Magnum Mining and Exploration (ASX:MGU) has landed several high-grade gold and copper assay results from its CY26 surface geochemical program at the Parker Project over in Arizona in the U.S., with gold hits exceeding 100 grams per tonne and the copper assays coming in at more than 18.3%.
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The systematic program, which included 457 soil and 131 rock-chip samples, successfully confirmed and extended key mineralised corridors across three primary targets: Eagle Nest, Red Breccia, and NSW Detachment.
Red Breccia boasted the biggest hit, with the 100g/t gold grades coming in there. Those samples are already undergoing overlimited re-assay at ALS Labs, with final results to come back sometime early next month.
Mapping in that same area also defined a laterally extensive IOCG-style breccia corridor with an estimated strike length of 2.4 kilometres, Magnum says.
At the same time, the Eagle Nest target returned gold assays up to 91.6g/t and copper grades up to 18.35%, and the NSW Detachment target produced high-grade results of up to 37.5g/t Au and 12.85% Cu. That latter target still remains open to the north, too, suggesting potential for further extension.
Magnum’s chairman, Michael Davy, today noted the alignment of soil results with mapped structures will refine drill targeting, expressing growing confidence in a “broad and well-developed mineralised system.”
“These are exceptional surface results from Parker, and we believe they demand immediate follow-up,” he declared in a March 24 update today.
And, just as importantly as the mineralised system, Mr Davy said, was the fact that “the soil results are aligning with mapped structures.” This will help the explorer refine more drill targets for first-pass drilling, to come.
“Our focus is to now move as quickly as possible toward drill testing the most compelling targets following permitting,” the Magnum chairman added.
The company is currently engaged with the Bureau of Land Management to secure drilling permits to that end. Once that’s all been approved, Magnum then intends to start first-pass drilling at Eagle Nest and Red Breccia to test all the most compelling targets identified during this geochemical program.
Shares in MGU have been at ~0.5c a pop today.
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