TSX-V listed Magna Mining has released its first mineral resource estimate for the past-producing Levack mine in Sudbury, confirming significant nickel, copper and precious metals mineralisation as the company advances the project toward a restart decision.

The resource estimate, prepared in accordance with NI 43-101, outlines 6.1-million tonnes of Indicated resources grading 3.5% copper equivalent and 5.2-million tonnes of Inferred resources at 3.6% copper equivalent. The resource includes both contact-type nickel-copper zones and high-grade footwall-style mineralisation enriched in copper, platinum group elements (PGE) and gold.

High-grade mineralisation continues to be a standout feature at Levack, with the Morrison Footwall copper/PGE deposit hosting 178 000 t at 15.5% copper equivalent in the indicated category. Magna noted that the deposit remained open at depth and is a priority for further drilling. The Inferred footwall inventory includes 368 000 t at 9.4% copper equivalent.

The No. 3 Footwall deposit also delivered strong grades, reporting 76 000 t in the inferred category at 13.4% copper equivalent, including exceptionally high platinum, palladium and gold values.

Contact-style mineralisation, generally located above 750 m depth, comprises 5.9-million tonnes of indicated resources at 3.2% copper equivalent and 4.8-million tonnes of inferred resources at 3.2% copper equivalent.

Magna said the new resource provided the foundation for a preliminary economicassessment scheduled for completion in 2026. The study contemplates a new surface ramp to access shallower deposits and refurbishment of the historic No. 2 shaft to hoist high-grade footwall material.

Preparatory work is already under way, with contractors advancing engineering studies to re-establish hoisting capabilities, potentially starting in early 2026. A contract miner is currently developing the 3 900 Level ramp to connect the 3 600 Level, a link expected in the June 2026 quarter that will support exploration and offer operational synergies with a neighbouring mine.

SVP exploration and geoscience Dave King said on Tuesday the initial resource “confirms the presence of significant mineralisation, much of which can be accessed using existing infrastructure”, highlighting the expansion potential at Morrison and the priority exploration targets in the footwall environment.

CEO Jason Jessup added that the resource “exceeded expectations”, particularly regarding the grade of remaining Morrison mineralisation and the substantial tonnage of near-surface contact-type material. He said 2026 would be an “exciting year” as the company progressed both restart studies and ongoing high-grade exploration.

The Levack mine is adjacent to the McCreedy West mine and connected via a haulage drift on the 1600 level. A significant footwall deposit at Levack (later named the Morrison deposit) was discovered in 2005.

Levack currently serves as a secondary egress to Glencore’s Craig mine, including the Onaping Depth project, and McCreedy West. Levack also provides dewatering infrastructure to both McCreedy West and Levack.