Magnum Mining & Exploration Confirms High Grades from Drilling and Surface Sampling at Buena Vista Iron Project

Magnum Mining & Exploration (ASX: MGU) is pleased to announce the assay results from extensive surface sampling and drilling conducted at its Buena Vista Iron Project in Nevada, USA. The company's findings confirm high-grade magnetite deposits, indicating the project's potential for a Direct Shipping Ore operation.

Extensive Sampling and Drilling Results

Assays have been received from the extensive surface sampling and drilling campaign carried out at the Buena Vista mine site. The results reveal outcrops with grades of up to 67. 4% Fe, demonstrating the presence of substantial magnetite deposits. The drilling campaign confirmed the existence of thick zones of magnetite ore that were not previously sampled.

Promising Iron Grade Intercepts

Magnum also reported the results from the first drill holes into the Iron Horse Prospect, recording high-grade intercepts of iron ranging from surface up to 52.

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5% Fe. These findings further validate the significant iron resources present at the Buena Vista Iron Project.

Contribution to Technical Feasibility Refresh

The assay results will play a crucial role in the ongoing technical feasibility refresh that is currently underway for the Buena Vista Iron Project. Incorporating these findings into the assessment will provide valuable insights for planning and developing the project's future operations.

Low Stripping Ratio Supported by High-Grade Magnetite Outcrops

The Buena Vista mine site is characterised by massive and disseminated magnetite outcrops, which contribute to the project's low stripping ratio. Channel sampling, involving a continuous line of rock chips along the outcrop, was conducted to determine the bulk grades. The collected samples, averaging 7. 5 feet (2. 3 meters) in length, exhibited impressive iron grades. The best recorded iron grade was 66. 7% Fe over two feet, with an average grade of 47. 4% Fe across the 43 samples collected.

Magnum Mining & Exploration's Buena Vista Iron Project holds significant potential for the extraction of high-grade magnetite ore. The recent assay results from the surface sampling and drilling campaign underscore the company's commitment to advancing the project and further solidify its position in the iron mining industry.

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