Magnum M&E fast-tracking drilling at Parker on the back of bonanza gold assays

Magnum Mining and Exploration (ASX: MGU) has this week identified a potentially significant gold-copper play after receiving extra high-grade re-assay results from the Parker project in Arizona.

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The Australian company is in discussions with local authorities to gain approval to return to the project with a drill rig after overlimit re-assay results for two Red Breccia deposit rock ship samples returned 178 g/t and 142 g/t.

Previously reported Red Breccia samples returned ~100 g/t using the ALS analytical method which carried the upper reporting limit used for that assay stage.

Both early samples were subsequently submitted for further overlimit re-assay.

Magnum’s chairman, Michael Davy, said Parker, located within a previously unrecognised mineralised corridor in the highly prospective Walker Trend, offers potential for the first modern gold-copper discovery in the district.

“These final overlimit gold assays have enhanced the Red Breccia result set and confirm that the previously reported capped assays represented genuine high-grade gold mineralisation,” Mr Davy said today.

“Together with the previously reported copper results, these assays continue to strengthen Red Breccia as a priority drill target within Parker.”

He told shareholders Parker complements the company’s ongoing rare earth element drilling activities in Brazil and represents a compelling growth opportunity for Magnum.

“The emerging scale of the mineralised system, supported by multiple high-grade gold and copper results across a ~five km corridor, highlights the potential for the project to deliver a new gold-copper discovery within the Walker Trend,” he said.

“We are progressing drill permitting and finalising drill hole planning and look forward to advancing to first-pass drilling upon receipt of approvals.”

Previous results have shown that a gold and copper anomalism is spatially aligned with mapped and interpreted structures reinforcing the scale and coherence of the Parker surface mineral system.

While awaiting drilling approval Magnum is finalising drill hole design, collar locations, orientations and access planning and integrating geochemical and structural datasets to support final drill targeting.

MGU will open at 0.6¢. Mkt cap $19.27M.

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