Jason Jessup, CEO and Director of Magna Mining (TSX.V: NICU) (OTCQX: MGMNF), joins me for a comprehensive operations and exploration update at their producing McCreedy West copper mine in Sudbury, Canada. We also review the bonanza grades in multiple metals encountered in recent assays returned from the ongoing exploration and development work at the Levack Mine. The team is working towards and updated resource estimate at Levack in Q3 and then putting out a mine restart plan by year-end for potential production to commence by the end of 2026.
Q2 Operational Highlights
- April-June 2025 (“Q2”) was the first full quarter of production from the McCreedy West copper mine under Magna’s operation.
- Total ore processed in Q2 was 59,100 tons from the 700 Footwall Copper Zone and 10,945 tons from the Intermain Nickel Zone, for a combined total of 70,045 tons.
- Combined ore grade for the quarter was 3.26% Copper Equivalent (“Cu Eq”).
- McCreedy West produced 3.05 million pounds of copper equivalent payable in the quarter at an average grade of 3.26% Cu Eq.
- Underground development increased from 14.4 feet per day in April to 17.0 feet per day in June.
- End of period cash balance of $27 million.
Since acquiring the McCreedy West Mine on February 28, 2025, the team at Magna Mining has implemented multiple mine optimization initiatives and invested substantial capital in equipment and underground development to improve the operation. April production was affected by a lack of operating and capital development completed in the preceding quarters while the mine was under prior ownership. Production in April also included tonnage from the Intermain Nickel Zone that was previously developed by the prior operators. We talked about the optionality of having these different mineralized zones.
During the quarter they increased their staff and workforce, made management changes and realized a material increase in the amount of daily development completed at the mine. Throughout Q2, there was month over month increases in the amount of payable copper-equivalent pounds as well as improved grades produced at the operation.
Next we discussed some of 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.
Then we transitioned over to recent bonanza-grade assay results from the ongoing exploration at the past-producing Levack Mine, located in the North Range of the Sudbury Basin, northeastern Ontario, Canada (Figure 1). Drillhole FNX6083-W1 was drilled to test an area 140 metres below drill hole MLV-25-14A. Jason points to the high-grade gold platinum and palladium values along with the bonanza grade copper grade intercepts.
Highlights from the new assay results include:
FNX6083-W1 - 12.8% Cu, 0.6% Ni, 31.8 g/t Pt+Pd+Au over 2.6 metres
- Including 2% Cu, 0.9% Ni, 53.0 g/t Pt+Pd+Au over 1.0 metres
- And 5% Cu, 1.8% Ni, 26.3 g/t Pt+Pd+Au over 0.5 metres
There are currently two surface diamond drills operating at the Levack Mine, one completing three shallow infill and metallurgical drillholes on the Main Ni-Cu Zone in support of the Levack Restart Study, and a second drill exploring the footwall environment between the No. 3 Ni-Cu Zone and the Morrison Footwall Cu-PGE Deposit,
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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