Jason Jessup, CEO and Director of Magna Mining (TSX.V: NICU) (OTCQX: MGMNF), joins me for a Q3 operations review, along with an exploration update at their producing McCreedy West copper mine in Sudbury, Canada. We also review the continued high-grade drill results across copper, nickel, platinum, palladium, gold, and silver in more 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 by year end, with the plan to then put out a mine restart ...
Jason Jessup, CEO and Director of Magna Mining (TSX.V: NICU) (OTCQX: MGMNF), joins me for a Q3 operations review, along with an exploration update at their producing McCreedy West copper mine in Sudbury, Canada. We also review the continued high-grade drill results across copper, nickel, platinum, palladium, gold, and silver in more 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 by year end, with the plan to then put out a mine restart plan in early 2026.
Q3 Operational Highlights
- During the quarter, McCreedy West produced 75,173 tons of ore at an average grade of 1.52% copper, 0.21% nickel, 0.42 g/t platinum, 0.53 g/t palladium, 0.22 g/t gold and 10.78 g/t silver.
- Underground development during the quarter totaled 1,796 feet, an increase of approximately 24% over Q2 of 2025.
- Diamond drilling at McCreedy West during the quarter totaled 15,361 feet.
- Quarterly production of 75,173 tons of ore represents an increase of 7.3% over Q2, despite the compressed air system failure and the power related delays which resulted in the loss of 6% of available operating time during the quarter.
- These events delayed access to higher-grade stopes, which are now expected to be mined in Q4.
Next we shifted over the news released on October 23, which provided an update on drill assay results from ongoing exploration at the past-producing Levack Mine, located in the North Range of the Sudbury Basin.
- Drillhole FNX6083-W2 was targeted approximately 40 metres to the north of drill hole FNX6083-W1 and below drill hole MLV-25-14A, which intersected 2.6% copper, 8.1% nickel and 17.8 g/t platinum + palladium + gold over 0.6 metres.
- Drillhole FNX6083-W2 intersected multiple mineralized intervals including copper rich chalcopyrite veins grading up to 19.3% copper and 26.1 g/t platinum + palladium + gold, as well as nickel rich pyrrhotite-pentlandite veins grading up to 12.4% nickel and 24.2 g/t platinum + palladium + gold.
Jason shares more context on why the exploration and engineering teams are getting quite excited about this R2 Target at the Levack Mine, and after more drilling, it may change the anticipated sequence of the mine restart plan that the team is still working on. The team is also reviewing the potential for bringing hoisting back to Levack in a development scenario. He mentioned that the upcoming resource estimate at Levack would be instructive for how they approach the mine restart plan moving into next year.
Wrapping up we discussed how the company announced on September 19th raising gross proceeds of approximately $50 million, and how that puts the company on very strong financial footing to continue exploring and developing Levack, as well as doing some additional upcoming work to advance their Crean Hill Project.
While these funds raised are going into the ground at their projects, Jason acknowledges that the company is still continuing to look at accretive acquisitions around the Sudbury Basin, that may be non-core to large companies but project that they believe their team can add value to moving forward.
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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