Magnum Mining and Exploration (ASX:MGU) has embarked on a technical feasibility refresh of its wholly owned Buena Vista Iron Project in Nevada, US.
The $24.45 million market capitalisation company reports the refresh is aimed at accelerating the project to production.
Samuel Engineering has been contracted to supply the Feasibility Study level designs and costings at the project. A contract has also been executed with Samuel to design and cost a beneficiation plant with an initial capacity of 500,000 tonnes per year.
Magnum says the refresh works are expected to take about 6 to 8 weeks, and, once completed, Magnum’s board will potentially make a final investment decision to proceed.
The Buena Vista iron resource contains 232 million tonnes @ 18.6% iron and 22.6% Davis Tube Recovery (DTR). The resource embraces a ‘high-grade’ pod within the West deposit that occurs from the surface.
Magnum Mining and Exploration is an Australia-based company engaged in iron ore concentrate and green pig iron production. The company had $3.67 million cash at hand on 31 March 2023, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Magnum Mining and Exploration Ltd
