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- Magnum Mining (MGU) wraps up extensive outcrop sampling of massive magnetite outcrops at its flagship Buena Vista iron project in Nevada, USA
- The company collected 32 channel samples of iron ore, which underwent pXRF assaying to determine element concentrations and bulk grades
- Results from the samples include 0.6 metres at 66.6 per cent iron
- All samples have been dispatched to a commercial laboratory for analysis, while breccia and stockpile sampling is underway
- MGU shares are up 3.85 per cent, trading at 2.7 cents at 2:20 pm AEST
Magnum Mining and Exploration (MGU) has completed of an extensive outcrop sampling campaign of massive magnetites at its flagship Buena Vista iron project in Nevada, USA.
The company collected 32 channel samples which underwent pXRF assaying to determine the concentrations of up to 40 elements and to categorise bulk grades.
The samples were prepared in-house to ensure sample homogenisation and sizing, which the company said maximised the efficacy of pXRF testing.
Individual channel sample results included 0.6 metres at 66.6 per cent iron, 1.2 metres at 61.9 per cent iron, and 3.1 metres at 60.3 per cent iron.
“These represent particularly high grades for a deposit that has been primarily thought of as a magnetite concentrate feedstock,” MGU CEO Neil Goodman said.
“High grades bode well for beneficiation plant economics by decreasing unit costs.”
All samples have been dispatched to a commercial laboratory for analysis, including a wide range of iron ore-related elements, as well as rare earth element (REE) groups.
Meanwhile, ongoing sampling campaigns within the area continue to assess the mineralisation associated with classic iron oxide apatite and REE deposits, with a specific focus on a subset of IOCG deposits.
Magnum’s second campaign will look to sample an old US Steel stockpile on its project property, holding the potential to provide the initial feed to a beneficiation operation.
MGU shares were trading 3.85 per cent higher at 2.7 cents at 2:20 pm AEST.
