Moving right along, next presenter, Mr. Jason Jessup, CEO of Magna Mining, Stainry based Metals. So Jason is going to give us an update of what they've been doing with their nickel business in the Sudbury area.
Good morning. One year ago today at the Precious Metals Summit here in Beaver Creek. Magna Mining announced the definitive agreement to acquire eight properties in Sudbury from KGHM International. This was truly a transformational deal for our company, and I'm really thrilled to be here today and talk to you about all the progress we've made since making that announcement. So throughout this presentation, there's going be a number of forward looking statements.
So I do caution all listeners to please do your own due diligence. So since I founded the company in 2016, I really had a vision to grow it based upon three pillars of growth. The first one, production and exploration and synergistic acquisitions of noncore assets in Sudbury. On the production front, we have our producing Macready West copper mine in Sudbury. And our vision with that is to grow that production, use cash flow from those operations to build and restart other operations we own in Sudbury.
On the exploration front, myself and many of our team previously worked on these properties while we were with a company called FNX Mining. And while we were doing that, we made multiple very significant discoveries, new deposits of high grade copper, and we believe there's still tremendous opportunity for new discoveries on these properties. And with the acquisitions, we've made a number of what I would describe as smart accretive acquisitions in Sudbury of noncore assets to grow our portfolio. And we're not done with that now. We see opportunity for other projects that would fit well with our existing assets and team, we'll continue to work hard on this growth pillar as well.
So this is an image of Sudbury. Sudbury was created the mining district was created by a meteorite impact about 1,500,000 years ago. And that meteorite impact formed all the deposits that have been mined in Sudbury for over the past one hundred and twenty five million years. Sudbury is a city of about 190,000 people located about a four hour drive north of Toronto, has a university, two colleges. But most importantly, it has all the mining infrastructure that any company would want.
It has two large processing plants, one owned by Vale and Glencore as well as two nickel smelters. And this gives Magna a huge advantage in our business strategy and our model of how we are going to grow. Right on the North Range, we have our Macready West mine, which is our producing copper mine that we acquired earlier this year and that acquisition from KJHM. Right next to it, we have the Levac mine, which is a mine I know very well. I brought the Morrison deposit there into production during my time with FNX.
Currently, it's on care and maintenance, but it is fully permitted, and we see it as a turnkey restart. We also have our Podolsky property, which is another former FNX property we acquired this year. Again, a mine that's on care and maintenance, fully permitted, and we think, again, could be a very, very quick, easy restart. And then our Crane Hill mine. And we acquired this in 2022, past producing Inco mine, produced 20,000,000 tonnes of ore.
It is, again, permitted, and we see it as a fairly straightforward, easy restart. And then we have our Shakespeare project, which was the first project we acquired, an open pit nickel copper PGM project with feasibility and permits to build a mill and tailing storage facility. Now again, our business strategy is not to produce concentrates from the ores we mine. It's to sell our ore to either Vale's mill or Glencore's mill. This gives us a lot of advantages and can really allow for low cost ramp up of production.
So the Macrady West Mine is a mine that's been operating since it was restarted in 2003 by FNX, A very shallow mine, simple operation, ramp access only. We simply bring the ore to surface, crush it, sample it and truck it off to the mill. You can see on this image of the property boundary, there's the McCready West Mine site, the Lavac mine site, the town of Lavac. And surrounding us is Glencore's mines, either closed or development projects. So the McCready West Mine is really three distinct separate deposits.
We have the Intermane Nickel deposit. We have the PM footwall copper PGE deposit. And we have the 700 footwall copper zone. And the 700 footwall copper zone is where we are putting all of our focus right now. That's where our production is coming from.
And we see this continuing going forward. We do have great optionality to turn on nickel again when the timing is right. But right now, we're focused on copper, and about 70% of our revenues are coming from copper. So just that 700 footwall copper zone, it's located in the Sudbury Breccia in behind the main SIC contact, which is that the basin of that impact crater that originally formed it. This is where you find the nickel zones.
And in behind that, in the footwall, in this Sudbury Breccia, is where these copper rich footwall zones form. Our current resource on the 700 complex, about 5,200,000 tonnes in the indicated category, at about 0.7 nickel, just under 2% copper and about 2.5 grams of platinum, palladium, gold. So we believe there is an opportunity here to have many, many years of mining. Now when we acquired this property, it was very much a noncore asset to the previous owner. We recognized it was important to make the improvements, the optimization to have a long life sustainable operation.
So we're investing about $10,000,000 this year into underground development, and you can see that in green, to open up new mining areas, have multiple areas that we're mining simultaneously, and that's going to give us the flexibility to have a long term operation. Now there is still, after all the years of mining and over 22,000,000 tonnes of ore being mined, Macrij is still a lot of exploration potential and some of it very near surface. On August 6, we announced some drill holes around the 500 foot level at Macready that had narrower intersections but very high grade in copper and precious metals. And this area we'll be drilling off. We believe there's potential for it to continue towards surface as well as down dip.
