mineralization in this area contains high PGE grades hosted in copper and nickel rich veins. Intersections include 17.9% Cu, 0.6% Ni, 28.1 g/t Pt + Pd + Au over 1.8 metres in drillhole MMW-25-119 and 10.5% Cu, 8.3% Ni, 42.6 g/t Pt + Pd + Au over 0.3 metres in drillhole MMW-25-133. The underground diamond drilling program at the McCreedy West mine is supported by two drills and is currently focused on definition and expansion drilling in the 700 Zone.
Next we transitioned over to all the ongoing exploration focus at the past-producing Levack Mine, and we reviewed the initial assays from the near surface portion of the No.1 nickel-copper (“Ni-Cu”) zone, supporting the Levack Mine restart study.
Highlights from the new assay results include:
- MLV-25-21 – 2.3% Ni, 0.7% Cu, 0.3 g/t Pt + Pd + Au over 28.0 metres, including 6.6% Ni, 0.7% Cu, 0.6 g/t Pt + Pd + Au over 2.4 metres, and 3.3% Ni, 1.0% Cu, 0.5 g/t Pt + Pd + Au over 12.4 metres
- MLV-25-22 – 2.4% Ni, 0.8% Cu, 0.3 g/t Pt + Pd + Au over 15.5 metres, and 3.2% Ni, 2.2% Cu, 1.4 g/t Pt + Pd + Au over 1.9 metres
Jason outlined that in addition to the Keel Copper-PGE zone, initial mining from this zone could be accessed via a new ramp from surface which is being studied. The intersections reported are shallow at approximately 135-155 metres from surface and confirm Magna’s belief that there are significant areas of wide, high grade nickel mineralization at shallow depths remaining at the Levack Mine. There are currently two surface diamond drills operating at the Levack Mine, one completing near surface infill and metallurgical drillholes on the No. 1 and No. 2 and Main zones, and a second drill exploring the footwall environment between the No. 3 Ni-Cu Zone and the Morrison Cu-PGE deposit.
In addition to the surface diamond drills, an underground diamond drill will begin drilling at the Levack Mine within the current quarter, and a second underground diamond drill is expected to begin drilling in Q4. These drills will be focused on testing the area further downdip and on strike of the area below the No. 3 zone, as well as following up on the east side of the Fecunis fault, where historical hole FNX21200 intersected 33.4% Cu, 0.9% Ni & 23.9 g/t Pt + Pd + Au over 0.2 metres. This area is interpreted as potentially having a vertical vein system, subparallel to the Fecunis fault.
If you have questions for Jason regarding Magna Mining, then please email me at Shad@kereport.com.
- In full disclosure, Shad is a shareholder of Magna Mining at the time of this recording, and may choose to buy or sell shares at any time.
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