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- Magnum Mining and Exploration (MGU) announces a fresh review of its technical feasibility data underpinning the company’s flagship Buena Vista project in Nevada
- The company’s existing design for Buena Vista ultimately portrays a project capable of delivering high grade at more than 68 per cent iron
- The Buena Vista resource contains 232 million tonnes at a grade of 18.6 per cent iron
- The company has ordered the data review in an attempt to accelerate the pathway towards first production
- Magnum shares last traded at 3.4 cents
Magnum Mining and Exploration (MGU) has announced it’s conducting a fresh review of its technical feasibility data underpinning the company’s flagship Buena Vista project in Nevada, USA.
The company’s existing design for Buena Vista ultimately portrays a project capable of delivering high-grade iron at more than 68 per cent into the world supply chain based on recent test work with on-site ore samples announced in March.
The company reported the nature of iron ore deposits at Buena Vista reflect a mineralised system close to the surface allowing for early access and payback to fund development.
The Buena Vista resource contains 232 million tonnes at a grade of 18.6 per cent iron.
Magnum foresees the data refresh taking two months at most with a view towards accelerating the date at which production commences.
Privately owned Samuel Engineering has been contracted to supply ‘feasibility study level designs and costings.’ The same company worked on the original study.
The company announced it would decide on a Final Investment Decision (FID) once Samuel Engineering hands back its findings.
Magnum shares last traded at 3.4 cents.
