SUDBURY, Ontario — February 18, 2026 — Leads & Copy —
Magna Mining Inc. (TSXV: NICU) (OTCQX: MGMNF) (FSE: 8YD) has released an update on exploration activities and assay results from ongoing exploration at the past-producing Levack Mine, situated in the North Range of the Sudbury Basin, Ontario, Canada.
The announcement incorporates findings from five diamond drill holes targeting the prospective footwall environment at Levack, including the R2 Footwall Zone (the “R2 Zone”), alongside other priority targets. Additional assays were also received from two previously released drillholes from the R2 Zone.
Drilling within the R2 Zone has revealed multiple veins containing high-grade copper (“Cu”) and precious metals, such as platinum (“Pt”), palladium (“Pd”), gold (“Au”), and silver (“Ag”). Mineralization has been intersected over a vertical extent of about 300 meters and 150 meters north-south. The R2 Zone remains open up dip towards the No. 3 Footwall Zone, at depth, and to the southwest towards the Morrison Footwall Cu-PGE Deposit.
Highlights from the new assay results include:
FNX6083-W5:
- 20.3% Cu, 0.1% Ni, 10.3 g/t Pt+Pd+Au, 151.0 g/t Ag over 0.7 meters, from 1,129.4 meters down hole
- 18.8% Cu, 0.2% Ni, 11.0 g/t Pt+Pd+Au, 115.0 g/t Ag over 1.4 meters, from 1,151.6 meters down hole
- 24.4% Cu, 0.9% Ni, 5.4 g/t Pt+Pd+Au, 173.0 g/t Ag over 1.0 meter, from 1,157.0 meters down hole
FNX6070-W1:
- 5.7% Cu, 0.1% Ni, 28.3 g/t Pt+Pd+Au, 33.3 g/t Ag over 1.1 meters, from 1,098.6 meters down hole
Dave King, SVP Exploration and Geoscience, commented on the high-grade nature of the copper and precious metal rich footwall mineralization at the Levack Mine. He noted that the assay results are primarily related to the R2 Zone, and continued drilling is enhancing the understanding of the footwall vein system in this area. King also mentioned the encouraging multiple meter-scale intersections, demonstrating vein widths similar to those historically mined in some areas of the Morrison Footwall Copper-PGE Deposit.
The release also includes additional intersections from two previously released drill holes at the R2 Zone, where only partial assay results were available in prior news releases. The results from the first three underground drill holes at Levack, which targeted other prospective areas of the footwall environment, are also included, with each hole returning encouraging precious metals values that warrant follow-up drilling.
Drill holes FNX6083-W5 and FNX6070-W1 were designed to expand the known R2 Zone mineralization, both up dip and down plunge to the south. Drill hole FNX6083-W5 targeted the area up dip from FNX6083-W1 and encountered four veins over 28.6 meters, about 50 meters above the massive sulphide veins intersected in FNX6083-W1. The massive sulphide vein mineralization in FNX6083-W5 returned assays up to 24.4% Cu, 0.9% Ni, 3.7 g/t Pt, 1.3 g/t Pd, 0.4 g/t Au, and 173 g/t Ag over 1.0 meter. Additional wedge holes are in progress to further test the up dip potential of the R2 Zone towards the No. 3 Footwall Zone.
Drill hole FNX6070-W1 was drilled from the same platform as FNX2026-W1 and FNX2026-W2 and targeted the area to the south and down plunge of the mineralization encountered in FNX2026-W2. Drill hole FNX6070-W1 intersected four mineralized intervals over 39.3 meters, including 5.7% Cu, 0.1% Ni, 7.0 g/t Pt, 18.8 g/t Pd, 2.5 g/t Au, and 33.3 g/t Ag over 1.1 meters, within a longer interval which returned 7.7 meters of 1.3% Cu, 0.1% Ni, 2.0 g/t Pt, 3.7 g/t Pd, 0.7 g/t Au, and 8.6 g/t Ag.
The R2 Zone has been intersected over a vertical extent of approximately 300 meters and a north-south extent of about 150 meters and remains open up dip towards the No. 3 Footwall Zone as well as at depth towards the Morrison Footwall Cu-PGE Deposit, located 600 meters to the southwest.
Additional assay results have been received for previously released drill holes FNX6083-W2 and FNX6083-W4 which also targeted the R2 Zone. In addition to the previously reported intercepts, drill hole FNX6083-W2 also intersected 11.0% Cu, 0.9% Ni, 2.6 g/t Pt, 1.0 g/t Pd, 0.2 g/t Au, and 42.0 g/t Ag over 0.3 meters, and 1.4% Cu, 0.2% Ni, 9.0 g/t Pt, 2.0 g/t Pd, 9.1 g/t Au, and 24 g/t Ag over 0.3 meters. Drill hole FNX6083-W4 intersected an additional four occurrences of stringer to narrow vein mineralization over approximately 147.8 meters, including 24.1% Cu, 0.1% Ni, 0.6 g/t Pt, 4.8 g/t Pd, 0.8 g/t Au, and 114.0 g/t silver over 0.3 meters, between the previously reported intercepts.
Drill holes MLV-25-42, MLV-25-43, and MLV-25-44 were initiated in the second half of 2025 from the underground infrastructure at Levack Mine to test other prospective footwall targets beyond the R2 Zone, in particular the underexplored area between the Morrison Footwall Cu-PGE Deposit and the Keel Cu-PGE Zone. Each of these drill holes encountered narrow zones of precious metals-rich footwall mineralization within the Sudbury Breccia host lithology, and follow-up drilling is planned.
Diamond drilling continues at Levack with two surface and two underground drill rigs with several objectives, including expansion of the R2 Zone, testing for the potential faulted offset of the R2 Zone east of the Fecunis fault, and testing other prospective targets in the footwall environment. Rehabilitation of existing drifts at Levack Mine is underway to provide further underground drilling platforms that will allow additional infill and expansion drilling of the R2 zone with shorter drillholes. A Preliminary Economic Assessment (“PEA”) based on the recent NI 43-101 Mineral Resource Estimate published on Levack Mine is underway with completion targeted for the fall of 2026.
Source: Magna Mining Inc.
