Magna Mining Announces Additional Footwall Drill Results from the Levack Mine in Sudbury, Ontario
Magna Mining validates McCreedy West with maiden reserves as Levack high-grade copper hits hint at future expansion beyond a narrow 3-year mine life.
The most recent dual news release on February 18, 2026, details two major milestones. First, the company announced initial Mineral Reserves for the McCreedy West Mine, reporting 987,000 tonnes in the Probable category at 1.59% Cu and 0.32% Ni. This supports an immediate three-year production profile. Second, additional drilling at the Levack Mine's R2 Zone returned multiple high-grade copper and precious metal intersections, including 20.3% Cu over 0.7m and 24.4% Cu over 1.0m. The R2 Zone remains open and has been intersected over a 300m vertical and 150m north-south extent.
The news is materially positive but carries a note of caution regarding duration. - Validation of Production: The maiden reserve at McCreedy West moves the company from an operator mining "remnant mineralization" to one with a formal NI 43-101 compliant reserve. - Short Reserve Life: A 3-year reserve life is relatively short for a project of this scale. The company is effectively in a race to convert its 5.6M tonnes of Indicated Resources into Reserves to extend the Life of Mine (LOM). - Levack Grade Potential: The Levack R2 drill results are spectacular in terms of grade (20%+ Copper) but the widths (0.7m to 1.4m) are currently narrow. These results suggest a high-value footwall vein system that could significantly improve the economics of the upcoming Levack PEA, targeted for fall 2026. - Operational Guidance: Earlier February 2026 guidance suggested AISC of US$4.20 - $4.70/lb CuEq. With copper prices near $4.88, the margins are sufficient but sensitive to cost overruns or price pullbacks.
Magna Mining is a Sudbury-focused base metal producer and developer. The company operates the McCreedy West Mine (Copper-Nickel-PGM) and is advancing the past-producing Levack and Crean Hill mines. - Flagship Project: While McCreedy West provides current cash flow, Levack is the flagship growth asset due to the high-grade Morrison and R2 footwall deposits. - Development Stage: Producer (McCreedy), PEA-stage (Levack), PFS-stage (Crean Hill).