Magnum Mining and Exploration (ASX:MGU) has found rock-chip assays that exceed 100 grams per tonne of gold at its Parker Project, 14km northeast of Parker in Arizona, US.
The systematic surface geochemical program confirmed two red breccia rock-chip samples returning more than 100 grams per tonne gold. A further 129 rock-chip assays returned up to 91.6 g/t gold and 18.35% copper at Eagle Nest.
Up to 457 soil and rock-chip samples underwent a further overlimit re-assay. Final results are pending.
Magnum believes these results show extended key-interpreted, mineralised corridors and structures across the project site.
Soil sampling shows that gold and copper anomalism is spatially aligned with mapped and interpreted structures. A combined 5km prospective strike length exists.
Mapping reveals that mineralisation at Eagle Nest (1.3km strike length), Double Eagle and Gray Eagle forms a “continuous, structurally controlled trend”, quartz-porphyry – carbonate contacts and fold related shear zones on a “tight, east-overturned anticline” flank.
“High-grade gold and copper assays have now been returned across multiple target areas including multiple overlimit gold results at Red Breccia, which gives us growing confidence that this could be a broad and well-developed mineralised system,” Magnum Chairman Michael Davy says.
“Soil results are aligning with mapped structures and will help us refine drill targeting ahead of first-pass drilling.”
Magnum will now progress drill permitting and finalise drill hole planning at both the Eagle Nest and Red Breccia sites. The company will also engage with the US Bureau of Land Management to secure drill testing permits.
Magnum Mining and Exploration is an iron ore concentrate and green pig iron producer with assets mostly across the US.
Write to Richard Szabo at Mining.com.au
Images: Magnum Mining and Exploration
