Australia-based company Magnum Mining and Exploration (ASX:MGU) has discovered a lithium geochemistry anomaly following a reconnaissance stream sediment geochemistry survey at its Buena Vista Green Pig Iron Project in Nevada, US
The company says the discovery of the lithium geochemistry anomaly represents the first non-iron mineralisation identified on the project tenement, and that multiple sampling sites confirm the veracity of the lithium anomaly.
Magnum Mining and Exploration adds the discovery comes following a Board and Executive visit to the project site in November 2022, in which a limited scope stream sediment survey was undertaken over a wide area of the project held by Magnum.
Key grades highlighted by the exploration include sample 2211006 with 74.3 parts per million (ppm) lithium (Li2O), and sample 2211009 with 41.1ppm Li2O.
Up to 10 stream sediment samples and 3 rock chip samples were collected as part of the first pass assessment to assist in planning a comprehensive multi-commodity testing of the ground.
It is reported the company will move forward with a systematic soil sampling program, and a more ‘extensive’ stream sediment sampling program to follow up on the results and test the entire property in search of precious metals, rare earth elements (REEs) and base metals.
Speaking on the discovery, Magnum Mining and Exploration Chief Executive Officer (CEO) Neil Goodman says: “Magnum’s strategy to evaluate the full mineral potential of its holdings at Buena Vista is showing early success.
“Magnum’s strategy to evaluate the full mineral potential of its holdings at Buena Vista is showing early success”
The team is committed to fully assessing this area for any minerals that bring shareholder value.”
The company also notes pegmatite and rhyolite-hosted lithium target styles are to be investigated, and that iron minerals claims have had no previous multi-commodity exploration undertaken on them.
In addition, the discovery of the lithium anomaly delivers an opportunity for the company to capitalise on the ‘insatiable’ lithium demand in the US, and is further supported by the project’s proximity to the world’s largest lithium battery factory.
Magnum is an ASX-listed company focused on its Buena Vista project in Nevada, US. The project is located about 160km east-north-east of the city of Reno and was discovered in the late 1890s. During the 1950s to the early 1960s the project produced about 900,000 tonnes of direct shipping magnetite ore with an estimated grade of 58% iron (Fe).
Other projects included in Magnum Mining and Exploration’s arsenal include the Appalachian Iron Project located in West Virginia, US.
Images: Magnum Mining and Exploration Ltd
