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Magnum Mining and Exploration (ASX:MGU) is fast-tracking testing new targets at the historic Parker gold project in Arizona, after data from an ultra-high resolution aeromagnetic and radiometric survey identified four future gold and copper exploration hot-spots on the Red Breccia–Eagle Nest blocks.
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The studies confirmed a very large area of potassic demagnetisation, which Magnum believes is potentially related to a major deep-seated gold mineralisation event.
The explorer’s now waiting on assays from a soil geochemistry survey in the lead-up to planning for first pass drilling at the targets. Negotiations with a suitable drilling contractor are underway for a program that will also assess targets already identified through geological mapping.
The high-resolution survey was flown using a helicopter platform and covered three claim blocks: The Red Breccia and Eagle Nest blocks and the NSW Detachment block.
The newly identified follow-up areas include target A, which is located coincident with the Red Breccia block, where historic gold diggings are located within its boundary. Magnum believes targets B and E represent possible strike extensions of the gold mineralisation mined in the historic Eagle Nest mine.
The company now plans to further assess the other targets with specific rock chip sampling and lithologic mapping.
The Parker project comprises 79 unpatented federal lode mining claims covering approximately 6.58 sq. km. The ground historically formed part of what was known as the Empire-Arizona Group or Arizona Standard Copper Company, with documented mining activity dating back to at least 1909.
Records indicate that mining ceased in the early 1940s, not due to exhaustion of mineralisation or adverse metallurgical performance, but as a consequence of labour shortages during World War II.
MGU is steady at 0.5cps early on Thursday morning.
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