Magna Inc. says Levack Mine mineral estimates exceed expectations

Sudbury's Magna Mining reports higher-than-expected mineral resources at its Levack Mine. The deposit contains copper, nickel, gold and other precious metals.

Sudbury-based Magna Mining Inc. says the results of a mineral resource estimate for Levack Mine, located in the north range of the Sudbury Basin, were higher than expected.

The deposits contain copper, nickel and precious metals including gold, platinum, palladium and silver, the company said in a news release Tuesday.

“Today’s announcement of Magna’s initial mineral resource estimate for our flagship Levack Mine in Sudbury represents an important milestone,” Magna senior vice-president Dave King said in the release. "

“It confirms the presence of significant mineralization, much of which can be accessed using existing infrastructure ... There is also potential to expand the Morrison deposit with further drilling as it remains open at depth. The very high-grade precious metals mineralization delineated in the No. 3 Footwall deposit will be a high priority target for our ongoing exploration efforts, along with other prospective areas in the footwall environment at Levack.”

Magna CEO Jason Jessup said the results showed higher-grade minerals in the deposit than they expected.

“The results of Magna’s first mineral resource estimate for the Levack Mine exceeded our expectations, particularly in terms of the grade of the remaining mineralization at the Morrison Footwall,” Jessop said.

Preliminary economic assessment

“This resource estimate will now be used to complete a preliminary economic assessment with the vision of utilizing a new ramp from surface to access the shallower deposits, as well as the existing shaft and loading pocket infrastructure to hoist higher-grade footwall copper-precious metals ore from deeper within the mine.”

The contract to complete the assessment will be awarded soon and the work should be completed sometime in 2026.

“In addition, we have already engaged a contractor to begin developing the scope of work to re-establish hoisting capabilities,” Jessop said, adding that the work could begin in early 2026.

“At present, there is a contract mining company working on the 3,900 Level ramp to develop access to the 3,600 Level between the No. 2 and No. 3 shaft stations.”

That work should be completed in the second quarter of 2026.

“The Levack Mine has quickly become the flagship project within our company and 2026 will be an exciting year as we continue to move towards a production restart while at the same time exploring for new copper-precious metals deposits in the footwall environment at the mine,” Jessop said.

The mineral resource estimate for Levack Mine was completed by Jonathan Cirelli, senior geologist with Orix Geoscience Inc.

It included diamond drill data up to a cut-off of Aug. 31.