So this is an area that there's potential to put together a resource, a mine plan and bring that in, in 2026 and beyond to have a more selective higher grade mining to complement our more bulk mining from our long hole stoping. So now on to the Lovac Mine. And really, the Lovac Mine is getting into that discussion on our second pillar of growth, the exploration. Levac Mine is a historic mine that operated for over one hundred years. It went on care and maintenance in 2019, produced over 65,000,000 tonnes of ore during that period of time.
It has an active shaft that's used. We have a neighbor Glencore's on Ping Depth project, actually uses our mine as their secondary egress. We have people going underground regularly. So it truly is a turnkey type restart operation. So with that, you look at the resource that are still there, and there is a historic resource of both contact nickel mineralization as well as footwall mineralization.
Back in 02/2005, FNFs made a huge discovery called the Luvak Footwall, later named the Morrison Deposit. And that is in the footwall of this contact system. And I came over in 2008 to bring this into production. This deposit was extremely high grade. It was a huge opportunity for the growth of FNX and one of the reasons why it was one of the best performing stocks on the Toronto Stock Exchange.
The upper part was nickel rich veins, we call the Rob Zone. And as you progress deeper, the copper and precious metals continue to increase. Now we set out this year to explore the footwall, which we believe is very much under explored at the Levac Mine and look for another Morrison like deposit. One of the things you look for is the Sudbury breccia unit. So this is the Sudbury breccia.
It hosts all of the copper rich footwall deposits as well as the Morrison deposit. So our team looked at the controls on the Morrison deposit and formulated a concept of where a thesis of where we could find another one of these systems. In May, we drilled a hole to test the theory below our three ore body and intersected a two foot intersection of 8% nickel, 2.5 copper and about 18 grams of platinum palladium gold. This wasn't in itself a spectacular intersection, but for us, it was very meaningful. And it was the first check mark in proving up our thesis that this part of the footwall at Lavac Mine has potential for another high grade footwall deposit.
And that's because it looks so much like the upper part of the Morrison deposit, this Rob Zone area. So we deepened another hole, did geophysics. It told us to drill a hole further to the north. There was a conductive body about 140 meters below the original intersection. We did that.
And on August 28, we announced that intersection. And it intersected multiple intersections of massive sulfide copper rich mineralization, highlighted by one meter at 29% copper and 53 grams of precious metals, including 29 grams of gold. And this was just one of multiple intersections. This, again, a big check mark in proving up our thesis. We call this area the ROBS2 zone or the R2 zone, and it is quickly becoming our focus of our company.
We still look at it as a target area that we are going to drill aggressively over the rest of this year and into next year. But it does show the kind of potential and the grades these Sudbury footwall pods can have. So we've done geophysics on this area, developed some EM plates, as you can see here in orange. And we have two drills on surface right now that will be testing with wedge holes. Our plan is to follow the geophysics down dip.
And what we would hope to encounter is thickening and widening, much like what we did at the Morrison Deposit. Again, time will tell, but we're seeing all the right indicators that give us a lot of encouragement. We'll also be bringing a drill underground as early as next week. And these green traces you can see on the screen are a bunch of proposed drill holes from varying locations where we'll be able to drill from underground and better define this target area. That's one of the great things about the Levac Mine and this target area is that there's so much infrastructure already in place underground.
We can drive down this ramp at the Morrison Deposit and set up drills on it and drill 400 to 600 meter long holes horizontally to test this downdip area. And if we are successful in delineating a deposit, then we could actually drift off of this existing infrastructure horizontally and go out and actually test it and mine into it. So it is truly a great place for us to be for our company. And having a mine that has a shaft and so much infrastructure in place, we truly believe it's a very potential for a very low cost restart. So looking at our capital structure, we finished Q2, June 30, with $27,000,000 in the bank.
Last week, we announced a $45,000,000 life offering that was very well received and will close on September 19. We will be fully funded for a very aggressive drill program next year at Lavac Mine as well as continuing to move forward our optimizations at Macready West and our other properties around the basin. I have to mention that one of the things I'm really proud of is the great shareholders we've attracted. And our largest shareholder, Dundee Corp, who came in on our RTO round, has been supportive of our company and again, just one of the many supportive shareholders that we have. So looking at upcoming catalysts, as I mentioned, we'll be doing a lot of drilling at Levac underground.
I hope to have three drill rigs by the October and a fourth drill rig underground at Lavac before the end of the year. And then based on success, ramping up exploration into 2026 potentially. We will be coming out with NI 40 three-one 101 resources on our Lavac, Podolsky and Kirkwood properties this fall as well as reserve estimates at the McCready West mine before the end of the year. We'll be also reporting drilling, especially from that high PGM area in the back of the footwall, the 700 complex at Macready over the coming months. And one of the things that is a potential catalyst is there is potential for both the provincial and federal governments to support Magna.
And we have been recognized as a company that's critical or is a priority to the critical mineral strategy for the Ontario provincial government. And there is potential to see support to restart some of our other operations quicker in the coming months. And with that, thank you very much.
Perfect timing. Thank you. No time for questions, I'm afraid. But yes, congratulations. You've done an excellent job building the company basically from scratch there.
Next presenter, Mark Peterson, Senior Geological Consultant for Warbridge Mining. All yours, Mark?