The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

Magnum Mining and Exploration Limited (ASX:MGU) has rolled out metallurgical testing on a bulk sample of magnetite from its Buena Vista Iron Project in Nevada, showing the potential for a high-grade concentrate of 68.3 percent (iron) to be produced through a relatively simple grinding process.

The test work also revealed that levels of unwanted materials – in particular silica and aluminium – were below 3 percent, the grade needed to meet DRI (direct reduced iron) requirements.

Australian Laboratory Services (ALS) – which carried out the metallurgical work – experimented with several grind sizes, initially processing with a coarse grind size, and finding that through this, industry standard grade of iron ‘fines’ could be produced.

Higher grades are also being sought for the Buena Vista ore, through flotation testwork which is currently underway, and Magnum intends to supply key customers with a bulk magnetite concentrate for them to undertake in-house testing.

Managing director Neil Goodman said the testing had revealed a strong standard of ore for the project.

“This test work has proven that the Buena Vista magnetite orebody can deliver a premium magnetite concentrate from across the mineralisation style seen there,” he said.

“Significantly, deleterious elements, particularly alumina, silica, phosphorous and sulphur, are well below that needed to deliver a DRI product that is in increasing demand in the push to decarbonise the steel industry.”

Magnum has been trading at 1.4 cents.


MGU by the numbers
More From The Market Online
The Market Online Video

HotCopper Highlights, Week 49: ASX Ltd shoots itself in foot again, NextDC-OpenAI & more

Good afternoon and welcome to HotCopper Highlights, I’m Jon Davidson, in this segment we go through the most viewed and most discussed stocks
ASX concept

ASX announcement outage issue all sorted on Tuesday, but reputational damages remain

More pain for the listed equities in ASX Ltd (ASX:ASX), the share market operator itself, after a Monday morning
A HotCopper-branded graphic image which reads "Insider Trades: Key director trades to watch" in front of an ASX-themed image which has been faded.

Pantoro, WEB, Energy One: All the biggest ASX director trades from the last week

Welcome to HotCopper’s Director Trades column, where we take a look at all the most interesting director transactions from across the past week and break