Magnum Mining & Exploration (ASX:MGU) has signed binding inter-conditional agreements with Monomatapa Investments and EV Resources (ASX:EVR) to acquire historically high-grade copper-gold projects in Arizona and Idaho.
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Magnum will buy the Parker Gold Project in Western Arizona, which has been “recognised for large tonnage copper and gold potential.”
Surface rock samples revealed up to 83.87 grams per tonne of gold, 359g/t of silver, 8.37% copper, and 16.1% lead, with visible gold spotted in some samples.
The project is in a district already hosting gold and copper producers – but no modern exploration has been done on its prospects.
“While records are sparse and production poorly defined, ores delivered to the smelter during a second phase of mining in 1941-42 held approximately 6 to 7 grams per tonne of gold and 2.3% copper,” the company told investors today.
“The Parker Gold Project has promising exploration potential for gold-copper discovery.
“Crucially, recognition of the possible presence of an IOCG [iron oxide copper gold] mineralisation model opens up the tonnage potential in the area.”
MGU will also be acquiring the Mormon Canyon copper, gold and silver project in north-eastern Idaho, which has more than 4km of strike length with minimal past drilling.
The project has drill-ready targets and historical grades of up to 3.32g/t gold and 4.72% copper. The company says there are 4.4 square kilometres of untested vein systems and Mormon Canyon is close to critical infrastructure.
The Parker and Mormon Canyon projects will cost Magnum $200,000, divided into four equal instalments to Monomatapa. MGU has already started due diligence with a field program to confirm and expand historic exploration.
Magnum will also acquire 100% of EV Resources Inc., which holds the La Cienega Gold Project in La Paz County, Arizona. This project is in the Buckskin Mountains; old copper mine workings and several outcrops have been documented on a mineralised trend covering a 2.5km strike.
The cost is a 2% net smelter return royalty to EVR for minerals produced from the La Cienega Gold Project in the U.S.
In other company updates, Magnum claims U.S. tariff risks spur renewed interest in Magnum’s Buena Vista Magnetite Iron Project in Nevada.
“The speculated imposition of import tariffs being applied to U.S. mineral imports has triggered a renewed interest in domestic mineral resources,” the company told investors.
“Magnum is investigating strategies that may capitalise on this appetite for home-sourced commodities. These include, but are not limited to project proposal realignments, possible consolidation plays, and joint venture opportunities.”
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Elsewhere, Magnum is continuing due diligence around its green iron Hismelt project in Saudi Arabia and is completing due diligence for a proposed acquisition of the Azimuth and Palmares REE projects in Brazil.
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