Magnum Mining and Exploration (ASX:MGU) defines exploration target for Buena Vista

• Magnum Mining and Exploration (MGU) defines an exploration target for the Buena Vista Green Pig iron project in Nevada, US
• The exploration target reads 407 to 540 million tonnes at 15 per cent to 22 per cent iron
• MGU identified and calculated 21 exploration targets that have been defined, most of which haven’t been drilled before
• The company plans to conduct follow-up by drilling of the targets during the year
• Shares in Magnum Mining and Exploration are up 3.85 to trade at 2.7 cents at 1:47 pm AEDT

Magnum Mining and Exploration (MGU) has defined an exploration target for the Buena Vista Green Pig iron project in Nevada, US.

The exploration target estimate is approximately 407 to 540 million tonnes at 15 per cent to 22 per cent iron (Fe). It complements the project’s existing indicated and inferred mineral resources of 232 million tonnes at 18.6 per cent Fe, announced in March 2021.

“The collection of high-resolution aeromagnetic data, and the re-interpretation that has enabled, has shown that the Buena Vista area has the potential to grow its iron resources significantly,” CEO Neil Goodman said.

“This exploration target estimate provides investors with the comfort that Magnum may control iron resources that could prove to be one of the largest in the USA outside the Lake Superior iron district.”

MGU identified and calculated 21 exploration targets that have been defined. Out of these targets, 17 haven’t seen previous drilling.

The company plans to prioritise the targets, based on potential size and distance from the mine area, for follow-up by drilling. This work will be completed over the course of the year.

The company further said it is uncertain if further exploration will result in the estimation of an increased mineral resource.

Shares in Magnum Mining and Exploration were up 3.85 to trade at 2.7 cents at 1:47 pm AEDT.