Magna Mining Drill Update including 24.9% Cu over 1.6m at Levack Mine
Mar 31, 2025
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Jason Jessup, CEO of Magna Mining, dives into the company’s promising recent drill results, highlighting an impressive 24.9% copper over 1.6 meters at the Levack mine. He discusses revitalization strategies for Levack, aimed for a 2026 reopening, and the importance of a recent $33.5 million financing that supports key projects. Jessup gives insights into the operational culture and modernization efforts at Levack, expressing optimism amidst fluctuating copper and nickel markets.
Magna Mining reported promising drill results at McCreedy West, highlighting significant copper grades that indicate a potential increase in ore quality and production yield.
The company secured $33.5 million in financing to advance operations and plans for a strategic restart of the Levack mine by 2026, amidst stable copper prices.
Deep dives
Overview of Recent Drill Results
Recent drill results from the McCready West and Levesque operations indicate promising copper grades, with significant concentrations of precious metals also reported. At McCready West, drilling is focusing on a copper-dominated ore body located in the 700-foot wall zone, which has the potential for higher grade ores compared to past mining. The strategy includes targeting areas near old mining workings, where drilling has revealed viable sand fill, suggesting that more metal can be extracted. The positive results affirm the operation's potential to enhance ore quality and production yield moving forward.
Levesque Mine's Restart Plan
The Levesque mine is currently on care and maintenance but holds potential for a restart by 2026, driven by ongoing drilling efforts. A focus on the unmined keel zone aims to better define mineralization, which could be integrated into a restart strategy. Two drills are currently operational, with plans for a third to expand exploration into new mineralization zones within accessible ranges. This strategy intends to leverage existing infrastructure while aiming for an eventual restart and increased productivity.
Financial Position and Future Prospects
Magna Mining recently closed a financing of $33.5 million, providing a solid financial foundation for advancing operations at McCready West and planning for Levesque. This funding includes both equity and convertible debenture components, promoting a stable balance sheet for ongoing investment in sustainable growth. Future production guidance is anticipated by Q2, as management works to determine an effective operational plan for both projects. With copper prices remaining strong, the financial strategy is geared toward maximizing operational efficiency and preparing for potential market fluctuations.
In this episode of Mining Stock Daily, Jason Jessup, CEO of Magna Mining, discusses the company's recent drill results from the McCreedy West and Levack operations, the strategies for restarting Levack, the recent financing efforts, and the overall market conditions affecting copper and nickel prices. He also shares insights into the company culture and operational strategies needed to bring Levack back online.
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