Magnum Mining and Exploration Ltd (ASX:MGU, OTC:MGUFF) has moved its wholly owned Parker Gold-Copper Project in Arizona closer to first-pass drilling after the US Bureau of Land Management (BLM) determined the company’s exploratory drilling Notice to be complete.
The regulatory milestone allows Magnum to progress the required reclamation financial guarantee process and final drilling preparations, with first-pass drilling planned subject to regulatory and operational requirements.
The BLM has assigned the Notice serial number AZAZ106803823, determined the required financial guarantee and found that the proposed activities would not cause unnecessary or undue degradation. The Notice will remain in effect for two years, subject to applicable requirements.
High-grade surface results underpin drill targets
Magnum has identified around five kilometres of combined prospective strike across the Eagle Nest, Red Breccia and NSW Detachment corridors at Parker.
This comprises approximately 1.3 kilometres at Eagle Nest, 2.4 kilometres at Red Breccia and 1.1 kilometres at NSW Detachment. The company notes that these are exploration-scale target corridors and do not demonstrate continuous mineralisation.
Target definition has drawn on geological and structural mapping, 457 soil samples, 131 targeted rock-chip samples and integrated magnetic, radiometric and 3D geophysical interpretation.
Previously reported selective rock-chip results include grades of up to 178 g/t gold and 18.30% copper at Red Breccia, 91.6 g/t gold and 6.39% copper at Eagle Nest and 37.5 g/t gold and 12.85% copper at NSW Detachment.
The company cautioned that the rock-chip samples are selective point samples and are not representative of mineralised width, average grade, volume or continuity. No new exploration results were reported in the latest announcement.
Parker Gold-Copper Project
The Parker Project is in La Paz County, Arizona, within the Walker Trend gold-copper corridor. Magnum intends to use its initial drilling program to test whether the high-grade mineralisation identified at surface and the interpreted structural architecture continue at depth.
Managing director Antonio Vitor said the BLM milestone followed extensive technical work aimed at advancing Parker toward drill testing.
“Parker is a clear fit, supported by strong surface mineralisation and extensive technical work completed to date,” Vitor said. “We are pleased to have reached this BLM milestone and look forward to progressing Parker towards first-pass drilling in due course.”
About Magnum Mining and Exploration
Magnum Mining and Exploration owns the Parker Gold-Copper Project in Arizona, where exploration has outlined multiple gold-copper target corridors ahead of planned first-pass drilling.