Magna Mining reported new assay results from expansion drilling at the R2 Footwall Zone within the past-producing Levack Mine in Sudbury, Ontario, returning up to 9.5% copper, 2.6% nickel, and 17.5 g/t platinum, palladium, and gold over 2.1 metres in drillhole FNX2038A-W1.

Initial surface drilling at the property's West Main Orebody also returned significant mineralised intervals, including 1.7% copper, 4.0% nickel, and 3.5 g/t platinum, palladium, and gold over 4.6 metres in drillhole MLV-26-64. Magna acquired the past-producing Levack Mine in early 2025 as part of a portfolio of Sudbury Basin assets and has since advanced underground development and exploration drilling.

“The R2 Footwall Zone continues to provide impressive results such as hole FNX2038A-W1 which returned five distinct veins, including 9.5% Cu, 2.6% Ni, 17.5 g/t Pt+Pd+Au, and 24.9 g/t Ag (23.5% CuEq) over 2.1 metres, and has continued to extend the zone towards the No.3 Orebody. In addition, we are excited to see thick, high grade intersections from initial surface drilling at the West Main Zone, including 0.4% Cu, 1.7% Ni, 0.4 g/t Pt+Pd+Au (2.9% CuEq) over 32.9 metres in drillhole MLV-26-68 and 1.7% Cu, 4.0% Ni, 3.5 g/t Pt+Pd+Au (8.3% CuEq) over 4.6 metres in drillhole MLV-26-64.”

— Dave King, SVP Exploration and Geoscience

In August 2026, Magna closed a C$140 million strategic private placement financing with Alpayana S.A.C., which holds a 19.9% equity stake in the company to fund development activities at its Sudbury mineral projects.

Magna expects the results of the Levack Mine preliminary economic assessment and the Crean Hill project pre-feasibility study to be released in the first half of October 2026, following evaluations of Canada's recently announced Productivity Mega Deduction. The company also anticipates a potential decision in early Q4 2026 to advance underground development by an additional 300 metres to provide access to the R2 Footwall Zone at the Levack Mine.

Read the full announcement: Magna Mining Expands the R2 Footwall Zone and Intersects Near Surface Mineralization at the Levack Mine in Sudbury, Ontario including 4.0% Nickel, 1.7% Copper and 3.5 g/t Platinum + Palladium + Gold (8.3% CuEq) over 4.6 metres