Magnum Mining and Exploration (ASX:MGU) confirms high grade iron at Buena Vista, Nevada

• Magnum Mining and Exploration’s (MGU) recent test work confirms high-grade iron ore can be produced from its Buena Vista project in Nevada
• Recovery tests showed the project can produce medium-grade ores with a grade of 68.4 per cent iron and a 48 per cent weight recovery
• The company also determined the ore’s hardness indicated less power will be required for grinding
• The results from testing will be used to inform the company’s scoping study, which is currently in the works
• MGU shares soared 46.7 per cent, trading at 2.2 cents at 10:40 am AEDT

Magnum Mining and Exploration’s (MGU) recent test work has confirmed high-grade iron ore can be produced from its Buena Vista green pig iron project in Nevada.

According to the company, recovery tests showed the project could produce medium-grade ores with a grade of 68.4 per cent iron and 48 per cent weight recovery. Low grade ores produced at the site returned weight recoveries of 20 per cent.

The company’s study concluded its current beneficiation plant design requires minimal change from what was first proposed in its 2011 feasibility study. As a result, MGU shared that “considerable costs” will be saved through not repeating past design work.

Additionally, Magnum measured the ore’s hardness through crushing work and bond work indices. The company stated the ore’s hardness indicated less power will be needed to grind the ore.

The results from both tests will now be used to inform the company’s scoping study, which is currently in the works, along with an ore classification study.

Depending on the outcomes of these studies, data may be used to help optimise the materials flowsheet for better throughput and maximise the product’s quality.

Magnum Mining and Exploration shares climbed 46.7 per cent, trading at 2.2 cents at 10:40 am AEDT.