Magna Mining (NICU.V), which rose more than 7% yesterday, said Tuesday that recent drilling at the past-producing Levack Mine, located in the North Range of the Sudbury Basin, Ontario, Canada, continues to intersect "significant" copper-rich massive sulphide veins over 175 metres downhole, in the R2 Footwall Zone.
In a statement the company said highlights include 23.2% copper, 5.6% nickel, and 225.0 grams per tonne (g/t) silver over 2.4 metres, from 975.9 metres down hole, and 10.7% copper, 1.5% nickel, and 67.1 g/t silver over 2.1 metres, from 1026.9 metres down hole.
"The new drillhole intersected multiple copper rich veins over approximately 175 metres downhole, and supports Magna's structural model and interpreted similarities with the controlling structures within the Morrison Footwall Cu-PGE Deposit," said Dave King, who heads exploration and geoscience at Magna.
"Understanding the structural controls is key to efficiently delineating footwall vein deposits in Sudbury's North Range and identifying areas where more significant mineralization can occur within thicker vein orientations. We will continue to follow-up on defining and expanding the R2 Zone with our surface and underground diamond drills through the remainder of 2026."
Magna said site activity at the Levack Mine has increased significantly over the past six months, with additional personnel and equipment deployed to support project advancement. A preliminary economic assessment is underway with completion targeted for the third quarter of this year.
Magna Mining shares closed up $0.16, to $2.37 on Monday on the Toronto Stock Exchange.