Magnetic Eye Records has done a handful of notable cover albums. More recently they did Pink Floyd's The Wall and are currently working on Alice In Chains' Dirt. Now they're about to tackle one of stoner metal's touchstones, the 1972 classic Vol. 4 by Black Sabbath.
The covers record will feature Thou, The Obsessed, Whores, Spirit Adrift, Zakk Wylde's Black Sabbath cover band Zakk Sabbath, Haunt, and Matt Pike of High On Fire and Sleep contributing some noise on the song "FX." The covers album is currently in its final days of funding / initial pre-orders, and you can check that out here. As of writing this, the fundraising efforts have just about hit $13,000 of the $5,000 requested. So they're fine and then some!
Check out Magnet Eye Records' catalogue of redux releases and other awesome, non-covers here.