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.