Magna Mining intersects 4.0% Ni, 1.7% Cu, 3.5 g/t PGM over 4.6 m at Levack

SUDBURY, Ontario, Sept. 17, 2026 (GLOBE NEWSWIRE) -- Magna Mining Inc. (TSX: NICU) (“Magna” or the “Company”) is pleased to provide the results of ongoing exploration and an update on activities at the past-producing Levack Mine, located in the North Range of the Sudbury Basin, Ontario, Canada (Figure 1). Results released today include additional assays from expansion drilling of the R2 Footwall Zone, delineation drilling at the Intermediate Orebody, as well as initial drilling of the near-surface extension of the West Main Orebody (Figure 2).

Highlights from the new assay results include:

R2 Footwall Zone:

West Main Orebody:

Dave King, SVP Exploration and Geoscience at Magna, stated, “The R2 Footwall Zone continues to provide impressive results such as hole FNX2038A-W1 which returned five distinct veins, including 9.5% Cu, 2.6% Ni, 17.5 g/t Pt+Pd+Au, and 24.9 g/t Ag (23.5% CuEq) over 2.1 metres, and has continued to extend the zone towards the No.3 Orebody. The focus at R2 has now shifted to drilling from new underground platforms on the 2950 level with shorter drillholes and increasing the intersection frequency. In addition, we are excited to see thick, high grade intersections from initial surface drilling at the West Main Zone, including 0.4% Cu, 1.7% Ni, 0.4 g/t Pt+Pd+Au (2.9% CuEq) over 32.9 metres in drillhole MLV-26-68 and 1.7% Cu, 4.0% Ni, 3.5 g/t Pt+Pd+Au (8.3% CuEq) over 4.6 metres in drillhole MLV-26-64. This recent drilling has expanded this zone towards surface and could provide significant nickel-copper-precious metals-rich mineralized material early in the production profile upon a positive restart decision. Of particular interest is the increased copper and precious metal grades in hole MLV-26-64 which could indicate the potential for shallow, footwall style mineralization associated with this part of the Main Orebody, similar to the Keel, Morrison and R2 Footwall Zones.”

Table 1 summarizes the significant assay results received since the last Levack exploration results update (see news release dated June 22, 2026 ). Two surface drill rigs and three underground rigs have been active at Levack at various times during the past several months. Surface drill rigs have targeted both the R2 Footwall Zone as well as the upper western extension of the Main Orebody above historical mining. Underground drills have focused on continued drilling within the R2 Footwall Zone and the Intermediate Orebody from the 8450 Level exploration drift. Most recently, development of the 2950 Level exploration drift was completed in early August and two rigs are now active on this level, one completing infill definition drillholes within the R2 Footwall Zone and a second drilling exploration holes to test a geophysical target located between the R2 Footwall Zone and the Morrison Footwall Cu-PGE Deposit.

Today’s drill results from the R2 Footwall Zone are focused on the upper portions of the known mineralization to better define the veins and understand the relationship to the No.3 Orebody (Figure 3). They include assays from an additional three wedge holes drilled from surface, each of which intersected multiple mineralized veins. Drillhole FNX2038A-W1 intersected five distinct veins over 91.5 metres including 9.5% Cu, 2.6% Ni, 17.5 g/t Pt+Pd+Au, and 24.9 g/t Ag (23.5% CuEq) over 2.1 metres from 999.2 metres down hole and successfully expanded Magna’s drilling of the R2 Footwall Zone veins by approximately 30 metres towards the No.3 Orebody which is situated approximately 75 metres up dip. The R2 Zone remains open up dip towards the No. 3 Footwall Zone as well as at depth to the south. Since the completion of the 2950 Level exploration drift, drilling from this new underground platform has targeted the copper-precious metal veins of the R2 Footwall Zone at the approximate elevation where the 2950 Level would intersect the Zone, in preparation for a potential decision in early Q4 to advance development by an additional 300 metres to provide underground access to the R2 Footwall Zone.