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Magnum Mining and Exploration (ASX:MGU) is moving to fast-track drilling at the Parker project in Arizona on the back of positive geological reconnaissance and surface geochemical program results.
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The program of reconnaissance mapping, systematic soil sampling and targeted rock chip sampling identified structurally controlled mineralisation at the Eagle Nest prospect and defined an IOCG-style breccia target at Red Breccia.
Chairman, Michael Davy, said the work has confirmed Parker hosts multiple mineralisation styles within a favourable regional setting along the southern continuation of the Walker Lane structural belt.
“We have now conducted a geophysical survey as well as this systematic surface sampling program at Parker,” he said.
“This comprehensive body of work will allow us to drill test the most compelling targets, consistent with our corporate objective of delivering high-impact discoveries for the company and our shareholders.
“The potential of the Parker project is further underscored by its strategic location within the Walker Lane trend, a highly endowed mineral belt recognised as hosting approximately 50 million ounces of gold, 700 million ounces of silver and four million tonnes of copper.
“With engagement with the bureau of land management commencing immediately, we are progressing permitting and preparing for first-pass drilling at Eagle Nest and Red Breccia as soon as practical.”
The company is now waiting on results from 457 soil samples and 131 rock chip samples collected across the Parker project target areas and submitted for gold and multi-element laboratory analysis.
Mapping to date found that mineralisation at Eagle Nest, Double Eagle and Gray Eagle forms a continuous, structurally controlled trend developed along quartz-porphyry-carbonate contacts and fold-related shear zones on the flank of a tight, east-overturned anticline.
Notably, numerous workings are developed along this trend. Historic underground development at Eagle Nest shaft extends to approximately 180m depth and targeted oxidised copper mineralisation only.
Surface sampling completed at Red Breccia between 2023 and 2024 identified anomalous gold and copper with assay values up to 22.13 parts per million gold and copper up to 8.94%
Follow up sampling was undertaken during the current program to test the interpreted surface continuity of the breccia-related structure.
MGU is steady at 0.5¢. Mkt cap $16.06M.
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